# Veeva Systems (VEEV.US)

Canonical: https://gigainvestors.com/s/VEEV

Analysis as of: 2026-10-16T07:32:50.777Z. Financial observations: FY2011–FY2027.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $313.03 per share; close as of 2026-10-15.

Estimated value: low $119.74 per share, central $154.34 per share, high $173.64 per share. Buy at or below the central value $154.34 per share. Valuation as of 2026-10-16T07:32:50.777Z; scenarios are not confidence intervals.

Expected annual return: 6.0% at the stated quote. About 6.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.23×

- FY2019: 0.26×

- FY2020: 0.26×

- FY2021: 0.26×

- FY2022: 0.27×

- FY2023: 0.21×

- FY2024: 0.18×

- FY2025: 0.25×

- FY2026: 0.29×

- LTM to Jul 2026: 0.30×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: >100%

- Typical minus recent gross margin: -2.6 pp

- Typical gross margin (annual median): 71.9%

- Recent gross margin (lower of latest and 3-year median): 74.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 73.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

- FY2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.2B

- Net income, five-year total: $3.1B

- Return on incremental invested capital: 66.6%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.7 pp

- Working capital / revenue, final three-year average: 37.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.05×

- FY2023: 1.05×

- FY2024: 1.02×

- FY2025: 1.03×

- FY2026: 1.02×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 268.9% vs 168.9%

- Per-share earnings: 0.53 to 4.32 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.4%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: $27B

- Cumulative retained earnings: $4.2B

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 30.1%

- Per-share value change: $3.80

- Per-share value, starting three-year median: $0.53

- Per-share value, ending three-year median: $4.32

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $453M

- Cumulative net income, 10 years: $4.2B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.53

- FY2018: $0.98

- FY2019: $1.47

- FY2020: $1.90

- FY2021: $2.36

- FY2022: $2.63

- FY2023: $3.00

- FY2024: $3.22

- FY2025: $4.32

- FY2026: $5.44

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -5.6%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 33.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.56×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -7.2%

- FY2018: -6.7%

- FY2019: -4.9%

- FY2020: -6.0%

- FY2021: -5.6%

- FY2022: -8.8%

- FY2023: -6.1%

- FY2024: -6.5%

- FY2025: -5.1%

- FY2026: -5.6%

## Holders

- [Terry Smith](https://gigainvestors.com/FS): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Francois Rochon](https://gigainvestors.com/GC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 18.8% a year for ten years · sales +8.2%

Story as of 2026-10-16T09:59:47.649Z; price observation 2026-10-15.

Price needs cash profits to grow 18.8% a year for ten years

- 2025-05-29: VEEV Q1 Earnings Call: Revenue Miss Offset by Subscription Strength and AI Initiatives ([finance.yahoo.com](https://finance.yahoo.com/news/veev-q1-earnings-call-revenue-015543771.html))

- 2025-09-11: Veeva Systems (VEEV) Rose as Its Revenues and Earnings Bested Expectations ([finance.yahoo.com](https://finance.yahoo.com/news/veeva-systems-veev-rose-revenues-140431618.html))

- 2026-06-13: Veeva Wins UCB Safety Deal As Integrated Platform And Valuation Draw Focus ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/veeva-wins-ucb-safety-deal-180922949.html))

- 2026-07-25: Did Stronger FY27 Guidance and AI Expansion Just Shift Veeva Systems' (VEEV) Investment Narrative? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/did-stronger-fy27-guidance-ai-081152916.html))

- 2026-08-26: Veeva Systems’s (NYSE:VEEV) Q2 CY2026 Sales Top Estimates, Stock Soars ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/veeva-systems-nyse-veev-q2-210011826.html))

### Sales · FY2026–2027

sales +8.2%; source https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm; observed 2026-03-20.

- FY2018: $691M 

- FY2019: $862M 

- FY2020: $1.1B 

- FY2021: $1.5B 

- FY2022: $1.9B 

- FY2023: $2.2B 

- FY2024: $2.4B 

- FY2025: $2.7B 

- FY2026: $3.2B 

- FY2027: $3.5B 

### Gross margin · FY2026

gross margin 75.5%; source https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm; observed 2026-03-20.

