{"schemaVersion":1,"research":true,"symbol":"vrsk","name":"Verisk","topic":"moat","path":"/stock/vrsk/moat","status":"published","version":3,"updatedAt":"2026-10-18T12:24:39.859Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Verisk has a narrow moat in specialized insurance data, models and content, supported by broad insurer adoption across multiple years and realized annual price increases. Workflow integration reinforces demand, but material switching costs and self-reinforcing network effects are not demonstrated. Continued growth through June 2026 supports the current advantage; external-data dependence, cheaper substitutes and reported competitive pressure limit confidence in its durability.","advantages":[{"mechanism":"intangible_assets","claim":"Proprietary and contributory insurance data, specialized models and licensed content constitute a current differentiated asset base. Broad insurer adoption and realized pricing increases corroborate commercial value beyond management's differentiation claims.","durability":"Top-100 U.S. P&C insurer coverage is disclosed in both 2023 and 2025, and annual price increases contributed to growth in 2024 and 2026. This supports persistence, but does not establish exceptional long-term protection or ownership of all underlying data.","risks":"Underlying repository information is generally not owned; data suppliers have short-term agreements and some also compete. Free information, data-use restrictions and model shortcomings could weaken differentiation. A shareholder proposal reports realized competitive pressure in Personal Lines Auto, although this is not equivalent to management-confirmed competitive results.","invalidation":"The thesis would weaken materially if key data contributions were withdrawn without effective substitutes, comparable alternatives caused sustained customer losses, or core forms, rules and loss cost services required price concessions accompanied by declining demand.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: proprietary and contributory data, expertise and industry relationships","excerpt":"We use our proprietary and contributory data assets to develop predictive analytics and transformative models for our clients; • Deep Insurance Industry Expertise and Focus – We have specialized and in-depth knowledge in insurance and risk management that drives our engagement with our clients; • Long-standing Industry Relationships – Our early beginnings as an insurance rating bureau have established us as a trusted partner for the industry, as well as a source of insights for our clients; and • Scale to Drive Broad Distribution of Innovation – Our scale enables us to innovate on behalf of the insurance industry and deliver solutions that strive to solve our clients’ biggest challenges."},{"id":"e2","sourceId":"filing-1","location":"Business: records and integration into client workflows","excerpt":"Using advanced technologies to collect and analyze billions of records, we draw on unique data assets, insurance industry knowledge, and technological expertise to provide valuable solutions that are integrated into client workflows."},{"id":"e3","sourceId":"filing-1","location":"Business: 2025 top-100 U.S. P&C insurer client coverage","excerpt":"In 2025, our clients included all of the top 100 property and casualty (\"P&C\") insurance providers in the U.S."},{"id":"e4","sourceId":"filing-5","location":"Business: 2023 top-100 U.S. P&C insurer client coverage","excerpt":"In 2023, our clients included all of the top 100 property and casualty (\"P&C\") insurance providers in the U.S."},{"id":"e5","sourceId":"filing-1","location":"Business: limited customer licenses for software and databases","excerpt":"To maintain control of our intellectual property, we enter into contractual agreements with our customers, granting each customer limited licenses to our solutions and services, including our software and databases."},{"id":"e6","sourceId":"filing-1","location":"MD&A: 2024 underwriting growth and annual price increases","excerpt":"Our underwriting revenue increased $131.9 million or 7.0%, primarily due to an annual increase in prices derived from continued enhancements to the models and content of the solutions within our forms, rules and loss cost services, as well as selling expanded solutions to new and existing customers within extreme event solutions, underwriting data and analytic solutions, and specialty business solutions."