Deere & Company management check

DE · Industrials · Agricultural & Farm Machinery · CEO Mr. May

Filings as of

68
Management score, ranked 205th of 487Strongest: clean books. Weakest: pay for performance. See the best and worst run in Industrials →

4 good · 1 to watch · 1 flagged, across the seven questions below.

  • Watch

    Have owners done well?

    Trailed its chosen peers

    $100 invested at the start of fiscal 2021 grew to $218, against $222 for the peer group the company picked itself.

  • Flag

    Does pay follow performance?

    Pay moved against returns

    Over 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.86 with shareholder return. 1 means pay moved in step; below 0, the opposite way.

  • Good

    What does the CEO cost owners?

    0.6% of net income

    $27.9m of reported pay in fiscal 2025, against $5.0bn of net income.

  • n/a

    Do they own the stock?

    No recent CEO filing

    Light activity: no buys, $23.4m sold in six months. 21 of 21 sales ran on pre-arranged 10b5-1 plans.

  • Good

    Are owners being diluted?

    Share count shrinking

    Diluted shares changed -3.8% a year over the last three fiscal years. Stock-based pay was 0.3% of revenue in the latest year.

  • Good

    Is leadership stable?

    8 leadership filings in 3 years

    CEO in the pay table: Mr. May. 8 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 Industrials.

CheckScoreAt or aboveSector median
Owner returns4852%55
Pay for performance70%86
CEO cost7173%48
Skin in the game——55
Dilution9887%62
Stable leadership8561%75
Clean books100100%100

Closest peers

Nearest in rank in Industrials, by management score. Deere & Company is 40th of 81 in its sector.

  1. 197IRIngersoll Rand69
  2. 198EMREmerson Electric69
  3. 200UPSUnited Parcel Service69
  4. 205DEDeere & Company68
  5. 206TXTTextron68
  6. 208AMEAmetek68

Pay versus performance

From the proxy statement filed January 14, 2026. "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$24.0m$48.0m20212022202320242025
What $100 becameCompany Peer group
$10020212022202320242025$218
Fiscal yearCEOCEO payActually paidOther executives (avg)$100 becamePeersNet income
2025Mr. May$27.9m$15.0m$7.5m$218$222$5.0bn
2024—$27.8m$31.0m$7.6m$190$191$7.1bn
2023—$26.7m$29.0m$7.8m$166$134$10.2bn
2022—$20.3m$38.6m$5.2m$180$129$7.1bn
2021—$19.9m$48.0m$6.6m$153$140$6.0bn

The board says pay is tied most to Operating Return on Operating Assets. Its other key measures: Operating Return on Operating Assets (OROA), Operating Return on Sales (OROS), Shareholder Value Added (SVA), Relative Total Shareholder Return (rTSR), Relative Revenue Growth, Return on Equity (ROE).

Insiders and the CEO's stake

Light activity: no buys, $23.4m sold in six months. 21 of 21 sales ran on pre-arranged 10b5-1 plans.

  • SoldRyan D CampbellPres WWC&F and Pwr Systems · 10b5-1 plan$23.4mAug 31, 2026

Leadership and governance on file

Latest shareholder vote results: Feb 27, 2026, including the say-on-pay vote.

Where the money went

Over 2021–2025: $25.6bn returned to owners in buybacks and dividends, 72% of net income, and $656.0m of pay in stock.

Fiscal year20212022202320242025
Revenue$44.0bn$52.6bn$61.3bn$51.7bn$45.7bn
Net income$6.0bn$7.1bn$10.2bn$7.1bn$5.0bn
Stock-based pay$82.0m$85.0m$130.0m$208.0m$151.0m
Buybacks$2.5bn$3.6bn$7.2bn$4.0bn$1.1bn
Dividends$1.0bn$1.3bn$1.4bn$1.6bn$1.7bn
Diluted shares314m306m294m277m272m

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.