Verisign

Verisign operates the authoritative registries for the .com and .net internet domains, a franchise underpinned by long-term agreements that give it a near-monopoly position in a critical piece of internet infrastructure. The business is remarkably profitable, with high margins and predictable, recurring revenue tied to domain registrations rather than economic cycles. Verisign paid no dividend for most of its history, favoring aggressive share buybacks, and only recently began a distribution, leaving it with a very short payout record. The yield is low and the dividend history minimal. The profile remains that of a highly profitable, cash-generative business that has only just started sharing cash directly, better known for repurchases than for income.