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Financial Statements

NVR Inc.

NVR Inc. (NVR)

Consumer Cyclical

Retained Earning Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Retained Earnings (Previous Year) -3,8234,0294,1584,3394,6064,8875,2705,6956,232
Net Income 192206129181266282383425538797
Stock Dividends 3,631--------12
Divident Paid ----------
Retained Earnings 3,8234,0294,1584,3394,6064,8875,2705,6956,2327,031

NVR Inc. income statement is the only one that provides an overview of company sales and net income
The reasoning behind the adjustment, however, is that free cash flow is meant to measure money being spent right now, not transactions that happened in the past. This makes NVR Inc. FCF a useful instrument for identifying growing companies with high up-front costs, which may eat into earnings now but have the potential to pay off later.