},{"id":"e7","sourceId":"filing-2","location":"MD&A: first-half 2026 underwriting growth and annual price increases","excerpt":"Our underwriting revenue increased $61.4 million or 5.9%, primarily due to an annual increase in prices derived from continued enhancements to the models and content of the solutions within our forms, rules and loss cost services, as well as selling expanded solutions to new and existing customers within catastrophe and risk solutions."},{"id":"e8","sourceId":"filing-6","location":"MD&A: first-quarter 2026 claims growth and anti-fraud price increases","excerpt":"Our claims revenue increased $9.5 million or 4.3%, primarily due to annual price increases in anti-fraud analytics and increased sales in casualty solutions."},{"id":"e9","sourceId":"filing-4","location":"Risk factors: repository information generally not owned and contributions may cease","excerpt":"In general, we do not own the information in these data repositories, and the participating organizations could discontinue or materially limit contributing information to the data repositories."},{"id":"e10","sourceId":"filing-1","location":"Risk factors: short-term data supplier agreements","excerpt":"Agreements with our data suppliers are short-term agreements."},{"id":"e11","sourceId":"filing-1","location":"Risk factors: competing suppliers and renewal or input-price exposure","excerpt":"Some suppliers are also competitors, which may make us vulnerable to unpredictable price increases and may cause some suppliers not to renew certain agreements."},{"id":"e12","sourceId":"filing-1","location":"Risk factors: increasing availability of inexpensive public information","excerpt":"Public sources of free or relatively inexpensive information have become increasingly available and this trend is expected to continue."},{"id":"e13","sourceId":"filing-3","location":"Item 4 shareholder proposal supporting statement: asserted Personal Lines Auto competitive pressure","excerpt":"VRSK’s Personal Lines Auto business also experienced increased competitive pressures, contributing to a decline in transactional revenue."},{"id":"e14","sourceId":"filing-1","location":"Revenue recognition: recurring and non-recurring agreements generally lasting one to five years","excerpt":"We recognize revenues through recurring and non-recurring long-term agreements (generally one to five years) for hosted subscriptions, advisory/consulting services, and for transactional solutions."},{"id":"e15","sourceId":"filing-2","location":"MD&A: first-half 2026 revenue growth excluding acquisitions and disposition","excerpt":"Our acquisitions (Simplitium and SuranceBay within the underwriting category of the Insurance segment) and disposition (VMS) within the underwriting category of our Insurance segment) resulted in a net decrease in revenue of $21.7 million, while the remaining Insurance revenues increased $85.0 million or 5.7%."},{"id":"e16","sourceId":"filing-2","location":"Liquidity: customers prepay for most services","excerpt":"Unlike these businesses, our cash position is favorably affected by revenue growth, which results in a source of cash due to our customers prepaying for most of our services."},{"id":"e17","sourceId":"filing-2","location":"Unaudited statements of operations: first-half and second-quarter 2026 comparisons","excerpt":"CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions, except for share and per share data) Revenues $ 806.3 $ 772.6 $ 1,588.9 $ 1,525.6 Operating expenses: Cost of revenues (exclusive of items shown separately below) 233.4 229.5 470.0 460.3 Selling, general and administrative 128.6 106.5 238.1 215.4 Depreciation and amortization of fixed assets 66.3 66.0 136.2 133.4 Amortization of intangible assets 14.3 16.3 28.7 32.1 Total operating expenses, net 442.6 418.3 873.0 841.2 Operating income 363.7 354.3 715.9 684.4 Other expense: Investment (loss) gain (7.5 ) 9.1 (8.0 ) 11.7 Interest expense, net (52.8 ) (35.5 ) (96.0 ) (71.8 ) Total other expense, net (60.3 ) (26.4 ) (104.0 ) (60.1 ) Income before income taxes 303.4 327.9 611.9 624.3 Provision for income taxes (74.8 ) (74.6 ) (149.1 ) (138.7 ) Net income $ 228.6 $ 253.3 $ 462.8 $ 485.6 Basic net income per share attributable to Verisk: $ 1.75 $ 1.81 $ 3.48 $ 3.47 Diluted net income per share attributable to Verisk: $ 1.75 $ 1.81 $ 3.48 $ 3.45 Weighted-average shares outstanding: Basic 130,762,236 139,818,324 132,891,314 140,056,221 Diluted 130,850,538 140,339,539 133,036,554 140,639,547 The accompanying notes are an integral part of these condensed consolidated financial statements."