D. R. Horton management check

DHI · Consumer Discretionary · Homebuilding · CEO Mr. Romanowski

Filings as of

71
Management score, ranked 176th of 487Strongest: dilution. Weakest: pay for performance. See the best and worst run in Consumer Discretionary →

4 good · 2 to watch · 0 flagged, across the seven questions below.

  • Good

    Have owners done well?

    Beat its chosen peers

    $100 invested at the start of fiscal 2021 grew to $235, against $214 for the peer group the company picked itself.

  • Watch

    Does pay follow performance?

    Pay only loosely tracked returns

    Over 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.23 with shareholder return. 1 means pay moved in step; below 0, the opposite way.

  • Good

    What does the CEO cost owners?

    0.7% of net income

    $25.1m of reported pay in fiscal 2025, against $3.6bn of net income.

  • n/a

    Do they own the stock?

    No recent CEO filing

    No open-market insider buying or selling in the last six months.

  • Good

    Are owners being diluted?

    Share count shrinking

    Diluted shares changed -5.0% a year over the last three fiscal years. Stock-based pay was 0.4% of revenue in the latest year.

  • Watch

    Is leadership stable?

    2 CEOs in the pay table

    CEOs in the pay table: Mr. Romanowski, Mr. Auld. 3 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.

  • Good

    Are the books clean?

    No red flags on file

    No restatements, auditor changes or late filings since 2021.

Against the S&P 500

Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Discretionary.

CheckScoreAt or aboveSector median
Owner returns6264%70
Pay for performance398%79
CEO cost6363%44
Skin in the game——36
Dilution100100%74
Stable leadership6039%80
Clean books100100%100

Closest peers

Others in Homebuilding, by management score. D. R. Horton is 24th of 47 in its sector.

  1. 6PHMPulteGroup91
  2. 159NVRNVR, Inc.72
  3. 174FFord Motor Company71
  4. 176DHID. R. Horton71
  5. 184MGMMGM Resorts70
  6. 439LENLennar48

Pay versus performance

From the proxy statement filed December 10, 2025. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.

CEO pay by fiscal yearAs reported Actually paid
$0$25.6m$51.3m20212022202320242025
What $100 becameCompany Peer group
$10020212022202320242025$235
Fiscal yearCEOCEO payActually paidOther executives (avg)$100 becamePeersNet income
2025Mr. Romanowski, Mr. Auld$25.1m$21.4m$18.4m$235$214$3.6bn
2024—$25.1m$40.6m$18.2m$262$182$4.8bn
2023—$32.1m$47.0m$17.4m$146$134$4.8bn
2022—$30.0m$26.2m$16.3m$91$110$5.9bn
2021—$30.6m$51.3m$23.0m$112$130$4.2bn

The board says pay is tied most to pre-tax income. Its other key measures: Pre-tax income, Total shareholder return relative to the S&P 500 Index, Return on assets relative to other S&P 500 companies, Pre-tax return on assets relative to our performance peer group, Company stock price, EPS Growth.

Insiders and the CEO's stake

No open-market insider buying or selling in the last six months.

Leadership and governance on file

Latest shareholder vote results: Jan 16, 2026, including the say-on-pay vote.

Where the money went

Over 2021–2025: $11.1bn returned to owners in buybacks and dividends, 48% of net income, and $556.8m of pay in stock.

Fiscal year20212022202320242025
Revenue$27.8bn$33.5bn$35.5bn$36.8bn$34.3bn
Net income$4.2bn$5.9bn$4.7bn$4.8bn$3.6bn
Stock-based pay$91.4m$105.1m$111.2m$118.1m$131.0m
Buybacks$874.0m$1.1bn$1.2bn$1.8bn$4.3bn
Dividends$289.3m$316.5m$341.2m$395.2m$494.8m
Diluted shares366m355m343m332m310m

Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.