NVR, Inc.

NVR is one of the largest US homebuilders, operating under the Ryan Homes, NVHomes and Heartland brands, complemented by an in-house mortgage arm. Its distinctive strategy of controlling land through options rather than owning it outright keeps the balance sheet light and returns on capital unusually high for the sector. NVR pays essentially no ordinary dividend, choosing instead to return capital almost entirely through aggressive share buybacks that have shrunk its share count dramatically over the years. The negligible yield reflects that deliberate policy rather than any financial weakness. For income seekers this is not a fit. It is a growth and buyback-driven housing play whose shareholder returns come from a rising per-share value, not from distributions.