Internet domain registration specialist VeriSign (VRSN 0.22%) has been quite the sprightly stock since Warren Buffett's Berkshire Hathaway added to its existing stake recently.

VeriSign's recent resurgence shone a light on its business, which as ever remains protected by a strong economic moat (a favorite concept of Buffett's) and is performing accordingly.

Buy-and-hold investors who had the foresight to take a position in VeriSign just after its 1998 initial public offering (IPO) would own considerably more shares these days.

Quadrupling down

That's because after that IPO, VeriSign split its stock twice in the following year. In both June and December of 1999, the company pulled the lever on a 2-for-1 stock split. Interestingly, it hasn't enacted any splits since then. So in short, for every share you would have purchased before New Year's 1999, you'd be holding four today.

Even back in those days, when stocks connected to internet properties were hotly popular, VeriSign was an outlier. It stood apart (and still does) as the only company holding the registration rights for the .com and .net internet domains. As long as it meets certain criteria set by the Internet Corporation for Assigned Names and Numbers (ICANN), VeriSign's exclusivity renews every year.

Steady as it goes

VeriSign's results have been relatively steady over the years, with revenue usually growing modestly (4% for full-year 2024 over 2023, to $1.56 billion). Net income is a touch more volatile; after a 21% pop in 2023 to $818 million, it eased by 4% the following year to land at $786 million.

In short, the company boasts the somewhat offbeat combination of modest growth and high profitability. Buffett likes the moat, but others might not be so convinced that VeriSign has vast potential for the future, despite the unique position in its market. Personally, I don't find it overly exciting as an investment.