Veeva Systems Inc (VEEV)
Health Care · Health Care Technology · US stock · S&P 500 component
$322.55
▲ +2.00 (0.62%)
Fair valueFair
$275 −14.7% to fair value
$138fair band $234–$333$413
Day's range
$318.03 – $325.96
52-week range
$148.05 – $325.96
About Veeva Systems Inc
Veeva Systems provides cloud software and data services built specifically for the life sciences industry, serving pharmaceutical, biotechnology and medical device companies. Its products help customers manage clinical trials, regulatory submissions, quality processes, and the commercial side of selling medicines to doctors. Revenue is largely recurring, coming from subscriptions to its software applications and from related data and professional services. Customers are typically regulated businesses that rely on these systems for core operations.
The figures show revenue of $3.5 billion for the last twelve months and three-year growth of 14.0% a year. It reports an operating margin of 29.9%. Capital is used to generate a return on invested capital of 233%. It does not currently pay a dividend. The site's X-Ray Score for the company is 61 out of 100.
Price chart
52-wk range $148.05 – $325.96Volume 1,435,403Daily, split-adjusted
Vitals
Market cap$53.2B
52-week range$148.05 – $325.96
Volume (last day)1,435,403
P/E (TTM)53.0
EBIT / EV yield2.2%
Free-cash-flow yield–
Dividend yieldNo dividend
Revenue (TTM)$3.5B
Net income (TTM)$1.0B
Operating margin29.9%
Return on capital232.6%
Debt incl. leasesData missing
Cash & securities$7.2B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$275middle half of models $256 – $327
Fair
−14.7% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $323
Undervalued < $234Fair $234 – $333Overvalued > $333
P/E multiple
$327
P/B multiple
$318
P/S multiple
$256
EV/EBITDA multiple
$299
EV/EBIT multiple
$329
EV/revenue multiple
$283
10-year DCF, EBITDA exit
$327
5-year DCF, EBITDA exit
$355
10-year DCF, revenue exit
$320
5-year DCF, revenue exit
$343
10-year DCF, growth exit
$145
5-year DCF, growth exit
$137
Earnings power value
$137
Growth the price implies
31.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Strong business at a fair price
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
19/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.2%
Fair value vs price0.9×
Growth
Strong
82/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)14.0%
EPS growth (3y)21.9%
Growth consistency100%
Profitability
Strong
72/100
Earns high returns on the capital it uses.
See the numbers →
Return on invested capital232.6%
Operating margin29.9%
Gross profitability28.6%
Financial health
Strong
81/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score7 / 9
Interest coverNo interest cost
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+16.7%
Apr '25
+16.7%
Jul '25
+16.0%
Oct '25
+16.0%
Jan '26
+16.3%
Apr '26
+17.6%
Jul '26
Revenue against the same quarter a year earlier. Latest quarter revenue $928M, diluted EPS $1.66.
SWOT analysis: Veeva Systems Inc
Strengthsinside the company
- Return on invested capital is 232.6%, against a median of 11.8% for sector peers.
- Operating margin of 29.9% is well above the 15.8% median of sector peers, a sign of pricing power or lower costs.
- Revenue has grown 14.0% a year over three years (median 5.5% for sector peers).
- Earnings per share have compounded at 21.9% a year over three years.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 52.5x earnings, 87% above the 28.0x median of sector peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare VEEV with peers and sector
Medians of 59 Health Care peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): LLY 62, JNJ 49, ABBV 41, UNH 58, MRK 33, TMO 34.
