Veeva Systems Inc. VEEV

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 312.96 USD on Nov 1, 2026, +40.2% year to date

Quant rating

Quant rating A Rank 22 of 565 in Health Care

Growth B 137 of 565
Valuation C 351 of 565
Quality A 10 of 565
Revisions B 155 of 565
Momentum A 71 of 565

Wall Street consensus Buy (2.03)Average target 300.70 USD −3.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 50.7B
Enterprise value: 43.4B
52-week range: 148.12 – 325.87
3-year range: 148.12 – 325.87
Dividend yield: –
Beta (5 years): 0.91
Shares outstanding: 162M
Next earnings: Nov 18, 2026

About the company

Veeva Systems Inc. provides cloud solutions for the global life sciences industry. The Company offers cloud software, artificial intelligence (AI), data, and business consulting and is designed to meet the needs of its customers and their strategic business functions, from research and development through commercialization. Its product categories include Veeva Development Cloud, Veeva Quality Cloud, Veeva Commercial Cloud and Veeva Data Cloud. Veeva Development Cloud includes application suites for the clinical, regulatory, and safety functions of life sciences companies, all built on its Veeva Vault platform. Veeva Quality Cloud unifies applications, processes and partners across content management, training, quality management, assurance and control lab solutions on the Veeva Vault platform. Veeva Commercial Cloud comprises software and analytics solutions. It owns Ostro, a brand engagement platform for life sciences. It also provides Veeva Falcon MLR, an agentic MLR solution.

Growth and profitability fiscal year ends January 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,195	2,747	2,364	2,155	1,851	–
Revenue growth	16.3%	16.2%	9.7%	16.4%	26.3%	16.9%
EPS (basic, normalized)	8.10	6.60	4.84	4.28	3.73	–
EPS growth	22.7%	36.4%	13.1%	14.7%	–	–
Gross margin	75.5%	74.5%	71.3%	71.7%	72.8%	73.2%
Net margin	28.4%	26.0%	22.2%	22.6%	23.1%	24.5%
ROE	13.9%	13.6%	12.6%	14.7%	16.5%	14.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	7,243
Current ratio	5.46x
Long-term debt (mil)	0
Net debt (mil)	−7,243
Total equity (mil)	7,431
Net debt / equity	−0.97x
Net debt / EBITDA	−4.92x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	3,195	+16.3%	13.6x	1,472	+28.9%	29.5x	8.10	+22.7%	38.6x
2027	3,688	+15.4%	11.8x	1,641	+11.5%	26.5x	9.24	+14.0%	33.9x
2028	4,139	+12.2%	10.5x	1,835	+11.9%	23.7x	10.24	+10.9%	30.6x
2029	4,649	+12.3%	9.3x	2,079	+13.3%	20.9x	11.54	+12.7%	27.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	3,688	0.0%	+1.2%	+2.5%	9.24	0.0%	+1.9%	+4.4%
2028	4,139	0.0%	+1.3%	+2.6%	10.24	0.0%	+2.1%	+3.7%
2029	4,649	+0.1%	+2.0%	+3.2%	11.54	+0.2%	+2.1%	+6.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	650	676	699	721	759	789	811	836	883	928
Sales mean (mil)	642	668	688	699	732	768	793	811	854	905
Surprise	+1.3%	+1.2%	+1.6%	+3.1%	+3.7%	+2.7%	+2.3%	+3.1%	+3.4%	+2.5%
EPS reported	1.50	1.62	1.75	1.74	1.97	1.99	2.04	2.06	2.24	2.35
EPS mean	1.43	1.53	1.58	1.58	1.74	1.90	1.95	1.93	2.13	2.22
Surprise	+5.2%	+5.6%	+10.8%	+10.1%	+13.3%	+4.8%	+4.6%	+6.6%	+5.1%	+5.8%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VEEV Veeva Systems Inc.	50.7B	−4.92x	28.4%	6.82x	33.9x	30.6x	26.5x	23.7x
MDLN Medline Inc.	42.2B	5.02x	4.1%	3.65x	20.9x	20.6x	17.7x	16.2x
EVH Evolent Health, Inc.	486M	5.63x	−30.9%	1.26x	22.3x	11.2x	10.5x	8.6x
Mean		1.91x	0.5%	3.91x	25.7x	20.8x	18.2x	16.1x
Median		5.02x	4.1%	3.65x	22.3x	20.6x	17.7x	16.2x

