VeriSign (VRSN)
Market Price (8/8/2026): $294.525 | Market Cap: $26.7 BilInvestor Relations Sector: Information Technology | Industry: Internet Services & Infrastructure
VeriSign (VRSN)
Market Price (8/8/2026): $294.525Market Cap: $26.7 BilSector: Information TechnologyIndustry: Internet Services & Infrastructure
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 68% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 64%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 62% Stock buyback supportStock Buyback 3Y Total is 3.0 Bil Low stock price volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include Cybersecurity, and 5G & Advanced Connectivity. Themes include Network Security, and Telecom Infrastructure. | Trading close to highsDist 52W High is -5.0%, Dist 3Y High is -5.0% Weak multi-year price returns3Y Excs Rtn is -28% | Key risksVRSN key risks include [1] its critical dependence on exclusive ICANN agreements, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 68% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 64%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 62% |
| Stock buyback supportStock Buyback 3Y Total is 3.0 Bil |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Cybersecurity, and 5G & Advanced Connectivity. Themes include Network Security, and Telecom Infrastructure. |
| Trading close to highsDist 52W High is -5.0%, Dist 3Y High is -5.0% |
| Weak multi-year price returns3Y Excs Rtn is -28% |
| Key risksVRSN key risks include [1] its critical dependence on exclusive ICANN agreements, Show more. |
Qualitative Assessment
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VeriSign (VRSN) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Raised Full-Year Guidance.
VeriSign reported robust results for its fiscal second quarter of 2026 (ended June 30, 2026) on July 23, 2026, with diluted earnings per share (EPS) of $2.38, surpassing analyst consensus estimates of $2.36 or $2.37. Revenue for the quarter rose 6.0% year-over-year to $435 million, exceeding consensus estimates of approximately $433.20 million. This strong performance was complemented by the company raising its full-year 2026 revenue guidance to a range of $1.745 billion-$1.755 billion and its operating income guidance to about $1.19 billion, signaling confidence in future growth.
2. Robust Growth in .com and .net Domain Name Registrations and .web TLD Delegation.
The company's core business demonstrated strength, with the combined .com and .net domain name base growing to 179.1 million registrations as of June 30, 2026, marking a 5.1% increase from the same period in 2025. This growth was driven by a record 12.7 million new domain registrations during fiscal Q2 2026, representing a 21% year-over-year increase. Additionally, the delegation of the .web top-level domain (TLD) to VeriSign, with plans to offer these domains later in 2026, provides a new avenue for expansion and reinforces its market position.
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VeriSign (VRSN) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance and Raised Full-Year Guidance.
VeriSign reported robust results for its fiscal second quarter of 2026 (ended June 30, 2026) on July 23, 2026, with diluted earnings per share (EPS) of $2.38, surpassing analyst consensus estimates of $2.36 or $2.37. Revenue for the quarter rose 6.0% year-over-year to $435 million, exceeding consensus estimates of approximately $433.20 million. This strong performance was complemented by the company raising its full-year 2026 revenue guidance to a range of $1.745 billion-$1.755 billion and its operating income guidance to about $1.19 billion, signaling confidence in future growth.
2. Robust Growth in .com and .net Domain Name Registrations and .web TLD Delegation.
The company's core business demonstrated strength, with the combined .com and .net domain name base growing to 179.1 million registrations as of June 30, 2026, marking a 5.1% increase from the same period in 2025. This growth was driven by a record 12.7 million new domain registrations during fiscal Q2 2026, representing a 21% year-over-year increase. Additionally, the delegation of the .web top-level domain (TLD) to VeriSign, with plans to offer these domains later in 2026, provides a new avenue for expansion and reinforces its market position.
3. Enhanced Capital Return Program for Shareholders.
VeriSign underscored its commitment to shareholder returns by expanding its share repurchase authorization. The Board of Directors authorized an additional $884.2 million for buybacks, bringing the total available for repurchases to $1.50 billion. During fiscal Q2 2026, the company repurchased 0.7 million shares of its common stock for an aggregate cost of $197 million. Furthermore, a quarterly cash dividend of $0.81 per share was approved, payable on August 27, 2026. This strategy highlights the company's strong cash generation and dedication to returning capital.
4. Positive Analyst Sentiment and Increased Price Targets.
Following the strong earnings report, several Wall Street analysts upgraded their ratings and raised price targets for VeriSign. Zacks Research upgraded the stock from a "hold" to a "strong-buy" rating on July 27, 2026. Wedbush increased its price target from $318.00 to $324.00, maintaining an "outperform" rating, while JPMorgan Chase & Co. raised its objective from $308.00 to $316.00 with a "neutral" rating, both on July 24, 2026. Overall, analysts hold a "Buy" or "Moderate Buy" consensus rating for VeriSign, with an average price target of approximately $320.00 to $328.75, indicating a positive outlook and potential for further appreciation.
