NVR: Buy into Durable Cash Flow and Capital Efficiency as the Housing Cycle Tests Sentiment
NVR is trading at an attractive multiple given its 34.7% ROE, roughly $1.1B in free cash flow and a conservative balance sheet. The high single-share price and thin float create extra volatility, but the company's capital-light land strategy and disciplined execution support a long-term buy with a $7,800 target and a $6,100 stop.