- FY2017: 68.1% 

- FY2018: 69.4% 

- FY2019: 71.6% 

- FY2020: 72.5% 

- FY2021: 72.1% 

- FY2022: 72.8% 

- FY2023: 71.7% 

- FY2024: 71.3% 

- FY2025: 74.5% 

- FY2026: 75.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in health information services; annual sales are USD 3.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm (filed 2026-03-20); FY2026: revenue 3195311000; grossProfit 2413292000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VEEV.US: Veeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud comprising Veeva Vault CRM Suite for pharmaceutical and biotechnology companies; Veeva Medical that provides source of medical content across multiple channels and geographies; Veeva PromoMats, an end-to-end content and digital asset management solution; and Veeva Crossix, an analytics platform for pharmaceutical brands. It also provides Veeva Data Cloud, such as Veeva OpenData, a customer reference data solution; Veeva Link, which provides deep data; Veeva Compass, which includes de-identified and longitudinal patient data; and Veeva CRM Pulse that provides access and multichannel engagement metrics. In addition, the company offers Veeva Development Cloud consisting of Veeva Clinical Platform, which advances clinical trial execution; Veeva Clinical Data Management that helps sponsors and CROs design and run trials; Veeva Safety, which unifies systems and processes; Veeva RIM that provides regulatory information management capabilities, as well as Veeva Quality Cloud, which is used by the life sciences and consumer products industries; and Veeva Business Consulting services. Further, it provides professional and support services, including implementation and deployment planning, and project management; requirements analysis, solution design, and configuration; systems environment management and deployment; services focused on advancing or transforming business and operating processes; technical consulting services on data migration and systems integrations; training; and ongoing managed services, such as outsourced systems administration. The company was formerly known as Verticals onDemand, Inc. and changed its name to Veeva Systems Inc. in April 2009. Veeva Systems Inc. was incorporated in 2007 and is headquartered in Pleasanton, California.

### Why customers stay

Margins ranged from 71.3% to 75.5% during 2024–26; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2024: grossProfit / revenue = 71.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2025: grossProfit / revenue = 74.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm (filed 2026-03-20); FY2026: grossProfit / revenue = 75.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); 10-year return on capital observations [[2017,1.1414818695070135],[2018,2.6889973493379116],[2019,3.6580742514270175],[2020,1.407885653886896],[2021,1.5857326418256044],[2022,2.806798665981488],[2023,1.8737064226422604],[2024,1.647595260137376],[2025,1.6886932645593478],[2026,2.2498351271487045]]; median 1.781199843600804. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 73% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm (filed 2026-03-20); Gross margin observations: [[2021,0.7208814055856755],[2022,0.7278559221343252],[2023,0.7172213302645866]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 1 of 10 years; bought back USD 169.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2017: growth capex 0; upkeep 6923000; owner earnings 83749000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2018: growth capex 0; upkeep 9633000; owner earnings 155244000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2019: growth capex 0; upkeep 8440000; owner earnings 234792000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2020: growth capex 0; upkeep 3113000; owner earnings 324591000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2021: growth capex 0; upkeep 8683000; owner earnings 410662000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2022: growth capex 0; upkeep 14214000; owner earnings 450141000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2023: growth capex 0; upkeep 13512000; owner earnings 511856000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2024: growth capex 0; upkeep 26196000; owner earnings 536659000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2025: growth capex 0; upkeep 20519000; owner earnings 733002000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm (filed 2026-03-20); FY2026: growth capex 0; upkeep 29131000; owner earnings 930246000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,3756000],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm (filed 2026-03-20); FY2026: cash repurchases 169949000 USD.

### What could break it

"We are currently dependent upon Salesforce’s platform for our Veeva CRM application." (SEC filing, Mar 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm (filed 2026-03-20); We are currently dependent upon Salesforce’s platform for our Veeva CRM application.

### What the price says

The price assumes cash profits grow 18.8% yearly over ten years; actual growth was 33.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); Ten-year compound average after fade. Initial solved rate 0.35463728871968236. Price 313.03; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.3201399437523419 → FY2026 5.570502110841642. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $38.85 per share

