These executives had the lowest scores on our new pay vs. performance ranking, making them the most underpaid Fortune 500 chief executives in 2021. (Read more about this new list, and our full methodology, in Fortune’s June/July cover story, “Maximum Wage: Meet the 10 Most Overpaid CEOs in the Fortune 500—plus the 10 Most Undervalued.”)

1. Stéphane Bancel, Moderna

Years as CEO: 11
Company’s annualized total return over tenure: 79.1%
S&P 500 annualized total return over CEO’s tenure: 16.2%
3-year average compensation: $3.1 million

By almost any measure, Bancel overwhelmingly earned his pay during the pandemic. Moderna’s COVID-19 vaccine, created in record time, generated more than $18 billion in sales and vaulted the biotech firm onto the Fortune 500 for the first time. It also saved countless lives. Bancel’s compensation was well below the CEO median—but in May, he pledged to exercise options from 2013 and donate the after-tax proceeds, an estimated $355 million, to charity.

2. Gregory Roberts, A-Mark Precious Metals

Years as CEO: 17
Company’s annualized total return over tenure: 27.4%
S&P 500 annualized total return over CEO’s tenure: 12.5%
3-year average compensation: $1.4 million

His gold-trading platform has provided top value for investors.

3. Jack Dorsey, Block

Years as CEO: 13
Company’s annualized total return over tenure: 37%
S&P 500 annualized total return over CEO’s tenure: 13.3%
3-year average compensation: $3

This founder doesn’t need a paycheck; he owns $4.1 billion worth of Block shares.

4. Earl Austin Jr., Quanta Services

Years as CEO: 6
Company’s annualized total return over tenure: 32.3%
S&P 500 annualized total return over CEO’s tenure: 14.8%
3-year average compensation: $10 million

Last year, this CEO of a utilities contractor collected $3.8 million in realized comp.

5. Dan Arnold, LPL Financial

Years as CEO: 5
Company’s annualized total return over tenure: 38.6%
S&P 500 annualized total return over CEO’s tenure: 14.1%
3-year average compensation: $11.6 million

He led the broker-dealer at its Fortune 500 debut last year; this year, it’s No. 442. 

6. Sean O’Connor, StoneX Group

Years as CEO: 20
Company’s annualized total return over tenure: 27.2%
S&P 500 annualized total return over CEO’s tenure: 10.6%
3-year average compensation: $5.7 million

His brokerage and commodities trading platform has spent more than a decade on the Fortune 500, and is No. 87 on this year’s list.

7. R. Andrew Clyde, Murphy USA

Years as CEO: 9
Company’s annualized total return over tenure: 23.1%
S&P 500 annualized total return over CEO’s tenure: 13.3%
3-year average compensation: $10.4 million

Gas prices are soaring—but given the market performance of this gas-station operator, the CEO’s realized pay is a relative bargain.

8. Warren E. Buffett, Berkshire Hathaway

Years as CEO: 57
Company’s annualized total return over tenure: 15.8%*
S&P 500 annualized total return over CEO’s tenure: 10.8%
3-year average compensation: $0.4 million
*Since first available price, Jan. 4, 1988.

His pay is pocket change for the 91-year-old billionaire investor, who’s made a career—and a fortune—from beating the market.  

9. Matthew Missad, UFP Industries

Years as CEO: 11
Company’s annualized total return over tenure: 24.6%
S&P 500 annualized total return over CEO’s tenure: 13.4%
3-year average compensation: $4.1 million

The longtime CEO of this wood-products company realized pay of $5 million last year—less than a third of the median $15.9 million earned by everyone we evaluated.

10. Bryan DeBoer, Lithia Motors

Years as CEO: 10
Company’s annualized total return over tenure: 27.7%
S&P 500 annualized total return over CEO’s tenure: 13.6%
3-year average compensation: $9.8 million

His company, which operates car dealerships, has raced up the Fortune 500 and outpaced the market’s performance.