The company secured a new $998M NYC camera contract and returned $133M to shareholders via buybacks, demonstrating disciplined capital allocation. Data shows 76% reduction in major crashes at automated enforcement sites, providing compelling social impact evidence that strengthens competitive positioning in a regulatory environment with mixed public sentiment.
Cyborg Score Rationale
FY2025 revenue reached $979.1M with net income of $136.6M, demonstrating profitability. Operating margin of 26.42% with high gross margin of 93.48% reflects strong pricing power. However, NYCDOT represents 17.9% of total revenue with a new contract carrying materially different terms including tighter service levels and margin compression.
Top Insights
Expanded red-light and speed enforcement program with Hawaii Department; NYC contract extended through 2031
NYC contract introduces $22-24M annual subcontractor costs, causing 2026 Government Solutions margins to decline 450-500 basis points
Commercial Services depends on three major fleet customers representing 34.8% of total 2025 revenue, creating customer concentration risk
2026 guidance: $1.02-1.03B revenue and $405-415M adjusted EBITDA with $150-160M free cash flow forecast
Named Competitors
Road Safety Technology — Traffic detection and safety solutions
Electronic Toll Collection — Competing toll and congestion charge systems
Recent Developments
(February 2026) Announced FY2025 results with $979.1M revenue, 16% YoY Q4 growth, and new $998M NYCDOT five-year contract effective January 1, 2026
(February 2026) Expanded red-light and speed enforcement program with Hawaii Department; data shows 76% reduction in major crashes at enforcement sites
(January 2026) Selected for speed safety deployment at 27 high-risk locations across Glendale and Long Beach, California
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