NVR
NVR Inc.
Is NVR Halal?
Homebuilding is generally permissible and the current asset-based financial ratios pass, but mortgage-banking exposure remains qualitative.
What You Should Know
NVR's March 31, 2026 filing reports 16.27% interest-bearing debt/assets, 30.11% identifiable liquidity/assets, 35.92% receivables-plus-cash/assets and 0.19% disclosed interest income/revenue. The homebuilding business is generally permissible; NVR Mortgage Finance originates conventional loans and requires qualified review.
⚠️ Concerns
- •Mortgage subsidiary originates conventional loans
- •Receivables-plus-cash includes mortgage loans held for sale
- •Interest income was 3.629 million in the quarter
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
908.662 / 5,585.778
1,682.067 / 5,585.778
1,717.49 / 5,585.778
3.629 / 1,881.063
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 16.27%, liquidity/assets is 30.11%, trade receivables plus cash/assets is 30.75% and interest income/revenue is 0.19%; conventional mortgage activity remains qualitative.
- Financial
- Pass
- Overall
- Incomplete
The examined total-assets ratios are below their limits; mortgage-banking classification remains qualitative.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and identifiable liquidity/assets are below 33%; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Not calculated
A licensed reproducible 24- or 36-month market-cap history is not stored; a spot estimate is not substituted.
Business-activity disclosure
NVR builds and sells homes and operates a mortgage-banking subsidiary for homebuyers. Homebuilding is generally permissible; the conventional mortgage activity requires a separate qualified scholarly assessment.
Limitation: The filing does not provide a universal Sharia classification of mortgage revenue, loan contracts or customer-level activity.
Purification
Interest income and mortgage-banking activity are disclosed, but ZakatInvest does not prescribe a fixed scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from NVR's March 31, 2026 Form 10-Q.
- Debt is senior notes of 908.662; operating leases are excluded from interest-bearing debt.
- Cash includes homebuilding cash of 1,645.786 and mortgage-banking cash of 36.281; restricted cash is excluded.
- Accounts receivable uses 35.423 of homebuilding receivables; mortgage loans held for sale of 287.475 are retained as a qualitative mortgage-banking exposure rather than counted as trade receivables.
- Revenue includes homebuilding revenue of 1,834.879 and mortgage-banking fees of 46.184; interest income is 3.629.
- The filing does not provide a universal prohibited-revenue numerator for conventional lending.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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