Veeva Systems (VEEV) AI Stock Analysis

• Market Cap: $31.35B
• Dividend Yield: N/A
• Average Volume (3M): 1.56M
• Price to Earnings (P/E): 37.1
• Beta (1Y): 1.02
• Revenue Growth: 15.96%
• EPS Growth: 27.91%
• Country: US
• Employees: 7,291
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): 2.04
• Shares Outstanding: 164,381,850
• 10 Day Avg. Volume: 2,067,950
• 30 Day Avg. Volume: 1,561,281
• PEG Ratio: 1.52
• Price to Book (P/B): 6.47
• Price to Sales (P/S): 13.75
• P/FCF Ratio: 35.31
• Enterprise Value/Market Cap: 0.95
• Enterprise Value/Revenue: 9.67
• Enterprise Value/Gross Profit: 12.78
• Enterprise Value/Ebitda: 32.77
• 1Y Price Target: $307.16
• Price Target Upside: 61.08% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 22
• EPS Forecast (FY): 8.59
• Revenue Forecast (FY): $3.56B

• Rating: 73 Outperform
• Price Target: $213.00 ▲(11.70% Upside)

The score is primarily driven by strong financial quality (high margins, low leverage, and robust cash conversion). This is partly offset by weaker intermediate-term technical trends and a rich valuation (high P/E with no dividend support). Earnings call commentary was constructive (beat and continued AI/Crossix progress) but included meaningful CRM migration and retention risks; the new buyback adds a modest positive.

Positive Factors

High margins & cash conversion

Sustained high gross and net margins combined with near-100% FCF conversion indicate a durable, capital-light software economics. This supports ongoing product investment, predictable operating leverage, and capacity to fund strategic initiatives or returns without stressing liquidity over the medium term.

Very low leverage and strong equity base

Minimal financial leverage and a high equity ratio provide deep financial flexibility. Veeva can finance R&D, M&A, or buybacks from cash rather than debt, reducing restructuring risk in downturns and enabling consistent long-term execution of strategic priorities with limited balance-sheet risk.

Diversified subscription products with AI & Crossix momentum

A multi-product subscription platform (Vault, CRM, Crossix) plus advancing Veeva AI expands sticky, recurring revenue and cross-sell potential. Structural adoption of digital marketing and AI-driven workflows can drive durable revenue streams and margin expansion through higher-value services and analytics.

Negative Factors

Moderating revenue and FCF growth

Trailing revenue and free cash flow growth have slowed materially versus prior years, which can constrain long-term upside if new product adoption (AI, Vault CRM) doesn't accelerate. Slower top-line momentum increases pressure to sustain margins and justify reinvestment levels over the medium term.

CRM customer migration and retention risk

Significant migration among top CRM customers, with several likely choosing competitors or custom builds, threatens a segment representing ~20% of revenue. Persistent churn or lost upsell opportunities would materially reduce recurring revenue and require sustained investment in product and services to reverse.

Competitive win-backs in EDC

A recent loss of a major EDC customer to a competitor signals vulnerability in select clinical modules. If rivals can reclaim large accounts, Veeva may face sustained share losses in specialized product areas, reducing long-term recurring revenue and necessitating heightened product investment to defend market share.

Veeva Systems Business Overview & Revenue Model

Company Description

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, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety. It also provides professional and support services in the areas of implementation and deployment planning and project management; requirements analysis, solution design, and configuration; systems environment management and deployment services; services focused on advancing or transforming business and operating processes related to Veeva solutions; technical consulting services related to data migration and systems integrations; training on its solutions; and ongoing managed services that include 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.

How the Company Makes Money

Veeva Systems generates revenue primarily through a subscription-based model, where clients pay for access to its cloud-based software solutions. The company offers various pricing tiers based on the specific services and features utilized by its customers. Key revenue streams include subscriptions for its core products like Veeva Vault and Veeva CRM, as well as additional services such as consulting and support. Veeva also derives income from multi-year contracts with clients, which provide predictable long-term revenue. Significant partnerships with major pharmaceutical companies and strategic alliances in the life sciences ecosystem further enhance its market position and contribute to sustained earnings growth, as these collaborations often lead to increased adoption of Veeva's platform and services.

Veeva Systems Financial Statement Overview

Summary

Strong fundamentals supported by high profitability (TTM gross margin 75.67%, net margin 27.93%), very low leverage (debt-to-equity 0.0128; equity ratio 86.93%), and solid cash conversion (FCF to net income 98.77%; operating cash flow to net income 145.83%). Growth is positive but moderating (TTM revenue growth 3.77%; FCF growth 2.47%), which tempers the score.

Income Statement

Veeva Systems demonstrates strong financial performance with consistent revenue growth and robust profitability margins. The TTM data shows a gross profit margin of 75.67% and a net profit margin of 27.93%, indicating efficient cost management and strong profitability. The revenue growth rate of 3.77% in the TTM period, although lower than previous years, still reflects positive growth. Overall, the company maintains healthy EBIT and EBITDA margins, showcasing operational efficiency.

