NVR, Inc. (NVR)
NVR builds homes under Ryan Homes and other brands and operates a mortgage-banking arm.
NVR vs PHM: how the two businesses compare
- Bigger business: PHM, with $17.3B of yearly revenue, about 1.7× NVR's $10.3B.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
PulteGroup (PHM) is the larger business by reported revenue: $17.3B in its fiscal year ended Dec 2025, about 1.7× NVR's $10.3B (fiscal year ended Dec 2025). NVR's net margin was 13.0% and PHM's 12.8%. Both file with the SEC under the same industry code, SIC 1531 (Operative Builders).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Consumer Discretionary
- Operative Builders
- Same classification
- December 31
- Same calendar
- Feb 11, 2026
NVR vs PHM: quick comparison
| Company fact | NVR | PHM |
|---|---|---|
| Company | NVR, Inc. | PulteGroup, Inc. |
| Exchange | NYSE | NYSE |
| SEC industry | Operative Builders | Operative Builders |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-11 | 10-K · 2026-02-04 |
NVR vs PHM: audited financials
- Scale: PHM's $17.3B of revenue is about 1.7× NVR's $10.3B.
- Net margin: nearly identical at 13.0% (NVR) and 12.8% (PHM).
- Cash conversion: operating cash flow equalled NVR 10.9% of revenue, or 0.84× net income; PHM 10.8% of revenue, or 0.84× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | NVR | PHM |
|---|---|---|
| Revenue | $10.3B2025-01-01 to 2025-12-31 · SEC filing | $17.3B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $1.3B2025-01-01 to 2025-12-31 · SEC filing | $2.2B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $1.1B2025-01-01 to 2025-12-31 · SEC filing | $1.9B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $436.552025-01-01 to 2025-12-31 · SEC filing | $11.122025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 13.0%2025-01-01 to 2025-12-31 · SEC filing | 12.8%2025-01-01 to 2025-12-31 · SEC filing |
NVR: FY ending 2025-12-31 · PHM: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where NVR and PHM overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 1531, Operative Builders.
- Shared research themes: Rates & central banks and Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Scale: PHM reported about 1.7× the annual revenue of NVR.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
PulteGroup, Inc. (PHM)
PulteGroup constructs and sells homes for first-time, move-up, and active-adult buyers nationwide.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves NVR
We have not yet published a company-specific driver list for NVR. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-11.
What moves PHM
We have not yet published a company-specific driver list for PHM. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-04.
The investment question
You now know PHM reports about 1.7× NVR's revenue, and NVR keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to rates & central banks and economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 2 matched transaction rows for NVR and 2 matched transaction rows for PHM. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
NVR primary filings
PHM primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
NVR vs PHM FAQs
Are NVR and PHM direct competitors?
NVR and PulteGroup share the SEC industry classification “Operative Builders.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is NVR or PHM the bigger company by revenue?
PulteGroup (PHM) is the larger business by reported revenue: $17.3B in its fiscal year ended Dec 2025, about 1.7× NVR's $10.3B (fiscal year ended Dec 2025). NVR's net margin was 13.0% and PHM's 12.8%. Both file with the SEC under the same industry code, SIC 1531 (Operative Builders). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, NVR or PHM?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this NVR vs PHM comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers NVR, Inc. and PulteGroup, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
NVR vs PHM compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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