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Not Investment Advice

VEEV

NYSE · USD
Veeva Systems Inc.
Technology · Software - Application
CEO Peter Gassner Employees 7,928 R&D / revenue 24.0%
Last price
$310.36−0.85%last session
Market cap
$50.3B
P/E (TTM)
50.0x
From 52w high
−3.0%
From 52w low
+109.6%
1-year return
+6.0%
RSI 14 · vs SMA200
71.2 · +51.5%
IS score
82.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

VEEV   SPY   XLK (sector ETF) · weekly closes
6080100120140Jan 26Apr 26Jul 26Oct 26XLK 129SPY 116VEEV 106

Score DNA

Each bar is a 0-100 score within the scored universe
81
Profitability
70
Growth
44
Value
95
Momentum
100
Risk (safety)
88
Quality
95
Balance sheet
68
Earnings quality

Flags

Strengths
✓ Net cash✓ Congress buying
Warnings
None of the computed warning flags fires for VEEV (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Network EffectsPiotroski 6 / 9Altman Z 14.8Beta 0.973 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
13 open-market sales, $16.3M
Form 144 notices (12m): 13, $57.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-06-02
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+43
207 new holders, 155 closed
1,068 filers hold 90.1% · 386 added, 363 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+123
1,105 funds adding shares
982 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
59.9%
20-day avg 60.8%, 50-day avg 60.4%
Latest 0.9 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$3.2B
Revenue growth YoY+16.3%
Gross margin75.5%
Operating income$916.4M
Operating margin28.7%
Net income$908.9M
Net margin28.4%
EPS (diluted)$5.44
Cash flow
Operating cash flow$1.4B
Capital expenditure$29.1M
Free cash flow$1.4B
FCF conversion (FCF / OCF)97.9%
Stock-based compensation$472.7M
FCF less SBC$913.4M
Buybacks$169.9M
Dividends$0
Balance sheet & returns
Cash & short-term investments$6.6B
Total debt$0
Net cash$6.6B
Shareholders' equity$7.2B
Goodwill & intangibles$470.2M
Debt / equity0.02
ROE (TTM)14.0%
ROIC (TTM)10.4%
Operating margin by fiscal year
27.3%FY202221.3%FY202318.2%FY202425.2%FY202528.7%FY2026
Revenue $1.9B (FY2022) to $3.2B (FY2026), a 14.6% CAGR.

Valuation

P/E (TTM)50.0x
EV / EBITDA37.5x
Price / sales14.53x
Price / FCF30.6x
FCF yield3.27%
Buyback yield0.34%
SBC / revenue7.4%
Price / book6.78x
Forward P/E FY202733.6x
Forward P/E FY202830.2x
Forward multiples divide today's price by Street EPS estimates. Street mean target $294.74 across 27 analysts last quarter is theirs, not ours.

VEEV vs industry median

831 companies in Software - Application
Gross margin 75.0% 59.6% Operating margin 29.9% -6.6% Net margin 29.3% -9.7% ROIC 10.4% 3.5%
VEEV (TTM)Industry median Asset turnover 0.38 vs industry 0.57 · financial leverage 1.22

