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Veeva Systems Inc (VEEV) stock

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NYSE: VEEV NYSE Health Care Technology Next results ~November 25, 2026

B+ Fundamentals grade

Veeva Systems is a cloud software company serving the global life sciences industry — pharmaceutical, biotechnology and medical device makers. Its applications fall into four families: Veeva Development Cloud, which supports clinical trials, regulatory submissions and drug safety on the firm's Vault platform; Veeva Quality Cloud for manufacturing quality and training; Veeva Commercial Cloud, covering sales, marketing and medical affairs through products such as Vault CRM, PromoMats and Crossix; and Veeva Data Cloud, which supplies reference, patient and prescriber data. The company has also begun adding AI agents to its applications.

Customers pay for cloud software and data subscriptions, alongside professional services and business consulting. As of January 2026 Veeva served 1,552 customers, ranging from large drugmakers such as Bayer, Eli Lilly and Novartis to smaller firms, plus contract research and sales organisations and some consumer-products companies.

Veeva sells directly, splitting its teams between R&D/quality and commercial buyers, and hosts products in data centres across the United States, Europe, Japan, South Korea, Singapore, Australia, Brazil and China. It is a Delaware public benefit corporation and employs 7,928 people worldwide.

Based on Veeva Systems Inc's 10-K filed March 20, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$290

Cash-flow model

Base case. Range ~$230–$360 across our lower- and higher-growth cases (11.1%–21.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 7% above our base value.

Price used: $307.00, November 2, 2026

Veeva Systems Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 16 sales by directors and officers, last 12 monthsInsider trades
  • Funds571 adding, 509 cuttingOf 92 active managers that changed their stake, 37 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Veeva Systems files

Where Veeva Systems stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $3.46bn, up 16.5% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 48.2% from 45.5% a year earlier. Operating margin widened to 29.9% from 26.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $237 a share, against a share price of $320. At that price, our model says the market is pricing in about 21.8% a year of cash-flow growth for five years, faster than the 13.3% a year revenue growth it has delivered.

Source: 10-Q filed August 27, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 25, 2026 (estimated)

Veeva Systems Inc's trailing-twelve-month revenue grew 16.5% year on year, with a free-cash-flow margin of 47.4%. Where it stands out: operating margin of 29.9% ranks 1 of 22 health care technology companies we cover.

Our discounted-cash-flow model values the business at ~$290 per share in the base case (~$230–$360 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free-cash-flow margin near historical high: TTM FCF margin of 47.4% is in the 98th percentile of its own history.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 16.5% over the last 12 months, against a median of 8.8% for health care technology companies we cover.
  • High operating margin. 29.9% of revenue is left as operating profit, against a median of -6.6% for health care technology companies we cover.
  • Strong cash generation. 47.4% of revenue turned into free cash flow, against a median of 10.6% for health care technology companies we cover.
  • Net cash. Cash exceeds long-term debt by $1.8bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • High earnings multiple. The shares trade at 50 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 4 insiders sold $17M of stock over the past 365 days and none bought (91% under pre-set trading plans).

Latest results: FY2027 Q2

Filed August 27, 2026
Earnings per share
$2.35 against an average estimate of $2.22: beat by 5.8%
Revenue
$928m, up 17.6% on a year earlier
Share reaction
+14.3% in the first session after the results on August 26, 2026, against +0.7% for the S&P 500
Guidance given
total revenues $932m to $935m (fiscal third quarter ending October 31, 2026); non-GAAP operating income $417m to $420m (fiscal third quarter ending October 31, 2026)
Next report
November 25, 2026; average EPS estimate $2.34

Veeva Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.9%
  • 1 week-3.5%
  • 1 month+12.3%
  • This year+37.5%
  • 1 year+5.4%
  • 5 years-3.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.5B
Operating margin
29.9%
Net margin
29.3%
EPS (TTM, diluted)
$6.10

Growth

Revenue growth
+16.5%
Change in growth rate
+0.3 pts
Share count change
−0.1%

Cash

Free cash flow (TTM)
$1.6B
FCF margin
47.4%
Stock pay % of revenue
14.3%

Earnings

Last results
August 26, 2026
Next results (est.)
November 22, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Announcement
  3. Insider trade
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Insider trade
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement
  13. Announcement
  14. Insider trade
  15. Results
  16. Guidance
  17. Leadership
  18. Insider trade
  19. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Veeva Systems Inc valuation models and calculator

What the price is pricing in

The share price implies about 18.5% a year of cash-flow growth for five years.That is faster than the 13.3% a year revenue growth Veeva Systems has delivered.