| Metric | VEEV | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 61 | 49 | 49 |
| Valuation | 19 | 55 | 55 |
| Growth | 82 | 47 | 47 |
| Profitability | 72 | 49 | 49 |
| Financial health | 81 | 48 | 48 |
| Dividends | – | 51 | 51 |
Sector leaders: highest X-Ray Score in Health Care
VEEV ranks #15 of 60 in Health Care by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for VEEV
Each factor is rated by where VEEV stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 12 Good · 3 Average · 4 Bad of 19
Growth: 3 · 0 · 0
Profitability: 4 · 1 · 0
Financial strength: 2 · 1 · 0
Valuation: 0 · 0 · 4
Cash flow: 2 · 1 · 0
Efficiency: 1 · 0 · 0
| Factor | VEEV | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +14.0% | Good beats 88% | +5.5% | – | – |
| Revenue growth, last year | +16.3% | Good beats 89% | +7.1% | +16.3% | ≈ In line |
| EPS growth, 3 years a year | +21.9% | Good beats 79% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 75.0% | Good beats 83% | 65.0% | 72.8% | ≈ In line |
| Operating margin | 29.9% | Good beats 86% | 16.4% | 25.2% | ▲ Better |
| Net margin | 29.3% | Good beats 96% | 11.1% | 23.1% | ▲ Better |
| Return on invested capital | 232.6% | Good beats 98% | 12.2% | – | – |
| Return on equity | 13.7% | Average beats 52% | 13.7% | 12.6% | ≈ In line |
| Financial strength | |||||
| Interest cover | 50.0x | Good beats 82% | 9.4x | – | – |
| Current ratio | 5.46 | Good beats 99% | 1.52 | 4.24 | ▲ Better |
| Piotroski F-score | 7 / 9 | Average beats 62% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 52.5x | Bad beats 12% | 28.2x | 56.8x | ≈ In line |
| Price / book | 7.2x | Bad beats 30% | 3.7x | 7.3x | ≈ In line |
| Price / sales | 15.4x | Bad beats 3% | 3.7x | 14.0x | ≈ In line |
| EV / EBITDA | 44.6x | Bad beats 8% | 17.6x | – | – |
| Cash flow | |||||
| Free cash flow margin | 48.2% | Good beats 99% | 16.3% | 39.7% | ▲ Better |
| Cash from operations / net income | 1.64 | Average beats 56% | 1.61 | 1.60 | ≈ In line |
| Accruals (lower is better) | −7.2% | Good beats 79% | −3.9% | – | – |
| Efficiency | |||||
| Days sales outstanding | 52 days | Good beats 77% | 62 days | 132 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 9 Good · ● 2 Average · ● 2 BadCash quality
Earnings backed by cashGood
Risk models
Altman Z''Good
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioGood
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 70/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $1.9B | $2.2B | $2.4B | $2.7B | $3.2B |
| Operating income | $505M | $459M | $429M | $691M | $916M |
| Net income | $427M | $488M | $526M | $714M | $909M |
| Operating cash flow | $764M | $780M | $911M | $1.1B | $1.4B |
| Operating margin | 27.3% | 21.3% | 18.2% | 25.2% | 28.7% |
| Free cash flow | – | – | – | – | – |
| Diluted EPS | $2.63 | $3.00 | $3.22 | $4.32 | $5.44 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 0 neutral · 1 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 309.3 | Bullish |
| EMA 10 | 309.8 | Bullish |
| SMA 20 | 295.4 | Bullish |
| EMA 20 | 298.4 | Bullish |
| SMA 50 | 275.5 | Bullish |
| EMA 50 | 273.8 | Bullish |
| SMA 100 | 231.4 | Bullish |
| EMA 100 | 247.4 | Bullish |
| SMA 200 | 206.8 | Bullish |
| EMA 200 | 230.9 | Bullish |
Oscillators (daily)
| RSI (14) | 75.97 | Bearish |
| MACD (12, 26) | 14.27 | Bullish |
| Momentum (12) | 13.77 | Bullish |
| Stochastic %K (14) | 93.44 | Bearish |
| Williams %R (14) | -6.56 | Bearish |
| CCI (20) | 131.6 | Bearish |
Pivot points (classic, last session)
S3 310.5 | S2 314.3 | S1 318.4 | Pivot 322.2 | R1 326.3 | R2 330.1 | R3 334.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold VEEV
| ETF | Share of the fund |
|---|---|
| IHF iShares U.S. Healthcare Providers | 3.98% |
| XOVR ERShares Private-Public Crossover | 3.16% |
| MOAT VanEck Morningstar Wide Moat | 2.41% |
| VFLO VictoryShares Free Cash Flow | 1.42% |
| WCLD WisdomTree Cloud Computing | 1.31% |
| FDN First Trust Dow Jones Internet Index | 1.10% |
| SKYY First Trust Cloud Computing | 0.67% |
| CGMM Capital Group U.S. Small and Mid Cap | 0.65% |
The eight funds with the largest weight in VEEV among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
VEEV SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
8-KSEC EDGAR
Director or officer change
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.