Veeva Systems (VEEV)

Health Care · $48.7B market cap · SEC CIK 0001393052

Next reports on Nov 26, 2026, after the close, with analysts expecting $2.39 in earnings per share.

52-week range $148.05 to $325.99. 6% below its 52-week high and 106% above its low.

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 for its growth: 48.0× earnings, where 17% a year of growth would justify about 34×.
• Priced at 14.1× 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. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Capital spending is missing from its filings, so free cash flow cannot be worked out. Operating cash flow stands in for the cash test, against a stricter bar.
• Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.

The financials

The financials, five years deep

Pulled from Veeva Systems's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

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
• 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
• Changes in market conditions and practices within the life sciences industry
• Increasingly complex regulations relating to privacy, data protection, and cybersecurity are burdensome, may reduce demand for our solutions, and non-compliance may impose significant liabilities
• Incorporating AI in our solutions or other uses of AI may result in reputational harm and increased liability
• We are currently dependent upon Salesforce’s platform for our Veeva CRM application
• Our solutions utilize open-source software, and any failure to comply with the terms of one or more of these open-source licenses could adversely affect our business
• Our historic growth rates of total revenues and subscription revenues should not be viewed as indicative of our future performance
• Our results may fluctuate from period to period, which could prevent us from meeting our own guidance or security analyst or investor expectations
• We may not be able to sustain the level of profitability we have achieved in the past
• Our revenues and gross margin from professional services fees are volatile and may not increase from quarter to quarter or at all
• Because we recognize subscription revenues ratably over the term of an order for our subscription services, our short-term results of operations may not reflect a decline in sales and may not be indicative of future results
• Deferred revenue and change in deferred revenue may not be accurate indicators of our future financial results
• Currency exchange fluctuations may negatively impact our financial results
• Unanticipated changes in our effective tax rate and additional tax liabilities, including as a result of our international operations or implementation of new tax rules, could harm our future results
• If we are unable to implement and maintain effective internal controls over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports
• We have broad discretion in the use of our cash balances and may not use them effectively
• We have been and may in the future be sued by third parties for alleged infringement of their proprietary rights or misappropriation of intellectual property, and we may suffer damages or other harm from such proceedings
• Any failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and our brand
• Evolving expectations and disclosure requirements related to environmental, social and governance matters expose us to risks that could adversely affect our reputation and performance
• Our common stock price has been and will likely continue to be volatile
• Our share repurchase program may not enhance long-term shareholder value
• We do not intend to pay dividends on our capital stock for the foreseeable future, so any returns will be limited to changes in the value of our common stock

Filings

Other Health Care companies