NYSE Shariah screener · October 2026
Is NVR, Inc. (NVR) Halal?
NVR, Inc. · NYSE: NVR · Consumer Discretionary
The short answer
NVR passes all three Shariah gates: its core business is homebuilding (the mortgage-banking arm is about 2.4% of revenue and is disclosed here), it carries $908.2M of interest-bearing debt (5.5% of its ~$16.62 billion market capitalisation), and interest income of about 0.98% of revenue is well under the 5% ceiling.
Gate 1 — Business activity: PASS
Gate 1 — business activity: PASS. NVR, Inc., founded in 1980 as NVHomes and headquartered in Reston, Virginia, is one of the largest US homebuilders. Per its FY2025 Form 10-K, its primary business is the construction and sale of single-family detached homes, townhomes and condominium buildings - primarily on a presold basis - under the Ryan Homes, NVHomes and Heartland Homes trade names, operating in thirty-seven metropolitan areas in sixteen states and Washington, D.C.
Homebuilding is the dominant business: FY2025 homebuilding revenues of $10,094,269 thousand plus homebuilding other income of $96,260 thousand were about 97.6% of total revenue. The company discloses no involvement in alcohol, gambling, tobacco, pork, weapons or adult entertainment. It does, however, operate a mortgage banking and title services business - mainly through its wholly owned subsidiary NVR Mortgage Finance, Inc. (NVRM) - reported as a separate segment. NVRM originates mortgage loans exclusively for NVR's homebuyers and sells closed loans into the secondary markets on a servicing-released basis. In FY2025 the mortgage banking segment generated $229,690 thousand of fees, $17,886 thousand of interest income and $5,189 thousand of other income - about $252.8 million, or 2.4% of total revenue. Mortgage financing is interest-based and is disclosed here for transparency, but the segment is small and ancillary to homebuilding and does not dominate the business, so gate 1 is passed with this disclosure.
Gate 2 — Debt and cash: PASS
Gate 2 — interest-bearing debt: PASS (5.5%, ceiling 33%). Per NVR's consolidated balance sheet at June 30, 2026 (published with its July 23, 2026 Q2 results; the Q2 2026 Form 10-Q was filed on August 5, 2026), the company's only interest-bearing debt is its senior notes of $908,162 thousand. No short-term borrowings are reported. Operating lease liabilities ($117,947 thousand homebuilding plus $24,593 thousand mortgage banking) are excluded - they are not interest-bearing debt.
$908.2 million of interest-bearing debt against a market capitalisation of about $16.62 billion (Finnhub, October 2, 2026) is 5.5%, well under the 33% ceiling. Cash and cash equivalents of $1,144,674 thousand ($1,093,736 thousand homebuilding plus $50,938 thousand mortgage banking) at June 30, 2026 are about 6.9% of market capitalisation, also well under the 33% ceiling.
Gate 3 — Non-compliant income: PASS
Gate 3 — non-compliant income: PASS (0.98%, ceiling 5%). NVR's FY2025 Form 10-K separately discloses interest income in two places: the consolidated statements of income report mortgage banking interest income of $17,886 thousand (a footnote says this relates primarily to interest on mortgage loans closed and mortgage loans held for sale), and the segment reconciliation reports corporate interest income of $84,158 thousand. Total separately disclosed interest income of $102,044 thousand against FY2025 total revenue of $10,443,294 thousand is about 0.98%, far under the 5% ceiling.
For extra conservatism: the whole mortgage banking segment ($229,690 thousand of fees plus $17,886 thousand of interest income plus $5,189 thousand of other income, or $252,765 thousand) is 2.4% of total revenue - so even treating the full segment as non-compliant income stays under the 5% ceiling. The Q2 2026 segment table also separately discloses mortgage banking interest income of $3,983 thousand for the quarter and $7,612 thousand for the six months ended June 30, 2026.
Key figures used
- Business: US homebuilder - Ryan Homes, NVHomes, Heartland Homes; builds single-family homes, townhomes, condos primarily on a presold basis; 37 metro areas in 16 states plus Washington, D.C.; founded 1980 as NVHomes, HQ Reston, Virginia; FY2025 revenue ~$10.44B
- Haram assessment: homebuilding is a permissible activity (~97.6% of FY2025 revenue); no alcohol/gambling/tobacco/pork/weapons/adult entertainment; mortgage banking via NVR Mortgage Finance (NVRM) is interest-based but small - disclosed here for transparency
- Mortgage arm: separate reported segment; NVRM originates loans exclusively for NVR homebuyers and sells them into secondary markets; FY2025 segment revenue ~$252.8M ($229,690K fees + $17,886K interest + $5,189K other) = 2.4% of total revenue
- Debt: $908,162K senior notes at June 30, 2026 (Q2 2026 10-Q, filed Aug 5, 2026) - no short-term borrowings; 5.5% of ~$16.62B market cap (Finnhub, Oct 2, 2026) - well under the 33% ceiling
- Cash: $1,144,674K cash and cash equivalents at June 30, 2026 (~6.9% of market cap) - well under the 33% ceiling
- Interest income: $102,044K in FY2025 ($17,886K mortgage banking + $84,158K corporate) vs $10,443,294K revenue = 0.98% - far under the 5% ceiling
- Market data: NYSE-listed; still listed on NYSE (confirmed October 2, 2026; live quotes, no delisting)
- Third-party: Zoya publishes an NVR page and flags it Shariah-compliant (Sept 2026); Musaffa publishes an NVR page and classifies it halal (Sept 2026); no verifiable ShariaPortfolio rating found
Frequently asked questions
What does NVR do?
