Veeva Systems Inc.

VEEV · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Valuation
Market cap	$33,521	$37,870	$33,396	$26,553	$36,371	$42,507	$22,543	$16,770	$9,666	$6,509	$3,706	$4,422	$3,289	–	–	–
Enterprise value	$27,056	$32,795	$29,424	$23,511	$34,050	$40,906	$21,511	$15,679	$8,904	$5,990	$3,360	$4,024	$3,001	–	–	–
P/E (TTM) at period end	36.88×	53.03×	63.53×	54.44×	85.10×	111.86×	74.87×	72.96×	63.94×	83.91×	68.04×	110.18×	316.07×	–	–	–
P/S (TTM) at period end	10.49×	13.79×	14.13×	12.32×	19.65×	29.01×	20.42×	19.45×	14.00×	11.82×	9.06×	14.12×	15.65×	–	–	–
P/B at period end	4.65×	6.49×	7.19×	7.15×	12.49×	18.76×	13.53×	13.55×	10.67×	9.60×	7.10×	10.87×	11.74×	–	–	–
EV / EBITDA (TTM)	28.35×	44.87×	67.59×	50.55×	66.44×	105.76×	70.28×	66.18×	51.70×	44.53×	38.59×	54.46×	71.93×	–	–	–
EV / Sales (TTM)	8.47×	11.94×	12.45×	10.91×	18.40×	27.92×	19.48×	18.19×	12.89×	10.88×	8.21×	12.85×	14.28×	–	–	–
Returns
Return on equity	12.6%	12.2%	11.3%	13.1%	14.7%	16.8%	18.1%	18.6%	16.7%	11.4%	10.4%	9.9%	3.7%	55.3%	30.0%	–
Return on invested capital	11.8%	11.2%	9.6%	15.2%	23.1%	22.8%	22.1%	31.3%	24.6%	16.6%	14.0%	15.2%	137.1%	934.0%	–	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	4.89×	4.51×	4.24×	3.94×	3.70×	3.23×	2.78×	3.57×	3.31×	2.88×	2.69×	3.70×	4.08×	1.60×	1.51×	–
Debt / equity	–	–	–	–	–	–	0.00×	–	–	–	–	–	–	–	–	–
Effective tax rate	23.9%	22.3%	10.6%	4.2%	16.6%	3.6%	4.0%	3.7%	8.8%	36.6%	30.7%	39.9%	38.7%	35.4%	36.4%	25.7%
Share count
Diluted shares outstanding	167	165	163	162	162	161	158	156	154	148	145	144	68	31	25	126

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Revenue and gross profit
Revenue	$3,458	$3,195	$2,747	$2,364	$2,155	$1,851	$1,465	$1,104	$862	$691	$551	$409	$313	$210	$130	$61	$29
Cost of revenue	($866)	($782)	($700)	($677)	($609)	($504)	($409)	($303)	($245)	($211)	($174)	($142)	($116)	($83)	($57)	($29)	($12)
Gross profit	$2,592	$2,413	$2,047	$1,686	$1,546	$1,347	$1,056	$801	$617	$479	$377	$267	$198	$128	$73	$32	$17
Operating expenses
Research and development	($822)	($767)	($693)	($629)	($520)	($382)	($294)	($210)	($159)	($132)	($97)	($66)	($41)	($26)	($15)	($8)	($4)
Selling, general and administrative	($277)	($301)	($266)	($247)	($218)	($172)	($149)	($114)	($86)	($60)	($49)	($41)	($30)	($20)	($8)	($6)	($8)
Total operating expenses	($1,557)	($1,497)	($1,356)	($1,257)	($1,087)	($842)	($678)	($514)	($394)	($321)	($256)	($188)	($128)	($88)	($42)	($26)	($12)
Total costs and expenses	($2,423)	($2,279)	($2,055)	($1,934)	($1,696)	($1,345)	($1,087)	($818)	($639)	($533)	($430)	($331)	($243)	($171)	($100)	($55)	($24)
Operating income	$1,035	$916	$691	$429	$459	$505	$378	$286	$223	$158	$121	$79	$70	$39	$30	$7	$5
Earnings
EBITDA	$1,075	$954	$731	$435	$465	$512	$387	$306	$237	$172	$135	$87	$74	$42	$31	$7	$5
Interest income	–	–	$208	$134	$46	$15	$16	$25	$15	$8	$4	$5	$4	$1	$0	–	–
Interest expense	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,327	$1,195	$919	$588	$509	$512	$394	$314	$239	$166	$122	$79	$67	$38	$29	$7	$5
Income tax expense	($313)	($286)	($205)	($62)	($21)	($85)	($14)	($13)	($9)	($15)	($45)	($24)	($27)	($15)	($10)	($2)	($1)
Net income	$1,015	$909	$714	$526	$488	$427	$380	$301	$230	$151	$78	$54	$40	$24	$19	$4	$4
Per share
Diluted EPS (GAAP)	$6.08	$5.44	$4.32	$3.22	$3.00	$2.63	$2.36	$1.90	$1.47	$0.98	$0.53	$0.38	$0.28	$0.15	$0.11	$0.02	$0.0037
Basic EPS (GAAP)	$6.21	$5.55	$4.41	$3.27	$3.14	$2.79	$2.52	$2.04	$1.59	$1.08	$0.57	$0.41	$0.31	$0.20	$0.17	$0.03	$0.004
Basic shares outstanding	164	164	162	161	155	153	151	148	144	140	136	132	128	52	21	18	126
Margins
Gross margin	75.0%	75.5%	74.5%	71.3%	71.7%	72.8%	72.1%	72.5%	71.6%	69.4%	68.5%	65.2%	63.1%	60.7%	56.0%	52.6%	57.7%
Operating margin	29.9%	28.7%	25.2%	18.2%	21.3%	27.3%	25.8%	25.9%	25.8%	22.9%	21.9%	19.2%	22.3%	18.7%	23.2%	10.8%	17.5%
Net margin	29.3%	28.4%	26.0%	22.2%	22.6%	23.1%	25.9%	27.3%	26.7%	21.9%	14.1%	13.3%	12.9%	11.2%	14.5%	6.9%	13.4%

