Veeva Systems (VEEV)
NYSE:VEEV
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Veeva Systems
(NYSE:VEEV)
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Rating:75Outperform
Price Target:
$196.00
▲(13.61% Upside)
Action:ReiteratedDate:03/05/26
The score is driven primarily by strong financial quality—high margins, strong free cash flow, and a low-leverage balance sheet—supported by a largely positive earnings outlook (FY2027 growth guidance and solid execution). Offsetting these strengths are weak technicals (price below key moving averages with negative MACD) and a premium valuation (P/E ~36.7) amid recently slowed growth.
Positive Factors
Recurring subscription model
Veeva’s subscription-centric model yields high revenue visibility and multi-year contracted relationships, supporting predictable recurring revenue, strong customer retention and steady upsell opportunity. That structural revenue mix underpins durable cash flow and planning over 2–6 months and beyond.
Negative Factors
Revenue growth slowdown
A material deceleration from high-teens/30s growth to low-single digits reduces the company’s natural revenue runway and makes future upside more dependent on newer, less-proven products and expansion motions. Slower top-line growth also constrains incremental operating leverage and longer-term margin expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring subscription model
Veeva’s subscription-centric model yields high revenue visibility and multi-year contracted relationships, supporting predictable recurring revenue, strong customer retention and steady upsell opportunity. That structural revenue mix underpins durable cash flow and planning over 2–6 months and beyond.
Read all positive factors
Veeva Systems (VEEV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.18B
Dividend YieldN/A
Average Volume (3M)2.01M
Price to Earnings (P/E)36.7
Beta (1Y)1.01
Revenue Growth15.96%
EPS Growth27.91%
CountryUS
Employees7,291
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)2.06
Shares Outstanding163,330,930
10 Day Avg. Volume1,493,131
30 Day Avg. Volume2,008,612
Financial Highlights & Ratios
PEG Ratio1.42
Price to Book (P/B)4.63
Price to Sales (P/S)10.44
P/FCF Ratio24.08
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue8.15
Enterprise Value/Gross Profit10.79
Enterprise Value/Ebitda27.24
Forecast
1Y Price Target
$269.00Price Target Upside55.92% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering22
EPS Forecast (FY)8.85
Revenue Forecast (FY)$3.60B
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 analy...
How the Company Makes Money
Veeva primarily makes money by selling subscription-based cloud software and related services to life sciences customers. Its revenue model is centered on recurring subscriptions for (1) Veeva Vault applications and platform—covering areas such as...
Veeva Systems Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows revenue distribution across various business segments, indicating which segments drive growth and how diversified Veeva Systems' income streams are.
Shows revenue distribution across various business segments, indicating which segments drive growth and how diversified Veeva Systems' income streams are.
Data provided by:
The Fly
The FlyVeeva Systems Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Jun 03, 2026
Earnings Call Sentiment Positive
The call leans positive: Veeva reported a strong finish to the year with record revenue (> $3.19B) and high non-GAAP operating margins (~45%), demonstrated execution across Vault CRM (~140 live customers), major top-20 R&D and RTSM/safety wins, robust services demand, and clear early AI product traction (notably in content automation). The main headwinds are tougher year-over-year comps for Crossix, timing variability in EDC adoption, and the early-stage financial impact of AI. Management appears confident about long-term opportunities (Vault CRM scale, study-by-study/CRO channel, R&D product expansion and AI), while appropriately cautious about near-term comparability and macro uncertainty.Positive Updates
Quarter and Full-Year Financials
Q4 total revenue of $836 million and non-GAAP operating income of $366 million. Full-year revenue of $3.195 billion and non-GAAP operating income of $1.434 billion. Management highlighted having surpassed the $3 billion revenue run-rate goal for the year.
Negative Updates
Crossix Comparability Headwind
Crossix was a major outperformance driver in fiscal 2026; management cautioned that FY2027 will face tougher year-over-year comps for Crossix (Q1 and early-year compares are particularly challenging), which is expected to weigh on short-term growth comparability.