Earnings delivery

Next report 2026-11-25 · consensus EPS $2.33
100%
beat rate, 12 of 12 quarters
+5.8%
median EPS surprise
12
longest beat streak
+8+5+6+6+6+11+9+5+5+6+5+5
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-08-30 to 2026-08-26. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
VEEV Veeva Systems Inc. $50.3B50.0x14.0%29.3%+16.3% +6.0%
ADSK Autodesk, Inc. $50.1B30.9x53.9%24.0%+18.0% −20.0%
TEAM Atlassian Corporation $52.6Bn/m-4.5%7.9%+26.0% +38.4%
WDAY Workday, Inc. $46.0B38.5x16.0%23.8%+13.4% −16.2%
MSTR Strategy Inc $55.1Bn/m-31.2%—+6.8% −51.8%
NBIS Nebius Group N.V. $39.7B636.4x0.9%-32.7%+583.4% —
ROP Roper Technologies, Inc. $37.9B15.9x13.1%55.4%+10.9% —
INTU Intuit Inc. $86.9B19.7x23.6%8.3%+13.9% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-08-26Earnings Release; Exhibits
2026-08-20Officer/Director Change; Exhibits
2026-06-18Shareholder Vote; Exhibits
2026-06-03Earnings Release; Exhibits
2026-04-20Officer/Director Change; Exhibits
2026-03-04Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding161,909,000
Free float91.6%
Institutional ownership90.1%
Beta0.97
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$266.96 / $204.44
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where VEEV sits among 137 scored companies in Software - Application (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureVEEVIndustry medianIndustry percentileSector median
P/E (TTM) 49.5x 30.6x
71st		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 2.16 1.20
68th		 1.36
Price / sales 14.5x 4.5x
91st		 3.9x
Price / book 6.8x 4.7x
65th		 4.4x
Price / tangible book 4.9x 7.0x
41st		 8.8x
Price / free cash flow 30.6x 17.2x
73rd		 20.3x
Price / operating cash flow 30.2x 16.1x
77th		 17.9x
Enterprise value $43.2B $3.8B
88th		 $5.5B
EV / sales 12.5x 4.2x
91st		 4.1x
EV / EBITDA 33.3x 19.1x
69th		 18.9x
EV / EBIT 34.4x 27.7x
58th		 26.7x
EV / free cash flow 26.3x 18.6x
70th		 21.9x
Earnings yield 2.0% 1.4%
57th		 2.0%
FCF yield 3.3% 4.8%
38th		 3.3%
Operating cash flow yield 3.3% 5.1%
33rd		 4.4%
Graham number (per share) $78.92 $20.79
88th		 $28.08

Profitability (TTM)

MeasureVEEVIndustry medianIndustry percentileSector median
Gross margin 75.0% 71.1%
60th		 55.7%
EBITDA margin 37.5% 13.6%
84th		 13.7%
Operating margin 29.9% 7.3%
88th		 8.2%
EBIT margin 36.2% 7.1%
89th		 8.6%
Net margin 29.3% 4.7%
90th		 5.7%
NOPAT margin 22.9% 5.9%
86th		 7.0%
FCF margin 47.5% 20.3%
95th		 15.0%
Operating cash flow margin 48.2% 22.5%
95th		 18.4%
R&D / revenue 23.8% 18.2%
72nd		 12.9%
SG&A / revenue 21.3% 38.6%
13th		 25.6%
Stock comp / revenue 7.4% 7.8%
45th		 4.4%
Effective tax rate 23.6% 21.0%
78th		 21.0%

Returns on capital

MeasureVEEVIndustry medianIndustry percentileSector median
ROE (on average equity) 14.4% 7.9%
69th		 9.4%
ROA 11.9% 3.0%
79th		 4.1%
ROIC 232.6% 6.6%
98th		 9.0%
ROCE 16.5% 5.7%
79th		 8.6%
Return on tangible assets 14.7% 4.6%
83rd		 5.9%
Cash ROIC (OCF / invested capital) 489.6% 29.6%
97th		 20.7%
Gross profitability (GP / assets) 28.6% 37.6%
35th		 30.0%
ROIC, 3-yr average —
ROIC, 5-yr average 3.6% -1.1%
56th		 7.9%
ROE, 5-yr average 12.6% -2.6%
80th		 6.9%
Incremental ROIC 20.0% 13.7%
52nd		 15.3%