},{"id":"e18","sourceId":"filing-1","location":"Risk factors: long selling cycle and preparation period","excerpt":"We typically face a long selling cycle to secure a new contract and there is generally a long preparation period in order to commence providing the services."},{"id":"e19","sourceId":"filing-1","location":"MD&A: 2024 and 2023 operating cash generation","excerpt":"Net cash provided by operating activities was $1,144.0 million for the year ended December 31, 2024 compared to $1,060.7 million for the year ended December 31, 2023, an increase of $83.3 million, or 7.9%."},{"id":"e20","sourceId":"filing-1","location":"MD&A: 2025 capital expenditures, acquisitions and disposition proceeds","excerpt":"Net cash used in investing activities of $358.1 million for the year ended December 31, 2025 was primarily related to capital expenditures of $244.1 million, acquisitions of $184.8 million, investments in non-public companies of $6.5 million, and escrow funding associated with acquisitions of $2.7 million, partially offset by proceeds from sale of our Verisk Marketing Solutions business of $80.0 million."},{"id":"e21","sourceId":"filing-2","location":"Liquidity: first-half 2026 share repurchases","excerpt":"During the six months ended June 30, 2026 and 2025, we repurchased $1,827.0 million (inclusive of $255.1 million in treasury stock not yet settled) and $300.1 million, respectively, of our common stock."},{"id":"e22","sourceId":"filing-2","location":"Liquidity: operating cash and borrowing used for repurchases","excerpt":"The repurchase of our common stock was funded using cash from operations and proceeds from our Syndicated Revolving Credit Facility and Term Loan Facility."},{"id":"e23","sourceId":"filing-2","location":"Debt note: realized loss associated with acquisition-financing redemption","excerpt":"As a result, we recognized a total loss of $33.9 million related to the redemption of the 4.500% 2030 Senior Notes and 5.125% 2036 Senior Notes consisting of a 1.0% redemption premium of $15.0 million charged to \"Net (loss) gain on early extinguishment of debt\" and the amortization of deferred issuance costs and original issuance discounts of $18.9 million to \"Interest expense, net\" within the accompanying consolidated statements of operations for the year ended December 31, 2025."},{"id":"e24","sourceId":"filing-2","location":"Commitments and contingencies: acquisition litigation after trial","excerpt":"Post-trial briefing is ongoing. It is not possible to reasonably estimate the possible loss related to this matter until a final decision is issued by the court."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation: actual 2025 long-term incentive mix","excerpt":"Accordingly, the 2025 LTI award mix for our senior executives, including our NEOs, was: (i) Relative TSR PSUs (40%), (ii) ROIC PSUs (20%), (iii) restricted stock awards (20%), and (iv) stock options (20%)."},{"id":"e26","sourceId":"filing-3","location":"Executive compensation: January 2025 award grant date","excerpt":"2025 LTI awards were granted on January 15, 2025."},{"id":"e27","sourceId":"filing-3","location":"Executive compensation: three-year PSU performance periods and payout range","excerpt":"Each of the Relative TSR PSUs and ROIC PSUs vests over a three-year performance period, subject to the recipient’s continued service with our Company, with potential payouts ranging from 0% to 200% of target levels."},{"id":"e28","sourceId":"filing-3","location":"Executive compensation: adopted minimum equity holding requirements","excerpt":"Our Talent Management and Compensation Committee has adopted strict minimum equity holding requirements applicable to our executive officers, including our NEOs, as a multiple of their annual base salary, to further align their long-term interests with those of our shareholders."},{"id":"e29","sourceId":"filing-3","location":"Executive compensation: committee discretion over incentive metric adjustments","excerpt":"As may be applicable, in calculating revenue and adjusted EBITDA, the Talent Management and Compensation Committee had discretion to eliminate the financial impact of certain items, including, among others, recent acquisitions and dispositions (including businesses held for sale), the cost of earn-out payments related to acquisitions, the effect of new accounting pronouncements, certain nonrecurring expenses and the impact of changes in foreign currency exchange rates."