D. R. Horton management check
DHI · Consumer Discretionary · Homebuilding · CEO Mr. Romanowski
Filings as of
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 returnsOver 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 filingNo open-market insider buying or selling in the last six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted 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 tableCEOs 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 fileNo 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.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 62 | 70 | |
| Pay for performance | 39 | 79 | |
| CEO cost | 63 | 44 | |
| Skin in the game | — | — | 36 |
| Dilution | 100 | 74 | |
| Stable leadership | 60 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Homebuilding, by management score. D. R. Horton is 24th of 47 in its sector.
- 6PHMPulteGroup91
- 159NVRNVR, Inc.72
- 174FFord Motor Company71
- 176DHID. R. Horton71
- 184MGMMGM Resorts70
- 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.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. 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
- Aug 28, 2024Leadership change8-K 5.02
- Jan 18, 2024Leadership change8-K 5.02
- Nov 3, 2023Leadership change8-K 5.02
- Sep 20, 2023Leadership change8-K 5.02
- Jan 30, 2023Leadership change8-K 5.02
- Mar 29, 2022Leadership change8-K 5.02
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 year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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 shares | 366m | 355m | 343m | 332m | 310m |
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.