Growth

MeasureVEEVIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 16.5% 15.1%
54th		 14.3%
Revenue growth (QoQ) 5.1% 4.6%
53rd		 6.6%
Revenue CAGR, 3 yr 15.7% 13.7%
60th		 9.6%
Revenue CAGR, 5 yr 15.8% 16.6%
45th		 11.5%
Gross profit CAGR, 3 yr 18.0% 14.9%
60th		 10.9%
Operating income CAGR, 3 yr 37.8% 20.6%
76th		 11.3%
Net income growth (TTM YoY) 25.3% 27.2%
48th		 21.6%
Net income CAGR, 3 yr 23.4% 20.3%
61st		 9.9%
EPS growth (TTM YoY) 27.0% 30.6%
47th		 22.3%
EPS CAGR, 3 yr 22.9% 20.2%
53rd		 11.2%
EPS CAGR, 5 yr 18.7% 15.4%
63rd		 12.0%
FCF growth (TTM YoY) 23.7% 28.9%
43rd		 24.6%
FCF CAGR, 3 yr 19.8% 31.3%
32nd		 19.3%
Operating cash flow CAGR, 3 yr 19.5% 28.0%
33rd		 17.9%
Book value CAGR, 3 yr 21.0% 4.5%
80th		 6.8%
Dividend CAGR, 3 yr —
Sustainable growth rate 14.4% 15.5%
47th		 14.2%

Margin history & stability

MeasureVEEVIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 74.6% 71.3%
59th		 53.2%
Operating margin, 3-yr average 26.5% 4.7%
89th		 6.6%
Net margin, 3-yr average 26.8% 5.1%
94th		 5.2%
FCF margin, 3-yr average 43.3% 19.8%
97th		 12.7%
Revenue stability (0-1) 0.99 0.97
69th		 0.87
Earnings stability (0-1) 0.91 0.56
92nd		 0.45
Margin stability (0-1) 0.97 0.97
58th		 0.95

Liquidity (latest quarter)

MeasureVEEVIndustry medianIndustry percentileSector median
Cash & short-term investments $7.2B $434.8M
98th		 $494.1M
Net cash (− = net debt) $7.1B $57.2M
99th		 $49.8M
Working capital $6.5B $247.5M
99th		 $391.0M
Current ratio 5.46 1.74
88th		 1.92
Quick ratio 5.46 1.72
88th		 1.67
Cash ratio (cash + ST investments / current liabilities) 4.97 1.13
90th		 0.95
Defensive interval (days) 1,830 days 370 days
92nd		 521 days

Leverage & solvency (latest quarter)

MeasureVEEVIndustry medianIndustry percentileSector median
Total debt $151.7M $237.5M
42nd		 $349.3M
Debt / equity 0.02 0.30
12th		 0.29
Net debt / equity −0.95 −0.22
9th		 −0.13
Debt / assets 1.7% 15.2%
12th		 16.9%
Debt / capital 2.0% 23.1%
12th		 22.3%
Debt / EBITDA 0.12 2.26
8th		 1.78
Net debt / EBITDA −5.47 −0.32
18th		 −0.18
Interest coverage (EBIT / interest) —
Cash interest coverage —
Debt payback (years of OCF) 0.1 yrs 1.0 yrs
9th		 1.6 yrs
Liabilities / assets 18.0% 50.2%
15th		 48.7%
IS credit model rating AA — —
Implied credit spread (bps) 80 225
17th		 175

Efficiency

MeasureVEEVIndustry medianIndustry percentileSector median
Asset turnover 0.41 0.59
27th		 0.62
Fixed asset turnover 16.56 12.05
68th		 9.25
Inventory turnover —
Receivables turnover 7.5 6.5
60th		 6.2
Days sales outstanding 48 days 55 days
42nd		 59 days
Days inventory outstanding —
Days payables outstanding 15 days 31 days
19th		 46 days
Cash conversion cycle (days) 34 days 22 days
61st		 50 days
Capex / revenue 0.7% 1.3%
29th		 2.3%
Capex / depreciation 0.53 0.41
60th		 0.56
Operating expense ratio 45.4% 62.8%
22nd		 44.3%

Cash flow & earnings quality

MeasureVEEVIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.64 1.89
44th		 1.61
FCF / net income 1.62 1.70
48th		 1.33
FCF / operating cash flow 98.6% 94.0%
87th		 88.0%
Capex / operating cash flow 1.4% 6.0%
13th		 12.0%
Accruals ratio -7.6% -10.9%
60th		 -6.3%
Sloan accruals ratio 8.3% -4.7%
84th		 -1.8%
Earnings quality score (0-1) 0.75 0.75
11th		 0.75