  • Priced in18.5%
  • Last 12 months16.5%
  • 3 years a year15.7%
  • 5 years a year13.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($299.51, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$290
Price used
$299.51close November 3, 2026
Implied change
▼ 4%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Veeva Systems Inc's free cash flow after stock-based pay with after-tax interest added back ($988M, FY2027 Q2 TTM), growing 14% and 14.7% in the next two years (forecasts, guidance and its record), then back to 16.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$230–~$360 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Veeva Systems Inc's free cash flow after stock-based pay ( $988M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Veeva Systems Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.01 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$290 ~$230–$360 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$92–$180 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$80 ~$55–$120 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$77 ~$67–$91 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$170 ~$77–$290 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Veeva Systems Inc with Health Care Technology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −22%
  • Revenue growth 5 points higher ▲ +28%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ +5%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $133$164$206$261$333$426
8.5% $112$135$165$205$256$322
10% $100$117$141$171$210$260

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$24.10$42.33$62.86$109.06$146.61$276.44$236.54$170.55$207.41$233.26$203.92$307.00
Market value$3.5bn$6.2bn$9.7bn$17.0bn$23.2bn$44.4bn$38.4bn$27.7bn$33.9bn$38.5bn$34.1bn$51.0bn
+ Net debt (− = net cash)−$132m−$218m−$320m−$551m−$477m−$731m−$1.1bn−$886m−$703m−$1.1bn−$1.4bn−$1.8bn
Enterprise value$3.4bn$6.0bn$9.3bn$16.5bn$22.7bn$43.7bn$37.2bn$26.8bn$33.2bn$37.4bn$32.6bn$49.2bn
Multiples
Price / sales 8.5x11.3x14.0x19.7x21.0x30.3x20.7x12.9x14.3x14.0x10.7x14.8x
Price / earnings 64.2x80.5x63.9x74.1x77.1x116.9x89.8x56.8x64.5x54.0x37.5x50.3x
Price / free cash flow 59.2x45.6x43.2x56.3x53.4x80.6x50.2x35.5x37.2x35.4x24.1x30.7x
EV / EBITDA 38.6x44.8x54.2x69.5x74.3x113.0x72.7x57.7x76.3x———

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

79 /100

Strong moat

How hard Veeva Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 24.0% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 72.4%, moving by 1.9 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 24.4%; its worst year was 17.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 39.0% of revenue.

  • Discipline 6 / 20

    The diluted share count rose 2.7% over five years; stock-based pay has been a median 13.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (84 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 25, 2026, after the close. Analysts expect revenue of $935m and EPS of $2.34 (range $2.32 to $2.40) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.24 +14% $3.7bn +16%
Next $10.26 +11% $4.1bn +12%

Next year's EPS estimate has moved +2.2% in 90 days, across 26 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.9% on 90 days ago. In the last 30 days, 26 analysts raised Veeva Systems Inc's forecast and 0 cut it.

Consensus EPS forecast Veeva Systems Inc, last 90 days
$9.00 $9.50 $10.00 $10.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.06 Current fiscal year, 60 days ago: $9.24 Current fiscal year, 30 days ago: $9.24 Current fiscal year, 7 days ago: $9.24 Current fiscal year, Now: $9.24 $9.24 Next fiscal year, 90 days ago: $10.03 Next fiscal year, 60 days ago: $10.24 Next fiscal year, 30 days ago: $10.25 Next fiscal year, 7 days ago: $10.25 Next fiscal year, Now: $10.26 $10.26

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.06$10.03
60 days ago $9.24$10.24
30 days ago $9.24$10.25
7 days ago $9.24$10.25
Now $9.24$10.26