Read all updates
Q4-2026 Updates
Positive
Negative
Quarter and Full-Year Financials
Q4 total revenue of $836 million and non-GAAP operating income of $366 million. Full-year revenue of $3.195 billion and non-GAAP operating income of $1.434 billion. Management highlighted having surpassed the $3 billion revenue run-rate goal for the year.
Read all positive updates
Company Guidance
Veeva’s FY‑2027 guidance calls for roughly 13% total revenue growth, with subscription revenue growth around 13% versus normalized billings growth of about 11%; the company will continue to provide annual normalized billings (but not quarterly billings), said the outlook assumes no significant macro changes and that seasonality will be directionally similar to last year, and management indicated FY‑27 guidance already factors in services demand and migration activity while services margins should remain profitable. For context, Veeva reported Q4 revenue of $836 million and non‑GAAP operating income of $366 million, and FY‑2026 revenue of $3.195 billion with non‑GAAP operating income of $1.434 billion; Crossix’s strong FY‑26 performance creates tougher compares into early FY‑27; Vault CRM momentum (~140 customers live) and an expected ~14 of the top‑20 to standardize on Vault (with CRM targeted to be ~10% of revenue, ~$600M, by 2030) were reiterated, and customer count growth accelerated to ~5%.Veeva Systems Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
90
Very Positive
| Breakdown | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.20B | 2.75B | 2.36B | 2.16B | 1.85B |
| Gross Profit | 2.41B | 2.05B | 1.69B | 1.55B | 1.35B |
| EBITDA | 916.37M | 730.82M | 461.96M | 488.21M | 532.94M |
| Net Income | 908.91M | 714.14M | 525.71M | 487.71M | 427.39M |
Balance Sheet | |||||
| Total Assets | 8.98B | 7.34B | 5.91B | 4.80B | 3.82B |
| Cash, Cash Equivalents and Short-Term Investments | 6.56B | 5.15B | 4.03B | 3.10B | 2.38B |
| Total Debt | 95.86M | 75.78M | 55.77M | 60.98M | 54.59M |
| Total Liabilities | 1.76B | 1.51B | 1.27B | 1.09B | 904.83M |
| Stockholders Equity | 7.21B | 5.83B | 4.64B | 3.72B | 2.91B |
Cash Flow | |||||
| Free Cash Flow | 1.39B | 1.07B | 885.14M | 766.96M | 750.25M |
| Operating Cash Flow | 1.42B | 1.09B | 911.34M | 780.47M | 764.46M |
| Investing Cash Flow | -1.10B | -700.14M | -1.08B | -1.01B | -346.15M |
| Financing Cash Flow | -9.33M | 26.11M | -16.19M | -19.38M | -4.14M |
Veeva Systems Technical Analysis
Negative
172.52
Price Trends
185.50
Negative
211.78
Negative
248.24
Negative
Market Momentum
-4.17
Positive
37.43
Neutral
26.10
Neutral
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 172.52 is below the 20-day moving average (MA) of 180.05, below the 50-day MA of 185.50, and below the 200-day MA of 248.24, indicating a bearish trend. The MACD of -4.17 indicates Positive momentum. The RSI at 37.43 is Neutral, neither overbought nor oversold. The STOCH value of 26.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VEEV.
Veeva Systems Risk Analysis
Veeva Systems disclosed 43 risk factors in its most recent earnings report. Veeva Systems reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Veeva Systems Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $6.85B | 34.29 | 10.11% | ― | 12.20% | 98.75% | |
75 Outperform | $28.18B | 36.72 | 13.41% | ― | 15.96% | 27.91% | |
71 Outperform | $4.16B | 33.71 | 22.89% | ― | 20.21% | 44.14% | |
70 Outperform | $8.49B | 39.79 | 10.71% | ― | 17.23% | ― | |
64 Neutral | $31.78B | 50.87 | 17.11% | 0.17% | 3.52% | 32.21% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $8.37B | -47.49 | -59.95% | ― | 72.58% | 76.81% |
* Healthcare Sector Average
VEEV
Veeva Systems
172.52
-44.52
-20.51%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.