Dividends & buybacks

MeasureVEEVIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 1.3% 2.7%
38th		 1.2%
Shareholder yield (dividends + buybacks) 1.3% 3.1%
32nd		 1.7%
Share count change (YoY) -1.3% -1.9%
54th		 0.1%
Buybacks, last 5 years $1.2B $309.1M
76th		 $215.3M

Scores & forensic checks

MeasureVEEVIndustry medianIndustry percentileSector median
IS score 83 56
97th		 56
IS profitability 81 37
89th		 40
IS growth 70 66
59th		 65
IS value 44 38
67th		 39
IS momentum 95 80
86th		 78
IS risk (safety) 100 80
61st		 100
IS quality 88 63
96th		 67
IS balance sheet 95 69
93rd		 72
IS earnings quality 68 52
80th		 61
IS cash flow 97 72
95th		 66
Piotroski F-score (0-9) 6 6
38th		 6
Altman Z-score 14.8 3.0
93rd		 4.0
Beneish M-score −2.61 −2.74
63rd		 −2.58
Ohlson O-score −12.77 −7.88
4th		 −8.00
IS credit score 90 62
81st		 69

Per share

MeasureVEEVIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $6.15 $0.32
87th		 $0.84
Book value per share $45.02 $6.15
92nd		 $9.77
Tangible book per share $42.40 $1.97
96th		 $3.22
Revenue per share $20.95 $7.54
74th		 $13.00
FCF per share $9.95 $1.56
85th		 $1.78
Operating cash flow per share $10.09 $1.77
86th		 $2.40
Cash per share $43.88 $3.77
99th		 $4.50

Size (TTM)

MeasureVEEVIndustry medianIndustry percentileSector median
Market cap $50.3B $3.9B
90th		 $4.7B
Revenue $3.5B $872.9M
81st		 $1.2B
EBITDA $1.3B $101.2M
88th		 $185.8M
Net income $1.0B $34.8M
88th		 $84.9M
Free cash flow $1.6B $198.7M
88th		 $170.6M
Total assets $9.1B $1.8B
82nd		 $2.4B
Shareholders' equity $7.4B $907.0M
90th		 $1.1B
Employees 7,928 1,988
83rd		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-14Faddis Jonathan
SVP, Gen. Counsel, Secretary
 Open-market sale 3,515$300.14$1.1M5,813
2026-10-14Faddis Jonathan
SVP, Gen. Counsel, Secretary
 Open-market sale 975$299.29$291,8104,838
2026-10-14Faddis Jonathan
SVP, Gen. Counsel, Secretary
 Open-market sale 708$298.19$211,1204,130
2026-10-02Rizzo Daniel J
EVP, Sales, Consulting, & Svcs
 Open-market sale 4,520$276.53$1.2M7,986
2026-10-02Rizzo Daniel J
EVP, Sales, Consulting, & Svcs
 Open-market sale 321$276.21$88,6627,665
2026-10-02Faddis Jonathan
SVP, Gen. Counsel, Secretary
 Gift 803——9,328
2026-10-01Schwenger Thomas D.
Pres. & Chief Customer Officer
 Option exercise 2,907——21,356
2026-10-01Schwenger Thomas D.
Pres. & Chief Customer Officer
 Tax withholding 1,272$281.93$358,61520,084
2026-10-01Schwenger Thomas D.
Pres. & Chief Customer Officer
 Option exercise 2,907——5,814
2026-10-01Rizzo Daniel J
EVP, Sales, Consulting, & Svcs
 Option exercise 1,672——13,360
2026-10-01Rizzo Daniel J
EVP, Sales, Consulting, & Svcs
 Tax withholding 854$281.93$240,76812,506
2026-10-01Rizzo Daniel J
EVP, Sales, Consulting, & Svcs
 Option exercise 1,672——3,343