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $2.22 $2.35 +5.8%
Apr 2026 $2.14 $2.24 +4.9%
Jan 2026 $1.94 $2.06 +6.5%
Oct 2025 $1.95 $2.04 +4.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 26, 2026
  • Total revenues fiscal year ending January 31, 2027 $3,682m to $3,687m
    “Total revenues between $3,682 and $3,687 million.” source
  • Total revenues fiscal third quarter ending October 31, 2026 $932m to $935m New
    “Total revenues between $932 and $935 million.” source
  • Non-GAAP fully diluted net income per share fiscal year ending January 31, 2027 about $9.21 Non-GAAP
    “Non-GAAP fully diluted net income per share of approximately $9.21. (2)” source
  • Non-GAAP fully diluted net income per share fiscal third quarter ending October 31, 2026 $2.33 to $2.34 Non-GAAP New
    “Non-GAAP fully diluted net income per share between $2.33 and $2.34. (2)” source
  • Non-GAAP operating income fiscal year ending January 31, 2027 about $1,640m Non-GAAP
    “Non-GAAP operating income of about $1,640 million. (2)” source
  • Non-GAAP operating income fiscal third quarter ending October 31, 2026 $417m to $420m Non-GAAP New
    “Non-GAAP operating income between $417 and $420 million. (2)” source

How earlier guidance turned out

  • Total revenues, fiscal second quarter ending July 31, 2026 guided $902m to $905m Above range: $928m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Veeva Systems Inc's revenue by +14.0% next year and +14.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+13.3%, weight 57%) , management guidance (+13.2%, weight 18%) and the company's own record (+16.1%, weight 25%) . How the weights are set.

Analyst recommendations

29 analysts, Nov 2026
Buy2069%
Hold828%
Sell13%

Monthly trend

  1. Nov 2026713829
  2. Oct 2026813830
  3. Sep 2026812829

Counts of recommendations published by analysts covering Veeva Systems Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.8%
of tradable shares
Days to cover
2.59
at average volume
Short interest, 1 month
−15%
to October 15, 2026
Held by institutions
93%
of shares
Held by insiders
8.6%
of shares
Employees
7,928
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +5.4%

$291.20 on October 31, 2025 to $307.00

ThenNowEffect
Revenue (last 12 months) $3.0bn $3.5bn +16.5%
Net margin 27.3% 29.3% +7.5%
P/E multiple 59.9x 50.3x −16.0%
Share count 166m 166m +0.1%

Biggest factor: p/e multiple.

Last 3 years +57.8%

$194.59 on November 3, 2023 to $307.00

ThenNowEffect
Revenue (last 12 months) $2.2bn $3.5bn +54.9%
Net margin 24.2% 29.3% +21.3%
P/E multiple 58.7x 50.3x −14.3%
Share count 163m 166m −2.0%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VEEV−6%−37%+19%+9%+6%+38%
Industry peers (median)−14%−67%−25%−24%−28%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VEEV58%33%50%58%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VEEV−27%−41%−27%−27%−30%−37%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 56% from August 5, 2021 to October 14, 2022. Getting back needed a 126% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$151.43 – $323.04
From 52-week high
−5.0%
vs 50-day average
+7.7%
vs 200-day average
+46.4%
Volatility (1 year)
43%
Beta vs S&P 500
0.55

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±8.1%
After a week
6 up, 6 down
typical move ±7.7%
After a month
8 up, 4 down
typical move ±8.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 26, 2026 +14.3% +0.7% +13.8% +13.7%
June 3, 2026 −2.4% −0.3% −10.5% +5.0%
March 4, 2026 +5.5% +0.1% +0.6% −6.4%
November 20, 2025 −10.6% −0.5% −12.0% −18.2%
August 27, 2025 −5.0% +0.6% −5.8% +1.3%
May 28, 2025 +17.2% −0.2% +19.1% +19.0%
March 5, 2025 +8.1% −0.7% +6.9% +1.4%
December 5, 2024 +5.3% 0.0% −2.2% −10.9%
November 8, 2024 +6.0% +0.5% −4.5% +10.2%
August 28, 2024 +8.4% −0.6% +7.5% +5.3%
May 30, 2024 −13.1% +0.2% −7.7% −9.4%
February 29, 2024 −1.5% +1.3% +2.1% +2.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Veeva Systems Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.25× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

VEEV Veeva Systems Inc Grade B+ $308.12

Sell the $290 put expiring December 18, 2026 (46 days) for $11.80 a share — $1,180 per contract.

