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AI核心结论
Verisk Analytics (VRSK) delivered solid FY2025 revenue growth of 6.6% to $3.07B with stable operating margins near 44%, though net income declined 5.2% to $908.3M amid higher SG&A costs and interest expenses, while a major financing event drove cash balances up 648% to $2.18B and long-term debt surged 54.4% to $4.77B.
营业收入
$3.07B
同比 ++6.63%
每股收益（基本）
$6.50
同比 -3.56%
营业利润
$1.34B
同比 ++7.18%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Verisk Analytics (VRSK) FY2025 营收 $3.07B，同比增长 6.6%。 净利润 $908.3M，同比下降 5.2%，稀释每股收益 $6.48。
Verisk grew total revenue 6.6% year-over-year to $3.07B in FY2025 (from $2.88B in FY2024), reflecting continued demand for its data analytics and decision support solutions across insurance and financial services verticals.
来源: Source: 10-K Income Statement
Operating income rose 7.2% to $1.34B, with operating margin holding nearly flat at 43.7% (vs. 43.5% prior year), demonstrating disciplined cost management even as SG&A expenses jumped 12.1% to $458.2M and R&D spending increased 15.9% to $40.9M.
来源: Source: 10-K Income Statement
Despite strong operating performance, net income fell 5.2% to $908.3M (from $958.2M), suggesting higher interest expense or other non-operating charges likely tied to the significant increase in long-term debt from $3.09B to $4.77B during FY2025.
来源: Source: 10-K Income Statement & Balance Sheet
Total assets surged 45.3% to $6.20B, driven by a 648% jump in cash to $2.18B, funded by net positive financing cash flows of $795.2M — a dramatic reversal from the prior year's -$1.03B outflow — indicating a major debt issuance or capital markets transaction during FY2025.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
Operating cash flow grew 25.5% to $1.44B, well above net income of $908.3M, reflecting the company's high-quality earnings with significant non-cash D&A of $259.2M and strong working capital dynamics, underscoring Verisk's cash-generative business model.
来源: Source: 10-K Cash Flow Statement
Long-term debt increased 54.4% to $4.77B in FY2025, pushing the debt-to-equity ratio to an extremely high 19.0x. This elevated leverage increases interest expense, which appears to be a primary driver of the 5.2% decline in net income despite strong operating performance, and limits financial flexibility in a rising or sustained high-rate environment.
来源: Source: 10-K Balance Sheet
Verisk's revenue is heavily concentrated in the insurance industry, making it vulnerable to cyclical downturns, regulatory changes, or consolidation among insurance carriers that could reduce demand for its data and analytics services. A contraction in insurance industry spending could disproportionately impact Verisk's top line.
来源: Source: 10-K Business Description (inferred from financial profile)
SG&A expenses grew 12.1% to $458.2M and R&D rose 15.9% to $40.9M, both outpacing revenue growth of 6.6%. If this trend continues, it could erode the company's industry-leading ~44% operating margin over time, particularly if revenue growth moderates.
来源: Source: 10-K Income Statement
Despite a 208.7% increase in stockholders' equity to $309.0M, total liabilities stand at $5.89B, resulting in a highly leveraged balance sheet. This thin equity cushion means any significant asset impairment or earnings shortfall could quickly erode book value and potentially trigger debt covenant concerns.
来源: Source: 10-K Balance Sheet
Share repurchases declined 37.9% to $624.0M in FY2025 from $1.005B in FY2024, likely reflecting capital allocation toward debt service and the financing transaction. If buyback activity remains constrained, EPS growth — which already declined 3.4% on a diluted basis — may face additional headwinds.
来源: Source: 10-K Cash Flow Statement
FY2025 实际 EPS $1.82，分析师一致预期 $1.64，超预期 +10.9%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.07B | $2.88B | +6.63% |
营业成本 | $925.5M | $901.1M | +2.71% |
营业利润 | $1.34B | $1.25B | +7.18% |
净利润 | $908.3M | $958.2M | -5.21% |
每股收益（基本） | $6.50 | $6.74 | -3.56% |
每股收益（稀释） | $6.48 | $6.71 | -3.43% |
研发费用 | $40.9M | $35.3M | +15.86% |
销售及管理费用 | $458.2M | $408.7M | +12.11% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $6.2B | $4.26B | +45.27% |
流动资产 | $2.77B | $911.6M | +203.36% |
总负债 | $5.89B | $4.16B | +41.49% |
流动负债 | $2.3B | $1.24B | +85.67% |
股东权益 | $309M | $100.1M | +208.69% |
现金及等价物 | $2.18B | $291.2M | +648.01% |
长期债务 | $4.77B | $3.09B | +54.42% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.44B | $1.14B | +25.52% |
投资活动现金流 | $-358.1M | $-124.8M | -186.94% |
筹资活动现金流 | $795.2M | $-1.03B | +177.32% |
股息支出 | $251.1M | $221.3M | +13.47% |
股票回购 | $624M | $1B | -37.91% |
折旧及摊销 | $259.2M | $233.6M | +10.96% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 43.7% | 43.5% | +0.22% |
净利率 | 29.6% | — | — |
净资产收益率 | 293.9% | — | — |
总资产收益率 | 14.7% | — | — |
流动比率 | $1.202 | — | — |
资产负债率 | $19.048 | — | — |
Verisk delivered solid FY2025 results with revenue growing 6.6% to $3.07B and operating income rising 7.2% to $1.34B, maintaining a ~44% operating margin. However, net income declined 5.2% to $908.3M, likely due to higher interest costs from a significant debt increase, causing diluted EPS to fall 3.4% to $6.48.
While Verisk's revenue grew 6.6% and operating income grew 7.2% in FY2025, net income declined 5.2% to $908.3M because non-operating costs — most likely interest expense — increased substantially as long-term debt rose 54.4% to $4.77B. This below-the-line drag offset the strong operational performance.
Verisk's balance sheet underwent a major transformation in FY2025, with total assets jumping 45.3% to $6.20B and cash surging 648% to $2.18B. This was funded by a large financing transaction that pushed long-term debt up 54.4% to $4.77B and generated positive financing cash flows of $795.2M, reversing the prior year's $1.03B outflow.
Verisk's core business remains very healthy, generating $1.44B in operating cash flow (up 25.5%) and maintaining a ~44% operating margin, which are hallmarks of a high-quality data analytics franchise. The primary concern is the elevated leverage, with a debt-to-equity ratio of 19.0x and $4.77B in long-term debt, which investors should monitor closely.
Yes, Verisk increased dividends paid by 13.5% to $251.1M in FY2025, up from $221.3M in the prior year, signaling management's confidence in the company's cash generation ability. This was funded by strong operating cash flow of $1.44B, which comfortably covered both the dividend and $624M in share buybacks.