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired815,633—
GiftDisposed1803—
Open-market saleDisposed1363,539$16.3M
Option exerciseAcquired2167,634$6.9M
Option exerciseDisposed2167,634$6.9M
OtherDisposed1250,000—
OtherAcquired115,585—
Tax withholdingDisposed107,537$1.9M
—Disposed25,015—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 13 notices · 214,220 shares · $57.7M
FiledFilerShares proposedEst. proceeds
2026-10-15Thomas Schwenger2,485$745,500
2026-10-15Thomas Schwenger3,000$900,000
2026-10-14Faddis Jonathan5,198$1.6M
2026-10-14Thomas Schwenger6,695$2.0M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 1 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-06-02Ro KhannaHousePurchase$1,001 - $15,0002026-07-08
2025-05-29Rob BresnahanHousePurchase$1,001 - $15,0002025-06-24
2025-05-28Robert P. BresnahanHousePurchase$1,001 - $15,0002025-06-24
2025-05-16Rob BresnahanHouseSale$1,001 - $15,0002025-06-10
2022-03-30Tommy TubervilleSenateSale (Full)$1,001 - $15,0002022-04-08
2022-03-30Tommy TubervilleSenateSale (Full)$1,001 - $15,0002022-04-07
2022-03-30Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002022-04-07
2021-02-09Tommy TubervilleSenatePurchase$1,001 - $15,0002021-07-23
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.12,862,503$2.3B7.94%
VANGUARD CAPITAL MANAGEMENT LLC9,692,862$1.7B5.99%
VANGUARD PORTFOLIO MANAGEMENT LLC7,414,743$1.3B4.58%
STATE STREET CORP6,706,909$1.2B4.14%
PRINCIPAL FINANCIAL GROUP INC4,979,210$883.7M3.08%
GEODE CAPITAL MANAGEMENT, LLC4,508,933$797.4M2.78%
PRICE T ROWE ASSOCIATES INC /MD/3,161,584$561.1M1.95%
T. Rowe Price Investment Management, Inc.3,043,660$540.2M1.88%
SCHRODER INVESTMENT MANAGEMENT GROUP2,165,208$384.3M1.34%
FEDERATED HERMES, INC.1,972,031$350.0M1.22%
Pictet Asset Management Holding SA1,951,769$346.4M1.21%
ACADIAN ASSET MANAGEMENT LLC1,783,919$316.5M1.10%
VAN ECK ASSOCIATES CORP1,752,506$311.0M1.08%
Invesco Ltd.1,565,955$277.9M0.97%
GOLDMAN SACHS GROUP INC1,440,137$255.6M0.89%

Institutional ownership by quarter

2023-092026-0690.1%
% of shares held by 13F filers
2023-092026-061,068
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,06890.1%207386363155
2026-03-311,02584.7%132399367197
2025-12-311,10985.9%167365432149
2025-09-301,12386.6%132441372105
2025-06-301,11786.3%17740637474
2025-03-311,02783.3%12936337796
2024-12-311,00780.8%14336133781
2024-09-3096479.0%12836532975
2024-06-3092478.8%9937531187
2024-03-3192379.7%13135429178
2023-12-3188379.6%15330330393
2023-09-3083481.7%8229532064

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-07-31SCHEDULE 13GVanguard Capital Management6.9%11,205,281
2026-07-30SCHEDULE 13G/ABlackRock, Inc.7.3%11,852,786
2025-10-31SCHEDULE 13G/AThe Vanguard Group9.4%15,429,164
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.06%$1.3B
VTI0.06%$1.3B
VTSAX0.06%$1.3B
VSMPX0.06%$1.3B
VFINX0.06%$1.1B
VOO0.06%$1.1B

