Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Verisk is the kind of business we spend decades waiting to find: a tollbooth on the American property-casualty insurance industry, built on a contributory database that took fifty years and the cooperation of an entire industry to assemble, and which no competitor — however well-funded — can replicate at any price. It earns 56% EBITDA margins, converts earnings to cash at better than 100%, needs almost no capital to grow, and raises prices every year without losing customers. The current management team has spent four years intelligently narrowing the company to this crown jewel and returning the proceeds to shareholders with both hands. At roughly $219, the shares trade near 28x forward adjusted earnings — a fair price for a wonderful business, not a bargain.
Recent filings analysed: 8-K (2026-08-18), 10-Q (2026-07-29), 8-K (2026-07-29), 8-K (2026-07-28).
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