Veeva Systems (VEEV)
Health Care · $42.6B market cap · SEC CIK 0001393052
fundamentals score out of 100
Next reports on Nov 18, 2026, after the close, with analysts expecting $2.39 in earnings per share.
The case for VEEV
- 29% of revenue drops through to net profit.
- Revenue growing 16.5% year over year.
- Earnings per share up 25.6%.
- Has compounded revenue at 16.9% a year over five years.
- Carries essentially no debt.
- Gross margin of 75% absorbs cost shocks.
The case against
- Pricey at 41.9× earnings, against a long-run market average nearer 20×.
- Priced at 12.3× sales, which leaves no room for a stumble.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 27 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 81 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 79 |
| Momentumhow the price has behaved lately | 68 |
| Stabilityhow violently it moves, what it owes and what it pays you | 69 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 41.9× |
|---|---|
| Price / book | 4.45× |
| Price / sales | 12.3× |
| Revenue growth (YoY) | +16.5% |
| EPS growth (YoY) | +25.6% |
| Gross margin | 75% |
| Operating margin | 30% |
| Net margin | 29% |
| Return on equity | 14% |
| Debt / equity | 0.00× |
| Current ratio | 5.46 |
| Dividend yield | none |
| Beta | 0.91 |
| 52-week range | $148.05 – $310.50 |
| Position in that range | 69% of the way up |
| 3-month return | +70.5% |
| 1-year return | -5.9% |
Five years of financials, as filed
Pulled from Veeva Systems's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $3.2B | $2.7B | $2.4B | $2.2B | $1.9B |
| Gross profit | $2.4B | $2.0B | $1.7B | $1.5B | $1.3B |
| Operating income | $916M | $691M | $429M | $459M | $505M |
| Net income | $909M | $714M | $526M | $488M | $427M |
| Operating cash flow | $1.4B | $1.1B | $911M | $780M | $764M |
| Total assets | $9.0B | $7.3B | $5.9B | $4.8B | $3.8B |
| Total liabilities | $1.8B | $1.5B | $1.3B | $1.1B | $905M |
| Shareholder equity | $7.2B | $5.8B | $4.6B | $3.7B | $2.9B |
| Cash | $1.4B | $1.1B | $703M | $886M | $1.1B |
| Gross margin | 75.5% | 74.5% | 71.3% | 71.7% | 72.8% |
| Operating margin | 28.7% | 25.2% | 18.2% | 21.3% | 27.3% |
| Net margin | 28.4% | 26.0% | 22.2% | 22.6% | 23.1% |
| Diluted shares | 167M | 165M | 163M | 162M | 162M |
Share count is essentially flat over 4 years.
What Veeva Systems says it does
Overview Veeva is the leading provider of industry cloud solutions for the global life sciences industry. Our offerings span cloud software, data, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions—from research and development ("R&D") through commercialization. Our solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations. Our goal is to become the most strategic software, data, and business consulting partner to the life sciences industry, supporting the industry’s most critical drug development, quality and manufacturing, and commercialization functions. Customer success is one of our core values, and our focus on it has allowed us to deepen and expand our strategic relationships with customers over time. Because of our…
Risk factors VEEV lists in its 10-K
- We face intense competition in markets in which we operate and if we do not compete effectively, we may lose customers and our business and operating results could be adversely affected
- Defects or disruptions in our solutions could result in diminished demand for our solutions, a reduction in our revenues, and subject us to substantial liability
- If our newer solutions are not successfully adopted by new and existing customers, the growth rate of our revenues and operating results will be adversely affected
- Sales to customers outside the United States or with international operations expose us to risks inherent in international sales
- The migration of our CRM customers to our Vault CRM applications built on our own Veeva Vault platform could cause business disruptions for customers and adversely affect our operating results
- Difficulty attracting and retaining highly skilled employees could adversely affect our business and efforts to attract and retain such employees may increase our expenses
- Catastrophic events could disrupt our business and adversely affect our operating results
- Acquisitions could divert our management’s attention, result in additional dilution to our stockholders, and otherwise disrupt our operations
- Changes in our senior management team or other key personnel could have a negative effect on our ability to execute our business strategy
- Our business could be adversely affected if our customers are not satisfied with the professional or technical support services provided by us or our partners
- Risks Related to the Principal Industry We Serve
- Regulatory changes, government policies, and government funding decisions related to the life sciences industry
- Consolidation of companies within the life sciences industry
- Changes in the funding environment and bankruptcies in the life sciences industry