Detailed financial statements for VeriSign, Inc. (VRSN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
VeriSign, Inc., along with its affiliates, provides fundamental internet infrastructure and domain name registration services, which enable global web navigation across numerous recognized online addresses. The company plays a crucial role in upholding the security, stability, and resilience of internet systems and services.
Analysis Summary
VeriSign, Inc. reported revenue of $1.66B in the most recent fiscal year, growing at a 5-year CAGR of 5.5%. Net income reached $825.7M, with a 0.3% 5-year CAGR.
Balance sheet quality for VRSN: current ratio of 0.5, net debt of $1.22B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.07B represents 129% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.14B | $1.17B | $1.21B | $1.23B | $1.27B | $1.33B | $1.42B | $1.49B | $1.56B | $1.66B |
| Cost of Revenue | $198.2M | $193.3M | $192.1M | $180.5M | $180.2M | $191.9M | $200.7M | $197.3M | $191.4M | $196.3M |
| Gross Profit | $943.9M | $971.8M | $1.02B | $1.05B | $1.08B | $1.14B | $1.22B | $1.30B | $1.37B | $1.46B |
| Research & Development | $59.1M | $52.3M | $57.9M | $60.8M | $74.7M | $80.5M | $85.7M | $91.0M | $96.7M | $103.6M |
| Selling, General & Admin | $198.3M | $211.7M | $197.6M | $184.3M | $186.0M | $188.3M | $195.4M | $204.2M | $211.1M | $235.7M |
| Operating Expenses | $257.4M | $264.0M | $255.4M | $245.1M | $260.7M | $268.8M | $281.1M | $295.2M | $307.8M | $339.3M |
| Operating Income | $686.6M | $707.7M | $767.4M | $806.1M | $824.2M | $866.8M | $943.1M | $1.00B | $1.06B | $1.12B |
| EBITDA | $754.9M | $785.2M | $892.7M | $895.7M | $886.7M | $913.4M | $1.00B | $1.10B | $1.13B | $1.17B |
| Interest Expense | $115.6M | $136.3M | $114.8M | $90.6M | $90.1M | $83.3M | $75.3M | $75.3M | $75.3M | $77.0M |
| Pre-tax Income | $581.2M | $599.0M | $729.5M | $758.8M | $750.2M | $782.2M | $880.2M | $976.5M | $1.02B | $1.07B |
| Income Tax | $140.5M | $141.8M | $147.0M | $146.5M | -$64.6M | -$2.6M | $206.4M | $158.9M | $236.2M | $242.8M |
| Net Income | $440.6M | $457.2M | $582.5M | $612.3M | $814.9M | $784.8M | $673.8M | $817.6M | $785.7M | $825.7M |
| EPS | $4.12 | $4.56 | $4.75 | $5.17 | $7.08 | $7.01 | $6.24 | $7.91 | $8.01 | $8.83 |
| EPS (Diluted) | $3.42 | $3.68 | $4.75 | $5.15 | $7.07 | $7.00 | $6.24 | $7.90 | $8.00 | $8.81 |
| Shares Outstanding (Diluted) | $128.8M | $124.2M | $122.7M | $119.0M | $115.3M | $112.2M | $108.0M | $103.5M | $98.2M | $92.6M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $231.9M | $465.9M | $357.4M | $508.2M | $401.2M | $223.5M | $373.6M | $240.1M | $206.7M | $307.9M |
| Short-term Investments | $1.57B | $1.95B | $912.3M | $709.9M | $765.7M | $982.3M | $606.8M | $686.3M | $393.2M | $272.6M |
| Receivables | $13.1M | $11.5M | $10.5M | $17.4M | $8.2M | $13.0M | $8.1M | $13.6M | $7.8M | $14.9M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.84B | $2.45B | $1.32B | $1.28B | $1.22B | $1.27B | $1.04B | $988.3M | $663.8M | $652.5M |
| Property, Plant & Equipment | $266.1M | $263.5M | $253.9M | $259.4M | $256.8M | $259.6M | $239.2M | $240.6M | $233.8M | $223.5M |
| Goodwill | $52.5M | $52.5M | $52.5M | $52.5M | $52.5M | $52.5M | $52.5M | $52.5M | $52.5M | $52.5M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $145.2M |
| Total Assets | $2.33B | $2.94B | $1.91B | $1.85B | $1.77B | $1.98B | $1.73B | $1.75B | $1.41B | $1.33B |
| Accounts Payable | $19.5M | $10.5M | $27.1M | $15.9M | $12.3M | $9.0M | $9.8M | $12.5M | $10.6M | $13.8M |
| Short-term Debt | $629.8M | $627.6M | 0 | 0 | 0 | 0 | 0 | 0 | $299.8M | 0 |
| Total Current Liabilities | $1.52B | $1.56B | $947.6M | $965.2M | $988.7M | $1.07B | $1.12B | $1.19B | $1.53B | $1.33B |
| Long-term Debt | $1.24B | $1.78B | $1.79B | $1.79B | $1.79B | $1.79B | $1.79B | $1.79B | $1.49B | $1.79B |
| Total Liabilities | $3.54B | $4.20B | $3.30B | $3.34B | $3.16B | $3.24B | $3.30B | $3.33B | $3.36B | $3.48B |