Previous session · Bid $11.80, ask $14.90, quoted Mon 2 Nov, 17:39 New York time with VEEV at $308.12. Option prices move with the shares: check the live chain at your broker before trading.

  • If VEEV ends above $290: you keep the $1,180 — 4.1% on the $29,000 set aside, or 32.3% a year at that pace.
  • If it ends below $290: you buy 100 shares at an effective $278.2, 10% below today's price and 4% below our value of ~$290.
$1.2k $0 −$5.6k Break-even $278.2 Our value $290 Price $308.12
Profit or loss per contract at expiry, by share price.
Premium
$1,180
Annualised
32.3%
Break-even
$278.2
Max gain
$1,180
Chance of buying
~33%

Results are expected around November 22, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

VEEV Veeva Systems Inc Grade B+ $308.12

Own 100 shares, sell the $350 call expiring December 18, 2026 (46 days) for $7.90 a share — $790 per contract.

Previous session · Bid $7.90, ask $10.40, quoted Mon 2 Nov, 17:39 New York time with VEEV at $308.12. Option prices move with the shares: check the live chain at your broker before trading.

  • If VEEV ends below $350: you keep your shares and the $790 — 2.6% extra on the position, 20.3% a year at that pace.
  • If it ends above $350: your shares are sold at $350, a total return of 16.2% including the premium — at or above our value of ~$290.
$5.0k $0 −$6.0k Our value $290 Break-even $300.22 Price $308.12
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$790
Annualised
20.3%
Break-even
$300.22
Max gain
$4,978
Chance of selling
~29%

Results are expected around November 22, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $290 put and sell the $350 call, both expiring December 18, 2026 (46 days).