},{"id":"e30","sourceId":"filing-3","location":"Corporate governance: board independence, elections, shareholder rights and compensation safeguards","excerpt":"Highlights of our corporate governance practices include the following: Corporate Governance Highlights • Annual election of directors • Proxy access for qualifying shareholders to nominate directors • Majority voting in uncontested director elections • Separate roles of Independent Chair and CEO • 100% independent members on the Audit; Finance and Investment; Governance, Corporate Sustainability and Nominating; Talent Management and Compensation; Risk; and Executive Committees • Board refreshment with nine new directors nominated since 2022 • Mandatory director retirement age of 75 • Annual Say-on-Pay vote • No Poison Pill • Simple majority shareholder voting standards • Shareholder right to call special meetings • Robust stock ownership guidelines for directors and executive officers • Mandatory “clawback” policy for accounting restatements with additional discretionary recoupment for executive misconduct • No hedging or pledging of Company securities permitted • Annual Board and Committee Evaluations • Executive and Independent Director sessions after every Board and Committee Meeting • Periodic reviews of Committee Charters, Corporate Governance Guidelines and Code of Business Conduct and Ethics Actions Taken in 2025 and 2026 to Strengthen Corporate Governance Our Board, in coordination with our Governance, Corporate Sustainability and Nominating Committee, deliberates on and discusses the appropriate governance structure of our Company."},{"id":"e31","sourceId":"filing-3","location":"Corporate governance: implemented voting changes, special-meeting rights and officer liability limitation","excerpt":"During 2025 and early 2026, the Governance, Corporate Sustainability and Nominating Committee reviewed and made recommendations to the Board, and the Board approved changes and updates to the following governance practices and policies of the Company: • Upon the Board’s recommendation and shareholder approval, (1) eliminated supermajority voting standards and shifted to simple majority voting standards, (2) limited certain liability of officers as permitted by Delaware law, and (3) enabled shareholders as a group owning 25% of Company stock to call special meetings of shareholders."},{"id":"e32","sourceId":"filing-1","location":"Independent auditor report: effective internal control over financial reporting","excerpt":"In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO."},{"id":"e33","sourceId":"filing-1","location":"MD&A: 2025 revenue growth","excerpt":"Revenues were $3,072.7 million for the year ended December 31, 2025 compared to $2,881.7 million for the year ended December 31, 2024, an increase of $191.0 million or 6.6%."},{"id":"e34","sourceId":"filing-1","location":"Business: qualification of top-100 coverage to offered P&C service lines","excerpt":"for the lines of P&C services we offer."},{"id":"e35","sourceId":"filing-5","location":"Business: qualification of 2023 top-100 coverage to offered P&C service lines","excerpt":"for the lines of P&C services we offer."}],"changes":["Retain the previous narrow verdict; distinguish underlying data access from ownership more explicitly.","Pricing evidence includes first-half 2026 underwriting increases and first-quarter 2026 anti-fraud increases. Switching costs remain plausible rather than established.","Qualify the reported Personal Lines Auto competitive weakness as a statement within a shareholder proposal.","Add assessments of actual incentive grants, implemented governance changes, debt-funded repurchases and realized acquisition-financing losses."