Share structure

Shares outstanding161,909,000
Float148,282,601
Free float91.6%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$1.9B$2.2B$2.4B$2.7B$3.2B
Cost of revenue$503.7M$609.4M$677.3M$699.6M$782.0M
Gross profit$1.3B$1.5B$1.7B$2.0B$2.4B
R&D$382.0M$520.3M$629.0M$693.1M$767.4M
SG&A$459.6M$566.3M$628.0M$662.5M$729.5M
Operating income$505.5M$459.1M$429.3M$691.4M$916.4M
EBITDA$532.9M$488.2M$462.0M$730.8M$1.2B
Pretax income$512.3M$509.1M$588.0M$919.4M$1.2B
Income tax$84.9M$21.4M$62.3M$205.2M$285.6M
Net income$427.4M$487.7M$525.7M$714.1M$908.9M
EPS, diluted$2.63$3.00$3.22$4.32$5.44
Diluted shares162.3M162.4M163.5M165.2M167.0M

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$2.4B$3.1B$4.0B$5.2B$6.6B
Receivables$694.4M$785.2M$888.5M$1.1B$1.3B
Inventory$0$0$0$0$0
Total current assets$3.1B$4.0B$5.0B$6.3B$8.0B
PP&E, net$104.1M$105.2M$104.1M$119.8M$145.9M
Goodwill & intangibles$541.8M$522.4M$502.9M$484.3M$470.2M
Total assets$3.8B$4.8B$5.9B$7.3B$9.0B
Accounts payable$20.3M$41.7M$31.5M$30.4M$37.6M
Total current liabilities$840.8M$1.0B$1.2B$1.4B$1.6B
Long-term debt$0$0$0$0$0
Total liabilities$904.8M$1.1B$1.3B$1.5B$1.8B
Shareholders' equity$2.9B$3.7B$4.6B$5.8B$7.2B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$427.4M$487.7M$525.7M$714.1M$908.9M
Depreciation & amortization$37.0M$37.7M$37.1M$50.9M$50.5M
Stock-based compensation$0$0$0$0$472.7M
Change in working capital$20.7M$7.3M$60.8M$7.6M−$91.9M
Operating cash flow$764.5M$780.5M$911.3M$1.1B$1.4B
Capital expenditure−$14.2M−$13.5M−$26.2M−$20.5M−$29.1M
Free cash flow$750.2M$767.0M$885.1M$1.1B$1.4B
Investing cash flow−$346.2M−$1.0B−$1.1B−$700.1M−$1.1B
Net debt issued / repaid−$384,000$0$0$0$0
Buybacks$0$0$0$0−$169.9M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin72.8%71.7%71.3%74.5%75.5%
Operating margin27.3%21.3%18.2%25.2%28.7%
Net margin23.1%22.6%22.2%26.0%28.4%
FCF margin40.5%35.6%37.4%38.9%43.5%
ROE16.5%14.7%12.6%13.6%13.9%
ROIC71.5%65.2%57.0%70.9%93.0%
ROA12.5%11.3%9.8%10.8%11.1%
Debt / equity0.020.020.010.010.01
Interest coverage—————
Current ratio3.703.944.244.514.89
Revenue growth+26.3%+16.4%+9.7%+16.2%+16.3%
EPS growth+12.0%+14.5%+6.5%+34.5%+25.3%
P/E at year end90.0x56.7x64.7x54.1x37.8x
EV / EBITDA at year end67.8x50.4x64.9x42.6x22.5x
FCF yield at year end1.95%2.77%2.60%2.77%4.05%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
Subscription————$2.7B
Subscription Services Veeva Commercial Cloud$876.5M$946.3M$995.8M$1.1B$1.3B
Subscription Services Veeva Research And Development$607.5M$786.8M$905.8M$1.2B—
Professional services and other————$511.1M
Professional Services Veeva Research And Development$201.7M$244.9M$276.1M$276.7M—
Professional Services Veeva Commercial Cloud$165.1M$177.2M$186.0M$185.3M$189.3M

