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1、North America Equity Research28 October 2025J P M O R G A NVerisignAll Quiet on the Domain Front;Initiate with NeutralInitiationNeutralVRSN,VRSN USPrice(27 Oct 25):$247.22Price Target(Dec-26):$270.00Vertical SaaS&HealthTechAlexei Gogolev AC(1-212)622-Ella Smith(1-212)622-Destiny Jackson(1-212)622-Is

2、abella A Camaj(1-212)834-J.P.Morgan Securities LLCQuarterly Forecasts(FYE Dec)Adj.EPS ($)2024A2025E2026EQ12.072.29A2.59Q22.152.38A2.65Q32.232.47A2.72Q42.172.522.78FY8.629.6410.75Style ExposureThe authors would like to thank Harsh Goyal of the J.P.Morgan Global Research Center for contributions to th

3、is report.We initiate coverage of Verisign(VRSN)with a Neutral rating.The platform processes over half of global DNS queries daily,underscoring its critical role in internet infrastructure.As the primary operator of the Domain Name System(DNS)and registry services ,.net,and.name generic top-level do

4、mains(gTLDs),as well as the authoritative directory for.cc country code TLDs,Verisign has demonstrated exceptional operational reliabilitymaintaining 100%accuracy and stability for almost three decades.However,the companys resilient business model and robust profitability is balanced against a relat

5、ively moderate growth trajectory and ongoing competitive pressures.Given limited near-term catalysts we view current valuation of 18x EV/EBITDA as warranted.Solid market position.VRSNs revenue is almost entirely derived from registration and renewal fees for domain names,with domain accounting for 9

6、3%of the total domain name base.VRSN processes more than 50%of global DNS queries every day.Considering that GoDaddy(ticker GDDY;OW rated)is the worlds largest domain registrar with about a quarter of the market,the platform is Verisigns largest customer.VRSN benefits from high renewal rates(typical