Quality Investor

Veeva Systems Inc.

Rank #256Hypergrowth

VEEV · NYSE · Healthcare

Veeva Systems Inc. (VEEV) — Rank #256 by gross profitability (GP/assets 0.27) · ROE 12.2% · Piotroski F-Score 5 / 9.

As-of 2026-09-15 · CIK 0001393052 · all metrics point-in-time as of the filing date.

About

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.

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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.

Industry
Health Information Services
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
January 31
Website
veeva.com

Price History

VEEV-17.4% · -3.7% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$44.04B

P/E (annual)

50.0

P/S (annual)

13.8

P/B

5.9

P/OCF (annual)

31.1

Shareholder Yield

-7.0%

Employees

7,928

Industry

Health Information Services

Exchange

NYSE

Signal Flags

4 green2 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.27
Return on equity
12.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.22
Current ratio
5.46×
Net cash
$7.24B

Cash Flow

1/1 pass
Positive FCF
N/A
Cash-backed earnings
N/A
Accruals healthy
PASS
SBC / revenue
14.8%

Growth

1/2 pass
Revenue growth
270.6%
Piotroski F-Score
5 / 9
Share dilution
7.0%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

83.1xCheap
65.9xmed 89.3x1689.0x

P / S

Price / revenue per share

22.6xExpensive
8.0xmed 13.7x22.6x

P / B

Price / book value per share

15.0xFair
7.2xmed 12.9x59.3x

P / GP

Price / gross profit per share

31.2xExpensive
13.6xmed 20.3x31.4x

P / FCF

Price / free cash flow per share

57.6xFair
34.6xmed 57.6x204.8x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.27

Primary signal (Novy-Marx).

27th pctl of 38 SIC 7372 peers

Return on equity

12.2%

Gross margin

75.5%

65th pctl of 38 SIC 7372 peers

Revenue growth (YoY)

270.6%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2017201820192020
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

Revenue CAGR (5Y)

Earnings CAGR (3Y)

23.1%

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.22

84th pctl of 33 SIC 7372 peers (best = lowest)

Current ratio

5.46×

92nd pctl of 38 SIC 7372 peers

Quick ratio

5.32×

Net cash

$7.24B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

Operating cash flow minus capex.

Positive free cash flow

N/A

FCF / net income

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

N/A

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

14.8%

Stock-based comp intensity.

Piotroski F-Score

F-Score

5 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20152020
Hypergrowth