VRSK
Verisk Analytics
Recurring SaaS
★ Quality 90/100Price today
$185.79
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See what it is worthcharlieapp.co
A monopoly position
This company has a competitive advantage so strong that its rivals find it practically impossible to replicate.
What this business is made of
The business
The shared pool of claims data every insurer drinks from.
Verisk sells data and analytics to the insurance sector, mostly P&C (property & casualty). Insurers pay recurring subscriptions to price policies, detect fraud, and estimate damages. Revenue of $3.1B in 2025, almost entirely recurring.
Accumulates decades of claims data that no single insurer has complete on its own — each customer feeds the shared pool and everyone drinks from it. Switching providers means retraining actuarial models and breaking regulatory processes. The data network effect deepens every year.
Revenue history
From $2.5B to $3.3B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $3.1B · FY2025
Of every $100 in sales, $70 goes to costs and operations; $30 is left as net profit (30% margin).
Catalysts and risks
Annual price increases of 6-7% on the subscription base with renewal near 100%.
Expansion in catastrophe and climate analytics, where insurers need ever finer models.
FCF of $1.2B funding aggressive buybacks that shrink the share count.
Brutal concentration in P&C insurance — if that sector stumbles, Verisk stumbles.
29x multiple prices in perfect growth; any slowdown punishes it.
Regulators or an insurer consortium could try to build alternatives to its data pool.
Charlie's note
“A toll on every U.S. insurance policy — the kind of boring business that makes you rich while you sleep. The problem isn't the quality; it's what you pay for it.”
Analysis · June 2026
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