Verisign Inc. (VRSN) intrinsic value & 10-year financials
Verisign Inc. (VRSN) has a Graham intrinsic value of $186.07 per share. At $302.34 on Oct 17, 2026, the stock trades 62% above that value. Over the last 10 fiscal years revenue grew 4.2% a year to $1.7B, with an average return on invested capital of -44.2%.
- Graham intrinsic value
- $186.07
- Share price (Oct 17, 2026)
- $302.34
- Price vs Graham value
- 62% above
- Market cap
- $28.4B
- Revenue (FY2025)
- $1.7B
- Revenue growth (10-yr CAGR)
- 4.2%
- ROIC (10-yr avg)
- -44.2%
- Free cash flow (FY2025)
- $1.1B
VRSN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.7B | $825.7M | — | $1.1B | 67.7% | -42.1% |
| FY2024 | $1.6B | $785.7M | — | $874.5M | 67.9% | -46.0% |
| FY2023 | $1.5B | $817.6M | — | $808.0M | 67.0% | -53.3% |
| FY2022 | $1.4B | $673.8M | $6.24 | $803.7M | 66.2% | -51.2% |
| FY2021 | $1.3B | $784.8M | $7.00 | $754.1M | 65.3% | -48.5% |
| FY2020 | $1.3B | $814.9M | $7.07 | $686.8M | 65.2% | -43.6% |
| FY2019 | $1.2B | $612.3M | $5.15 | $713.6M | 65.5% | -34.8% |
| FY2018 | $1.2B | $582.5M | $4.75 | $660.8M | 63.2% | -35.2% |
| FY2017 | $1.2B | $457.2M | $3.68 | $653.3M | 60.7% | -43.9% |
| FY2016 | $1.1B | $440.6M | $3.42 | $641.4M | 60.1% | -43.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Verisign has demonstrated mature, steady growth, with revenue compounding at 4.2% annually over the past decade.
Verisign has historically struggled to out-earn its cost of capital, averaging just -40.5% ROIC.
Over the decade, Verisign shows that management has aggressively returned capital to shareholders by retiring 27.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Verisign is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $186.07 per share.