Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-31

NVR, Inc. (NVR)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$2,993,175
Paul Saville total, FY2025
Executive Chairman of the Boardhighest-paid officer; CEO Eugene Bredow: $1,748,227
1st
CEO (Eugene Bredow) pay percentile vs peers
20:1
CEO-to-median pay ratio
96.56%
Say-on-pay support, latest vote
Companies that benchmark against NVR
12 companies name NVR as a compensation peer

Each company listed discloses NVR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named NVR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Paul Saville$2,475,000$0$0$0$494,875$0$23,300$2,993,175
Executive Chairman of the Board
Eugene Bredow1,437,500000287,427023,3001,748,227
President and Chief Executive Officer
Daniel Malzahn763,750000152,711023,300939,761
Senior Vice President, Chief Financial Officer and Treasurer
Matthew Kelpy408,82500081,744023,300513,869
Vice President and Chief Accounting Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Paul Saville$2,993,175$4,691,280−1,698,105
Eugene Bredow1,748,2272,309,5481,763,200−561,321
Daniel Malzahn939,7611,434,8481,377,700−495,087
Matthew Kelpy513,869788,547762,700−274,678

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Michael J. DeVitoDirector2026-04-24A11$6,700$73,695CommonForm 4 ↗
Eugene BredowChief Executive Officer2026-05-06A806,263501,002CommonForm 4 ↗
Dividend-equivalent accruals2026-05-143,14712 insiders, 12 accrual rows
Paul C. SavilleExecutive Chairman2026-05-14A2,61900Derivative, Class A CommonForm 4 ↗
Eugene BredowChief Executive Officer2026-05-14A605,776346,569CommonForm 4 ↗
Eugene BredowChief Executive Officer2026-05-14A2,61900Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-05-292381 insider, 1 accrual row
Susan Williamson RossDirector2026-05-29A2381,700404,600CommonForm 4 ↗
Mel MartinezDirector2026-07-30D2900CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 20 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Michael J. DeVitoDirector2026-04-24A11$6,700$73,695CommonForm 4 ↗
Eugene BredowChief Executive Officer2026-05-06A806,263501,002CommonForm 4 ↗
C. E. AndrewsDirector2026-05-14A15400Derivative, Class A CommonForm 4 ↗
Mel MartinezDirector2026-05-14A15400Derivative, Class A CommonForm 4 ↗
George R. OliverDirector2026-05-14A15400Derivative, Class A CommonForm 4 ↗
Paul C. SavilleExecutive Chairman2026-05-14A2,61900Derivative, Class A CommonForm 4 ↗
Susan Williamson RossDirector2026-05-14A15400Derivative, Class A CommonForm 4 ↗
Alexandra A. JungDirector2026-05-14A15400Derivative, Class A CommonForm 4 ↗
Daniel MalzahnChief Financial Officer2026-05-14A1,33500Derivative, Class A CommonForm 4 ↗
Eugene BredowChief Executive Officer2026-05-14A605,776346,569CommonForm 4 ↗
Michael J. DeVitoDirector2026-05-14A15400Derivative, Class A CommonForm 4 ↗
Matthew KelpyVP, Chief Accounting Officer2026-05-14A27200Derivative, Class A CommonForm 4 ↗
Eugene BredowChief Executive Officer2026-05-14A2,61900Derivative, Class A CommonForm 4 ↗
W. Grady RosierDirector2026-05-14A15400Derivative, Class A CommonForm 4 ↗
David A. PreiserDirector2026-05-14A15400Derivative, Class A CommonForm 4 ↗
Alfred E. FestaDirector2026-05-14A15400Derivative, Class A CommonForm 4 ↗
Sallie B. BaileyDirector2026-05-14A15400Derivative, Class A CommonForm 4 ↗
Susan Williamson RossDirector2026-05-29D23800Derivative, Class A CommonForm 4 ↗
Susan Williamson RossDirector2026-05-29A2381,700404,600CommonForm 4 ↗
Mel MartinezDirector2026-07-30D2900CommonForm 4 ↗
04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Paul SavilleRSU2$14,994
Matthew KelpyRSU5003,265,345
Matthew KelpyPSU4,47529,224,838
Eugene BredowRSU214,994
Matthew KelpyRSU18,950
Daniel MalzahnRSU214,994
05

Incentive-plan design — the Compensation Discussion & Analysis

The key principle of our compensation philosophy is pay for performance, and our executive compensation program is designed to focus our executives on long-term total shareholder return

