Quality Investor

Veeva Systems Inc.

Rank #245Op. LeverageWatchlistCompare with other stocks

VEEV · NYSE · Healthcare

Veeva Systems Inc. (VEEV) — Rank #245 by gross profitability (GP/assets 0.27) · ROE 12.2% · Piotroski F-Score 6 / 9.

As-of 2026-10-30 · 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

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

7,928

Industry

Health Information Services

Exchange

NYSE

10/10

Flags passed

VEEV passes 10/10 quality flags

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Operating leverage expanding · Deferred revenue growing · Sequential beat (rev + EPS)

No data FCF vs investment · Free cash flow — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

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

2/2 pass
Revenue growth
16.3%
Piotroski F-Score
6 / 9
Share dilution
1.1%

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Does it make money well?

No warning flags · GP/assets 29th percentile of 36 SIC 7372 peers

Gross profitability (GP / assets)

0.27

Primary signal (Novy-Marx).

29th pctl of 36 SIC 7372 peers

Return on equity

12.2%

Gross margin

75.5%

69th pctl of 36 SIC 7372 peers

Revenue growth (YoY)

16.3%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2023202420252026
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

14.0%

Revenue CAGR (5Y)

16.9%

Earnings CAGR (3Y)

23.1%

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No data

Free cash flow

—

Operating cash flow minus capex.

Positive free cash flow

N/A

FCF vs net income

—

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

N/A

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

14.8%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net cash $7.24B, F-Score 6/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.22

84th pctl of 32 SIC 7372 peers (best = lowest)

Current ratio

5.46×

91st pctl of 36 SIC 7372 peers

Quick ratio

5.32×

Net cash

$7.24B

Cash & equivalents minus total debt.

Piotroski F-Score

6 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

3.3 / 5

Good
Share count trend
1.1%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
15.7%5/5 Strong

Lifecycle Phase History

20212026
Hypergrowth
Op. Leverage
Value

Price History

VEEV-13.0% · -2.7% CAGRSPY+82.9% · +12.8% CAGR