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VEEV

Veeva Systems Inc.
$322.55
+0.62% Oct 22 close
Health CareS&P 500 CompareTechnicals
-48%-31%-15%+1%+17%Oct 2025Oct 2026Apr 2026
VEEVSPY
1W
+3.0%
1M
+23.6%
3M
+79.6%
6M
+106.6%
YTD
+44.5%
1Y
+11.2%

Live chart

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What they do

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.

Healthcare · Health Information Services

For information only · Important disclosures

Grades vs sector

Momentum
29th percentile in sector
D+
12-1 return: -2.0%
Percentile within its GICS sector across the S&P 1500.
Growth
77th percentile in sector
B+
Revenue growth (YoY): +17.6%
Percentile within its GICS sector across the S&P 1500.
Value
12th percentile in sector
D-
Forward E/P: 3.3% · EBITDA/EV: 2.5%
Percentile within its GICS sector across the S&P 1500.
Profitability
76th percentile in sector
B+
Profit margin: +29.3% · Return on equity: +14.4%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 5 live models right now.

Quality Growth
ranked 96 of 360 · Composite (0-1) 0.6
Momentum Top 15
ranked 371 of 499 · 12-month momentum -4.1%
Momentum Blend
Not in the current book
New Highs Growth
ranked 75 of 589 · 12-month momentum -2.5%
Coteau Long Book
Not in the current book

News

More news
Is Veeva Systems Stock Really Expensive?
Trefis · Oct 21

Key stats

Market value$51.9B
P/E (last 12 months)52.5
P/E (next 12 months, estimated)31.3
52-week range$148.05 – $322.99
Revenue growth (latest quarter vs a year ago)+17.6%
Dividend yieldNo dividend
Analyst consensusBuy (27)
Average analyst price target$298.70 (-7%)
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Leans undervalued
Model read-out from the numbers below, not advice. Score +1 (DCF counts double).
▲DCF (base case)above the price by 21%
▼Forward P/E vs sector31.3x vs median 17.6x
▲Piotroski F-score7/9
▲Altman Z21.5 (safe)
▲Net debt / EBITDA-6.9x
▼Analyst target-7% (27 analysts)

Discounted cash flow

Bear
$245
-24%
growth 9% · disc. 9.9% · term. 2.0%
Base
$392
+21%
growth 16% · disc. 8.9% · term. 2.5%
Bull
$607
+88%
growth 20% · disc. 7.9% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal
Today's price assumes free cash flow grows about 9% a year for 10 years.
Implied
+9%/yr
FCF, last 3 yrs
+22%/yr
FCF, last 5 yrs
+21%/yr
Revenue, last 3 yrs
+14%/yr
Revenue, last 5 yrs
+17%/yr
Same inputs as the DCF above: trailing free cash flow 1.7B, 8.9% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2026; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-07-31). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 0.93 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Health Care

P/E (trailing)
sector median 29.9× · 83rd pct
52.5×
pricier
Forward P/E
sector median 17.6× · 84th pct
31.3×
pricier
EV / EBITDA
sector median 15.8× · 93rd pct
42.3×
pricier
Price / sales
sector median 3.1× · 93rd pct
15.0×
pricier
Price / book
sector median 3.5× · 79th pct
7.0×
pricier
FCF yield
sector median 4.1% · 37th pct
3.2%
pricier

Forward EPS $10.25 vs trailing $6.10 (+68% expected growth). Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin
75.0%
Operating margin
29.9%
FCF margin
48.1%
Net margin
29.3%
Return on equity
13.7%
Return on invested capital
419.7%
Net debt / EBITDA
-6.9×
Current ratio
5.5×
Interest cover
–
Cash conversion (OCF/NI)
1.6×
Piotroski F-score 7/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✓ Current ratio improved✗ No share dilution✓ Gross margin improved✗ Asset turnover improved

Altman Z-score 21.5 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target
$299
-7%
Analysts
27
Buy
Range
$180–$360
low – high
● price · ◆ mean target

Annual history

FYRevenueNet incomeFree cash flow
2026$3.2B$908.9M$1.4B
2025$2.7B$714.1M$1.1B
2024$2.4B$525.7M$911.3M
2023$2.2B$487.7M$780.5M
2022$1.9B$427.4M$764.5M
2021$1.5B$380.0M$551.2M

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +14.0%.

Earnings

Next report: 2026-11-25 · during market · EPS est 2.34
24-1225-0325-0525-0825-1126-0326-0626-080.002.35
EstimateActual (beat)Actual (miss)
ReportEPS estActualSurprise
2026-08-262.222.35+5.8%
2026-06-032.142.24+4.9%
2026-03-041.942.06+6.5%
2025-11-201.952.04+4.5%
2025-08-271.901.99+4.8%
2025-05-281.741.97+13.0%
2025-03-051.581.74+10.1%
2024-12-051.581.75+10.7%

Quarterly revenue

QuarterRevenueYoY
2026-07-31$928.0M+17.6%
2026-04-30$882.9M–
2026-01-31$836.0M–
2025-10-31$811.2M–
2025-07-31$789.1M–
Rating changes
Reiterated
2026-10-19 · Barclays reiterated Overweight on VEEV
Reiterated
2026-08-28 · Citigroup reiterated Neutral on VEEV
Reiterated
2026-08-27 · Mizuho reiterated Outperform on VEEV
Reiterated
2026-08-27 · BMO Capital reiterated Market Perform on VEEV
Reiterated
2026-08-27 · Baird reiterated Outperform on VEEV
Reiterated
2026-08-27 · Canaccord Genuity reiterated Hold on VEEV

Third-party analyst actions, not Coteau's views. All rating changes

Insider trades
Faddis Jonathan
SVP, Gen. Counsel, Secretary · 2026-10-14
Sell
$211.1K
Faddis Jonathan
SVP, Gen. Counsel, Secretary · 2026-10-14
Sell
$291.8K
Faddis Jonathan
SVP, Gen. Counsel, Secretary · 2026-10-14
Sell
$1.1M
Rizzo Daniel J
EVP, Sales, Consulting, & Svcs · 2026-10-02
Sell
$88.7K
Rizzo Daniel J
EVP, Sales, Consulting, & Svcs · 2026-10-02
Sell
$1.2M
Schwenger Thomas D.
Pres. & Chief Customer Officer · 2026-09-14
Sell
$265.2K
Hung Priscilla
Director · 2026-09-09
Sell
$195.8K
Schwenger Thomas D.
Pres. & Chief Customer Officer · 2026-08-27
Sell
$2.8M
Schwenger Thomas D.
Pres. & Chief Customer Officer · 2026-08-13
Sell
$456.6K
Schwenger Thomas D.
Pres. & Chief Customer Officer · 2026-08-13
Sell
$8.3M
Schwenger Thomas D.
Pres. & Chief Customer Officer · 2026-08-13
Sell
$241.9K
None
None · None
Sell
–

Stats refreshed 2026-10-21 18:01:57 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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coteau

Independent research · Not investment advice · Hypothetical unless marked Live · Data: Yahoo Finance (15-min delayed), SEC EDGAR, House Clerk · Important disclosures · Contact desk@coteau.app

Beta 0.9 · Oct 21, 2026