  • Net cost of $7.00 a share ($700 per contract of 100 shares).
  • Worst case at expiry: -8.2%, if the shares fall below $290 (-5.9% from today).
  • Best case at expiry: +11.3%, if the shares rise above $350 (+13.6%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $290: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Veeva Systems Inc in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Veeva Systems Inc
$2B $2.5B $3B $3.5B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $2.3B Revenue (TTM), FY24 Q4: $2.4B Revenue (TTM), FY25 Q1: $2.5B Revenue (TTM), FY25 Q2: $2.6B Revenue (TTM), FY25 Q3: $2.7B Revenue (TTM), FY25 Q4: $2.7B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $3B Revenue (TTM), FY26 Q3: $3.1B Revenue (TTM), FY26 Q4: $3.2B Revenue (TTM), FY27 Q1: $3.3B Revenue (TTM), FY27 Q2: $3.5B $3.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $2.3B
FY24 Q4 $2.4B
FY25 Q1 $2.5B
FY25 Q2 $2.6B
FY25 Q3 $2.7B
FY25 Q4 $2.7B
FY26 Q1 $2.9B
FY26 Q2 $3B
FY26 Q3 $3.1B
FY26 Q4 $3.2B
FY27 Q1 $3.3B
FY27 Q2 $3.5B
Revenue growth, TTM YoY Veeva Systems Inc
8% 10% 12% 14% 16% 18% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 10.6% Revenue growth, TTM YoY, FY24 Q4: 9.7% Revenue growth, TTM YoY, FY25 Q1: 14.3% Revenue growth, TTM YoY, FY25 Q2: 15.3% Revenue growth, TTM YoY, FY25 Q3: 15.7% Revenue growth, TTM YoY, FY25 Q4: 16.2% Revenue growth, TTM YoY, FY26 Q1: 14.8% Revenue growth, TTM YoY, FY26 Q2: 15.3% Revenue growth, TTM YoY, FY26 Q3: 16.0% Revenue growth, TTM YoY, FY26 Q4: 16.3% Revenue growth, TTM YoY, FY27 Q1: 16.2% Revenue growth, TTM YoY, FY27 Q2: 16.5% 16.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 10.6%
FY24 Q4 9.7%
FY25 Q1 14.3%
FY25 Q2 15.3%
FY25 Q3 15.7%
FY25 Q4 16.2%
FY26 Q1 14.8%
FY26 Q2 15.3%
FY26 Q3 16.0%
FY26 Q4 16.3%
FY27 Q1 16.2%
FY27 Q2 16.5%
Operating margin (TTM) Veeva Systems Inc
15% 20% 25% 30% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 17.5% Operating margin (TTM), FY24 Q4: 18.2% Operating margin (TTM), FY25 Q1: 21.0% Operating margin (TTM), FY25 Q2: 22.7% Operating margin (TTM), FY25 Q3: 24.0% Operating margin (TTM), FY25 Q4: 25.2% Operating margin (TTM), FY26 Q1: 27.0% Operating margin (TTM), FY26 Q2: 26.9% Operating margin (TTM), FY26 Q3: 27.9% Operating margin (TTM), FY26 Q4: 28.7% Operating margin (TTM), FY27 Q1: 28.8% Operating margin (TTM), FY27 Q2: 29.9% 29.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 17.5%
FY24 Q4 18.2%
FY25 Q1 21.0%
FY25 Q2 22.7%
FY25 Q3 24.0%
FY25 Q4 25.2%
FY26 Q1 27.0%
FY26 Q2 26.9%
FY26 Q3 27.9%
FY26 Q4 28.7%
FY27 Q1 28.8%
FY27 Q2 29.9%
FCF margin (TTM) Veeva Systems Inc
35% 40% 45% 50% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 39.0% FCF margin (TTM), FY24 Q4: 37.4% FCF margin (TTM), FY25 Q1: 45.7% FCF margin (TTM), FY25 Q2: 37.8% FCF margin (TTM), FY25 Q3: 39.7% FCF margin (TTM), FY25 Q4: 38.9% FCF margin (TTM), FY26 Q1: 41.5% FCF margin (TTM), FY26 Q2: 44.7% FCF margin (TTM), FY26 Q3: 43.9% FCF margin (TTM), FY26 Q4: 43.4% FCF margin (TTM), FY27 Q1: 49.4% FCF margin (TTM), FY27 Q2: 47.4% 47.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 39.0%
FY24 Q4 37.4%
FY25 Q1 45.7%
FY25 Q2 37.8%
FY25 Q3 39.7%
FY25 Q4 38.9%
FY26 Q1 41.5%
FY26 Q2 44.7%
FY26 Q3 43.9%
FY26 Q4 43.4%
FY27 Q1 49.4%
FY27 Q2 47.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Veeva Systems took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $3.2B
  2. Other income $278M · 8.7%
  3. Cost of revenue $782M · 24.5%
  4. Gross profit $2.4B · 75.5%
  5. Research and development $767M · 24.0%
  6. Selling, general and admin $730M · 22.8%
  7. Operating income $916M · 28.7%
  8. Income tax $286M · 8.9%
  9. Net income $909M · 28.4%