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Stock Movement Drivers
Fundamental Drivers
The 9.9% change in VRSN stock from 4/30/2026 to 8/7/2026 was primarily driven by a 7.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 267.95 | 294.56 | 9.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,683 | 1,708 | 1.5% |
| Net Income Margin (%) | 50.0% | 49.8% | -0.4% |
| P/E Multiple | 29.2 | 31.5 | 7.8% |
| Shares Outstanding (Mil) | 92 | 91 | 0.9% |
| Cumulative Contribution | 9.9% |
Market Drivers
4/30/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| VRSN | 9.9% | |
| Market (SPY) | 7.6% | -12.0% |
| Sector (XLK) | 17.8% | -25.6% |
Fundamental Drivers
The 21.4% change in VRSN stock from 1/31/2026 to 8/7/2026 was primarily driven by a 12.7% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 242.68 | 294.56 | 21.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,627 | 1,708 | 5.0% |
| Net Income Margin (%) | 49.9% | 49.8% | -0.2% |
| P/E Multiple | 27.9 | 31.5 | 12.7% |
| Shares Outstanding (Mil) | 93 | 91 | 2.8% |
| Cumulative Contribution | 21.4% |
Market Drivers
1/31/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| VRSN | 21.4% | |
| Market (SPY) | 12.1% | -11.4% |
| Sector (XLK) | 30.8% | -22.1% |
Fundamental Drivers
The 10.9% change in VRSN stock from 7/31/2025 to 8/7/2026 was primarily driven by a 6.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 265.57 | 294.56 | 10.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,598 | 1,708 | 6.9% |
| Net Income Margin (%) | 50.0% | 49.8% | -0.5% |
| P/E Multiple | 31.2 | 31.5 | 1.0% |
| Shares Outstanding (Mil) | 94 | 91 | 3.3% |
| Cumulative Contribution | 10.9% |
Market Drivers
7/31/2025 to 8/7/2026| Return | Correlation | |
|---|---|---|
| VRSN | 10.9% | |
| Market (SPY) | 23.4% | -0.3% |
| Sector (XLK) | 43.7% | -12.3% |
Fundamental Drivers
The 41.8% change in VRSN stock from 7/31/2023 to 8/7/2026 was primarily driven by a 16.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 207.80 | 294.56 | 41.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,462 | 1,708 | 16.8% |
| Net Income Margin (%) | 48.8% | 49.8% | 2.0% |
| P/E Multiple | 30.3 | 31.5 | 4.0% |
| Shares Outstanding (Mil) | 104 | 91 | 14.4% |
| Cumulative Contribution | 41.8% |
Market Drivers
7/31/2023 to 8/7/2026| Return | Correlation | |
|---|---|---|
| VRSN | 41.8% | |
| Market (SPY) | 74.9% | 23.5% |
| Sector (XLK) | 114.7% | 11.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VRSN Return | 17% | -19% | 0% | 0% | 18% | 21% | 37% |
| Peers Return | 26% | -52% | 57% | -9% | 28% | 76% | 98% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| VRSN Win Rate | 58% | 33% | 50% | 50% | 67% | 75% | |
| Peers Win Rate | 54% | 28% | 63% | 45% | 58% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| VRSN Max Drawdown | -13% | -38% | -16% | -18% | -24% | -20% | |
| Peers Max Drawdown | -36% | -59% | -37% | -40% | -40% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NET, AKAM, FSLY, VRSN, DOCN. See VRSN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | VRSN | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.2% | -6.7% |
| % Gain to Breakeven | 11.3% | 7.1% |
| Time to Breakeven | 24 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.9% | -24.5% |
| % Gain to Breakeven | 61.1% | 32.4% |
| Time to Breakeven | 1015 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.4% | -33.7% |
| % Gain to Breakeven | 39.7% | 50.9% |
| Time to Breakeven | 30 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.1% | -19.2% |
| % Gain to Breakeven | 17.8% | 23.8% |
| Time to Breakeven | 9 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -18.5% | -17.9% |
| % Gain to Breakeven | 22.7% | 21.8% |
| Time to Breakeven | 36 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -55.1% | -53.4% |
| % Gain to Breakeven | 122.7% | 114.4% |
| Time to Breakeven | 806 days | 1085 days |
In The Past
VeriSign's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | VRSN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.9% | -24.5% |
| % Gain to Breakeven | 61.1% | 32.4% |
| Time to Breakeven | 1015 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.4% | -33.7% |
| % Gain to Breakeven | 39.7% | 50.9% |
| Time to Breakeven | 30 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -55.1% | -53.4% |
| % Gain to Breakeven | 122.7% | 114.4% |
| Time to Breakeven | 806 days | 1085 days |
In The Past
VeriSign's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About VeriSign (VRSN)
VeriSign (VRSN) is a critical internet infrastructure company that provides foundational services enabling global internet navigation, security, stability, and resiliency. At its core, the company operates as a domain name registry, managing the authoritative databases that allow internet users to find websites associated with specific domain names. It also serves as a root zone maintainer and operates two of the 13 global internet root servers, making it a pivotal player in the internet's core architecture.
The company's primary services include offering registration and authoritative resolution for the widely used .com and .net top-level domains, which are essential for global e-commerce and countless online businesses worldwide. Additionally, VeriSign provides back-end systems for other important domain names such as .cc, .gov, .edu, and .name, along with distributed server, networking, security, and data integrity services. Its customers are effectively anyone who relies on these critical domains for their online presence, from individuals and businesses to government and educational institutions globally.
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Here are 1-3 brief analogies to describe VeriSign:
1. The Experian for internet domain names: VeriSign acts like a credit bureau for website addresses, managing the official records for .com and .net domains and ensuring they can always be found by users.
2. A critical utility company for the internet's addressing system: Similar to how a power grid operator ensures electricity, VeriSign provides essential, always-on infrastructure to keep the internet's navigation for .com and .net running smoothly and securely.