Technical analysis

1M+11.8%
3M+55.5%
1Y+7.4%
3Y+65.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Veeva Systems Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,195	2,747	2,364	2,155	1,851	1,465
Cost of revenue	782	700	677	609	504	409
Gross profit	2,413	2,047	1,686	1,546	1,347	1,056
Selling, general & administrative expenses	683	641	610	544	460	384
Research & development	767	693	629	520	382	294
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	30.6	5.0	–	–	–	–
Other operating expenses	16.0	16.0	18.0	22.0	0	0
Operating income	916	691	429	459	505	378
Net interest income (expense)	269	205	134	46.5	14.0	18.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	9.4	23.2	24.8	3.6	−7.2	−1.9
Net income before taxes	1,195	919	588	509	512	394
Provision for taxes	286	205	62.3	21.4	84.9	14.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	909	714	526	488	427	380
Extraordinary items	–	–	–	–	–	–
Net income	909	714	526	488	427	380
EBIT, normalized	947	696	429	459	505	378
EBITDA, normalized	985	736	462	488	533	407
Basic EPS, normalized	8.10	6.60	4.84	4.28	3.73	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Veeva Systems Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	6,561	5,150	4,028	3,103	2,376	1,664
Receivables	1,310	1,057	889	785	694	612
Total inventory	–	–	–	–	–	–
Prepaid expenses	126	101	86.9	81.5	36.7	35.6
Other current assets	0	0	0	0	0	0
Total current assets	7,998	6,309	5,003	3,969	3,107	2,311
Property, plant & equipment	146	120	104	105	104	111
Goodwill	440	440	440	440	440	436
Intangibles	30.3	44.5	63.0	82.5	102	115
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	366	427	301	207	63.3	74.1
Total assets	8,979	7,340	5,911	4,804	3,816	3,046
Liabilities
Accounts payable	37.6	30.4	31.5	41.7	20.3	23.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	104	85.0	85.7	90.9	80.9	72.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	0.4
Other current liabilities	1,496	1,283	1,062	874	740	620
Total current liabilities	1,637	1,398	1,179	1,007	841	716
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	128	109	87.2	81.2	64.0	63.8
Total liabilities	1,765	1,507	1,266	1,088	905	780
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	2,843	2,386	1,915	1,533	1,197	966
Retained earnings (accumulated deficit)	4,364	3,455	2,740	2,215	1,727	1,300
Treasury stock	–	–	–	–	–	–
Other equity	8.2	−8.4	−10.6	−31.1	−12.0	1.0
Total equity	7,215	5,832	4,645	3,716	2,912	2,266
Total liabilities & shareholders' equity	8,979	7,340	5,911	4,804	3,816	3,046

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Veeva Systems Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	909	714	526	488	427	380
Depreciation, depletion & amortization	38.0	39.4	32.6	29.1	27.4	29.5
Deferred taxes	65.1	−112	−105	−128	11.1	−1.0
Non-cash items	495	441	398	384	278	218
Changes in working capital	−91.9	7.6	60.8	7.3	20.7	−75.6
Cash from operations	1,415	1,090	911	780	764	551
Investing activities
Capital expenditures	−29.1	−20.5	−26.2	−13.5	−14.2	−8.7
Other investing cash flows	−1,075	−680	−1,050	−994	−332	−325
Cash from investing	−1,104	−700	−1,076	−1,008	−346	−334
Financing activities
Financing cash flow items	−93.2	−79.4	−78.9	−63.0	−55.3	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	83.9	106	62.7	43.7	51.2	33.8
Cash from financing	−9.3	26.1	−16.2	−19.4	−4.1	33.8
Foreign exchange effects	0.9	−1.7	−1.8	−5.0	−4.7	0.5
Net change in cash	302	414	−183	−252	410	252
Free cash flow	1,386	1,070	885	767	750	543

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.