VeriSign (VRSN): Moat Analysis
VeriSign holds an exclusive contractual monopoly over .com domains, generating 68% operating margins and record growth (179.1M domains). No competitor can enter, but pricing is capped by a US Department of Commerce agreement, not set freely. Condition is fully intact; the key watches are future contract repricing terms and whether domains stay central as AI changes internet navigation. Verdict: Exceptional/Intact.
31 aug