tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

NVRNVR, Inc.

Consumer discretionary · Homebuilders · NYSE
Compare with peers → Embed
The 10-K against last year's

64 changes: 4 added, 3 removed, 56 reworded, 1 quiet changes

10-K Feb 11, 2026 vs Feb 12, 2025
Risk FactorsRedline ↓
8.8%
of the text changed · 3,988 words now
22.7%
of the text changed · 6,214 words now

10-K 0000906163-26-000018 (2026-02-11) vs 10-K 0000906163-25-000011 (2025-02-12) Not compared: Legal Proceedings, Accounting Policies.

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 244 words changed in this paragraph; it is 36% similar to last year's version.
The Mid South East segment had an approximate $33,000, $186,100, or 13%, increase 48%, decrease in segment profit in 2024 2025 compared to 2023. 2024. The increase decrease in segment profit was driven primarily due to a decrease in the segment's gross profit margin percentage, a decrease in segment revenues and increases in SG&A expenses and the corporate capital allocation charge. The segment's gross profit margin percentage decreased to 18.3% in 2025 from 22.3% in 2024. Gross profit margins were negatively impacted primarily by higher lot costs, an increase in segment revenues of approximately $138,200, or 8%, coupled with certain operating costs, and an increase in gross profit margins lot deposit impairment charges year over year. Segment revenues increased in 2025 decreased by approximately $196,200, or 7%, due primarily to a 4% increase 6% decrease in settlements the number of units settled year over year, coupled with a 3% increase year. The decrease in the average settlement price. The increase in settlements resulted from a 7% higher number of units settled is primarily attributable to an 11% lower backlog unit balance entering 2024 2025 compared to backlog entering 2023, coupled with 2024, offset partially by a higher backlog turnover rate year over year. The SG&A expenses were 12% higher year over year, resulting primarily from higher personnel and marketing costs attributable to a 23% increase in the average settlement price is attributable to a 2% higher average price number of units in backlog entering 2024 compared to backlog entering 2023, coupled with a 5% higher average price of New Orders for the first six months of 2024 compared to the same period of 2023. The segment’s gross profit margin percentage increased to 22.3% in 2024 from 21.6% in 2023. Gross profit margin was favorably impacted by the improved leveraging of certain operating costs as settlement activity increased, offset partially by higher lot costs and closing cost assistance active communities year over year.

Source: Item 7, 10-K 0000906163-26-000018 vs Item 7, 10-K 0000906163-25-000011

Risk Factors 91 words changed in this paragraph; it is 55% similar to last year's version.
Our mortgage banking operations may be responsible for losses associated with mortgage loans originated and sold to investors in the event of errors or omissions relating to certain representations and warranties that the loans sold meet certain requirements, including representations as to underwriting standards, the type of collateral, the existence of private mortgage insurance, and the validity of certain borrower representations in connection with the loan. The resolution of claims related to alleged breaches of these representations and warranties and repurchase claims could have a material adverse effect on our financial condition, cash flows and results of operations and could result in losses that exceed existing estimates and accruals. Because of the uncertainties inherent in estimating these matters, there can be no assurance that any amounts reserved will be adequate or that any potential inadequacies will not have a material adverse effect on our results of operations.

Source: Item 1A, 10-K 0000906163-26-000018 vs Item 1A, 10-K 0000906163-25-000011

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of NVR's Risk Factors and MD&A, 10-K 2026-02-11 against 10-K 2025-02-12. Each links to the text at sec.gov.

AddedMD&A
Demand for new homes continues to be negatively impacted by affordability issues, high home inventory levels in certain markets, declining consumer confidence and economic volatility. As a result of this weak demand environment in the second half of 2025, we repositioned many communities to better compete for a reduced number of buyers. We expect these adjustments to have a materially negative impact on our gross margins during the first half of 2026 as the homes in our backlog settle. We also expect a significant decline in revenues in the first quarter of 2026 due to weak orders in the third quarter of 2025 and strong fourth quarter 2025 backlog turnover.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
The number of New Orders decreased 10% in 2025 compared to 2024. New Orders were negatively impacted by an 11% lower sales absorption, due to weaker demand.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
Selling, general and administrative ("SG&A") expenses in 2025 were relatively flat when compared to 2024. While overall SG&A expenses were relatively flat, sales and marketing, office, legal and insurance expenses were all modestly higher year over year. These increases were offset by a decrease of approximately $36,100 in incentive compensation costs year over year due to weaker company performance.

Read it in 10-K 2026-02-11 at sec.gov ↗

Next Related parties →