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates, retaining dateKind=filed; they are not retrieval dates.","No named entity is established as a product competitor in the supplied competition disclosures. Compensation peers, litigation parties and acquisition targets are not treated as competitors.","Broad client coverage applies to offered P&C service lines; it does not establish market share, exclusivity or comprehensive use by each insurer.","Differentiation and workflow claims are issuer descriptions. Operating results corroborate commercial value but do not establish customer migration costs, comparative model accuracy or a data-network feedback loop.","No quantified renewal rates, customer cohorts, isolated price contribution or customer repricing clauses are supplied. Contractual pricing freedom remains unassessable.","Shareholder-proposal claims carry different evidentiary weight from reported operating results. Generic risk disclosures establish vulnerabilities rather than realized losses.","Ownership requirements and granted incentives are disclosed, but the passages do not establish compliance by every executive or final outcomes of outstanding performance awards. Acquisition litigation remained unresolved in the latest supplied filing."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Specialized data and licensed models/content have demonstrated commercial value through broad insurer adoption and annual price increases. Data ownership and relative competitor quality remain incomplete.","evidenceIds":["e1","e3","e5","e6","e7","e9","e34"]},{"criterion":"durability","grade":2,"rationale":"Client breadth persists from 2023 to 2025 and pricing increases continue into 2026. Short supplier agreements and generally non-owned repository information constrain protection over longer periods.","evidenceIds":["e3","e4","e6","e7","e9","e10","e34","e35"]},{"criterion":"customer_dependency","grade":2,"rationale":"Workflow integration, preparation periods and one-to-five-year agreements suggest meaningful reliance. They do not quantify migration expense or prove customers cannot substitute individual solutions.","evidenceIds":["e2","e14","e18"]},{"criterion":"erosion_resilience","grade":2,"rationale":"First-half 2026 growth excluding acquisitions and disposition supports current resilience. Supplier competition, inexpensive information and the shareholder proposal's account of transactional weakness temper that evidence without establishing company-wide erosion.","evidenceIds":["e7","e11","e12","e13","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Annual price increases contributed to 2024 underwriting growth and continued in 2026 underwriting and anti-fraud analytics. Price effects are combined with enhancements and sales expansion, so their isolated magnitude is unavailable.","evidenceIds":["e6","e7","e8"]},{"criterion":"retention","grade":3,"rationale":"Repeat demand is assessed indirectly from top-100 insurer coverage in 2023 and 2025, existing-customer expansion, multi-year agreements and prepayment for most services. These support durable demand but are not a measured renewal rate.","evidenceIds":["e3","e4","e7","e14","e16","e34","e35"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 operating income rose from $684.4 million to $715.9 million while revenue rose from $1,525.6 million to $1,588.9 million, implying a broadly stable operating margin. Second-quarter operating margin narrowed as operating expenses grew faster than revenue. This is mixed resilience, not standalone proof of a moat.","evidenceIds":["e17"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Realized increases show pricing outcomes, but one-to-five-year agreements do not disclose unilateral repricing rights, caps, escalators or termination provisions sufficient to assess contractual freedom.","evidenceIds":["e7","e14"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash generation and disclosed reinvestment support productive allocation capacity. Against this, first-half 2026 repurchases reached $1,827.0 million with borrowing among funding sources, and terminated acquisition financing produced a $33.9 million loss. Repurchase value creation and acquisition returns are not established.","evidenceIds":["e19","e20","e21","e22","e23","e24"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual January 2025 grants included relative-TSR and ROIC PSUs, options and restricted stock, with three-year PSU measurement periods and adopted equity holding requirements. Committee adjustment discretion and missing final award outcomes limit the assessment; grants are not treated as vested payouts.","evidenceIds":["e25","e26","e27","e28","e29"]},{"criterion":"execution","grade":2,"rationale":"Execution is assessed from operating outcomes: 2025 revenue increased 6.6%, and first-half 2026 revenue excluding acquisitions and disposition increased 5.7%. Operating income also grew, but net income fell and the terminated acquisition generated financing losses and unresolved