Revenue by region · FY2026

North America$1.9B · 61%
Europe$939.6M · 30%
Asia Pacific$280.2M · 9%

Street estimates by fiscal year

Next report 2026-11-25 · consensus EPS $2.33 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$3.2B$3.1B – $3.2B$7.94$7.93 – $7.962139.1x
2027$3.7B$3.7B – $3.7B$9.24$9.19 – $9.271733.6x
2028$4.1B$4.1B – $4.2B$10.27$9.79 – $10.701630.2x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-26$2.23$2.35+5.4%$905.4M$928.0M+2.5%
2026-06-03$2.14$2.24+4.7%$857.7M$882.9M+2.9%
2026-03-04$1.94$2.06+6.2%$810.7M$836.0M+3.1%
2025-11-20$1.95$2.04+4.6%$792.8M$811.2M+2.3%
2025-08-27$1.90$1.99+4.7%$768.4M$789.1M+2.7%
2025-03-05$1.60$1.74+8.7%$699.2M$720.9M+3.1%
2024-12-05$1.58$1.75+10.8%$684.4M$699.2M+2.2%
2024-08-28$1.53$1.62+5.9%$667.8M$676.2M+1.3%
2024-05-30$1.42$1.50+5.6%$642.1M$650.3M+1.3%
2024-02-29$1.30$1.38+6.2%$621.1M$630.6M+1.5%
2023-12-06$1.28$1.34+4.7%$615.8M$616.5M+0.1%
2023-08-30$1.12$1.21+8.0%$587.1M$590.2M+0.5%
2023-05-31$0.79$0.91+15.2%$515.8M$526.3M+2.0%
2023-03-01$1.04$1.15+10.6%$552.6M$563.4M+1.9%
2022-12-01$1.07$1.13+5.6%$546.0M$552.4M+1.2%
2022-08-31$1.01$1.03+2.0%$530.7M$534.2M+0.7%
2022-06-01$0.92$0.99+7.6%$495.9M$505.1M+1.8%
2022-03-02$0.88$0.90+2.3%$480.3M$485.5M+1.1%
2021-12-01$0.88$0.97+10.2%$480.3M$476.1M−0.9%
2021-09-01$0.86$0.94+9.3%$425.2M$455.6M+7.1%
2021-05-27$0.78$0.91+16.7%$409.9M$433.6M+5.8%
2021-03-02$0.68$0.78+14.7%$380.2M$396.8M+4.3%
2020-12-01$0.68$0.78+14.7%$322.0M$377.5M+17.2%
2020-08-27$0.64$0.72+12.5%$314.4M$353.7M+12.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.606-220.606-290.507-060.507-130.307-200.607-270.708-030.708-100.508-171.008-240.608-31
Week ofNotionalSharesTrades
2026-08-31$632.4M2,248,12276,442
2026-08-24$1.0B3,887,70497,248
2026-08-17$518.4M2,092,99966,470
2026-08-10$670.1M2,786,63378,702
2026-08-03$655.4M3,041,24176,181
2026-07-27$578.9M2,872,27173,204

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1559.9%
DateShort shareShort volumeTotal volume
2026-10-1559.9%607,4071,013,688
2026-10-1452.8%294,782558,753
2026-10-1366.6%815,8351,225,776
2026-10-1259.9%311,165519,831
2026-10-0960.3%499,798828,988
2026-10-0858.4%220,237377,317
2026-10-0749.8%179,761361,054
2026-10-0671.3%397,865557,891
2026-10-0572.4%345,453477,271
2026-10-0251.3%266,173518,609
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+3.7Jan+2.4Feb-0.9Mar+0.3Apr+6.3May+6.6Jun+3.0Jul+5.6Aug-2.6Sep+0.4Oct+3.9Nov-7.2Dec
MonthAvg returnUp yearsYears
Jan+3.7%69%13
Feb+2.4%46%13
Mar−0.9%54%13
Apr+0.3%58%12
May+6.3%75%12
Jun+6.6%75%12
Jul+3.0%75%12
Aug+5.6%50%12
Sep−2.6%25%12
Oct+0.4%54%13
Nov+3.9%69%13
Dec−7.2%15%13
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1471.2
MFI78.9
ADX41.9
Stochastic %K / %D81.3 / 80.2
Williams %R-18.9
CCI175
TSI / signal35.6 / 29.0
Chaikin money flow0.13
ATR$10.12
Bollinger width19.3%
Volume vs 20-day avg0.95x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$284.82 (+9.0%)
SMA 50$268.82 (+15.5%)
SMA 200$204.87 (+51.5%)
EMA 21$286.98 (+8.1%)
EMA 50$265.89 (+16.7%)
EMA 200$227.23 (+36.6%)
Bollinger upper$312.36 (−0.6%)
Bollinger lower$257.28 (+20.6%)
Parabolic SAR$278.67 (+11.4%)
Open the live chart, 110+ indicators

