# Verisk Analytics (VRSK.US)

Canonical: https://gigainvestors.com/s/VRSK

Analysis as of: 2026-10-16T07:32:55.924Z. Financial observations: FY2007–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $187.33 per share; close as of 2026-10-15.

Estimated value: low $103.39 per share, central $134.08 per share, high $156.28 per share. Buy at or below the central value $134.08 per share. Valuation as of 2026-10-16T07:32:55.924Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.37×

- FY2018: 0.35×

- FY2019: 0.27×

- FY2020: 0.42×

- FY2021: 0.37×

- FY2022: 0.56×

- FY2023: 0.42×

- FY2024: 0.44×

- FY2025: 0.44×

- LTM to Jun 2026: 0.45×

### moat: pass

- ROIC, median of available years: 49.1%

- ROIC, second-lowest year: 18.3%

- Typical minus recent gross margin: -3.5 pp

- Typical gross margin (annual median): 65.2%

- Recent gross margin (lower of latest and 3-year median): 68.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.6%

- ROIC including acquisitions, ten-year median: 16.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 45.3%

- FY2018: 53.7%

- FY2019: 34.2%

- FY2020: 18.3%

- FY2021: 16.6%

- FY2022: 29.6%

- FY2023: 63.1%

- FY2024: 73.1%

- FY2025: 80.8%

- LTM to Jun 2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.3B

- Net income, five-year total: $4.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -3.2 pp

- Working capital / revenue, final three-year average: 11.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.17×

- FY2022: 1.07×

- FY2023: 1.08×

- FY2024: 1.09×

- FY2025: 0.91×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 52.9% vs 73.1%

- Per-share earnings: 3.29 to 6.48 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.8%

- Ordinary dilution, 5-year annual growth: -3.3%

- Market cap gain: $17B

- Cumulative retained earnings: $5.1B

- Diluted shares, 10-year annual growth: -1.8%

- Diluted shares, 5-year annual growth: -3.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.8%

- Per-share value change: $3.19

- Per-share value, starting three-year median: $3.29

- Per-share value, ending three-year median: $6.48

- Buybacks concentrated in cheaper years (correlation): 0.13

- Average buyback yield: 2.9%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.0B

- Cumulative net income, 10 years: $7.0B

- ROIC, first three-year median: 52.9%

- ROIC, last three-year median: 73.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.45

- FY2017: $3.29

- FY2018: $3.56

- FY2019: $2.70

- FY2020: $4.31

- FY2021: $4.08

- FY2022: $6.00

- FY2023: $4.17

- FY2024: $6.70

- FY2025: $6.48

### accounting: pass

- Sloan accruals: -8.5%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 7.20×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.3%

- FY2017: -3.1%

- FY2018: -5.7%

- FY2019: -7.2%

- FY2020: -4.7%

- FY2021: -6.3%

- FY2022: -1.5%

- FY2023: -10.2%

- FY2024: -4.4%

- FY2025: -8.5%

## Holders

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Nick Train](https://gigainvestors.com/LT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 40% since May 2025 · "However, the company continues to grapple with elevated expenses." (finance.yahoo.com, May 2026) · sales +2.1%

Story as of 2026-10-16T09:59:49.180Z; price observation 2026-10-15.

Price needs cash profits to grow 9% a year for ten years

- 2025-05-07: Verisk Analytics (NasdaqGS:VRSK) Reports Strong Q1 Earnings, Affirms 2025 Revenue Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/verisk-analytics-nasdaqgs-vrsk-reports-180651218.html))

- 2025-10-30: VRSK Q3 Deep Dive: Weather-Driven Slowdown and AI Strategy Shape Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/vrsk-q3-deep-dive-weather-053049146.html))

- 2025-11-08: Verisk Analytics (VRSK): Assessing Valuation After Lowered 2025 Revenue Guidance and Growth Concerns ([finance.yahoo.com](https://finance.yahoo.com/news/verisk-analytics-vrsk-assessing-valuation-081423571.html))

### Sales · FY2025–2026

sales +2.1%; source https://www.sec.gov/Archives/edgar/data/1442145/000143774926004452/vrsk20251231_10k.htm; observed 2026-02-18.

- FY2017: $2.1B 

- FY2018: $2.4B 

- FY2019: $2.6B 

- FY2020: $2.3B 

- FY2021: $2.5B 

- FY2022: $2.5B 

- FY2023: $2.7B 

- FY2024: $2.9B 

- FY2025: $3.1B 

- FY2026: $3.1B 

### Gross margin · FY2025

gross margin 69.9%; source https://www.sec.gov/Archives/edgar/data/1442145/000143774926004452/vrsk20251231_10k.htm; observed 2026-02-18.