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantMercer Consulting
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-072,356,88784,0628,65996.56%Passed
20252025-05-062,420,529133,9074,72594.76%Passed
20242024-05-072,611,954144,7005,62294.75%Passed
20232023-05-022,124,416700,35311,51075.21%Passed
20222022-05-042,816,481100,87020,24096.54%Passed
20212021-05-053,115,027119,81920,65096.3%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0796.56%a
20252025-05-0694.76%b
20242024-05-0794.75%c

a. Approved under the standard stated in the filing — “For these proposals, therefore, abstentions and broker non-votes will have no effect on the result of the vote.”.

b. Approved under the standard stated in the filing — “For these proposals, therefore, abstentions and broker non-votes will have no effect on the result of the vote.”.

c. Approved under the standard stated in the filing — “For these proposals, therefore, abstentions and broker non-votes will have no effect on the result of the vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)20 : 1
CEO total compensation$1,748,227
Median employee compensation$88,431
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Michael J. DeVitoIndependent · Audit · Compensation · Partial-year service · Newly elected$41,500$0$813,813$0$0$855,313
George R. OliverIndependent · Audit · Partial-year service · Newly elected20,7500812,98100833,731
Susan Williamson RossIndependent · Compensation (Chair) · Nominating/Governance106,0000000106,000
Alfred E. FestaIndependent · Audit · Nominating/Governance (Chair) · Executive106,0000000106,000
C. E. AndrewsIndependent · Lead Independent Director · Audit (Chair) · Executive103,0000000103,000
David A. PreiserIndependent · Compensation · Nominating/Governance · Executive91,000000091,000
Mel MartinezIndependent · Audit · Nominating/Governance83,000000083,000
Sallie B. BaileyIndependent · Audit83,000000083,000
W. Grady RosierIndependent · Compensation · Executive83,000000083,000
Alexandra A. JungIndependent · Audit · Compensation83,000000083,000
Thomas EckertIndependent · Not standing for re-election · Departed during FY29,050000029,050
Paul C. SavilleEmployee director · Board Chair · Executive (Chair)00000
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline$375,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$829,300
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$829,300

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies NVR, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including NVR, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Lennar Corporation2025Stuart Miller$1,000,000$25,743,051$0$2,766,481$29,527,931
2D.R. Horton, Inc.2025Paul Romanowski700,00020,684,52303,554,92725,128,033
3PulteGroup, Inc.2025Ryan Marshall1,000,0009,074,95305,278,45215,393,266
4Toll Brothers, Inc.2025Douglas Yearley1,200,0007,040,85406,746,83615,319,865
5Taylor Morrison Home Corporation2025Sheryl Palmer1,075,0005,599,9571,399,9871,548,00010,075,397
6Meritage Homes Corporation2025Phillippe Lord1,000,0005,697,08501,352,0008,114,286
7KB Home2025Robert McGibney912,5003,499,97502,826,8397,311,553
8NVR, Inc.2025Eugene Bredow1,437,50000287,4271,748,227