NVR, Inc. (NYSE: NVR) is one of the largest homebuilders in the United States. Founded in 1980 as NVHomes and headquartered in Reston, Virginia, it builds single-family detached homes, townhomes and condominiums - primarily on a presold basis - under the Ryan Homes, NVHomes and Heartland Homes trade names. Per its FY2025 Form 10-K it operates in thirty-seven metropolitan areas in sixteen states and Washington, D.C. FY2025 total revenue was $10,443,294 thousand (about $10.44 billion), and Q2 2026 homebuilding revenues were $2.28 billion.
Is NVR's business Shariah compliant?
NVR's core business is homebuilding - a permissible activity. In FY2025, homebuilding revenues of $10,094,269 thousand plus homebuilding other income of $96,260 thousand made up about 97.6% of total revenue, and the company is not involved in alcohol, gambling, tobacco, pork, weapons or adult entertainment. The caveat: NVR also runs a mortgage banking and title services business, operated mainly through its wholly owned subsidiary NVR Mortgage Finance, Inc. (NVRM), reported as a separate business segment. NVRM originates mortgage loans exclusively for NVR's own homebuyers and sells the loans it closes into the secondary markets on a servicing-released basis. In FY2025 the mortgage banking segment contributed $229,690 thousand of fees, $17,886 thousand of interest income and $5,189 thousand of other income - about $252.8 million, or 2.4% of total revenue. Mortgage financing is interest-based, so it is disclosed here for transparency, but at roughly 2.4% it is a small, ancillary part of the business and does not dominate it, so the business passes this screener's first gate.
How much interest-bearing debt does NVR have?
NVR's interest-bearing debt is its senior notes: $908,162 thousand at June 30, 2026, per the consolidated balance sheet published with its Q2 2026 results (the Q2 2026 Form 10-Q was filed on August 5, 2026). No short-term borrowings are reported. Operating lease liabilities ($117,947 thousand homebuilding plus $24,593 thousand mortgage banking) are excluded as they are not interest-bearing debt. $908.2 million against a market capitalisation of about $16.62 billion (Finnhub, October 2, 2026) is 5.5%, well under the 33% ceiling. Cash and cash equivalents of $1,144,674 thousand ($1,093,736 thousand homebuilding plus $50,938 thousand mortgage banking) at June 30, 2026 are about 6.9% of market capitalisation, also well under 33%.
How much interest income does NVR earn?
NVR's FY2025 Form 10-K separately discloses interest income in two places: the consolidated statements of income show mortgage banking interest income of $17,886 thousand (a note says this relates primarily to interest on mortgage loans closed and mortgage loans held for sale), and the segment reconciliation shows corporate interest income of $84,158 thousand. Together, $102,044 thousand of interest income against FY2025 total revenue of $10,443,294 thousand is about 0.98% - far under the 5% non-compliant income ceiling. Note: the mortgage banking segment as a whole ($252,765 thousand of fees, interest and other income) is 2.4% of revenue, so even treating the full segment as non-compliant income keeps it under the 5% ceiling. (The Q2 2026 segment table also separately discloses mortgage banking interest income of $3,983 thousand for the quarter and $7,612 thousand for the six months ended June 30, 2026.)
What do third-party Shariah screeners say about NVR?
Zoya publishes an NVR (NVR) page and flags the stock as Shariah-compliant as of September 2026 (note its page text also carries contradictory template wording, so treat its reasoning with caution). Musaffa publishes an NVR page and classifies the stock as halal as of September 2026 under its AAOIFI methodology. I could not verify a ShariaPortfolio rating page for NVR from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.
Sources
- NVR, Inc. FY2025 Form 10-K (filed February 11, 2026) - Item 1 Business, Note 2 segment information, consolidated statements of income
- NVR, Inc. Q2 2026 results (July 23, 2026) - consolidated balance sheet at June 30, 2026 and segment income statement
- Finnhub - NVR, Inc. financial market data (market cap $16.62B, NYSE)
- Zoya - NVR (NVR) Shariah compliance page
- Musaffa - NVR Inc (NVR) Shariah compliance page
Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).