Veeva Systems Inc key statistics and ratios

In fiscal 2026, Veeva Systems Inc had return on equity of 13.9%, an operating margin of 28.7% and a current ratio of 4.89. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Veeva Systems Inc: financial ratios, annual
Fiscal year	2012Jan 2012	2013Jan 2013	2014Jan 2014	2015Jan 2015	2016Jan 2016	2017Jan 2017	2018Jan 2018	2019Jan 2019	2020Jan 2020	2021Jan 2021	2022Jan 2022	2023Jan 2023	2024Jan 2024	2025Jan 2025	2026Jan 2026	LTMJul 2026
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%
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%
Return on equity	30.0%	78.2%	15.0%	11.8%	11.7%	12.9%	19.1%	21.4%	20.7%	19.3%	16.5%	14.7%	12.6%	13.6%	13.9%	13.9%
Return on assets	—	20.9%	10.3%	8.8%	8.7%	9.6%	14.1%	15.9%	15.3%	14.3%	12.5%	11.3%	9.8%	10.8%	11.1%	11.3%
Asset turnover	—	1.44	0.91	0.68	0.65	0.68	0.64	0.60	0.56	0.55	0.54	0.50	0.44	0.41	0.39	0.38
Current ratio	—	1.60	4.08	3.70	2.69	2.88	3.31	3.57	2.78	3.23	3.70	3.94	4.24	4.51	4.89	5.46
Debt to equity	0.0%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%
Effective tax rate	36.4%	35.4%	38.7%	39.9%	30.7%	36.6%	8.8%	3.7%	4.0%	3.6%	16.6%	4.2%	10.6%	22.3%	23.9%	23.6%
R&D as % of revenue	12.7%	11.3%	12.5%	13.1%	16.1%	17.6%	19.1%	18.4%	19.0%	20.1%	20.6%	24.1%	26.6%	25.2%	24.0%	23.8%
Capital spending as % of revenue	1.1%	0.7%	0.9%	8.5%	5.2%	1.3%	1.4%	1.0%	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	96.6%	158.8%	168.9%	101.6%	108.3%	176.7%	148.0%	131.6%	144.2%	145.1%	178.9%	160.0%	173.4%	152.6%	155.7%	164.1%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	12.0%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Veeva Systems Inc: financial ratios, quarterly
Quarter	2025 Q3Oct 2024	2025 Q4Jan 2025	2026 Q1Apr 2025	2026 Q2Jul 2025	2026 Q3Oct 2025	2026 Q4Jan 2026	2027 Q1Apr 2026	2027 Q2Jul 2026
Gross margin	75.1%	74.9%	77.1%	75.3%	75.4%	74.5%	75.0%	75.0%
Operating margin	25.9%	26.1%	30.8%	24.8%	29.7%	29.4%	30.9%	29.6%
Net margin	26.6%	27.1%	30.1%	25.4%	29.1%	29.2%	29.6%	29.5%
Free-cash-flow margin	23.5%	9.6%	115.6%	30.2%	23.8%	12.8%	127.7%	25.7%
Current ratio	6.36	4.51	4.60	5.57	7.53	4.89	4.74	5.46
R&D as % of revenue	24.7%	25.2%	24.2%	24.4%	23.7%	23.8%	23.6%	24.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Veeva Systems Inc's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Veeva Systems Inc.