APACNarrow moat

VeriSign (VRSN) — moat facet

The slowest region, with the old China line and its 14% fall folded inside it.

APAC is revenue from registrars domiciled in Australia, China, Japan, Singapore and other Asia-Pacific countries. It was $174.8 million in 2023, $175.7 million in 2024 and $184.6 million in 2025 1, 11% of revenue 2.

China registrar revenue, old basis ($M)10220211062022922023VeriSign FY2023 10-K; from 2024 China is reported inside APAC ($184.6M in 2025)
China fell 14% in 2023, the last year VeriSign showed it separately.

Until 2023 VeriSign reported China separately. China revenue was $101.7 million in 2021, $106.0 million in 2022 and $91.6 million in 2023, down 14%, as revenue from registrars based in China declined 3. From the 2024 report China sits inside APAC 4.

Growth was 1% in 2024 and 5% in 2025 5, below the company's 4% and 6%. Because registrars domiciled in one region can register names in another, a single registrar moving its domicile can shift this line more than any change in demand 6.

The figure to watch is APAC's growth, 5% in 2025 7. A return to decline would be the first place a new fall in the .com base shows.

Moat trajectory: Holding steady

Growth of 1% in 2024 and 5% in 2025, after the China decline of 2023.

The number that tests this moat
Reported
APAC registrar revenue growth
+5% in 2025 ($184.6M)

A return to decline would be the first sign of a new fall in the .com base.

Source: VeriSign FY2025 Form 10-K ↗
References
  1. ReportedIt was $174.8 million in 2023, $175.7 million in 2024 and $184.6 million in 2025 , 11% of revenue .
    VeriSign Form 10-K for FY2025 - geographic revenues by registrar domicile (U.S., EMEA, APAC, Other) 2023-2025, the .com wholesale fee and major customer — FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcIt was $174.8 million in 2023, $175.7 million in 2024 and $184.6 million in 2025 , 11% of revenue .
    Moat Explorer calculation from VeriSign's FY2023 and FY2025 10-K geographic revenue tables: regional shares and growth rates — FY2021 to FY2025 · publ. 2026-09-23 · source ↗
  3. ReportedChina revenue was $101.7 million in 2021, $106.0 million in 2022 and $91.6 million in 2023, down 14%, as revenue from registrars based in China declined .
    VeriSign Form 10-K for FY2023 - geographic revenues 2021-2023 on the earlier basis with China shown separately, and registrar relocations — FY2023 · publ. February 2024 · source ↗
  4. ReportedFrom the 2024 report China sits inside APAC .
    VeriSign Form 10-K for FY2025 - geographic revenues by registrar domicile (U.S., EMEA, APAC, Other) 2023-2025, the .com wholesale fee and major customer — FY2025 · publ. February 2026 · source ↗
  5. ReportedGrowth was 1% in 2024 and 5% in 2025 , below the company's 4% and 6%.
    VeriSign Form 10-K for FY2025 - geographic revenues by registrar domicile (U.S., EMEA, APAC, Other) 2023-2025, the .com wholesale fee and major customer — FY2025 · publ. February 2026 · source ↗
  6. ReportedBecause registrars domiciled in one region can register names in another, a single registrar moving its domicile can shift this line more than any change in demand .
    VeriSign Form 10-K for FY2025 - geographic revenues by registrar domicile (U.S., EMEA, APAC, Other) 2023-2025, the .com wholesale fee and major customer — FY2025 · publ. February 2026 · source ↗
  7. ReportedThe figure to watch is APAC's growth, 5% in 2025 .
    VeriSign Form 10-K for FY2025 - geographic revenues by registrar domicile (U.S., EMEA, APAC, Other) 2023-2025, the .com wholesale fee and major customer — FY2025 · publ. February 2026 · source ↗
Sources
Generated September 23, 2026