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Research Alert: CFRA Keeps Sell View On Shares Of Nvr, Inc.

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

NVR delivered Q1 revenue of $1.881B with homebuilding revenues of $1.835B falling 22% Y/Y on volume declines, missing consensus expectations of $2.02B. EPS of $67.76 fell short of consensus at $79.20 despite gross margins declining only 230 bps Y/Y, outperforming peers facing similar volume pressures. We attribute NVR's relative margin resilience to strong order ASP performance in recent quarters (Q3/Q4) and steady strategy, though SGA margins jumped 150 bps, reflecting community openings amid a challenging March period. NVR grew its backlog from Q4 as closings remained below new orders, though conversion decelerated sequentially and Y/Y. TTM order value increased with 7% Y/Y volume growth offset by 2% ASP contraction, supported by 8% Y/Y community count expansion that likely helped maintain market share. We remain cautious as the community count lift could wane in 2H 2026, potentially challenging market share and/or margin performance going forward.

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