VeriSign, Inc.
Information Technology · Internet Services & Infrastructure
S. net uncapped). Operating margins sit near 65% and the business converts almost all revenue to free cash flow - buybacks were the default capital return until the 2026 dividend initiation. Berkshire Hathaway is a long-term ~13% holder.
com option to 2031) and 2029 with embedded price escalators. (2) ~65% operating margins and ~$800M+ annual FCF feed aggressive buyback cadence. (3) Zero credit/counterparty risk - fees collected from registrars at wholesale. (4) New dividend initiation 2026 signals capital-return maturity.
(5) AI-era domain demand (agent identity, brand defense) keeps renewal base sticky.
(1) Domain-under-management base has flatlined / mildly contracted 2023-2025 as China registrar churn + crypto/web3 alt-TLD experimentation bite. com to competitive bid at 2031 renewal. (3) AI agents may bypass human-readable domains entirely over 10yr horizon.
(4) High multiple (~25x EV/EBITDA) leaves little room for renewal-base decline. com fee stream.
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