Shares of revenue. Source: Veeva Systems's 10-K for FY2026, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Jan 2012 2013 Jan 2013 2014 Jan 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Jan 2018 2019 Jan 2019 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 61 130 210 313 409 551 691 862 1,104 1,465 1,851 2,155 2,364 2,747 3,195 3,458
Gross profit 32 73 128 198 267 377 479 617 801 1,056 1,347 1,546 1,686 2,047 2,413 2,592
EBITDA 7 31 42 74 87 135 172 237 306 387 512 465 435 — — —
Operating income 7 30 39 70 79 121 158 223 286 378 505 459 429 691 916 1,035
Net income 4 19 24 40 54 78 151 230 301 380 427 488 526 714 909 1,015
Diluted EPS $0.01 $0.06 $0.07 $0.28 $0.38 $0.53 $0.98 $1.47 $1.90 $2.36 $2.63 $3.00 $3.22 $4.32 $5.44 $6.10
Growth (year on year)
Revenue — +111.5% +62.2% +49.0% +30.6% +34.5% +25.4% +24.9% +28.1% +32.7% +26.3% +16.4% +9.7% +16.2% +16.3% +16.5%
EBITDA — +337.5% +35.3% +77.1% +17.8% +54.5% +28.0% +37.6% +29.2% +26.4% +32.5% −9.2% −6.4% — — —
Operating income — +352.4% +30.9% +78.0% +12.3% +53.6% +30.9% +41.1% +28.4% +32.0% +33.8% −9.2% −6.5% +61.0% +32.5% +29.5%
Net income — +344.0% +25.7% +71.0% +34.9% +42.4% +94.9% +52.0% +31.0% +26.2% +12.5% +14.1% +7.8% +35.8% +27.3% +25.3%
Diluted EPS — +450.0% +36.4% +273.3% +35.7% +39.5% +84.9% +50.0% +29.3% +24.2% +11.4% +14.1% +7.3% +34.2% +25.9% +25.4%
Margins
Gross margin 52.6% 56.0% 60.7% 63.1% 65.2% 68.5% 69.4% 71.6% 72.5% 72.1% 72.8% 71.7% 71.3% 74.5% 75.5% 75.0%
EBITDA margin 11.5% 23.8% 19.8% 23.6% 21.3% 24.4% 24.9% 27.5% 27.7% 26.4% 27.7% 21.6% 18.4% — — —
Operating margin 10.8% 23.2% 18.7% 22.3% 19.2% 21.9% 22.9% 25.8% 25.9% 25.8% 27.3% 21.3% 18.2% 25.2% 28.7% 29.9%
Net margin 6.9% 14.5% 11.2% 12.9% 13.3% 14.1% 21.9% 26.7% 27.3% 25.9% 23.1% 22.6% 22.2% 26.0% 28.4% 29.3%
Free-cash-flow margin 6.7% 23.0% 19.0% 13.1% 14.4% 24.9% 32.4% 35.1% 39.3% 37.6% 41.3% 36.2% 38.6% 39.7% 44.3% 48.2%
Cash flow
Cash from operations 5 31 42 68 80 144 233 311 437 551 764 780 911 1,090 1,415 1,665
Capital spending 1 1 2 27 21 7 10 8 3 0 0 0 0 0 0 0
Free cash flow 4 30 40 41 59 137 224 302 434 551 764 780 911 1,090 1,415 1,665
Stock-based pay 0 1 7 14 24 41 54 76 116 185 235 352 394 437 473 495
Free cash flow after stock pay 4 29 33 27 35 96 170 226 318 366 530 429 518 653 943 1,171
Balance sheet
Cash 17 32 263 129 132 218 320 551 477 731 1,138 886 703 1,119 1,421 1,812
Total debt 0 — — — — — — — — — — — — — — 0
Net debt (negative = net cash) −17 −32 −263 −129 −132 −218 −320 −551 −477 −731 −1,138 −886 −703 −1,119 −1,421 −1,812
Diluted shares 50m 61m 136m 144m 145m 148m 154m 156m 158m 161m 162m 162m 163m 165m 167m 166m
Returned to shareholders
Buybacks — — — — — — — — — — — — 0 0 170 —
Total returned — — — — — — — — — — — — 0 0 170 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · July 31, 2026
What it owns · $9.1bn
Short-term assets $7.9bnLonger-term assets $1.1bn
What it owes, and who funded it · $9.1bn
Short-term liabilities $1.5bnLonger-term liabilities $173mShareholders' equity $7.4bn
  • Short-term assets cover short-term liabilities $7.9bn of assets due within a year against $1.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.9bn short-term assets against $173m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Veeva Systems Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$170M
Diluted share count
−0.1%
year over year
R&D spending
23.8%
of revenue
Days sales outstanding
52 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care technology
Last 12 months unless stated VEEV TDOC TEM SOLV WAY OMCL Median
Revenue, last 12 months $3.5bn $2.5bn $1.5bn $8.3bn $1.3bn $1.2bn $292m
Revenue growth, last 12 months 16.5% −2.4% 36.6% −0.9% 21.4% 8.5% 8.8%
Revenue growth, 3-year average 15.7% −1.5% — — — 0.3% 0.8%
Revenue growth, latest quarter 17.6% −3.4% 23.1% 2.2% 21.2% 7.4% 7.4%
Gross margin 75.0% 70.2% — 54.7% — 44.8% 58.6%
Operating margin 29.9% −6.6% −18.5% 25.0% 21.9% 4.6% −12.5%
Operating margin, 3-year average 26.5% −18.8% −49.5% 17.6% 19.1% 0.8% −18.8%
Net margin 29.3% −6.3% −12.5% 17.3% 10.7% 3.1% −12.5%
Cash from operations / revenue 48.2% 10.9% −7.2% 2.5% 24.9% 14.6% 9.7%
Free-cash-flow margin 47.4% 10.6% −9.1% −1.4% 20.9% 11.4% 9.2%
Free-cash-flow margin, 3-year average 43.3% 11.5% −21.2% 6.3% 19.4% 12.0% 8.2%
Stock pay / revenue 14.3% 2.1% 13.3% 2.0% 4.9% 3.6% 9.5%
Change in share count −0.1% 2.9% — 0.2% 9.7% −1.5% 2.9%

