Verisk Analytics, Inc.

The forensic screens point in different directions, and a reader should keep them separate. The Beneish M-Score is -3.079, below -1.78, so it is not in the elevated manipulation-risk zone. That is a screening result, not proof either way. The Altman Z-double-prime score of 6.12 falls in the safe zone, which describes distress risk on the standard model, not the depth of the equity cushion. The Piotroski F-Score is 5 of 8 computable signals, a mid-range reading showing how many standard profitability, leverage, and efficiency tests passed. Operating cash flow of $1.44 billion was 1.58 times net income of $908.3 million, meaning reported cash generation exceeded accounting profit in 2025. Against that, the filings show heavy use of the balance sheet. The board approved a total repurchase authorization of $2.5 billion inclusive of the then-remaining amount, and the February 2026 accelerated share repurchase agreements totaled $1.5 billion. Management reported $1.0 billion of remaining authorization at March 31, 2026, plus $126.1 million of open-market repurchases in the first quarter. The Term Credit Agreement and the Seventh Supplemental Indenture dated February 26, 2026 are listed as exhibits, but the excerpt does not describe their terms. Legal matters are referenced to Note 13 of the 10-Q, which is not in the excerpt. The business is also a single Insurance segment following the sale of its Energy business on February 1, 2023. Readers may want to look at Note 13, the debt footnotes, and the financing section of the cash flow statement in the full filings.

Catalyst.Verisk reported 2025 revenue of $3.07 billion, up 6.6% from $2.88 billion in 2024, and operating income rose to $1.34 billion from $1.25 billion. The Item 1 business section says subscriptions and long-term agreements, typically prepaid annually or quarterly, made up over 80% of 2025 revenues. Management's stated priorities are modernizing core insurance analytics with cloud, machine learning, and AI, while building positions in life insurance, specialty business solutions, and resilience and sustainability. Operating cash flow climbed to $1.44 billion from $1.14 billion. The Q1 2026 10-Q states there were no material changes to risk factors or critical accounting policies since the 10-K.

Hidden risk.Long-term debt rose to $4.77 billion at year-end 2025 from $3.09 billion a year earlier, an increase of about 54%. Equity was $309 million, up from $100.1 million in 2024 but far below the $2.82 billion reported for 2021. Total liabilities of $5.89 billion against $6.2 billion of assets leave a thin equity cushion. In early 2026 the company entered a Term Credit Agreement dated February 18, 2026 and a $1.5 billion accelerated share repurchase, with payment on February 23, 2026. Net income fell to $908.3 million from $958.2 million, about 5.2% lower, even as revenue grew.