NVR, Inc.

Last updated
NVR, Inc.
  • Ryan Homes
  • NVHomes
  • Heartland Homes
Type Public company
Industry Home construction
Founded1980;43 years ago (1980)
Founder Dwight Schar
Headquarters Reston, Virginia, U.S.
Key people
Revenue10,526,434,000 United States dollar (2022)  OOjs UI icon edit-ltr-progressive.svg
  • Increase2.svg US$1.24 billion (2021)
Total assets
  • Increase2.svg US$5.83 billion (2021)
Total equity
  • Increase2.svg US$3.00 billion (2021)
Number of employees
6,600 (2021)
Website www.nvrinc.com
Footnotes /references
[1]

NVR, Inc. is a company engaged in home construction headquartered in Reston, Virginia. It also operates a mortgage banking and title services business. The company primarily operates on the East Coast of the United States, but its operations encompass 14 states as well as Washington, D.C. In 2021, 22% of the company's revenue was from the Washington metropolitan area. [1]

Contents

NVR operates under the Ryan Homes, NVHomes, and Heartland Homes brands. The company typically does not engage in land development; it acquires finished land lots that are ready for building, which the company believes mitigates risk. As of 2023, the company is the 4th largest home construction company in the United States based on the number of homes closed. [2] It is ranked 389th on the 2022 Fortune 500. [3]

The company's stock price is the second most expensive on U.S. exchanges, behind only Berkshire Hathaway's Class A shares. [4]

History

The company was formed in 1980 as NVHomes, Inc. (formerly North Virginia Homes Inc.) by Dwight Schar. [1]

In 1986, the company acquired Ryan Homes, founded in 1948 in Pittsburgh, Pennsylvania, to provide housing in the expanding post-war economy. [5]

In April 1992, as a result of the early 1990s recession, the company filed bankruptcy. [6]

In September 1993, the company emerged from bankruptcy protection and once again became a public company. [7]

In December 2012, the company acquired Heartland Homes. [8]

In September 2019, the company was added to the S&P 500 stock market index. [9]

Controversies

In February 2010, then Attorney General of Delaware, Beau Biden, sued the company for fraud, seeking damages of $10,000 for each of 39 homeowners, alleging that the company did not provide promised amenities, primarily a clubhouse with restaurant and fitness center, for homeowners of a development built by the company in Townsend, Delaware. [10] The lawsuit was settled in April 2010, with the company agreeing to complete development of the promised amenities and reimburse homeowners for the period when they have been paying for promised amenities that they did not receive. [11]

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References

  1. 1 2 3 "NVR, Inc. 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "The Top 100 - 2023". builderonline.com. 2023.
  3. ↑ "Fortune 500: NVR". Fortune.
  4. ↑ "Top 5 Highest Priced Stocks In America". Investopedia.
  5. ↑ "COMPANY NEWS; NV Homes Set To Add Ryan". The New York Times . November 1, 1986.
  6. ↑ Salmon, Jacqueline L. (April 6, 1992). "HOME BUILDER NVR TO SEEK PROTECTION FROM CREDITORS". The Washington Post .
  7. ↑ Mullaney, Timothy J. (September 24, 1993). "NVR to emerge from bankruptcy by end of month, pay off debt Builder to issue junk bonds, stock". The Baltimore Sun .
  8. ↑ "NVR, Inc. Purchases Pittsburgh, PA Builder, Heartland Homes" (Press release). PR Newswire. January 2, 2013.
  9. ↑ "NVR Set to Join S&P 500; Jefferies Financial Group, II-VI to Join S&P MidCap 400; Callon Petroleum, PriceSmart to Join S&P SmallCap 600" (Press release). PR Newswire. September 20, 2019.
  10. ↑ "Biden sues Ryan Homes for consumer fraud" (Press release). Delaware. February 17, 2010.
  11. ↑ "Biden Settles Consumer Fraud Charges with Ryan Homes" (Press release). Delaware. April 1, 2010.
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