litigation. The record is mixed.","evidenceIds":["e15","e17","e23","e24","e33"]},{"criterion":"governance","grade":3,"rationale":"Disclosed practices include an independent chair, independent committees, annual elections, proxy access and compensation safeguards. Simple-majority voting and special-meeting rights were implemented, and the auditor found effective financial-reporting controls. The 25% special-meeting threshold and officer liability limitation temper the shareholder-rights improvements.","evidenceIds":["e30","e31","e32"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"86de28537b7b3a21e166f084248a987d18e21bf3330207cbc0976ab9c0306e28","updatedAt":"2026-10-18T12:24:39.859Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1442145/000143774926004452/vrsk20251231_10k.htm","publishedAt":"2026-02-18","sha256":"73b246fb81108333cd9351bcc757353813d596b2b6e04be33ce230eab57c83a2","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1442145/000143774926024749/vrsk20260630_10q.htm","publishedAt":"2026-07-29","sha256":"2f1414e3897513f45fd8f62a7071904b1c45e3480eeb200be8e8ed81ee7c94d7","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1442145/000119312526141398/d23242ddef14a.htm","publishedAt":"2026-04-03","sha256":"ab034992f9ac48a15853555fef8ef95e5232e647a79e5afd4ecc4e1eb254c55a","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1442145/000143774925005160/vrsk20241231_10k.htm","publishedAt":"2025-02-26","sha256":"ba31de894f9b42edfc0a044398026442af66b9d20adcf2c85e5011fd5f60a731","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1442145/000143774924004939/vrsk20231231c_10k.htm","publishedAt":"2024-02-21","sha256":"a339d39882e14aac69faebd22fe964b8c277176747366d533109cee6f786c014","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1442145/000143774926013729/vrsk20260331_10q.htm","publishedAt":"2026-04-29","sha256":"657ca7bd2362e89974111e342f52bcf46fe3caf185739d01fa4fb4d0842173f9","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:4cfe1e859ba44672a3ac31b0eb9cdd09d281890b6dedca58a623d2b9c0b1620d","usage":{"input_tokens":86048,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3360,"reasoning_output_tokens":128}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":64.72353765090375,"operating_margin":33.36557059961315,"roic":13.164125544109877,"fcf_margin":29.590475555259122,"sbc_revenue":1.8575335156406323},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":66.97637164597518,"operating_margin":56.327593111734075,"roic":20.60870587429907,"fcf_margin":31.409691629955944,"sbc_revenue":2.2627152583099717},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":67.31185201760275,"operating_margin":42.205564257477434,"roic":20.454763739484456,"fcf_margin":30.980085030208098,"sbc_revenue":2.0138733497426715},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":68.73026338619565,"operating_margin":43.51250997674984,"roic":33.68375247513542,"fcf_margin":31.929069646389287,"sbc_revenue":1.662213276885172},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":69.87991017671754,"operating_margin":43.73677872880529,"roic":36.28827903678714,"fcf_margin":38.78998926025971,"sbc_revenue":1.763920981547174},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1442145/000143774926004452/vrsk20251231_10k.htm","publishedAt":"2026-02-18","sha256":"73b246fb81108333cd9351bcc757353813d596b2b6e04be33ce230eab57c83a2","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1442145/000143774926024749/vrsk20260630_10q.htm","publishedAt":"2026-07-29","sha256":"2f1414e3897513f45fd8f62a7071904b1c45e3480eeb200be8e8ed81ee7c94d7","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1442145/000119312526141398/d23242ddef14a.htm","publishedAt":"2026-04-03","sha256":"ab034992f9ac48a15853555fef8ef95e5232e647a79e5afd4ecc4e1eb254c55a","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1442145/000143774925005160/vrsk20241231_10k.htm","publishedAt":"2025-02-26","sha256":"ba31de894f9b42edfc0a044398026442af66b9d20adcf2c85e5011fd5f60a731","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1442145/000143774924004939/vrsk20231231c_10k.htm","publishedAt":"2024-02-21","sha256":"a339d39882e14aac69faebd22fe964b8c277176747366d533109cee6f786c014","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1442145/000143774926013729/vrsk20260331_10q.htm","publishedAt":"2026-04-29","sha256":"657ca7bd2362e89974111e342f52bcf46fe3caf185739d01fa4fb4d0842173f9","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}