3. A title company for .com and .net internet properties: VeriSign verifies ownership and guarantees the stability and clear access for the most common website addresses, much like a title company ensures clear ownership for physical real estate.
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- Domain Name Registry Services: VeriSign provides registration and authoritative resolution services for various top-level domains, including .com, .net, .cc, .gov, .edu, and .name.
- Internet Infrastructure Services: The company operates root zone maintainer services and two of the internet's 13 root servers, ensuring the security, stability, and resiliency of global internet navigation.
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VeriSign (VRSN) operates as a domain name registry, meaning its primary customers are not individuals or end-users directly. Instead, VeriSign sells its services to domain name registrars, who then sell domain names to businesses and individuals.
Based on this model, VeriSign's major customers are the large domain name registrars around the world. While VeriSign doesn't typically disclose a specific list of its largest customers, prominent registrars that rely on VeriSign's registry services for .com and .net domains include:
- GoDaddy Inc. (Symbol: GDDY)
- Alphabet Inc. (Symbol: GOOGL) - through its Google Domains service
- Tucows Inc. (Symbol: TCX) - through its OpenSRS wholesale domain platform
- Companies that own other major registrars like Namecheap, Domain.com, Bluehost, and Register.com. (Note: Many of these are part of larger, often privately held, corporations.)
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D. James Bidzos Executive Chairman, President, and Chief Executive Officer
D. James Bidzos is the founder of VeriSign, established in 1995 as a spin-off from RSA Security Inc.. He is recognized as an internet and security industry pioneer, having been instrumental in building RSA Security into an early leader for authentication and encryption, and launching VeriSign to develop the digital certificate infrastructure for internet commerce. Prior to VeriSign, Mr. Bidzos served as President and CEO of RSA Security from 1986 to 1999 and then as its Vice Chairman from 1999 to 2002. He began his career at IBM in the 1970s. He was re-appointed President and Chief Executive Officer of VeriSign on August 1, 2011, and resumed the office of President in April 2024.
John Calys Executive Vice President and Chief Financial Officer
John Calys serves as the Executive Vice President and Chief Financial Officer, succeeding George E. Kilguss III, whose retirement was effective May 31, 2025. Mr. Calys joined VeriSign in December 2010 and has over 35 years of experience in financial management and business leadership. His previous roles at VeriSign include Senior Vice President, Global Controller, and Chief Accounting Officer. He also served as interim Chief Financial Officer during 2011 and 2012.
Danny McPherson Executive Vice President, Technology and Chief Security Officer
Danny McPherson is the Executive Vice President, Technology and Chief Security Officer at VeriSign. His role is considered crucial given the company's position as a core provider of domain name system (DNS) security and infrastructure.
Thomas Indelicarto Executive Vice President, General Counsel and Secretary
Thomas Indelicarto holds the position of Executive Vice President, General Counsel, and Secretary at VeriSign.
Dr. Burt Kaliski Jr. Senior Vice President and Chief Technology Officer
Dr. Burt Kaliski Jr. is the Senior Vice President and Chief Technology Officer for VeriSign.
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Here are the key risks to VeriSign's business:
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Regulatory and Contractual Dependence: VeriSign's core business and revenue are heavily reliant on its long-term agreements with the Internet Corporation for Assigned Names and Numbers (ICANN) and the U.S. Department of Commerce, particularly for the operation of the .com and .net top-level domains. Approximately 85% of its revenue is generated from these domain services. Any unfavorable changes to these agreements, including pricing mechanisms or renewal terms, or increased regulatory scrutiny and intervention, could significantly impact VeriSign's financial performance and operational stability.
-
Cybersecurity Threats and Infrastructure Vulnerability: As a critical provider of internet infrastructure and operator of root servers, VeriSign faces constant and evolving cybersecurity threats. Sophisticated cyber-attacks, such as advanced persistent threats and Distributed Denial of Service (DDoS) attacks, could disrupt its services, compromise data integrity, and damage its reputation. The increasing use of AI-based tools by attackers further complicates defense efforts, requiring continuous and significant investment in cybersecurity measures to protect its systems and maintain the stability and resiliency of the internet.
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Technological Evolution and Shifting Internet Behaviors: The internet landscape is dynamic, with continuous technological evolution and changes in user preferences. There is a risk that shifts in internet behavior towards alternative online identity establishments, such as social media platforms, e-commerce sites, or emerging alternative namespaces and AI-driven content discovery, could reduce the demand for traditional domain names. Additionally, new rounds of generic Top-Level Domains (gTLDs) could introduce competitive alternatives to .com, potentially impacting VeriSign's long-term registration growth and market position.
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VeriSign (VRSN) is anticipated to experience future revenue growth over the next 2-3 years, driven by several key factors related to its core domain name registry services and strategic initiatives.
The expected drivers of future revenue growth for VeriSign include:
- Continued Growth in the .com and .net Domain Name Base: VeriSign's primary revenue stream comes from the registration and renewal of .com and .net domain names. The company has consistently reported year-over-year increases in its domain name base. For instance, the .com and .net domain name base reached 171.9 million in Q3 2025, marking a 1.4% increase from the prior year, with 10.6 million new domain registrations during the quarter. By the end of fiscal 2025, the .com and .net domain name base had grown to 173.5 million, a 2.6% year-over-year increase.
- Periodic Price Increases for Domain Name Services: VeriSign has historically leveraged its pricing power, and future revenue growth is expected to benefit from planned rate increases. Notably, a high single-digit rate increase for domain services is slated to begin in September 2026, which is expected to contribute to revenue in the latter half of that year.
- Stable to Improving Renewal Rates: The consistent renewal of existing domain names is a crucial component of VeriSign's recurring revenue. The company has demonstrated strong renewal rates, with a preliminary renewal rate of 75.3% in Q3 2025, an increase from 72.2% in the same quarter of the previous year. Similarly, the preliminary renewal rate for Q4 2025 was 75%, up from 74% in the prior year. Management has also indicated that enhanced marketing programs are contributing to improved renewal rates.
- Exploration and Expansion into New Generic Top-Level Domains (gTLDs): Beyond its established .com and .net domains, VeriSign is actively exploring opportunities in new gTLDs. The company is developing marketing programs for 2026 and investigating the potential of the .web domain, pending legal outcomes. Additionally, VeriSign is preparing for ICANN's new gTLD round scheduled for Q2 2026, highlighting its strategic focus on future growth opportunities through diversification in the domain market.
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Share Repurchases
- In 2025, VeriSign returned $1.1 billion to shareholders through share repurchases and quarterly dividends.
- As of the end of Q4 2025, VeriSign had $1.08 billion remaining under its share repurchase program.
- During Q4 2025, VeriSign repurchased 1.0 million shares of its common stock for $251 million.
Capital Expenditures
- VeriSign's capital expenditures for 2026 are projected to be between $55 million and $65 million.
- The anticipated increase in capital expenditures for 2026 is primarily for end-of-life equipment replacement and capacity expansion, largely influenced by AI-driven demand.
- In Q4 2025, VeriSign invested $4.5 million in capital expenditures.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 124.15 |
| Mkt Cap | 16.1 |
| Rev LTM | 1,708 |
| Op Inc LTM | 150 |
| FCF LTM | 315 |
| FCF 3Y Avg | 218 |
| CFO LTM | 633 |
| CFO 3Y Avg | 471 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.4% |
| Rev Chg 3Y Avg | 13.8% |
| Rev Chg Q | 23.3% |
| QoQ Delta Rev Chg LTM | 5.3% |
| Op Inc Chg LTM | 6.8% |
| Op Inc Chg 3Y Avg | 6.0% |
| Op Mgn LTM | 13.8% |
| Op Mgn 3Y Avg | 13.8% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 30.7% |
| CFO/Rev 3Y Avg | 34.6% |
| FCF/Rev LTM | 12.5% |
| FCF/Rev 3Y Avg | 10.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 16.1 |
| P/S | 12.8 |
| P/Op Inc | 23.1 |
| P/EBIT | 22.7 |
| P/E | 31.5 |
| P/CFO | 30.3 |
| Total Yield | 1.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.4% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.8% |
| 3M Rtn | 2.5% |
| 6M Rtn | 73.4% |
| 12M Rtn | 47.9% |
| 3Y Rtn | 47.2% |
| 1M Excs Rtn | 6.0% |
| 3M Excs Rtn | 0.3% |
| 6M Excs Rtn | 70.0% |
| 12M Excs Rtn | 26.2% |
| 3Y Excs Rtn | -28.0% |
Comparison Analyses
Price Behavior
| Market Price | $294.56 | |
| Market Cap ($ Bil) | 26.7 | |
| First Trading Date | 01/30/1998 | |
| Distance from 52W High | -5.0% | |
| 50 Days | 200 Days | |
| DMA Price | $275.37 | $256.78 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 7.0% | 14.7% |
| 3M | 1YR | |
| Volatility | 34.4% | 28.2% |
| Downside Capture | -14.75 | 21.99 |
| Upside Capture | -1.18 | 26.27 |
| Correlation (SPY) | -12.3% | -1.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.86 | -0.57 | -0.43 | -0.31 | -0.04 | 0.36 |
| Up Beta | -2.33 | -1.83 | -1.40 | -1.27 | -0.63 | 0.23 |
| Down Beta | -1.13 | -0.29 | -0.42 | -0.32 | -0.18 | 0.35 |
| Up Capture | 73% | -23% | 5% | 18% | 18% | 19% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 15 | 24 | 36 | 72 | 135 | 403 |
| Down Capture | -160% | -38% | -40% | -23% | 24% | 70% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 7 | 19 | 27 | 54 | 117 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VRSN | |
|---|---|---|---|---|
| VRSN | 9.2% | 28.1% | 0.30 | - |
| Sector ETF (XLK) | 43.7% | 25.9% | 1.36 | -13.5% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | -1.7% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | -12.9% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -0.2% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 17.3% |
| Bitcoin (BTCUSD) | -44.2% | 42.9% | -1.23 | -8.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VRSN | |
|---|---|---|---|---|
| VRSN | 6.7% | 25.7% | 0.24 | - |
| Sector ETF (XLK) | 20.5% | 25.8% | 0.71 | 38.8% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 48.0% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 1.0% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | 3.0% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 43.0% |
| Bitcoin (BTCUSD) | 8.8% | 53.0% | 0.35 | 17.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VRSN | |
|---|---|---|---|---|
| VRSN | 13.5% | 26.4% | 0.50 | - |
| Sector ETF (XLK) | 24.6% | 24.9% | 0.89 | 54.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 58.8% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 4.5% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 13.1% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 45.8% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 13.5% |
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Returns Analyses
Earnings Returns History
Updated 8/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 7.0% | 9.6% | |
| 4/23/2026 | -2.8% | -3.0% | 12.2% |
| 2/5/2026 | -7.6% | -10.1% | 0.3% |
| 10/23/2025 | -1.4% | -6.0% | 0.6% |
| 7/24/2025 | 6.7% | -6.2% | -5.7% |
| 4/24/2025 | 8.0% | 10.7% | 11.1% |
| 2/6/2025 | 0.5% | 4.2% | 8.6% |
| 10/24/2024 | -2.1% | -4.5% | -2.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 12 |
| # Negative | 13 | 16 | 11 |
| Median Positive | 4.2% | 7.3% | 4.4% |
| Median Negative | -2.8% | -3.8% | -6.2% |
| Max Positive | 9.5% | 10.7% | 16.0% |
| Max Negative | -14.3% | -15.7% | -15.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 7.0% | 9.6% | |
| 4/23/2026 | -2.8% | -3.0% | 12.2% |
| 2/5/2026 | -7.6% | -10.1% | 0.3% |
| 10/23/2025 | -1.4% | -6.0% | 0.6% |
| 7/24/2025 | 6.7% | -6.2% | -5.7% |
| 4/24/2025 | 8.0% | 10.7% | 11.1% |
| 2/6/2025 | 0.5% | 4.2% | 8.6% |
| 10/24/2024 | -2.1% | -4.5% | -2.3% |
| 7/25/2024 | 4.2% | 6.6% | 1.5% |
| 4/25/2024 | -3.9% | -7.8% | -6.3% |
| 2/8/2024 | -1.3% | -1.6% | -4.1% |
| 10/26/2023 | -5.8% | -2.0% | 4.6% |
| 7/27/2023 | -0.6% | -0.6% | -1.8% |
| 4/27/2023 | 2.3% | 1.8% | 4.2% |
| 2/9/2023 | 1.0% | -0.3% | -8.1% |
| 10/27/2022 | 9.5% | -3.0% | 6.4% |
| 7/28/2022 | 3.6% | 8.0% | 2.7% |
| 4/28/2022 | -14.3% | -15.7% | -15.4% |
| 2/10/2022 | 0.7% | -2.0% | -6.2% |
| 10/28/2021 | 5.7% | 9.4% | 16.0% |
| 7/22/2021 | -4.7% | -7.5% | -8.8% |
| 4/22/2021 | -0.4% | 3.4% | 4.2% |
| 2/11/2021 | -1.1% | -3.2% | -6.9% |
| 10/22/2020 | -3.4% | -7.8% | -5.5% |
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 12 |
| # Negative | 13 | 16 | 11 |
| Median Positive | 4.2% | 7.3% | 4.4% |
| Median Negative | -2.8% | -3.8% | -6.2% |
| Max Positive | 9.5% | 10.7% | 16.0% |
| Max Negative | -14.3% | -15.7% | -15.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/22/2021 | 10-Q |
| 03/31/2021 | 04/22/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/22/2020 | 10-Q |
| 06/30/2020 | 07/23/2020 | 10-Q |
| 03/31/2020 | 04/23/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
Insider Activity
Updated 8/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 8042026 | 292.20 | 500 | 146,100 | 10,241,915 | Form |
| 2 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 7292026 | 281.20 | 3,300 | 927,964 | 116,118,972 | Form |
| 3 | Calys, John | EVP, Chief Financial Officer | Direct | Sell | 7292026 | 281.56 | 500 | 140,778 | 8,752,608 | Form |
| 4 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 7222026 | 270.44 | 3,300 | 892,466 | 112,569,438 | Form |
| 5 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 7222026 | 280.00 | 500 | 140,000 | 9,954,292 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 8042026 | 292.20 | 500 | 146,100 | 10,241,915 | Form |
| 2 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 7292026 | 281.20 | 3,300 | 927,964 | 116,118,972 | Form |
| 3 | Calys, John | EVP, Chief Financial Officer | Direct | Sell | 7292026 | 281.56 | 500 | 140,778 | 8,752,608 | Form |
| 4 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 7222026 | 270.44 | 3,300 | 892,466 | 112,569,438 | Form |
| 5 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 7222026 | 280.00 | 500 | 140,000 | 9,954,292 | Form |
| 6 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 7152026 | 267.84 | 3,300 | 883,875 | 112,369,730 | Form |
| 7 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 7092026 | 269.23 | 250 | 67,308 | 9,706,023 | Form |
| 8 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 7082026 | 266.09 | 3,300 | 878,105 | 112,514,245 | Form |
| 9 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 7022026 | 255.83 | 250 | 63,958 | 9,286,896 | Form |
| 10 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 7012026 | 250.94 | 3,300 | 828,110 | 106,936,366 | Form |
| 11 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 6242026 | 248.53 | 3,300 | 820,141 | 106,727,382 | Form |
| 12 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 6172026 | 274.22 | 3,300 | 904,926 | 118,665,644 | Form |
| 13 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 6112026 | 283.54 | 500 | 141,770 | 10,363,683 | Form |
| 14 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 6112026 | 284.29 | 3,300 | 938,169 | 123,963,168 | Form |
| 15 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 6032026 | 293.45 | 500 | 146,725 | 10,872,629 | Form |
| 16 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 6032026 | 297.47 | 3,300 | 981,646 | 130,689,522 | Form |
| 17 | Armstrong, Courtney D | by The Armstrong Family Trust | Buy | 5292026 | 305.28 | 14 | 4,215 | 1,592,711 | Form | |
| 18 | Armstrong, Courtney D | Direct | Buy | 5292026 | 309.01 | 2 | 714 | 273,337 | Form | |
| 19 | McPherson, Danny R | EVP - Technology & CSO | Direct | Sell | 4292026 | 271.02 | 5,000 | 1,355,106 | 9,538,639 | Form |
| 20 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 4152026 | 270.06 | 498 | 134,490 | 10,316,902 | Form |
| 21 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 4082026 | 274.00 | 498 | 136,452 | 10,603,871 | Form |
| 22 | Armstrong, Courtney D | by The Armstrong Family Trust | Buy | 3252026 | 250.17 | 16 | 3,980 | 1,301,752 | Form | |
| 23 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 3112026 | 240.62 | 332 | 79,886 | 9,551,714 | Form |
| 24 | Armstrong, Courtney D | by The Armstrong Family Trust | Buy | 3032026 | 223.54 | 19 | 4,200 | 1,159,628 | Form | |
| 25 | Armstrong, Courtney D | Direct | Buy | 3032026 | 219.44 | 3 | 712 | 193,600 | Form | |
| 26 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 2112026 | 219.24 | 166 | 36,394 | 9,213,126 | Form |
| 27 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 2042026 | 249.08 | 498 | 124,042 | 7,501,048 | Form |
| 28 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 1122026 | 250.00 | 166 | 41,500 | 7,777,754 | Form |
| 29 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 1072026 | 240.83 | 332 | 79,956 | 7,532,444 | Form |
| 30 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 12182025 | 245.04 | 2,000 | 490,089 | 103,188,069 | Form |
| 31 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 12182025 | 244.25 | 2,000 | 488,498 | 103,341,601 | Form |
| 32 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 12182025 | 241.79 | 5,000 | 1,208,954 | 102,785,030 | Form |
| 33 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 12112025 | 244.46 | 2,000 | 488,913 | 105,140,608 | Form |
| 34 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 12112025 | 242.07 | 2,000 | 484,150 | 104,600,333 | Form |
| 35 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 12112025 | 244.59 | 5,000 | 1,222,973 | 106,178,282 | Form |
| 36 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 12102025 | 250.07 | 501 | 125,285 | 7,904,467 | Form |
| 37 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 12032025 | 252.62 | 501 | 126,563 | 8,111,632 | Form |
| 38 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 11202025 | 248.09 | 2,000 | 496,172 | 108,901,369 | Form |
| 39 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 11202025 | 246.05 | 2,000 | 492,109 | 108,501,840 | Form |
| 40 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 11202025 | 250.05 | 5,000 | 1,250,250 | 110,763,753 | Form |
| 41 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 11132025 | 252.83 | 2,000 | 505,670 | 113,633,796 | Form |
| 42 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 11132025 | 251.27 | 2,000 | 502,544 | 113,433,858 | Form |
| 43 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 11132025 | 248.14 | 5,000 | 1,240,700 | 112,516,304 | Form |
| 44 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 11122025 | 250.00 | 334 | 83,500 | 8,296,818 | Form |
| 45 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 11122025 | 246.47 | 334 | 82,321 | 8,261,988 | Form |
| 46 | Calys, John | EVP, Chief Financial Officer | Direct | Sell | 11102025 | 242.71 | 1,001 | 242,955 | 6,003,223 | Form |
| 47 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 11052025 | 244.52 | 334 | 81,670 | 8,278,291 | Form |
| 48 | McPherson, Danny R | EVP - Technology & CSO | Direct | Sell | 11032025 | 236.87 | 2,500 | 592,175 | 6,768,996 | Form |
| 49 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 10232025 | 249.70 | 2,000 | 499,400 | 114,472,194 | Form |
| 50 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 10232025 | 261.54 | 2,000 | 523,080 | 120,423,209 | Form |
| 51 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 10232025 | 267.43 | 5,000 | 1,337,174 | 123,672,170 | Form |
| 52 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 10162025 | 261.79 | 2,000 | 523,585 | 122,371,857 | Form |
| 53 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 10162025 | 264.06 | 2,000 | 528,120 | 123,960,068 | Form |
| 54 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 10162025 | 265.57 | 5,000 | 1,327,873 | 125,202,160 | Form |
| 55 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 10152025 | 262.92 | 501 | 131,723 | 8,989,043 | Form |
| 56 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 10082025 | 270.87 | 501 | 135,706 | 9,396,554 | Form |
| 57 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 9192025 | 287.96 | 2,000 | 575,925 | 137,196,402 | Form |
| 58 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 9172025 | 288.48 | 2,000 | 576,963 | 138,020,688 | Form |
| 59 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 9172025 | 287.34 | 5,000 | 1,436,717 | 138,050,928 | Form |
| 60 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 9112025 | 287.67 | 2,000 | 575,347 | 139,647,786 | Form |
| 61 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 9112025 | 283.87 | 2,000 | 567,731 | 138,367,079 | Form |
| 62 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 9112025 | 283.24 | 5,000 | 1,416,190 | 138,627,630 | Form |
| 63 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 9102025 | 282.28 | 501 | 141,422 | 9,933,792 | Form |
| 64 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 9032025 | 270.46 | 501 | 135,500 | 9,653,332 | Form |
| 65 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 8212025 | 271.79 | 2,000 | 543,589 | 134,348,980 | Form |
| 66 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 8212025 | 270.71 | 2,000 | 541,418 | 134,354,022 | Form |
| 67 | Tomlinson, Timothy | by Tomlinson Family Trust | Sell | 8212025 | 270.00 | 700 | 189,000 | 4,126,680 | Form | |
| 68 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 8212025 | 268.43 | 5,000 | 1,342,149 | 133,759,659 | Form |
| 69 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 8142025 | 266.48 | 2,000 | 532,956 | 134,510,535 | Form |
| 70 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 8142025 | 266.45 | 2,000 | 532,891 | 135,027,023 | Form |
| 71 | Bidzos, D James | Exec. Chairman, Pres, & CEO | Direct | Sell | 8142025 | 264.15 | 5,000 | 1,320,735 | 134,390,459 | Form |
| 72 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 8132025 | 264.50 | 501 | 132,514 | 9,724,821 | Form |
| 73 | Indelicarto, Thomas C | EVP, Gen Counsel & Secretary | Direct | Sell | 8062025 | 269.50 | 501 | 135,020 | 10,043,675 | Form |
| 74 | Berkshire, Hathaway Inc | See footnotes | Sell | 8012025 | 282.15 | 4,300,000 | 1,213,245,000 | 2,536,494,642 | Form |
Investor Activity (13F)
Updated Aug 8, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Hawk Ridge Capital Management LP | $227.3 Mil | 8.3% | 48 | ADD +48.5% | 13F |
| Troy Asset Management Ltd | $194.6 Mil | 5.8% | 30 | New | 13F |
| GFI Investment Counsel Ltd. | $10.8 Mil | 1.5% | 24 | New | 13F |
| Cadian Capital Management, LP | $11.2 Mil | 1.4% | 23 | New | 13F |
| Nishkama Capital, LLC | $5.9 Mil | 0.8% | 39 | New | 13F |
| Fundsmith LLP | $28.2 Mil | 0.2% | 34 | TRIM -58.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Troy Asset Management Ltd | $194.6 Mil | 5.8% | 30 | New | 13F |
| Cadian Capital Management, LP | $11.2 Mil | 1.4% | 23 | New | 13F |
| GFI Investment Counsel Ltd. | $10.8 Mil | 1.5% | 24 | New | 13F |
| Nishkama Capital, LLC | $5.9 Mil | 0.8% | 39 | New | 13F |
| Hawk Ridge Capital Management LP | $227.3 Mil | 8.3% | 48 | ADD +48.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Hawk Ridge Capital Management LP | $227.3 Mil | 8.3% | 48 | ADD +48.5% | 13F |
| Troy Asset Management Ltd | $194.6 Mil | 5.8% | 30 | New | 13F |
| Fundsmith LLP | $28.2 Mil | 0.2% | 34 | TRIM -58.1% | 13F |
| Cadian Capital Management, LP | $11.2 Mil | 1.4% | 23 | New | 13F |
| GFI Investment Counsel Ltd. | $10.8 Mil | 1.5% | 24 | New | 13F |
| Nishkama Capital, LLC | $5.9 Mil | 0.8% | 39 | New | 13F |
VRSN Trade Sentinel
High Conviction
CONVICTION RATIONALE
Conviction is high as Verisign is demonstrating a clear reacceleration in its core business, evidenced by record new registrations of 12.7 million in Q2 2026. Management has translated this into a significant increase in its 2026 domain growth forecast to 5.2%-6.0%. This volume growth is layered upon contractually guaranteed price increases and a new growth option with the .web launch.
STOCK ARCHETYPE
Regulated Monopoly / Recurring Revenue(Domain Name Base * Renewal Rate * Avg. Price) + (New Registrations * Avg. Price) Contractual price increases applied to the large, stable, and high-margin .com domain base.
INVESTMENT THESIS
Evidence points to a genuine reacceleration, with record new domain registrations and a significant upward revision to 2026 growth guidance.
- New .com and .net registrations hit a record 12.7 million in Q2 2026.
- Full-year 2026 domain base growth guidance was raised to 5.2%-6.0%.
- The .com wholesale price will increase to $10.97 on November 1, 2026.
- The company secured the rights to launch the new .web top-level domain.
- The basic share count has been reduced by 12.6% over the last three years.
PRIMARY RISK
The surge in new registrations may be from lower-quality, AI-generated sites that will not renew, causing growth to revert to its prior low-single-digit pace as churn increases.
- Management noted an expectation for a potential 'tick down' in renewal rates.
- The core .com and .net base grew 5.1% YoY, slower than the total domain market's growth.
- Competition exists from social media platforms as alternative online presences.
- Operating expenses grew 10.1% year-over-year, outpacing revenue growth of 6.9%.
| KPI | Status | Rationale |
|---|---|---|
| Domain Name Base Growth | 179.1 million names for the combined .com and .net domain name base at the end of Q2 2026 - Accelerating | The year-over-year growth in the domain name base has shown consistent and significant acceleration over the past year. Reflecting this strength, management raised its full-year 2026 guidance for domain name base growth to between 5.2% and 6%, a substantial increase from the 3.1% to 4.3% range provided in the prior quarter. |
| New Registrations | A record 12.7 million in Q2 2026 - Accelerating | Management described the 12.7 million new registrations as the largest for any quarter in the company's history. This metric, a key leading indicator for domain base growth, is showing exceptional strength and momentum. |
| Renewal Rate | 75.2% (expected) (Q2 2026) | The percentage of existing domains that are renewed, a key indicator of customer retention and revenue stability. |
AI Tailwind vs. Low-Quality Churn
BULL VIEW
Bulls believe the AI-driven ease of website creation is a durable tailwind, structurally increasing demand for .com domains and supporting the company's new 5.2%-6.0% growth outlook.