| Retained Earnings | -$18.18B | -$17.69B | -$17.09B | -$16.48B | -$15.66B | -$14.88B | -$14.20B | -$13.39B | -$12.60B | -$11.78B |
| Total Equity | -$1.20B | -$1.26B | -$1.39B | -$1.49B | -$1.39B | -$1.26B | -$1.56B | -$1.58B | -$1.96B | -$2.15B |
| Total Debt | $1.87B | $2.41B | $1.79B | $1.79B | $1.80B | $1.79B | $1.79B | $1.80B | $1.80B | $1.80B |
| Net Debt | $69.0M | -$4.6M | $515.4M | $574.1M | $628.3M | $582.4M | $814.6M | $871.1M | $1.20B | $1.22B |
| Working Capital | $320.4M | $885.6M | $369.4M | $313.4M | $229.2M | $194.7M | -$78.2M | -$200.2M | -$867.3M | -$680.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $440.6M | $457.2M | $582.5M | $612.3M | $814.9M | $784.8M | $673.8M | $817.6M | $785.7M | $825.7M |
| Depreciation & Amortization | $58.2M | $49.9M | $48.4M | $46.3M | $46.4M | $47.9M | $46.9M | $44.1M | $36.9M | $31.2M |
| Stock-based Compensation | $50.0M | $52.9M | $52.5M | $50.6M | $48.2M | $53.4M | $58.6M | $59.7M | $61.1M | $69.7M |
| Change in Working Capital | $150.3M | $167.7M | $72.9M | $56.6M | -$170.2M | -$85.1M | $55.7M | -$43.1M | $36.4M | $41.3M |
| Operating Cash Flow | $667.9M | $702.8M | $697.8M | $753.9M | $730.2M | $807.2M | $831.1M | $853.8M | $902.6M | $1.09B |
| Capital Expenditure | -$169.6M | -$49.5M | -$37.0M | -$40.3M | -$43.4M | -$53.0M | -$27.4M | -$45.8M | -$28.1M | -$22.8M |
| Acquisitions | -$143.0M | 0 | $52.2M | -$9.9M | $20.8M | $216.2M | -$383.1M | 0 | 0 | 0 |
| Stock Repurchased | -$662.5M | -$621.2M | -$638.2M | -$782.6M | -$777.5M | -$722.6M | -$1.05B | -$901.4M | -$1.23B | -$893.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$215.2M |
| Free Cash Flow | $498.4M | $653.3M | $660.8M | $713.6M | $686.8M | $754.1M | $803.7M | $808.0M | $874.5M | $1.07B |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.0% | +4.3% | +1.4% | +2.7% | +4.9% | +7.3% | +4.8% | +4.3% | +6.4% | |
| Net Income Growth (YoY) | +3.8% | +27.4% | +5.1% | +33.1% | -3.7% | -14.1% | +21.3% | -3.9% | +5.1% | |
| EPS Growth (YoY) | +10.7% | +4.2% | +8.8% | +36.9% | -1.0% | -11.0% | +26.8% | +1.3% | +10.2% | |
| Shares Change (YoY) | -3.6% | -1.2% | -3.0% | -3.1% | -2.7% | -3.7% | -4.2% | -5.1% | -5.7% | |
| FCF Growth (YoY) | +31.1% | +1.1% | +8.0% | -3.8% | +9.8% | +6.6% | +0.5% | +8.2% | +22.2% | |
| Gross Margin | 82.6% | 83.4% | 84.2% | 85.3% | 85.8% | 85.5% | 85.9% | 86.8% | 87.7% | 88.2% |
| Operating Margin | 60.1% | 60.7% | 63.2% | 65.5% | 65.2% | 65.3% | 66.2% | 67.0% | 67.9% | 67.7% |
| EBITDA Margin | 66.1% | 67.4% | 73.5% | 72.7% | 70.1% | 68.8% | 70.3% | 73.4% | 72.8% | 70.7% |
| Net Margin | 38.6% | 39.2% | 47.9% | 49.7% | 64.4% | 59.1% | 47.3% | 54.8% | 50.4% | 49.8% |
| FCF Margin | 43.6% | 56.1% | 54.4% | 57.9% | 54.3% | 56.8% | 56.4% | 54.1% | 56.2% | 64.5% |
| Effective Tax Rate | 24.2% | 23.7% | 20.2% | 19.3% | -8.6% | -0.3% | 23.4% | 16.3% | 23.1% | 22.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.87 | $5.26 | $5.39 | $6.00 | $5.96 | $6.72 | $7.44 | $7.81 | $8.91 | $11.54 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.32 |
| Shares Outstanding (Basic) | $107.0M | $100.3M | $122.6M | $118.5M | $115.1M | $112.0M | $107.9M | $103.4M | $98.1M | $92.4M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Financial Health
| Piotroski F-Score | 8 |
| Altman Z-Score | -5.14 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.46 | 25.10 | 31.22 | 37.27 | 30.56 | 36.21 | 32.92 | 26.04 | 25.84 | 27.51 |
| P/B | -6.78 | -9.11 | -13.13 | -15.32 | -17.91 | -22.56 | -14.19 | -13.47 | -10.37 | -10.42 |
| P/S | 7.13 | 9.85 | 14.97 | 18.54 | 19.68 | 21.42 | 15.56 | 14.26 | 13.04 | 13.55 |
| Gross Margin | 82.6% | 83.4% | 84.2% | 85.3% | 85.8% | 85.5% | 85.9% | 86.8% | 87.7% | 88.2% |
| Operating Margin | 60.1% | 60.7% | 63.2% | 65.5% | 65.2% | 65.3% | 66.2% | 67.0% | 67.9% | 67.7% |
| Net Margin | 38.6% | 39.2% | 47.9% | 49.7% | 64.4% | 59.1% | 47.3% | 54.8% | 50.4% | 49.8% |
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