Veeva Systems Inc (VEEV) stock analysis
Close on Nov 13, 2026Market cap $48.82BP/E 49.3Yield –
StockData Score
Prices as of Nov 13, 2026How the score works
Solid17 of 30 checks passed
Veeva Systems passes 17 of the 30 checks behind our score; 5 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 2/6
- Growth
- 4/6
- Past performance
- 5/6
- Financial health
- 6/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 374%, above the 10% that usually covers the cost of capital.
No debt
Veeva Systems has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 19.1% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 14.0% a year over the last three fiscal years.
What to watch
Margin of safety under 20%
The price is 20.2% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $301.53 is above our fair value estimate of $250.94.
Return on equity under 15%
Return on equity was 14.4% over the last twelve months and averaged 14.3% over five years; we look for 15% on both.
P/E above the industry
Veeva Systems's P/E of 49.3 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 27.3.
Valuation2/6
P/E below its 5-year median
Veeva Systems's P/E of 49.3 is below its own 5-year median of 59.8.
P/E above the industry
Veeva Systems's P/E of 49.3 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 27.3.
EV/EBITDA below its 5-year median
Veeva Systems's EV/EBITDA of 40.2 is below its 5-year median of 52.1.
P/B above the industry
Veeva Systems's price-to-book of 6.57 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 3.05.
Trading above fair value
The share price of $301.53 is above our fair value estimate of $250.94.
Margin of safety under 20%
The price is 20.2% above fair value, so there is no margin of safety.
Growth4/6
Revenue growing 10%+ a year
Revenue grew 14.0% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 21.9% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 25.3% over the last twelve months, against a 5-year average of 19.1% a year.
Growing faster than the industry
Revenue grew 16.5% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.
Guidance lowered
Veeva Systems lowered its Q3’27 Services Revenue outlook on Nov 6, 2026.
Gross margin slipping
Gross margin was 75.0% over the last twelve months, against 75.6% a year earlier.
Past performance5/6
Return on equity under 15%
Return on equity was 14.4% over the last twelve months and averaged 14.3% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 374%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Veeva Systems's return on equity of 14.4% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -1.1%.
Earnings grew over 5 years
Net income grew 19.1% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 29.3% over the last twelve months, against a 5-year average of 24.5%.
Net margin above the industry
Veeva Systems's net margin of 29.3% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -4.7%.
Financial health6/6
No debt
Veeva Systems has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets cover short-term debts
Current assets are 5.46 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 20.36; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Veeva Systems has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$250.94
The share price is 20% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 43.6× | 59.8× | 27.3× | $266.96 | 47% |
| EV/EBITDA | 30.0× | 52.1× | 18.2× | $236.48 | 41% |
| P/B | 5.2× | 7.3× | 3.1× | $237.46 | 12% |
| Earnings powerleft out, too far from the others | 11.2% cost of equity | – | – | $62.79 | – |
| Fair value | $250.94 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 59.8
- Computer Programming, Data Processing, and Other Computer Related Services median 27.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $441.43M
- Value traded per 1% price move
- $300.90M
Downside
Medium risk
- Typical loss in a bad month
- 22.8%
- Volatility (annualized)
- 43%
- Sharpe ratio, 1 year
- -0.07
- Beta to the S&P 500 (5Y)
- 1.22
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +16.3% | +14.0% | +16.9% | +22.8% | |
| Gross profit | +17.9% | +16.0% | +18.0% | +24.6% | |
| Operating income | +32.5% | +25.9% | +19.4% | +27.8% | |
| Net income | +27.3% | +23.1% | +19.1% | +32.5% | |
| EPS, diluted | +25.9% | +21.9% | +18.2% | +30.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 12.9% | 19.3% | 13.9% | |
| Return on assets | 9.6% | 14.3% | 11.1% | |
| Current ratio | 2.88 | 3.23 | 4.89 | |
| Capex to revenue | 1.3% | – | – | |
| Diluted shares | 148M | 161M | 167M |
Cash use needs five years of cash flow figures
Veeva Systems does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 28.4% | 0.39× | 1.25× | 13.9% |
| FY2025 | 26.0% | 0.41× | 1.26× | 13.6% |
| FY2024 | 22.2% | 0.44× | 1.28× | 12.6% |
| FY2023 | 22.6% | 0.50× | 1.30× | 14.7% |
| FY2022 | 23.1% | 0.54× | 1.33× | 16.5% |
| FY2021 | 25.9% | 0.55× | 1.35× | 19.3% |
| FY2020 | 27.3% | 0.56× | 1.35× | 20.7% |
| FY2019 | 26.7% | 0.60× | 1.35× | 21.4% |
| FY2018 | 21.9% | 0.64× | 1.36× | 19.1% |
| FY2017 | 14.1% | 0.68× | 1.35× | 12.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
- ProfitableNet income above zero$908.91M
- Cash generatingOperating cash flow above zero$1.42B
- Return on assets improvedROA up on the prior year12.1% → 12.4%
- Earnings backed by cashOperating cash flow above net income$1.42B vs $908.91M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.51 → 4.89
- No dilutionShare count did not rise165M → 167M
- Gross margin improvedGross margin up on the prior year74.53% → 75.53%
- More efficientAsset turnover rose0.46 → 0.44
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