About Veeva Systems Inc.

Veeva Systems Inc. is a leading provider of cloud-based software solutions, exclusively dedicated to the global life sciences industry. Its extensive operational presence spans across North America, Europe, the Asia Pacific region, the Middle East, Africa, and Latin America. The company's product portfolio is primarily structured around two major offerings. First, the Veeva Commercial Cloud delivers an integrated suite of software, data, and analytics tools designed to optimize commercial operations. This includes vital applications such as Veeva Customer Relationship Management (CRM) and its specialized Medical CRM, Veeva Closed Loop Marketing (CLM), sophisticated analytics via Veeva CRM MyInsights, approved email communication with Veeva CRM Approved Email, digital engagement tools like Veeva CRM Engage, commercial alignment through Veeva Align, event management capabilities with Veeva CRM Events Management, data warehousing solutions (Veeva Nitro), data services (Veeva OpenData, Veeva Link), master data management (Veeva Network), advanced analytical insights (Veeva Crossix, Veeva Data Cloud), and patient engagement platforms (MyVeeva for Patients). Secondly, Veeva Vault provides a robust collection of cloud-native enterprise content and data management applications. These applications are engineered to support both critical commercial functions—encompassing sales, marketing, and medical content and communications—and comprehensive research and development processes, including clinical trials, regulatory compliance, quality management, and patient safety. Beyond its software, Veeva offers a wide array of professional and support services. These range from strategic implementation and deployment planning, project management, and detailed requirements analysis to solution design and configuration. They also include system environment management and deployment, expert consulting for business process transformation related to Veeva solutions, technical guidance on data migration and systems integrations, comprehensive training programs, and ongoing managed services such as outsourced systems administration. Tracing its origins, the company was incorporated in 2007 as Verticals onDemand, Inc., and subsequently rebranded to Veeva Systems Inc. in April 2009. Its corporate headquarters are situated in Pleasanton, California.

https://www.veeva.com

Key executives

NameTitlePayBorn
Brian Van WagenerChief Financial Officer$470,8331983
Eleni Nitsa ZuppasPresident & Chief of Staff$470,8331970
Jonathan W. FaddisSenior Vice President, General Counsel & Corporate Secretary$470,8331972
Peter GassnerFounder, Chief Executive Officer & Director$470,8331965
Thomas D. SchwengerPresident & Chief Customer Officer$470,8331968
Dan RizzoEVP of Sales, Consulting & Services——
Gunnar Georg HansenDirector of Investor Relations——
Paul ShawahExecutive Vice President of Strategy & Campaign Manager——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Thomas D. Schwenger President and Chief Customer Officer2026$470,833$1.7M$0$5.4M
E. Nitsa Zuppas President and Chief of Staff2026$470,833$1.3M$0$4.1M
Josh Faddis Senior Vice President, General Counsel and Secretary2026$470,833$1.0M$0$3.4M
Brian Van Wagener CFO2026$470,833$745,102$0$2.2M
Peter P. Gassner CEO2026$470,833$0$0$470,833

Employees

3k20194k20205k20215k20227k20237k20247k20258k2026

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Weak · Network Effects · 2026-07-31
Cost advantage64
Intangibles53
Switching costs35
Network effect67
Efficient scale63
Our component scores (0-100) and overall 54.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms