NVR: Not rated
Published 17 Sep 2026, 22:03 BST. This is the frozen version, not the current recommendation.
Why this assessment was issued
Stored financial statements changed; the revised figures need checking. The model version changed. Current data checks do not support an active rating. The published model version has been replaced. Record the new calculation basis even if the rating is unchanged.
A target is not published until the required checks pass. At least three consecutive annual USD results with sales, operating profit and capital spending are required.
Supporting evidence
Borrowing is lower relative to earnings
Net debt / EBITDA: -0.1× for NVR, against 1.2× across 12 comparable peers.
The share count fell
Weighted diluted shares changed -7.5%. Compare this with buyback spending; splits and acquisitions can also change the count.
Opposing evidence
The profit margin narrowed
The latest quarterly operating margin was 13.3%, -3.2 percentage points from a year earlier. Compare the sales and margin contributions below.
Year-to-date profit is lower
Across 2 completed quarters since 2025-12-31, net income was 434.8m versus 633.3m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.
Original assumptions and checks
Recent price · Passed. Weekly close dated 2026-09-11.
Current financials · Passed. Statements through 2026-06-30; factor prices dated 2026-09-11.
Price risk · Passed. Risk uses the latest 52 weekly price changes.
Operating history · Review needed. At least three consecutive annual USD results with sales, operating profit and capital spending are required.
Quarterly operating results · Passed. Four quarters through 2026-06-30.
Cash-flow and ownership inputs · Passed. Capital spending, depreciation estimate, operating capital, debt, cash and other ownership claims are recorded.
Depreciation basis · Passed. Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
Matching currency · Passed. USD statements and share price.
Policy sm-review-2-research · Model sm-assessment-14-operating-capital · Data dfa3a377882e.