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Friday 6 November 2026
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Veeva Systems Inc.
VEEV Healthcare Health Information Services
Veeva Systems Inc.’s revenue for fiscal 2026 (year ended January 2026) was $3.2 billion, up 16.3% from fiscal 2025.
- Revenue
- +17.6%
- EPS
- +36.6%
- Free cash flow
- −0.62%
Quarter to July 2026, against a year earlier
301.81
8.29
−2.67%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to January
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Jul ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 551 | 691 | 862 | 1,104 | 1,465 | 1,851 | 2,155 | 2,364 | 2,747 | 3,195 | 3,458 | +21.6% | 3,690 | 4,144 | 4,652 | +13.3% | |
| Gross margin, % | 68.45 | 69.38 | 71.55 | 72.52 | 72.09 | 72.79 | 71.72 | 71.35 | 74.53 | 75.53 | 74.96 | +7.1 pt | ||||||
| EBT | 122 | 166 | 239 | 314 | 394 | 512 | 509 | 588 | 919 | 1,195 | 1,327 | +28.8% | ||||||
| EBT margin, % | 22.22 | 24.01 | 27.68 | 28.41 | 26.89 | 27.68 | 23.62 | 24.88 | 33.47 | 37.38 | 38.38 | +15.2 pt | ||||||
| Net income | 78 | 151 | 230 | 301 | 380 | 427 | 488 | 526 | 714 | 909 | 1,015 | +31.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 4.06 | 4.92 | 5.98 | 7.47 | 9.72 | 12.08 | 13.87 | 14.72 | 16.97 | 19.52 | 21.30 | +19.1% | |||||
| Earnings | 0.57 | 1.01 | 1.59 | 2.03 | 2.52 | 2.79 | 3.14 | 3.27 | 4.41 | 5.55 | 6.21 | +28.8% | ||||||
| Cash flow | 1.06 | 1.66 | 2.15 | 2.96 | 3.66 | 4.99 | 5.02 | 5.68 | 6.73 | 8.65 | 10.26 | +26.2% | ||||||
| Capex | (0.06) | (0.08) | (0.07) | (0.03) | (0.06) | (0.09) | (0.09) | (0.16) | (0.13) | (0.18) | (0.16) | +13.9% | ||||||
| Free cash flow | 1.01 | 1.58 | 2.09 | 2.93 | 3.60 | 4.90 | 4.94 | 5.51 | 6.61 | 8.47 | 10.09 | +26.7% | ||||||
| Book value | 4.81 | 6.46 | 8.58 | 11.27 | 15.04 | 19.00 | 23.92 | 28.93 | 36.03 | 44.08 | 45.78 | +27.9% | ||||||
| Shares, m | 136 | 140 | 144 | 148 | 151 | 153 | 155 | 161 | 162 | 164 | 163 | +2.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 73.89 | 62.24 | 68.59 | 71.87 | 112.27 | 84.78 | 54.49 | 63.23 | 52.89 | 36.57 | 49.82 | 68.1 | |||||
| P/S | 10.43 | 12.77 | 18.25 | 19.63 | 29.09 | 19.59 | 12.30 | 14.09 | 13.75 | 10.42 | 14.52 | 16.0 | ||||||
| P/B | 8.80 | 9.73 | 12.71 | 13.01 | 18.81 | 12.45 | 7.13 | 7.17 | 6.47 | 4.61 | 6.76 | 10.1 | ||||||
| EV/Sales | 9.49 | 11.67 | 16.98 | 18.64 | 27.96 | 18.30 | 10.86 | 12.38 | 11.87 | 8.36 | 12.43 | 14.7 | ||||||
| EV/FCF | 38.28 | 36.29 | 48.64 | 47.53 | 75.50 | 45.15 | 30.51 | 33.07 | 30.49 | 19.28 | 26.23 | 40.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 144 | 233 | 311 | 437 | 551 | 764 | 780 | 911 | 1,090 | 1,415 | 1,665 | +28.9% | |||||
| Capex | (8) | (11) | (10) | (4) | (9) | (14) | (14) | (26) | (21) | (29) | (27) | +16.3% | ||||||
| Free cash flow | 137 | 222 | 301 | 433 | 543 | 750 | 767 | 885 | 1,070 | 1,386 | 1,639 | +29.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 465 | 706 | 1,032 | 980 | 1,595 | 2,266 | 2,963 | 3,824 | 4,910 | 6,361 | 6,490 | +33.7% | |||||
| Net debt | (519) | (762) | (1,090) | (1,087) | (1,664) | (2,376) | (3,103) | (4,028) | (5,150) | (6,561) | (7,243) | +32.6% | ||||||
| Shareholders’ equity | 653 | 906 | 1,238 | 1,666 | 2,266 | 2,912 | 3,716 | 4,645 | 5,832 | 7,215 | 7,431 | +30.6% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 9.56 | 14.08 | 15.94 | 15.34 | 14.29 | 12.46 | 11.31 | 9.81 | 10.78 | 11.14 | 11.90 | +1.6 pt | |||||
| ROIC | 56.38 | 68.41 | 94.38 | 30.90 | 39.18 | 58.99 | 46.76 | 43.49 | 63.35 | 87.58 | 343.12 | +31.2 pt | ||||||
| ROE | 13.40 | 19.40 | 21.44 | 20.74 | 19.33 | 16.51 | 14.72 | 12.58 | 13.63 | 13.93 | 14.42 | +0.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 1,794 | 2,171 | 2,553 | 3,501 | 4,506 | 5,482 | 6,744 | 7,172 | 7,291 | 7,928 | — | +18.0% | |||||
| Revenue/emp, $m | 0.31 | 0.32 | 0.34 | 0.32 | 0.33 | 0.34 | 0.32 | 0.33 | 0.38 | 0.40 | — | +3.1% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jan 2026 · latest quarter Jul 2026 · fundamentals updated 25 Oct 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| Reportable Segment | 3,195 | 100.00% |
|---|---|---|
| Gross margin | 75.53% | |
| Operating margin | 28.68% | |
