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NVR Inc. (NVR-2.20%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The report details NVR's homebuilding and mortgage banking operations across various regions in the United States. The company operates under the trade names Ryan Homes, NVHomes, and Heartland Homes.
NVR's homebuilding revenues for 2024 totaled $10.29 billion, representing an 11% increase from the previous year. The company settled 22,836 units during the year, an 11% increase from 2023.
The average price of homes settled in 2024 was $450,700, consistent with the previous year. The company's backlog of homes sold but not yet settled was 9,953 units as of December 31, 2024.
NVR's mortgage banking segment reported income before taxes of $154.9 million, a 17% increase from 2023. The segment closed approximately 17,300 loans with an aggregate principal amount of $6.3 billion.
The company reported net income of $1.68 billion for 2024, up from $1.59 billion in 2023. The diluted earnings per share increased to $506.69 from $463.31 in the previous year.
NVR's effective tax rate for 2024 was 20.50%, compared to 17.46% in 2023. The increase was primarily due to a lower income tax benefit recognized for excess tax benefits from stock option exercises.
As of December 31, 2024, NVR controlled approximately 162,400 lots, including those under contract land deposits and joint ventures. The company incurred a net pre-tax charge of approximately $7.2 million related to the impairment of contract land deposits.
NVR's total assets as of December 31, 2024, were $6.38 billion, with total liabilities of $2.17 billion. The company's shareholders' equity was $4.21 billion.
The report includes discussions on various risk factors affecting NVR's operations, including economic downturns, interest rate fluctuations, and regulatory changes in the mortgage industry.
NVR continues to focus on its strategy of acquiring finished lots through fixed price lot purchase agreements, avoiding the financial risks associated with direct land ownership and development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NVR Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.