NVR, Inc. — Earnings Quality Grade F
NVR · Consumer Cyclical
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 1 days, change +0 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -1.9%, CFFO -18.4%. Cash follows revenue
Expense Quality
Inventory -16.3% vs COGS 1.3%. Normal
CapEx growth -16.1% vs revenue -1.9%. Normal
SG&A/Gross Profit = 29.3%, excellent (<30%)
Gross margin 23.1%, change -2.4pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF $1.1B, FCF/NI = 0.82
Accruals ratio = 3.7%. Low accruals
Cash $1.9B covers debt $1.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 0.6x. Healthy
Other assets grew 68.8% vs revenue -1.9%
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.06 (grey zone)
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10