• NVR average return on tangible equity for 2023 was 43.93, a 17.87% decline from 2022.
• NVR average return on tangible equity for 2022 was 53.49, a 39.26% decline from 2021.
• NVR average return on tangible equity for 2021 was 38.41, a 10.06% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.