Wurtzel's Weekly Wrap - Analyzing Executive Compensation Trends Across our Coverage Universe

Research evidence excerpt

Wurtzel's Weekly Wrap - Analyzing Executive Compensation Trends Across our Coverage Universe

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Wurtzel's Weekly Wrap - Analyzing Executive May 17, 2026

Compensation Trends Across our Coverage Universe

TICKER RTG PT % UP

The Wolfe Byte ADP PP NA NA

In this edition of Wurtzel's Weekly Wrap, we analyze changes in CEO BR PP NA NA

compensation from FY24 to FY25, shifts in incentive mix, and compensation CLVT PP NA NA

CSGP OP $50 53.0%

changes relative to share performance. EFX PP NA NA

EXPN-GB OP £33 27.0%

FA PP NA NA

●Compensation Changes in 2025: Our coverage saw median CEO total FDS UP $215 1.1%

compensation increase 17% Y/Y in 2025 (vs. a median stock return of FICO OP $1,450 32.0%

-8% across our coverage, which compares to the CY25 S&P500 return of IT PP NA NA

16-17% and the equal-weighted S&P return of ~9%). That said, we note MCO OP $535 24.7% MSCI OP $710 26.4%

that revenue and earnings across our coverage universe continued to trend PAYX UP $95 3.8%

in-line to ahead of expectations for most companies in our space, and most SPGI OP $515 27.7%

executive compensation is tied to long-term performance metrics. Long-term TRU OP $90 35.8%

VRSK OP $220 35.3%

compensation led overall comp growth for the coverage, with L-T comp OP=Outperform, PP=Peer Perform,

growing 12% from FY2024 compared to short-term incentive comp growing UP=Underperform, NR=Not Rated

4% and base salaries declining 6% on a median basis. See pages 3-4 for

company-specific dynamics impacting Y/Y compensation growth.

●Changes in Compensation Mix: In exhibit 2, we examine the proportion of base

salary, S-T incentives, and L-T incentives in overall CEO pay. Between 2024 and Scott Wurtzel