CORE TENSION
Can the record 12.7 million new registrations drive sustained growth, or will a lower renewal rate from this cohort offset the volume gain?
PREVAILING SENTIMENT
The latest evidence strongly favors the bull view. The company's significant guidance increase for 2026 domain base growth reflects management's confidence in the current trend's strength.
BEAR VIEW
Bears argue the new registration surge is a sugar high of low-intent users whose domains will churn, causing the renewal rate to fall and growth to revert to its historical, slower pace.
| Timeline | Event & Metric To Watch |
|---|---|
8/6/2026 | Peer Competitive Read-Across Watch: Cloudflare commentary on internet traffic trends, developer activity, and overall demand environment. |
August 27, 2026 | Quarterly Dividend Payment Watch: A cash dividend of $0.81 per share is payable on August 27, 2026. |
10/21/2026 | Renewal Rate Deceleration Watch: Preliminary Q3 renewal rate and any change in management's outlook for first-time vs. previously-renewed cohorts. |
November 1, 2026 | .com Price Increase Watch: The annual wholesale price for .com domain names will increase from $10.26 to $10.97. |
11/3/2026 | Peer Earnings Report Watch: Peer DigitalOcean (DOCN) is scheduled to report earnings on 11/3/2026. |
11/3/2026 | Peer Earnings Report Watch: Peer Fastly (FSLY) is scheduled to report earnings on 11/3/2026. |
later this year | .web Domain Launch Watch: The company plans to begin offering .web domain names through its channel partners. |
in the coming months | New Security Product Blogs Watch: The company will share a series of blogs to introduce enhanced security components. |
No set date | Disappointing Web Launch Details Watch: Company announcements detailing .web wholesale pricing, marketing spend, and rules for the Limited Registration Period for existing .com holders. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-23 | Q2 Earnings and Guidance Raise Details: Reported Q2 revenue of $435 million, up 6.0%. Raised 2026 domain name base growth guidance to between 5.2% and 6.0%. The stock reacted positively by 7.0%. | +6.6% $262.59 -> $280.00 |
2026-07-22 | Web TLD Delegation Announced Details: Verisign announced that .web has been delegated into the global Domain Name System’s root zone, with Verisign as the designated registry operator, following resolution of all disputes. | -1.7% $266.15 -> $261.58 |
2026-05-07 | Analyst Commentary on AI Impact Details: An analyst note stated the stock appears fairly priced and that the investment case hinges on whether generative AI is a threat or a tailwind for the business. | +4.5% $275.03 -> $287.45 |
2026-04-23 | Q1 Earnings and Guidance Raise Details: Reported Q1 revenue of $429 million, up 6.6%. Raised 2026 domain name base growth guidance to between 3.1% and 4.3%. Announced a .com price increase for November 2026. | -0.2% $269.11 -> $268.49 |
2026-02-05 | Q4 Earnings and Negative Reaction Details: The company reported Q4 results and guided for 2026 domain name base growth of 1.5-3.5%. The two-day stock reaction around the earnings call was -7.0%. | -7.0% $239.44 -> $222.75 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: VRSN trades at roughly 34% annualized options-implied volatility versus about 15% for the S&P 500 (2.3x the market), around the 100th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
NET - a business partner
Higher-Growth Infrastructure Playa business partner offers a broader, integrated platform of security and performance services, with revenue growing 31.6% year-over-year, appealing to customers seeking a single, innovative vendor.
AKAM - a business partner
Mature, Diversified PeerAkamai provides a more diversified revenue stream across content delivery, security, and cloud computing, with revenue 2.5 times that of Verisign, offering greater scale.
A regulated monopoly on critical internet 'real estate' (.com/.net) with built-in pricing power, high margins, and accelerating growth from AI tailwinds.
Verisign functions as a quasi-utility for the internet, operating the foundational registry for .com and .net domains. Its revenue is highly predictable, driven by a massive, stable base of renewing domains and contractual price increases. While mature, the business is experiencing an acceleration in new registrations, which management attributes to AI tools making it easier to get online and to effective, evolving marketing programs.
Continued domain base growth at or above the high end of the new guidance, successful implementation of the November 2026 price hike without a material drop in renewal rates, and a successful launch of the .web TLD.
A significant, sustained decline in renewal rates, regulatory action that threatens the exclusivity or pricing terms of its registry agreements, or a structural shift in user behavior away from domain names toward other forms of online identity.
Short-term quarterly fluctuations in new registrations, as long as the overall domain base and renewal rates remain strong.
Repricing Catalyst
The recent delegation of the .web TLD, which provides a new growth vector with greater pricing flexibility, and the significant upward revision of the 2026 domain name base growth guidance, signaling accelerating demand.
VeriSign — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Internet Services & Infrastructure Resources |
| Data Center Dynamics |
| Data Center Frontier |
| Internet Society |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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