- FY2016: 64.2% 

- FY2017: 63.5% 

- FY2018: 63.0% 

- FY2019: 62.5% 

- FY2020: 65.1% 

- FY2021: 65.3% 

- FY2022: 67.0% 

- FY2023: 67.3% 

- FY2024: 68.7% 

- FY2025: 69.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in consulting services; annual sales are USD 3.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1442145/000143774926004452/vrsk20251231_10k.htm (filed 2026-02-18); FY2025: revenue 3072700000; grossProfit 2147199999; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VRSK.US: Verisk Analytics, Inc. engages in the provision of data analytics and technology solutions to the insurance industry in the United States and internationally. The company offers underwriting solutions, including forms, rules, and loss costs services that provides policy language, prospective loss costs, policy writing and rating rules, and underwriting solutions for risk selection and segmentation, pricing, and workflow optimization; underwriting data and analytics solutions, which provides property and auto specific rating, and underwriting information solutions; catastrophe modelling  and risk solutions; life insurance solutions for transforming current workflows in life insurance underwriting, claim insights, policy administration, unclaimed property/equity, compliance and fraud detection, and actuarial and portfolio modelling; specialty business solutions, which provides full end-to-end management of insurance and reinsurance business; and international underwriting solutions. It also provides claims insurance solutions, including property estimating solutions, provide data, analytics, and networking solutions for professionals involved in estimating all phases of building repair and reconstruction; anti-fraud solutions that provide fraud-detection tools for the property and casualty insurance industry; casualty solutions, which focus on compliance, casualty claims decision, and workflow automation; and international claims solutions, which focus on personal injury and motor franchises with complementary offerings to the property claims solutions. The company was founded in 1971 and is headquartered in Jersey City, New Jersey.

### Why customers stay

Margins ranged from 67.3% to 69.9% during 2023–25; it earns 49.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 67.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 68.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1442145/000143774926004452/vrsk20251231_10k.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 69.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,0.5286885568503646],[2017,0.45344990963548937],[2018,0.5366744763377947],[2019,0.3422749610538235],[2020,0.1826531297397929],[2021,0.1661534713925369],[2022,0.29646688750766315],[2023,0.6308752770459146],[2024,0.7305755078100394],[2025,0.808365607755175]]; median 0.491069233242927. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 67% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1442145/000143774926004452/vrsk20251231_10k.htm (filed 2026-02-18); Gross margin observations: [[2021,0.6533197969543147],[2022,0.6697637164597517],[2023,0.6731185201760275]]; range within 2 percentage points.

### Where the cash goes

Spends 6.5% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2016: growth capex 0; upkeep 156500000; cash acquisitions 67700000; owner earnings 659300000. Growth capex plus acquisitions / owner earnings = 0.10268466555437586.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 0; upkeep 183500000; cash acquisitions 873300000; owner earnings 609000000. Growth capex plus acquisitions / owner earnings = 1.4339901477832513.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2018: growth capex 0; upkeep 231000000; cash acquisitions 138200000; owner earnings 663800000. Growth capex plus acquisitions / owner earnings = 0.2081952395299789.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2019: growth capex 0; upkeep 216800000; cash acquisitions 699200000; owner earnings 556800000. Growth capex plus acquisitions / owner earnings = 1.2557471264367817.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2020: growth capex 0; upkeep 246800000; cash acquisitions 275800000; owner earnings 824000000. Growth capex plus acquisitions / owner earnings = 0.3347087378640777.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2021: growth capex 0; upkeep 268400000; cash acquisitions 289800000; owner earnings 781500000. Growth capex plus acquisitions / owner earnings = 0.3708253358925144.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2022: growth capex 0; upkeep 274700000; cash acquisitions 448900000; owner earnings 1019600000. Growth capex plus acquisitions / owner earnings = 0.44027069438995686.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: growth capex 0; upkeep 230000000; cash acquisitions 83300000; owner earnings 665800000. Growth capex plus acquisitions / owner earnings = 0.12511264644037248.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: growth capex 0; upkeep 223900000; owner earnings 1039500000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1442145/000143774926004452/vrsk20251231_10k.htm (filed 2026-02-18); FY2025: growth capex 53207257.47842437; upkeep 190892742.52157563; owner earnings 824707257.4784243. Growth capex / owner earnings = 0.06451653843947937.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,163500000],[2017,163500000],[2018,163500000],[2019,163500000],[2020,175800000],[2021,188200000],[2022,195200000],[2023,196800000],[2024,221300000],[2025,251100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1442145/000143774926004452/vrsk20251231_10k.htm (filed 2026-02-18); FY2025: cash repurchases 624000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VRSK.US SharesStats.PercentInsiders = 0.27599999999999997 percentage points; cache date 2026-10-16.

### What could break it

"We derive a substantial portion of our revenues from U.S." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1442145/000143774926004452/vrsk20251231_10k.htm (filed 2026-02-18); We derive a substantial portion of our revenues from U.S.