Balance Sheet

The balance sheet of Veeva Systems is solid, characterized by a low debt-to-equity ratio of 0.0128, indicating minimal leverage and financial risk. The return on equity (ROE) is 13.40% in the TTM period, reflecting effective use of equity to generate profits. The equity ratio stands at a strong 86.93%, highlighting the company's reliance on equity financing and a stable financial structure.

Cash Flow

Veeva Systems shows strong cash flow generation with a free cash flow to net income ratio of 98.77% in the TTM period, indicating efficient conversion of earnings into cash. The operating cash flow to net income ratio is 145.83%, demonstrating robust cash flow from operations. Free cash flow growth of 2.47% in the TTM period, while positive, suggests a slower growth trajectory compared to previous periods.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.75B	2.36B	2.16B	1.85B	1.47B
Gross Profit	2.05B	1.69B	1.55B	1.35B	1.06B
EBITDA	730.82M	461.96M	488.21M	532.94M	407.25M
Net Income	714.14M	525.71M	487.71M	427.39M	380.00M
Balance Sheet
Total Assets	7.34B	5.91B	4.80B	3.82B	3.05B
Cash, Cash Equivalents and Short-Term Investments	5.15B	4.03B	3.10B	2.38B	1.66B
Total Debt	75.78M	55.77M	60.98M	54.59M	63.12M
Total Liabilities	1.51B	1.27B	1.09B	904.83M	779.75M
Stockholders Equity	5.83B	4.64B	3.72B	2.91B	2.27B
Cash Flow
Free Cash Flow	1.07B	885.14M	766.96M	750.25M	542.56M
Operating Cash Flow	1.09B	911.34M	780.47M	764.46M	551.25M
Investing Cash Flow	-700.14M	-1.08B	-1.01B	-346.15M	-333.63M
Financing Cash Flow	26.11M	-16.19M	-19.38M	-4.14M	33.82M

Veeva Systems Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 190.69
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VEEV, the sentiment is Negative. The current price of 190.69 is below the 20-day moving average (MA) of 219.22, below the 50-day MA of 225.72, and below the 200-day MA of 262.95, indicating a bearish trend. The MACD of -9.13 indicates Positive momentum. The RSI at 24.41 is Positive, neither overbought nor oversold. The STOCH value of 12.18 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VEEV.

Veeva Systems Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HQY	74 Outperform	$6.95B	37.28	9.01%	―	12.20%	98.75%
VEEV	73 Outperform	$31.35B	37.05	13.72%	―	15.96%	27.91%
DOCS	73 Outperform	$6.64B	28.12	24.61%	―	20.21%	44.14%
GEHC	72 Outperform	$37.64B	17.31	24.22%	0.17%	3.52%	32.21%
BTSG	67 Neutral	$6.72B	62.24	4.25%	―	17.23%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
TEM	51 Neutral	$9.53B	-45.24	-72.61%	―	72.58%	76.81%

Veeva Systems Corporate Events

Veeva Systems Announces First-Ever $2 Billion Share Buyback

On January 5, 2026, Veeva Systems announced that its board had authorized the company’s first-ever share repurchase program, allowing the buyback of up to $2 billion of its Class A common stock over a two-year period. Management framed the move as a way to return capital to shareholders while underscoring confidence in Veeva’s long-term growth trajectory, supported by its diversified multi-product business and strong cash generation, with repurchases to be executed at management’s discretion depending on market conditions and other factors, and the program able to be modified, suspended, or canceled at any time.

The most recent analyst rating on (VEEV) stock is a Buy with a $320.00 price target. To see the full list of analyst forecasts on Veeva Systems stock, see the VEEV Stock Forecast page.

Veeva Systems Appoints New Principal Accounting Officer

On December 10, 2025, Veeva Systems Inc. announced the appointment of Vipin Kondath as the principal accounting officer, effective December 12, 2025. Kondath, who has been with Veeva since 2019, previously served as VP, Corporate Controller, and Senior Director of Revenue Accounting. His appointment does not alter his compensation or involve any family or material interest ties with Veeva’s directors or executives.

The most recent analyst rating on (VEEV) stock is a Buy with a $222.00 price target. To see the full list of analyst forecasts on Veeva Systems stock, see the VEEV Stock Forecast page.

Veeva Systems Announces Chief Accounting Officer Resignation

On November 17, 2025, Veeva Systems Inc. announced that Kristine Diamond, the Chief Accounting Officer, will resign from her position effective December 11, 2025. Following her departure, Brian Van Wagener, the Chief Financial Officer, will temporarily assume the role of principal accounting officer until a successor is appointed.

The most recent analyst rating on (VEEV) stock is a Buy with a $321.93 price target. To see the full list of analyst forecasts on Veeva Systems stock, see the VEEV Stock Forecast page.