| Pre-tax margin | 37.38% |
Veeva Systems Inc. vs peers in Health Information Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| VEEV Veeva Systems Inc. | $50.2B | 49.8× | 47.9× | +17.60% (above 0%: growing) | +36.59% (above 0%: growing) | −0.62% (below 0%: shrinking) | 75.00% | 29.64% | |
| BTSG BrightSpring Health Services, Inc. | $13.1B | 33.0× | 41.2× | +26.37% (above 0%: growing) | +77.78% (above 0%: growing) | +97.70% (above 0%: growing) | 12.31% | 3.81% | Compare |
| TEM Tempus AI, Inc. | $12.9B | — (loss-making) | — (loss-making) | +23.14% (above 0%: growing) | n/m | +95.67% (above 0%: growing) | 64.81% | (13.82%) | Compare |
| HNGE Hinge Health Inc. | $9.4B | 86.1× | 56.0× | +53.00% (above 0%: growing) | n/m | +441.14% (above 0%: growing) | 86.44% | 19.00% | Compare |
| HQY HealthEquity, Inc. | $8.6B | 36.9× | 34.8× | +7.64% (above 0%: growing) | +14.49% (above 0%: growing) | −3.44% (below 0%: shrinking) | 73.55% | 28.14% | Compare |
| DOCS Doximity, Inc. | $5.9B | 44.4× | 49.7× | +3.57% (above 0%: growing) | −42.42% (below 0%: shrinking) | +1.87% (above 0%: growing) | 85.48% | 25.16% | Compare |
| WAY Waystar Holding Corp. | $5.6B | 40.9× | 31.9× | +21.21% (above 0%: growing) | −10.22% (below 0%: shrinking) | +23.36% (above 0%: growing) | 69.53% | 18.81% | Compare |
| HTFL Heartflow, Inc. | $4.5B | — (loss-making) | — (loss-making) | +47.57% (above 0%: growing) | n/m | +62.62% (above 0%: growing) | 83.00% | (27.93%) | Compare |
| PRVA Privia Health Group, Inc. | $3.1B | 88.3× | 83.4× | +13.19% (above 0%: growing) | +83.33% (above 0%: growing) | −44.35% (below 0%: shrinking) | 0.00% | 3.13% | Compare |
| Median of peers | $7.2B | 42.6× | 45.5× | +22.18% | +14.49% | +42.99% | 71.54% | 11.31% |
From the latest earnings call
- Peter Gassner said Falcon has high customer interest, while Veeva must prepare the product and work with early adopters before scaling it.
- Brian Van Wagener said Veeva is transitioning toward newer R&D products and that their growth timing is reflected in the outlook for the rest of FY2027.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
89.25%
Held by the ten largest
42.57%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 18.65m | 11.48% | +3.23m |
| BlackRock | 12.86m | 7.92% | +1.30m |
| State Street | 6.71m | 4.13% | +3.10m |
| T. Rowe Price | 6.21m | 3.82% | +766.48k |
| Principal Financial | 5.00m | 3.08% | +842.42k |
| AllianceBernstein | 4.91m | 3.02% | −1.36m |
| Geode Capital Management | 4.51m | 2.78% | +1.20m |
| Linonia Partnership LP | 4.41m | 2.71% | −515.03k |
| AQR Capital Management | 3.49m | 2.15% | +905.31k |
| UBS | 2.41m | 1.48% | −40.49k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 4 May 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 471.00k | (88.09m) | 73.77 |
| 2025 | 172.44m | 284.21m | 84.38 |
| 2024 | 421.00k | 31.85m | 75.03 |
| 2023 | 392.00k | (93.75m) | 61.70 |
| 2022 | 350.00k | (57.91m) | 85.57 |
Ownership
Directors and executive officers, together
10.60% of the votes
Peter P. Gassner
9.40% of the votes
BlackRock, Inc.
5.00% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Veeva Systems Inc. (VEEV) Latest News
29 Oct
28 Oct
26 Oct
15 Oct
14 Oct
13 Oct
8 Oct
7 Oct
VEEV metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Veeva Systems is a cloud-software, data and business-consulting company focused on the global life-sciences industry. Founded in 2007 and headquartered in Pleasanton, it is led by Chief Executive Officer Peter P. Gassner. Its customers include pharmaceutical, biotechnology, medical-device and diagnostics companies, contract research organizations, and contract sales organizations.
The company’s products cover work from drug development through commercial launch. Development Cloud supports clinical trials, clinical-data management, drug safety and regulatory submissions. Quality Cloud supports regulated documents, quality processes, laboratory work and training. Commercial Cloud helps sales, marketing, medical-affairs and service teams engage healthcare professionals and manage commercial content. Data Cloud provides reference, deep and transaction data used in clinical and commercial work.