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Arphra AIPlain-English read on NVR, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $8.96B | $10.54B | $9.53B | $10.54B | $10.32B | $9.46B | $10.1B | $10.41B |
| Cost of revenue | $6.76B | $7.66B | $7.05B | $7.85B | $7.95B | $7.15B | $7.61B | $7.74B |
| Gross profit | $2.2B | $2.88B | $2.48B | $2.69B | $2.37B | $2.41B | $2.49B | $2.61B |
| Gross margin | +24.52% | +27.29% | +26.05% | +25.54% | +22.96% | +25.45% | +24.70% | +25.03% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $563.43M | $625.3M | $680.04M | $699.1M | $699.13M | $629.9M | $698.68M | $710.85M |
| Total operating expenses | $726.31M | $706.83M | $661.24M | $705.46M | $699.13M | $644.94M | $689.59M | $718.03M |
| Operating income | $1.47B | $2.17B | $1.82B | $1.99B | $1.67B | $1.66B | $1.83B | $1.91B |
| Operating margin | +16.41% | +20.58% | +19.11% | +18.85% | +16.19% | +17.53% | +18.10% | +18.34% |
| EBITDA | $1.66B | $2.31B | $1.97B | $2.16B | $1.79B | $1.81B | $1.95B | $1.99B |
| EBIT | $1.64B | $2.29B | $1.96B | $2.14B | $1.79B | $1.83B | $1.92B | $2.08B |
| Below the line | ||||||||
| Interest expense | $53.12M | $39.52M | $27.74M | $27.78M | $28.84M | $27M | $27.26M | $29.25M |
| Interest income | $0 | $0 | $0 | $0 | $17.89M | $5.62M | $5.66M | $6.16M |
| Other income / expense | $120.07M | $84.01M | $105.92M | $127.95M | $90.5M | — | — | — |
| Pre-tax income | $1.59B | $2.25B | $1.93B | $2.12B | $1.76B | $1.81B | $1.93B | $1.99B |
| Income tax expense | $353.68M | $527.62M | $336.76M | $433.58M | $422.12M | $364.26M | $407.54M | $399.48M |
| Earnings | ||||||||
| Net income | $1.24B | $1.73B | $1.59B | $1.68B | $1.34B | $1.47B | $1.52B | $1.59B |
| Net income · continuing ops | $1.24B | $1.73B | $1.59B | $1.68B | $1.34B | $1.45B | $1.56B | $1.55B |
| Net margin | +13.80% | +16.37% | +16.69% | +15.95% | +12.98% | +15.49% | +15.09% | +15.23% |
| EPS · basic | $345.38 | $525.20 | $491.52 | $540.88 | $462.00 | $382.12 | $443.11 | $539.93 |
| EPS · diluted | $320.48 | $491.82 | $463.31 | $506.69 | $436.55 | $360.84 | $420.00 | $514.00 |
| EPS · low estimate | — | — | — | — | — | $348.86 | $414.20 | $500.42 |
| EPS · high estimate | — | — | — | — | — | $371.35 | $427.91 | $531.07 |
| Shares · basic | 3.58M | 3.29M | 3.24M | 3.11M | 2.9M | 2.9M | 2.9M | 2.93M |
| Shares · diluted | 3.86M | 3.51M | 3.44M | 3.32M | 3.07M | 3.1M | 3.05M | 3.06M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 3 | 4 | 2 |
| Analysts (EPS) | — | — | — | — | — | 5 | 5 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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