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VeriSign delivered solid FY2025 results with revenue growing 6.4% to $1.66B and operating cash flow surging 20.9% to $1.09B, while maintaining an exceptional ~68% operating margin despite a deeply negative stockholders' equity driven by aggressive share buybacks.
营业收入
$1.66B
同比 ++6.37%
营业利润
$1.12B
同比 ++5.93%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Verisign (VRSN) FY2025 营收 $1.66B，同比增长 6.4%。
Total revenue increased 6.4% year-over-year to $1,656.6M in FY2025 from $1,557.4M in FY2024, reflecting VeriSign's continued pricing power and stable demand for its .com and .net domain name registry services.
来源: Source: 10-K Income Statement
Operating income rose 5.9% to $1,121.0M, sustaining an operating margin of approximately 67.7%, one of the highest among S&P 500 companies, demonstrating the highly scalable and capital-light nature of VeriSign's registry monopoly.
来源: Source: 10-K Income Statement
SG&A expenses grew 11.7% to $235.7M, faster than the 6.4% revenue growth rate, representing a modest margin headwind; R&D also increased 7.1% to $103.6M, reflecting continued investment in infrastructure and security.
来源: Source: 10-K Income Statement
Operating cash flow jumped to $1,091.1M from $902.6M in the prior year, a 20.9% increase, significantly strengthening VeriSign's ability to fund shareholder returns and debt obligations without reliance on external capital.
来源: Source: 10-K Cash Flow Statement
VeriSign paid $215.2M in dividends in FY2025 (versus $0 in FY2024), marking the initiation of a dividend program, while also repurchasing $881.6M in shares, though buybacks declined 28.1% from the prior year's $1,225.6M.
来源: Source: 10-K Cash Flow Statement
Stockholders' equity stood at -$2,154.2M in FY2025, worsening from -$1,957.9M in FY2024, driven by aggressive share repurchases and dividend payments that exceed retained earnings. While this is a deliberate capital structure choice, it leaves the company technically insolvent on a book-value basis and could limit financial flexibility in a stress scenario.
来源: Source: 10-K Balance Sheet
Total liabilities of $3,480.1M significantly exceed total assets of $1,325.9M, resulting in a negative net worth. This leverage structure is sustainable only as long as VeriSign's cash flows remain strong and predictable, making any disruption to its registry business particularly consequential.
来源: Source: 10-K Balance Sheet
The current ratio of 0.49 means VeriSign's current liabilities of $1,333.1M are more than double its current assets of $652.5M, signaling potential short-term liquidity risk. However, the company's robust operating cash flow of $1.09B provides a meaningful offset to this concern.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
VeriSign's revenue is almost entirely derived from its .com and .net registry agreements with ICANN, making it highly dependent on regulatory continuity and contract renewals. Any adverse change in ICANN policy, pricing caps, or contract terms could materially impact revenue and profitability.
来源: Source: 10-K Income Statement (business model inference)
Investing cash flow fell 61.9% to $109.1M in FY2025 from $286.3M in FY2024, suggesting fewer asset sales or investment maturities compared to the prior year. This reduction, combined with heavy financing outflows of -$1,102.8M, underscores reliance on operating cash generation.
来源: Source: 10-K Cash Flow Statement
FY2025 实际 EPS $2.23，分析师一致预期 $2.33，不及预期 -4.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.66B | $1.56B | +6.37% |
营业成本 | $196.3M | $191.4M | +2.56% |
营业利润 | $1.12B | $1.06B | +5.93% |
研发费用 | $103.6M | $96.7M | +7.14% |
销售及管理费用 | $235.7M | $211.1M | +11.65% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $1.33B | $1.41B | -5.73% |
流动资产 | $652.5M | $663.8M | -1.70% |
总负债 | $3.48B | $3.36B | +3.44% |
流动负债 | $1.33B | $1.53B | -12.93% |
股东权益 | $-2.15B | $-1.96B | -10.03% |
现金及等价物 | $307.9M | $206.7M | +48.96% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.09B | $902.6M | +20.88% |
投资活动现金流 | $109.1M | $286.3M | -61.89% |
筹资活动现金流 | $-1.1B | $-1.22B | +9.72% |
股息支出 | $215.2M | $0 | — |
股票回购 | $881.6M | $1.23B | -28.07% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 67.7% | 67.9% | -0.28% |
流动比率 | $0.489 | — | — |
资产负债率 | $-1.615 | — | — |
VRSN reported solid Q2 FY2026 operating growth, with revenue up 6.0% to $434.6M and net income up 4.4% to $216.5M, supported by a larger .com/.net domain base and prior .com pricing actions, while maintaining a 68.2% operating margin. Source: 10-Q Item 2 MD&A, pp.13-16
VeriSign delivered solid Q1 FY2026 results with revenue up 6.6% YoY to $428.9M and operating margin expanding to 68.5%, though the company's deeply negative stockholders' equity and current ratio well below 1.0x reflect its aggressive capital return program.
Internet Services & Infrastructure 行业其他公司
VeriSign's revenue grew 6.4% year-over-year to $1,656.6M in FY2025, up from $1,557.4M in FY2024. This growth reflects the company's pricing power in its regulated .com and .net domain name registry business, which operates under long-term agreements with ICANN.
The key takeaways from VeriSign's FY2025 results are: revenue grew 6.4% to $1.66B, operating margin held near 68%, and operating cash flow surged 20.9% to $1.09B. The company also initiated a dividend program ($215.2M paid) while continuing to repurchase $881.6M in shares, returning over $1.09B to shareholders in total.
Yes, VeriSign paid $215.2M in dividends in FY2025, compared to $0 in dividends in FY2024, marking the initiation of a formal dividend program. This was in addition to $881.6M in share repurchases, making FY2025 a significant year for shareholder capital returns.
Key risks include VeriSign's deeply negative stockholders' equity of -$2,154.2M and total liabilities of $3,480.1M far exceeding total assets of $1,325.9M, reflecting the financial leverage from years of buybacks. Additionally, the company's near-total revenue dependence on its ICANN-regulated .com and .net registry contracts represents significant concentration risk if regulatory terms change.
VeriSign's operational health is excellent, with a ~68% operating margin and $1.09B in operating cash flow, but its balance sheet is unconventional with negative stockholders' equity of -$2,154.2M and a current ratio of just 0.49. This structure is intentional, driven by aggressive capital returns, and is sustainable as long as the company's highly predictable registry cash flows continue.