- 2016-11: $46.48 per share

- 2016-12: $40.70 per share

- 2017-01: $42.33 per share

- 2017-02: $43.69 per share

- 2017-03: $51.28 per share

- 2017-04: $53.62 per share

- 2017-05: $63.54 per share

- 2017-06: $61.31 per share

- 2017-07: $63.76 per share

- 2017-08: $59.50 per share

- 2017-09: $56.41 per share

- 2017-10: $60.94 per share

- 2017-11: $60.21 per share

- 2017-12: $55.28 per share

- 2018-01: $62.86 per share

- 2018-02: $69.70 per share

- 2018-03: $73.02 per share

- 2018-04: $70.13 per share

- 2018-05: $77.36 per share

- 2018-06: $76.86 per share

- 2018-07: $75.63 per share

- 2018-08: $104.36 per share

- 2018-09: $108.87 per share

- 2018-10: $91.35 per share

- 2018-11: $96.16 per share

- 2018-12: $89.32 per share

- 2019-01: $109.06 per share

- 2019-02: $117.91 per share

- 2019-03: $126.86 per share

- 2019-04: $139.87 per share

- 2019-05: $154.29 per share

- 2019-06: $162.11 per share

- 2019-07: $165.90 per share

- 2019-08: $160.38 per share

- 2019-09: $152.69 per share

- 2019-10: $141.83 per share

- 2019-11: $149.18 per share

- 2019-12: $140.66 per share

- 2020-01: $146.61 per share

- 2020-02: $141.97 per share

- 2020-03: $156.37 per share

- 2020-04: $190.80 per share

- 2020-05: $218.87 per share

- 2020-06: $234.42 per share

- 2020-07: $264.57 per share

- 2020-08: $282.27 per share

- 2020-09: $281.19 per share

- 2020-10: $270.05 per share

- 2020-11: $276.87 per share

- 2020-12: $272.25 per share

- 2021-01: $276.44 per share

- 2021-02: $280.11 per share

- 2021-03: $261.24 per share

- 2021-04: $282.45 per share

- 2021-05: $291.34 per share

- 2021-06: $310.95 per share

- 2021-07: $332.71 per share

- 2021-08: $331.98 per share

- 2021-09: $288.17 per share

- 2021-10: $317.01 per share

- 2021-11: $282.58 per share

- 2021-12: $255.48 per share

- 2022-01: $236.54 per share

- 2022-02: $229.05 per share

- 2022-03: $212.46 per share

- 2022-04: $181.95 per share

- 2022-05: $170.26 per share

- 2022-06: $198.04 per share

- 2022-07: $223.58 per share

- 2022-08: $199.32 per share

- 2022-09: $164.88 per share

- 2022-10: $167.94 per share

- 2022-11: $190.36 per share

- 2022-12: $161.38 per share

- 2023-01: $170.55 per share

- 2023-02: $165.66 per share

- 2023-03: $183.79 per share

- 2023-04: $179.08 per share

- 2023-05: $165.70 per share

- 2023-06: $197.73 per share

- 2023-07: $204.22 per share

- 2023-08: $208.70 per share

- 2023-09: $203.45 per share

- 2023-10: $192.71 per share

- 2023-11: $174.31 per share

- 2023-12: $192.52 per share

- 2024-01: $207.41 per share

- 2024-02: $225.51 per share

- 2024-03: $231.69 per share

- 2024-04: $198.56 per share

- 2024-05: $174.25 per share

- 2024-06: $183.01 per share

- 2024-07: $191.93 per share

- 2024-08: $216.44 per share

- 2024-09: $209.87 per share

- 2024-10: $208.83 per share

- 2024-11: $227.85 per share

- 2024-12: $210.25 per share

- 2025-01: $233.26 per share

- 2025-02: $224.14 per share

- 2025-03: $231.63 per share

- 2025-04: $233.69 per share

- 2025-05: $279.70 per share

- 2025-06: $287.98 per share

- 2025-07: $284.20 per share

- 2025-08: $269.20 per share

- 2025-09: $297.91 per share

- 2025-10: $291.20 per share

- 2025-11: $240.29 per share

- 2025-12: $223.23 per share

- 2026-01: $203.92 per share

- 2026-02: $182.01 per share

- 2026-03: $175.66 per share

- 2026-04: $155.97 per share

- 2026-05: $174.34 per share

- 2026-06: $177.47 per share

- 2026-07: $203.78 per share

- 2026-08: $285.69 per share

- 2026-09: $285.45 per share

- 2026-10: $301.63 per share

## Annual estimated value (USD per share)

- FY2017: low $8.01 per share, central $8.64 per share, high $9.48 per share

- FY2018: low $10.52 per share, central $11.29 per share, high $12.33 per share

- FY2019: low $16.17 per share, central $17.45 per share, high $19.15 per share

- FY2020: low $23.86 per share, central $26.23 per share, high $29.37 per share

- FY2021: low $43.91 per share, central $58.37 per share, high $66.79 per share

- FY2022: low $56.64 per share, central $74.73 per share, high $85.27 per share

- FY2023: low $67.95 per share, central $89.00 per share, high $101.25 per share

- FY2024: low $75.41 per share, central $98.83 per share, high $111.90 per share

- FY2025: low $89.54 per share, central $116.48 per share, high $131.50 per share

- FY2026: low $106.48 per share, central $137.48 per share, high $154.77 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:38:36.358Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm); period 2026-01-31, filed 2026-03-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.