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what it is
Verra gets paid when cars hit toll roads, trigger traffic cameras, or move through parking systems.
how it gets paid
Last year Verra Mobility made $979M in revenue. North America toll and violation management was the main engine at $360M, or 37% of sales.
why it's growing
Revenue grew 11.4% last year on a ~$979M base. Ignore triple-digit quarter vs. prior year figures unless you have verified the comparable period—M&A and restatements make that line easy to corrupt.
what just happened
The latest quarter in this feed printed on the order of ~$245M revenue (roughly one-fourth of the ~$979M year) and ~$0.73 EPS.
At a glance
B+ balance sheet — decent shape, but not bulletproof
35/100 earnings predictability — expect surprises
28.9x trailing p/e — priced about right
11.2% return on capital — nothing to write home about
$0.65 fy2024 eps est
xvary composite: 50/100 — below average
What they do
Verra gets paid when cars hit toll roads, trigger traffic cameras, or move through parking systems.
If your fleet runs through toll roads and violations all day, you do not rip out the billing plumbing for fun. Verra turned $979 million of revenue into a 24.4% operating margin (operating margin → profit after running the business → so what: customers are stuck enough to support real pricing). On the government side, camera enforcement contracts and recurring maintenance keep revenue coming after the hardware is installed.
How they make money
$979M
annual revenue · their business grew +11.4% last year
North America toll and violation management
$360M
Title and registration services
$140M
Europe tolling and violations processing
$119M
Photo enforcement solutions and services
$281M
Parking software, payments, and hardware
$79M
The products that matter
automated traffic enforcement
Government Solutions
$588M · 60% of revenue
Government Solutions (~$588M) is management’s segment label—it does not re-sum row-for-row with toll ($360M) plus photo enforcement ($281M) in the five-line bridge above; both cuts roll into the same ~$979M company total. It grew 12%, and the new 10-year NYC contract adds duration, but ramp costs are also why 2026 margins are under pressure.
long-duration contracts
fleet and rental toll management
Commercial Services
$391M · 40% of revenue
this $391M segment grew 14% in 2025, helped by 21% growth in the rental car vertical. That growth matters because it offsets some of the noise coming from government contract timing.
faster growth
platform modernization
Mosaic Platform
investment phase
management is spending here to support long-term scaling. The page does not give a stand-alone revenue number, which tells you this is a capability build, not a current profit center.
near-term cost
Key numbers
$979M
annual revenue
That is the current scale of the machine. You are not buying a concept stock.
24.4%
operating margin
Operating margin → profit after running the business → so what: this company keeps about $0.24 from each revenue dollar before interest and taxes.
$1.1B
long-term debt
Debt is 32% of capital, which boosts risk if contract wins slow down or rates stay higher.
28.9x
trailing p/e
You are paying almost 29 years of trailing earnings for a business with political risk baked into the model.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt $1.1B (32% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for VRRM right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The latest quarter scaled to about ~$245M of revenue (vs ~$979M FY) and EPS reached $0.73.
vs. prior year % moves can look extreme after deals or accounting changes—here the durable read is ~11% full-year growth and recurring toll/violation economics. The quiet part is simple: this business needs fleets and cities to keep using the system.
~$245M
Q revenue (approx.)
~$0.73
eps (q)
24.4%
op margin (FY · co.)
the number that mattered
~$0.73 EPS on a mid-$200Ms revenue quarter matters because it shows the model converts usage into profit—check the filing for the exact quarter label.
source: company earnings report, 2026
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What could go wrong
the #1 risk is customer concentration around New York City and a handful of rental-car clients.
med
customer concentration
More than half of revenue depends on the City of New York and three rental car firms. That's not diversification. That's a short client list carrying a very large burden.
At the company level, that exposes more than 50% of roughly $979M in revenue to a small number of relationships.
med
government contract friction
Government contracts come with legislative risk, termination rights, and payment timing issues. The same public-sector setup that creates stickiness can also create abrupt policy shocks.
Government Solutions generated $588M, or 60% of revenue. If contract economics worsen, the damage is not cosmetic.
med
margin compression from contract ramp and tech spend
Management already told you 2026 margins face pressure from the NYC contract ramp and Mosaic investment. The risk is not theoretical. It's current guidance.
Even with revenue guided to $1.02B–$1.03B, weaker margins can still leave EPS under pressure.
med
debt and rate sensitivity
The company carries $1.1B in long-term debt, equal to 32% of capital. That is manageable, but it reduces room for error if cash generation gets choppier.
Higher financing costs or weaker free cash flow would put extra pressure on shareholder returns.
This is a real business with sticky revenue, but too much of the story still runs through a few contracts, a few customers, and one margin reset year.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
Expected on May 6, 2026. The key question is whether revenue stays on guide while margin pressure starts to look temporary instead of structural.
contract ramp
nyc implementation curve
The 10-year NYC win is the biggest story on the page. Watch whether ramp costs peak early or linger longer than management expects.
margin
commercial and government margin mix
A 64% profit margin in one segment during Q4 2025 shows the business can be very profitable. Watch whether that remains true after the 2026 cost build.
concentration
client dependency
More than half of revenue tied to one city and three rental car firms is the quiet part. Any contract loss, rebid, or pricing reset would matter immediately.
Analyst rankings
earnings predictability
35 / 100
Low predictability means quarterly numbers can move around more than you want. In human-speak: analysts do not see this as a clean, steady compounding story.
balance sheet grade
B+
The balance sheet is good enough to support the business, but not strong enough to make the operating risks disappear.
source: institutional data
Institutional activity
institutional ownership data for VRRM is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$23
current price
n/a
target midpoint · n/a from current
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