Median of all 23 companies we cover in health care technology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 health care technology companies
Measure Company Peer median Rank
Revenue growth Growth 16.5% 8.8% 8 of 23
Change in growth rate Growth +0.3pp -0.3pp 11 of 23
Gross margin Profitability 75.0% 58.2% 3 of 14
Operating margin Profitability 29.9% -6.6% 1 of 22
Net margin Profitability 29.3% -12.5% 1 of 23
Free-cash-flow margin Cash generation 47.4% 10.6% 1 of 22
Stock pay as % of revenue Cash generation 14.3% 9.7% 16 of 22
Change in share count Balance sheet -0.1% 2.6% 6 of 19
Days sales outstanding Balance sheet 52 days 58 days 9 of 21

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Products and services
Line of business Revenue Share YoY
Subscriptions $2.7B 84.0% ▲ 17.5%
Subscription Services Veeva Research and Development and Quality Solutions $1.4B 53.1% ▲ 20.9%
Subscription Services Veeva Commercial Cloud $1.3B 46.9% ▲ 13.8%
Technology services $511M 16.0% ▲ 10.6%
Professional Services Veeva Research and Development and Quality Solutions $322M 63.0% ▲ 16.3%
Professional Services Veeva Commercial Cloud $189M 37.0% ▲ 2.2%
Geography
Region Revenue Share YoY
North America $1.9B 59.6% ▲ 17.4%
Europe $940M 29.4% ▲ 18.8%
Asia Pacific $280M 8.8% ▲ 5.4%
Other International $72.2M 2.3% ▲ 5.5%

From Veeva Systems Inc's 10-K filed March 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$25.8B
Institutions reporting
1,059
Shares held vs prior quarter
▲ 5.8%
Positions opened / closed
186 / 152

