NVR Inc (NVR)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	1,928,373	2,019,048	2,018,223	2,121,059	2,253,194	2,105,277	2,000,889	1,844,342	1,590,403	1,548,968	1,436,298	1,228,664	1,078,033	987,965	933,682	968,563	1,025,795	1,007,931	990,467	987,341
Revenue (ttm)	US$ in thousands	9,518,200	9,797,810	10,005,690	10,326,300	10,526,430	10,044,590	9,663,330	9,287,990	8,951,030	9,064,710	8,659,080	7,995,850	7,536,930	7,183,110	7,104,360	7,284,180	7,388,660	7,393,010	7,334,160	7,321,270
Pretax margin		20.26%	20.61%	20.17%	20.54%	21.41%	20.96%	20.71%	19.86%	17.77%	17.09%	16.59%	15.37%	14.30%	13.75%	13.14%	13.30%	13.88%	13.63%	13.50%	13.49%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $1,928,373K ÷ $9,518,200K
= 20.26%

The pretax margin of NVR Inc. has shown fluctuations over the past eight quarters, ranging from 19.82% to 21.31%. The highest pretax margin was observed in Q4 2022 at 21.31%, while the lowest was in Q1 2022 at 19.82%. Despite the fluctuations, the pretax margin has generally remained within a relatively narrow range, indicating consistent profitability before taxes. The company's ability to maintain pretax margins above 20% in most quarters suggests efficient cost management and effective revenue generation strategies. Overall, NVR Inc. has demonstrated a stable performance in terms of pretax profitability over the analyzed period.