该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
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.
营收
4.29亿美元
同比 +6.61%
营业利润
2.94亿美元
同比 +8.26%
SEC XBRL 原值
Verisign (VRSN) Q1 FY2026 营收 4.29亿美元，同比增长 6.6%。 营业利润率 68.5%，较去年同期的 67.4% 扩大 1.1 个百分点。 经营活动现金流 2.72亿美元，同比下降 6.5%。 VRSN 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：1 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 2.38 | 2.41 | 不及预期 -1.4% |
| 2026年3月本次财报 | 2.34 | 2.29 | 超预期 +2.1% |
| 2025年12月 | 2.23 | 2.33 | 不及预期 -4.3% |
| 2025年9月 | 2.27 | 2.29 | 不及预期 -1.1% |
2026年3月 实际 EPS 2.34美元，分析师一致预期 2.29美元，超预期 +2.1%。
由 AI 基于本次 SEC 报告整理
Total revenue grew 6.6% YoY to $428.9M in Q1 FY2026, up from $402.3M in the prior-year period, reflecting VeriSign's pricing power and continued demand for .com and .net domain registrations under its registry agreements.
来源: 10-Q Income Statement
Operating income rose 8.3% YoY to $293.6M, pushing operating margin to 68.5% from 67.4% a year ago. Cost of revenue was essentially flat at $49.2M (-0.4% YoY), demonstrating the highly scalable, low-variable-cost nature of VeriSign's business model.
来源: 10-Q Income Statement
VeriSign returned approximately $299.6M to shareholders in Q1 FY2026 through $225.4M in share buybacks and $74.2M in dividends (the prior-year period had no dividends paid), reflecting the company's commitment to returning virtually all free cash flow to investors.
来源: 10-Q Cash Flow Statement
Cash and equivalents fell 17.2% YoY to $476.7M, and total assets declined 10.4% to $1.30B, primarily driven by the capital return activity and the absence of significant reinvestment needs given the asset-light business model.
来源: 10-Q Balance Sheet
Stockholders' equity stood at -$2.21B, worsening from -$1.98B a year ago, as cumulative share repurchases far exceed retained earnings. This is a deliberate capital structure choice, not a sign of financial distress, as the business generates strong and consistent operating cash flows.
来源: 10-Q Balance Sheet
由 AI 基于本次 SEC 报告整理 · 高 1 中 3 低 1
VeriSign carries total liabilities of $3.51B against total assets of only $1.30B, resulting in stockholders' equity of -$2.21B. While this reflects intentional financial engineering via buybacks, it leaves the company with limited balance sheet cushion if business conditions deteriorate or debt markets tighten.
来源: 10-Q Balance Sheet
The current ratio stands at just 0.46x, meaning current liabilities of $1.36B significantly exceed current assets of $626.0M. This low liquidity ratio is largely structural given deferred revenue recognition, but it limits near-term financial flexibility.
来源: 10-Q Balance Sheet
VeriSign's revenue is almost entirely dependent on its exclusive registry agreements for .com and .net domains. Any adverse change in ICANN agreements, regulatory intervention, or a structural shift away from traditional domain names could materially impair revenue.
来源: 10-Q Income Statement (business model inference)
Operating cash flow fell 6.5% YoY to $272.4M in Q1 FY2026, despite higher net income of $214.5M (+7.6% YoY). This divergence may reflect working capital timing differences, but a sustained decline in cash conversion could constrain the capital return program.
来源: 10-Q Cash Flow Statement
VeriSign paid $299.6M in buybacks and dividends in Q1 FY2026 against operating cash flow of $272.4M, meaning capital returns exceeded operating cash generation. This pace is sustained partly by drawing down cash balances, which declined 17.2% YoY to $476.7M.
来源: 10-Q Cash Flow Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 4.29 亿美元 | 4.02 亿美元 | +6.61% |
营业成本 万美元 | 4920.00 万美元 | 4940.00 万美元 | -0.40% |
营业利润 亿美元 | 2.94 亿美元 | 2.71 亿美元 | +8.26% |
净利润 亿美元 | 2.15 亿美元 | 1.99 亿美元 | +7.63% |
研发费用 万美元 | 2750.00 万美元 | 2600.00 万美元 | +5.77% |
销售及管理费用 万美元 | 5860.00 万美元 | 5570.00 万美元 | +5.21% |
答案基于本次 SEC 报告与本页数据
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