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
NVR, Inc.20%Options 100not disclosedMercer Consulting
D.R. Horton, Inc.not disclosednot disclosedYes — Relative TSR PerformanceMeridian Compensation Partners
KB Homenot disclosedPSU 100NoFW Cook
Lennar Corporationnot disclosedPSU 70 · RSU 30YesFW Cook
Meritage Homes Corporation41.6%PSU 50 · RSU 50NoPearl Meyer
PulteGroup, Inc.84%PSU 60 · RSU 40Yes — Relative TSRSemler Brossy
Taylor Morrison Home Corporation183%PSU 40 · RSU 40 · Options 20NoSemler Brossy Consulting Group, LLC
Toll Brothers, Inc.105.8%PSU 50 · RSU 50NoCompensation Advisory Partners LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at NVR, Inc. in fiscal 2025?
Paul Saville, Executive Chairman of the Board, was the highest-paid executive at NVR, Inc. in fiscal 2025 with total compensation of $2,993,175.
How does NVR, Inc.'s chief executive pay compare to its disclosed peer group?
The filing shows that NVR, Inc.'s chief executive pay falls at the 1st percentile of its disclosed peer group.
What is NVR, Inc.'s CEO-to-median employee pay ratio?
As disclosed, the CEO-to-median employee pay ratio was 20:1.
How did shareholders vote on NVR, Inc.'s executive compensation?
Shareholders voted 96.56% in support of NVR, Inc.'s executive compensation plan.
How much does NVR, Inc. spend in total on board compensation for fiscal 2025?
The total board compensation for fiscal 2025 was $829,300.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Paul SavilleDEF 14A2026-03-170000906163-26-000029Section “2025 SUMMARY COMPENSATION TABLE” · page 36. As printed: 2,993,175. Filing ↗machine: span 488476–488485
2Section 01, Eugene BredowDEF 14A2026-03-170000906163-26-000029Section “2025 SUMMARY COMPENSATION TABLE” · page 36. As printed: 1,748,227. Filing ↗machine: span 499110–499119
3Section 01, Daniel MalzahnDEF 14A2026-03-170000906163-26-000029Section “2025 SUMMARY COMPENSATION TABLE” · page 36. As printed: 939,761. Filing ↗machine: span 509716–509723
4Section 01, Matthew KelpyDEF 14A2026-03-170000906163-26-000029Section “2025 SUMMARY COMPENSATION TABLE” · page 36. As printed: 513,869. Filing ↗machine: span 520337–520344
5Section 07, pay ratioDEF 14A2026-03-170000906163-26-000029Section “CEO Pay Ratio”. As printed: 20 : 1. Filing ↗machine: span 136383–136385
6Section 08, Michael J. DeVitoDEF 14A2026-03-170000906163-26-000031Section “Director Compensation”. As printed: 855,313. Filing ↗machine: t25 · r5 · c11 · span 820408–820415
7Section 08, George R. OliverDEFA14A2026-03-170000906163-26-000031Section “Director Compensation”. As printed: 833,731. Filing ↗machine: t25 · r10 · c11 · span 830095–830102
8Section 08, Susan Williamson RossDEFA14A2026-03-170000906163-26-000031Section “Director Compensation”. As printed: 106,000. Filing ↗machine: t25 · r13 · c3 · span 835031–835038
9Section 08, Alfred E. FestaDEFA14A2026-03-170000906163-26-000031Section “Director Compensation”. As printed: 106,000. Filing ↗machine: t25 · r7 · c3 · span 822822–822829
10Section 08, C. E. AndrewsDEF 14A2026-03-170000906163-26-000031Section “Director Compensation”. As printed: 103,000. Filing ↗machine: t25 · r3 · c3 · span 815166–815173
11Section 08, David A. PreiserDEFA14A2026-03-170000906163-26-000031Section “Director Compensation”. As printed: 91,000. Filing ↗machine: t25 · r11 · c3 · span 830959–830965
12Section 08, Mel MartinezDEF 14A2026-03-170000906163-26-000031Section “Director Compensation”. As printed: 83,000. Filing ↗machine: t25 · r9 · c3 · span 826890–826896
13Section 08, Sallie B. BaileyDEFA14A2026-03-170000906163-26-000031Section “Director Compensation”. As printed: 83,000. Filing ↗machine: t25 · r4 · c3 · span 817202–817208
14Section 08, W. Grady RosierDEFA14A2026-03-170000906163-26-000031Section “Director Compensation”. As printed: 83,000. Filing ↗machine: t25 · r12 · c3 · span 832992–832998
15Section 08, Alexandra A. JungDEFA14A2026-03-170000906163-26-000031Section “Director Compensation”. As printed: 83,000. Filing ↗machine: t25 · r8 · c3 · span 824860–824866
16Section 08, Thomas EckertDEFA14A2026-03-170000906163-26-000031Section “Director Compensation”. As printed: 29,050. Filing ↗machine: t25 · r6 · c3 · span 821273–821279
17Section 08, Paul C. SavilleDEF 14A2026-03-170000906163-26-000031Section “Director Compensation”. As printed: 0. Filing ↗machine: t25 · r2 · c11 · span 814195–814196
18Section 02, Michael J. DeVito 2026-04-24Form 42026-04-270000906163-26-000036Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Eugene Bredow 2026-05-06Form 42026-05-070000906163-26-000042Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, C. E. Andrews 2026-05-14Form 42026-05-180000906163-26-000071Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Mel Martinez 2026-05-14Form 42026-05-180000906163-26-000059Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, George R. Oliver 2026-05-14Form 42026-05-180000906163-26-000067Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Paul C. Saville 2026-05-14Form 42026-05-180000906163-26-000079Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Susan Williamson Ross 2026-05-14Form 