NVR INC — Form 8-K
Filed October 22, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 58/100
What the filing says
NVR reported Q3 2026 net income of $248.6M ($89.45 diluted EPS), down 27% YoY from $342.7M ($112.33 EPS). Homebuilding revenues fell 8% to $2.35B; gross margin compressed 270 bps to 18.3% due to higher lot costs, pricing pressure from affordability challenges, and $24.8M land deposit impairments. Nine-month net income down 30% to $683.4M; new orders down 7% to 4,391 units; cancellation rate rose to 21% from 19%.
Why this rating
Material YoY earnings decline (27%) and margin compression in core homebuilding business; affordability headwinds and rising cancellations signal demand weakness. ~3.4% of market cap in quarterly earnings loss; trajectory concern outweighs backlog growth.
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