HIGHBuilt-inCustomer
homebuilding segment customers
“10-K Item 1A: 'Because NVRM originates mortgage loans exclusively for our homebuilding customers, NVRM is dependent on our homebuilding segment.'”
NVR · Concentration risk · 10-K extracted
NVR (NVR) concentration risks
Updated
The most significant concentration NVR discloses is homebuilding segment customers, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: NVR’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH1
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-03NVR's sole disclosed concentration exposure is internal rather than external: its mortgage banking subsidiary, NVRM, originates mortgage loans exclusively for the company's homebuilding customers, making NVRM dependent on the homebuilding segment — a high-sized, dependency-type exposure by the filing's own framing. This is a structural feature of NVR's integrated business model rather than a risk tied to any external customer, supplier, or geographic concentration — the filing discloses no such external exposures. Because NVRM's mortgage origination volume is entirely a function of homebuilding segment activity, the two businesses effectively move together: any slowdown in home sales, order volume, or closings within the homebuilding segment mechanically constrains NVRM's origination opportunity, with no independent customer base to offset it. This concentration doesn't introduce a distinct new risk so much as it reinforces that NVR's overall results are a single, unified bet on homebuilding demand — the mortgage business adds no diversification benefit and instead amplifies sensitivity to the same housing-cycle drivers that already govern the core business. With no other concentration metrics disclosed, this dependency is the primary structural signal available from the filing.
For the engine’s reasoning on NVR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Residential Construction
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CVCO | Cavco Industries, Inc. | 3 | 2 | 0 | 5 |
| KBH | KB Home | 2 | 2 | 0 | 4 |
| DHI | D.R. Horton, Inc. | 2 | 0 | 0 | 2 |
| IBP | Installed Building Products, In | 1 | 1 | 0 | 2 |
| NVR● | NVR, Inc. | 1 | 0 | 0 | 1 |
| GRBK | Green Brick Partners, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.