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VeriSign is more than a domain registry — it’s the indispensable toll road of the internet, combining:
Monopoly-like control of .com and .net (core infrastructure).
Recurring, subscription-like revenue with near-80% renewal rates.
Asset-light compounding engine (70% operating margins, ROIC >40%).
At ~30× earnings, investors are paying up for a Buffett-grade moat and fortress balance sheet — but the business mints cash with minimal reinvestment.
VeriSign is more than a domain registry — it’s the indispensable toll road of the internet, combining:
Monopoly-like control of .com and .net (core infrastructure).
Recurring, subscription-like revenue with near-80% renewal rates.
Asset-light compounding engine (70% operating margins, ROIC >40%).
At ~30× earnings, investors are paying up for a Buffett-grade moat and fortress balance sheet — but the business mints cash with minimal reinvestment.