42026-05-180000906163-26-000065Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Alexandra A. Jung 2026-05-14Form 42026-05-180000906163-26-000057Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Daniel Malzahn 2026-05-14Form 42026-05-180000906163-26-000075Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Eugene Bredow 2026-05-14Form 42026-05-150000906163-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Michael J. DeVito 2026-05-14Form 42026-05-180000906163-26-000053Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Matthew Kelpy 2026-05-14Form 42026-05-180000906163-26-000073Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Eugene Bredow 2026-05-14Form 42026-05-180000906163-26-000077Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, W. Grady Rosier 2026-05-14Form 42026-05-180000906163-26-000063Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, David A. Preiser 2026-05-14Form 42026-05-180000906163-26-000061Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Alfred E. Festa 2026-05-14Form 42026-05-180000906163-26-000069Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Sallie B. Bailey 2026-05-14Form 42026-05-180000906163-26-000055Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Susan Williamson Ross 2026-05-29Form 42026-05-290000906163-26-000081Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Susan Williamson Ross 2026-05-29Form 42026-05-290000906163-26-000081Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Mel Martinez 2026-07-30Form 42026-07-310000906163-26-000088Insider equity transaction reported since the proxy statement. Filing ↗
38Section 06, 2026 voteForm 8-K2026-05-080000906163-26-000044Item 5.07 · say-on-pay result. As reported: 96.56% (votes for as printed: 2,356,887). Filing ↗
39Section 06, 2025 voteForm 8-K2025-05-070000906163-25-000057Item 5.07 · say-on-pay result. As reported: 94.76% (votes for as printed: 2,420,529). Filing ↗
40Section 06, 2024 voteForm 8-K2024-05-080000906163-24-000079Item 5.07 · say-on-pay result. As reported: 94.75% (votes for as printed: 2,611,954). Filing ↗
41Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
42Section 09b board cost (computed)ComputedcomputedCash 829,300 + equity 0 + all other 0 = 829,300, summed across the director compensation table rows.machine: formula: Σ = 829,300
43Lennar Corporation, Section 10b CEO totalDEF 14A2026-02-260001193125-26-073504CEO total compensation as printed in Lennar Corporation's own proxy. As printed: 29,527,931. Filing ↗machine: r2 · c27 · span 875885–875895
44D.R. Horton, Inc., Section 10b CEO totalDEF 14A2025-12-100000882184-25-000114CEO total compensation as printed in D.R. Horton, Inc.'s own proxy. As printed: 25,128,033. Filing ↗machine: r5 · c8 · span 1929672–1929682
45PulteGroup, Inc., Section 10b CEO totalDEF 14A2026-03-130000822416-26-000016CEO total compensation as printed in PulteGroup, Inc.'s own proxy. As printed: 15,393,266. Filing ↗machine: r3 · c27 · span 1079633–1079644
46Toll Brothers, Inc., Section 10b CEO totalDEF 14A2026-01-290000794170-26-000037CEO total compensation as printed in Toll Brothers, Inc.'s own proxy. As printed: 15,319,865. Filing ↗machine: r3 · c48 · span 601186–601196
47Taylor Morrison Home Corporation, Section 10b CEO totalDEF 14A2026-04-100001140361-26-014261CEO total compensation as printed in Taylor Morrison Home Corporation's own proxy. As printed: 10,075,397. Filing ↗machine: t176 · r2 · c27 · span 1133718–1133728
48Meritage Homes Corporation, Section 10b CEO totalDEF 14A2026-04-070000833079-26-000098CEO total compensation as printed in Meritage Homes Corporation's own proxy. As printed: 8,114,286. Filing ↗machine: t119 · r2 · c19 · span 828485–828494
49KB Home, Section 10b CEO totalDEF 14A2026-03-130001308179-26-000068CEO total compensation as printed in KB Home's own proxy. As printed: 7,311,553. Filing ↗machine: t157 · r7 · c14 · span 1740061–1740070
50NVR, Inc. (subject), Section 10b CEO totalDEF 14A2026-03-170000906163-26-000029CEO total compensation as printed in NVR, Inc.'s own proxy. As printed: 1,748,227. Filing ↗machine: span 499110–499119
51Section 10a, Taylor Morrison Home Corporation reciprocityDEF 14A0001140361-26-014261Taylor Morrison Home Corporation names NVR, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Lennar Corporation reciprocityDEF 14A0001193125-26-073504Lennar Corporation names NVR, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, Meritage Homes Corporation reciprocityDEF 14A0000833079-26-000098Meritage Homes Corporation names NVR, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
54Section 10a, D.R. Horton, Inc. reciprocityDEF 14A0000882184-25-000114D.R. Horton, Inc. names NVR, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
55Section 10a, PulteGroup, Inc. reciprocityDEF 14A0000822416-26-000016PulteGroup, Inc. names NVR, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
56Section 10a, KB Home reciprocityDEF 14A0001308179-26-000068KB Home names NVR, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
57Section 10a, Toll Brothers, Inc. reciprocityDEF 14A0000794170-26-000037Toll Brothers, Inc. names NVR, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