Top buyers and sellers, Q2 2026: 571 institutions bought and 509 sold ; the biggest buyer was State Street Corp (+3.1M shares) and the biggest seller FMR LLC (−2.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.3B 12.9M 8.9% ▲ 11.3%
Vanguard Capital Management LLC $1.7B 9.7M 6.7% ▲ 45.3%
Vanguard Portfolio Management LLC $1.3B 7.4M 5.1% ▲ 0.5%
State Street Corp $1.2B 6.7M 4.6% ▲ 85.9%
Principal Financial Group Inc $884M 5.0M 3.4% ▲ 20.2%
Alliancebernstein L.P. $863M 4.9M 3.3% ▼ 21.7%
Geode Capital Management, LLC $797M 4.5M 3.1% ▲ 36.1%
Linonia Partnership LP $783M 4.4M 3.0% ▼ 10.5%
AQR Capital Management LLC $615M 3.5M 2.4% ▲ 34.7%
Price T Rowe Associates Inc $561M 3.2M 2.2% ▲ 55.5%
T. Rowe Price Investment Management, Inc. $540M 3.0M 2.1% ▼ 10.6%
Schroder Investment Management Group $384M 2.2M 1.5% ▲ 26.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Veeva Systems Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $16.8M 16 trades by 4 insiders · 91% under pre-set plans
Net ▼ $16.8M net selling
Insider Date Trade Shares Price Value
Faddis Jonathan SVP, Gen. Counsel, Secretary October 14, 2026 Sell pre-set plan 708 $298.19 $211,120
Faddis Jonathan SVP, Gen. Counsel, Secretary October 14, 2026 Sell pre-set plan 975 $299.29 $291,810
Faddis Jonathan SVP, Gen. Counsel, Secretary October 14, 2026 Sell pre-set plan 3,515 $300.14 $1.1M
Rizzo Daniel J EVP, Sales, Consulting, & Svcs October 2, 2026 Sell 321 $276.21 $88,662
Rizzo Daniel J EVP, Sales, Consulting, & Svcs October 2, 2026 Sell 4,520 $276.53 $1.2M
Schwenger Thomas D. Pres. & Chief Customer Officer September 14, 2026 Sell pre-set plan 1,000 $265.20 $265,200
Hung Priscilla Director September 9, 2026 Sell 750 $261.04 $195,780
Schwenger Thomas D. Pres. & Chief Customer Officer August 27, 2026 Sell pre-set plan 10,000 $281.33 $2.8M
Schwenger Thomas D. Pres. & Chief Customer Officer August 13, 2026 Sell pre-set plan 1,819 $251.03 $456,620
Schwenger Thomas D. Pres. & Chief Customer Officer August 13, 2026 Sell pre-set plan 33,181 $250.44 $8.3M
Schwenger Thomas D. Pres. & Chief Customer Officer August 13, 2026 Sell pre-set plan 1,000 $241.91 $241,910
Schwenger Thomas D. Pres. & Chief Customer Officer July 16, 2026 Sell pre-set plan 5,000 $200.00 $1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 18 trades and filings

No trades in Veeva Systems Inc disclosed in the last 12 months; 18 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded May 29, 2025, filed June 23, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded May 16, 2025, filed June 9, 2025
  • Byron Donalds(R-FL 19):Sale (full), $1,001 - $15,000, traded March 20, 2025, filed April 14, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 22, 2026 estimated from the company's past filing pattern, not announced

  • August 26, 2026
  • June 3, 2026
  • March 4, 2026
  • November 20, 2025
  • August 27, 2025
  • May 28, 2025

Recent SEC filings

Data status

When each part of this page on Veeva Systems Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Veeva Systems Inc in brief

What does Veeva Systems Inc do?
Veeva Systems Inc is a US-listed company in the health care technology industry. Its financial year ends in January.
What is Veeva Systems Inc's stock ticker?
Veeva Systems Inc trades under the ticker VEEV on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Veeva Systems Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Veeva Systems Inc reported revenue of $3.5B, 16.5% higher than a year earlier, according to its SEC filings.
What is Veeva Systems Inc's free cash flow?
Veeva Systems Inc's free-cash-flow margin is 47.4% of revenue over the trailing twelve months, ranking 1 of the 22 health care technology companies we cover.
What is Veeva Systems Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Veeva Systems Inc's free cash flow after stock-based pay gives ~$290 per share in the base case, and ~$230–$360 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Veeva Systems Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Veeva Systems Inc's market cap?
On November 2, 2026, Veeva Systems Inc's market capitalisation was about $51B, with a price-to-earnings ratio of 50.3 and net debt of -$1.8B. Market figures come from third-party market data and may be delayed.
Who are Veeva Systems Inc's competitors?
In our Health Care Technology peer group, the companies closest to Veeva Systems Inc are Teladoc Health, Inc., Tempus AI, Inc., Solventum, Waystar Holding Corp. and Omnicell, Inc. The side-by-side comparison below sets their revenue, margins and growth against Veeva Systems Inc's.
Are insiders buying or selling Veeva Systems Inc stock?
Over the last 12 months, Veeva Systems Inc's directors and officers reported 0 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Veeva Systems Inc's next earnings date?
Around November 25, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Veeva Systems Inc announces its own schedule.