NVR (NVR) FY2021 results: revenue $9.0 billion, up 18.8% on the year

NVR Inc. (NVR) reported revenue of $9.0 billion for fiscal 2021, the year ended 31 December 2021, up 18.8% on the year before. Net income was $1.2 billion, up 37.2%, and diluted earnings per share $320.48. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2022.

Revenue

$9.0 billion

+18.8% on the year

FY2014FY2021

Operating margin

n/a

FY2014FY2021

Net income

$1.2 billion

+37.2% on the year

FY2014FY2021

Diluted EPS

$320.48

+39.3% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	8,951	7,537	7,389	+18.8%
Interest expense	53.1	40.9	25.4	+30.0%
Income tax	354	177	147	+100.1%
Net income	1,237	901	879	+37.2%
Net margin	13.8%	12.0%	11.9%
Diluted EPS	$320.48	$230.11	$221.13	+39.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	1,242	925	867	+34.3%
Capital expenditure	17.9	16.1	22.7	+10.9%
Free cash flow	1,225	909	844	+34.7%
Free cash flow margin	13.7%	12.1%	11.4%
Cash from investing	-18.2	-3.9	-13.3
Cash from financing	-1,397	728	-425
Depreciation and amortisation	19.5	22.0	20.8	-11.5%
Share-based compensation	58.2	50.8	78.5	+14.6%
Buybacks	1,538	371	698	+314.5%
Diluted shares, weighted	4m	4m	4m	-1.5%
Shares outstanding at period end	3m	4m	4m	-6.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	3,002	3,103	2,341	-3.2%
Debt	1,516	1,517	598	-0.1%
Other liabilities	1,316	1,157	870	+13.8%
Total liabilities and equity	5,834	5,777	3,810	+1.0%
Cash and equivalents	2,637	2,810	1,161	-6.1%
Other assets	3,197	2,967	2,649	+7.8%
Total assets	5,834	5,777	3,810	+1.0%

10-K for the year ended 31 December 2021, filed 16 February 2022: the filing.