Analyst consensus

Buy43 analysts

Bearish · 1 · Hold · 13 · Bullish · 29

Earnings history

	EPS	Estimate
Q3 2025	$1.75	$1.58	Beat
Q4 2025	$1.74	$1.60	Beat
Q1 2026	$1.97	$1.74	Beat
Q2 2026	$1.99	$1.90	Beat
Q3 2026	$2.04	$1.95	Beat
Q4 2026	$2.06	$1.94	Beat
Q1 2027	$2.24	$2.14	Beat
Q2 2027	$2.35	$2.23	Beat

Peers

Company overview

IPO dateOct 16, 2013

CEOPeter Gassner

Employees7,928

SectorTechnology

IndustrySoftware - Application

CountryUS

ExchangeNew York Stock Exchange

Websitewww.veeva.com

Veeva Systems Inc. is a leading provider of cloud-based software solutions, exclusively dedicated to the global life sciences industry. Its extensive operational presence spans across North America, Europe, the Asia Pacific region, the Middle East, Africa, and Latin America. The company's product portfolio is primarily structured around two major offerings. First, the Veeva Commercial Cloud delivers an integrated suite of software, data, and analytics tools designed to optimize commercial operations. This includes vital applications such as Veeva Customer Relationship Management (CRM) and its specialized Medical CRM, Veeva Closed Loop Marketing (CLM), sophisticated analytics via Veeva CRM MyInsights, approved email communication with Veeva CRM Approved Email, digital engagement tools like Veeva CRM Engage, commercial alignment through Veeva Align, event management capabilities with Veeva CRM Events Management, data warehousing solutions (Veeva Nitro), data services (Veeva OpenData, Veeva Link), master data management (Veeva Network), advanced analytical insights (Veeva Crossix, Veeva Data Cloud), and patient engagement platforms (MyVeeva for Patients). Secondly, Veeva Vault provides a robust collection of cloud-native enterprise content and data management applications. These applications are engineered to support both critical commercial functions—encompassing sales, marketing, and medical content and communications—and comprehensive research and development processes, including clinical trials, regulatory compliance, quality management, and patient safety. Beyond its software, Veeva offers a wide array of professional and support services. These range from strategic implementation and deployment planning, project management, and detailed requirements analysis to solution design and configuration. They also include system environment management and deployment, expert consulting for business process transformation related to Veeva solutions, technical guidance on data migration and systems integrations, comprehensive training programs, and ongoing managed services such as outsourced systems administration. Tracing its origins, the company was incorporated in 2007 as Verticals onDemand, Inc., and subsequently rebranded to Veeva Systems Inc. in April 2009. Its corporate headquarters are situated in Pleasanton, California.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.