### What the price says

The price assumes cash profits grow 9% yearly over ten years; actual growth was 5.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Ten-year compound average after fade. Initial solved rate 0.15164372345075716. Price 187.33; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.305773584719951 → FY2025 5.8872853514858985. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $81.55 per share

- 2016-11: $83.08 per share

- 2016-12: $81.17 per share

- 2017-01: $82.64 per share

- 2017-02: $82.92 per share

- 2017-03: $81.14 per share

- 2017-04: $82.81 per share

- 2017-05: $80.89 per share

- 2017-06: $84.37 per share

- 2017-07: $87.26 per share

- 2017-08: $81.05 per share

- 2017-09: $83.19 per share

- 2017-10: $85.05 per share

- 2017-11: $96.42 per share

- 2017-12: $96.00 per share

- 2018-01: $100.05 per share

- 2018-02: $102.19 per share

- 2018-03: $104.00 per share

- 2018-04: $106.45 per share

- 2018-05: $106.24 per share

- 2018-06: $107.64 per share

- 2018-07: $110.62 per share

- 2018-08: $119.09 per share

- 2018-09: $120.55 per share

- 2018-10: $119.84 per share

- 2018-11: $123.32 per share

- 2018-12: $109.04 per share

- 2019-01: $117.41 per share

- 2019-02: $126.43 per share

- 2019-03: $133.00 per share

- 2019-04: $141.14 per share

- 2019-05: $140.00 per share

- 2019-06: $146.46 per share

- 2019-07: $151.72 per share

- 2019-08: $161.54 per share

- 2019-09: $158.14 per share

- 2019-10: $144.70 per share

- 2019-11: $147.48 per share

- 2019-12: $149.34 per share

- 2020-01: $162.47 per share

- 2020-02: $155.11 per share

- 2020-03: $139.38 per share

- 2020-04: $152.83 per share

- 2020-05: $172.68 per share

- 2020-06: $170.20 per share

- 2020-07: $188.71 per share

- 2020-08: $186.67 per share

- 2020-09: $185.31 per share

- 2020-10: $177.97 per share

- 2020-11: $198.31 per share

- 2020-12: $207.59 per share

- 2021-01: $183.50 per share

- 2021-02: $163.85 per share

- 2021-03: $176.69 per share

- 2021-04: $188.20 per share

- 2021-05: $172.83 per share

- 2021-06: $174.72 per share

- 2021-07: $189.94 per share

- 2021-08: $201.76 per share

- 2021-09: $200.27 per share

- 2021-10: $210.27 per share

- 2021-11: $224.87 per share

- 2021-12: $228.73 per share

- 2022-01: $196.13 per share

- 2022-02: $177.34 per share

- 2022-03: $214.63 per share

- 2022-04: $204.05 per share

- 2022-05: $174.92 per share

- 2022-06: $173.09 per share

- 2022-07: $190.25 per share

- 2022-08: $187.16 per share

- 2022-09: $170.53 per share

- 2022-10: $182.83 per share

- 2022-11: $183.71 per share

- 2022-12: $176.42 per share

- 2023-01: $181.79 per share

- 2023-02: $171.11 per share

- 2023-03: $191.86 per share

- 2023-04: $194.11 per share

- 2023-05: $219.11 per share

- 2023-06: $226.03 per share

- 2023-07: $228.94 per share

- 2023-08: $242.22 per share

- 2023-09: $236.24 per share

- 2023-10: $227.36 per share

- 2023-11: $241.43 per share

- 2023-12: $238.86 per share

- 2024-01: $241.53 per share

- 2024-02: $241.90 per share

- 2024-03: $235.73 per share

- 2024-04: $217.96 per share

- 2024-05: $252.78 per share

- 2024-06: $269.55 per share

- 2024-07: $261.75 per share

- 2024-08: $272.82 per share

- 2024-09: $267.96 per share

- 2024-10: $274.72 per share

- 2024-11: $294.21 per share

- 2024-12: $275.43 per share

- 2025-01: $287.44 per share

- 2025-02: $296.91 per share

- 2025-03: $297.62 per share

- 2025-04: $296.43 per share

- 2025-05: $314.14 per share

- 2025-06: $311.50 per share

- 2025-07: $278.71 per share

- 2025-08: $268.12 per share

- 2025-09: $251.51 per share

- 2025-10: $218.76 per share

- 2025-11: $225.07 per share

- 2025-12: $223.69 per share

- 2026-01: $217.46 per share

- 2026-02: $207.57 per share

- 2026-03: $189.75 per share

- 2026-04: $184.49 per share

- 2026-05: $174.99 per share

- 2026-06: $179.53 per share

- 2026-07: $194.85 per share

- 2026-08: $193.78 per share

- 2026-09: $167.85 per share

- 2026-10: $187.33 per share

## Annual estimated value (USD per share)

- FY2016: low $35.89 per share, central $40.76 per share, high $47.24 per share

- FY2017: low $40.07 per share, central $45.51 per share, high $52.76 per share

- FY2018: low $47.18 per share, central $56.73 per share, high $66.00 per share

- FY2019: low $65.32 per share, central $94.92 per share, high $111.43 per share

- FY2020: low $57.64 per share, central $83.60 per share, high $98.08 per share

- FY2021: low $47.16 per share, central $53.61 per share, high $62.20 per share

- FY2022: low $54.89 per share, central $62.41 per share, high $72.41 per share

- FY2023: low $64.82 per share, central $73.52 per share, high $85.11 per share

- FY2024: low $81.18 per share, central $92.14 per share, high $106.74 per share

- FY2025: low $105.82 per share, central $133.76 per share, high $153.97 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:38:41.596Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1442145/000143774926004452/vrsk20251231_10k.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.