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Veeva Systems

VEEV NYSE Health Care Technology Financials FY2017–FY2026

Veeva Systems' revenue rose 16.3% to $3.2 billion in fiscal 2026. Its operating margin was 28.7%, up from 25.2% a year earlier. Free cash flow was $1.4 billion, up 29.6%. It paid out $170 million in dividends and buybacks, 12% of free cash flow. The diluted share count rose 1.1%.

Last close · Oct 23, 2026

$323.04

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$3.2B
16.3% vs prior year
Operating margin Operating income as a share of revenue.
28.7%
3.5 pts
Net income Profit after all expenses, interest and tax.
$909M
27.3%
Free cash flow Cash from operations minus capital spending.
$1.4B
29.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$53.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
52.9x
On $6.11 EPS (TTM)

About these figures. Veeva Systems reports no borrowings, so debt is counted as zero. Capital spending is Veeva's purchases of long-term assets, its only capital spending line; for fiscal 2017 and 2018 it covers only capitalized software, as property and equipment was then a separate line. Depreciation and amortization is the cash flow statement's line.

What Veeva Systems does

No business description yet.

Legal name
Veeva Systems Inc.
Fiscal year ends
January 31, 2026
Latest annual report
—
Accession · CIK
0001393052-26-000014
0001393052

Revenue and margins

Veeva Systems had $3.2B of revenue in fiscal 2026, up 16.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 29.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.4B in fiscal 2026, 43.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Veeva Systems returned $170M to shareholders in fiscal 2026, 12% of free cash flow. The diluted share count rose 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Veeva Systems yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $6.6B and divides by 167.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 52.9x · peers 39.3x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Veeva Systems can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $2.4B$3.1B$4.0B$5.2B$6.6B
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −4.5x−6.4x−8.7x−7.1x−6.9x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 3.7x3.9x4.2x4.5x4.9x
Quick ratio 3.7x3.9x4.2x4.5x4.9x
Total assets $3.8B$4.8B$5.9B$7.3B$9.0B
Total liabilities $905M$1.1B$1.3B$1.5B$1.8B
Shareholders' equity $2.9B$3.7B$4.6B$5.8B$7.2B
Net debt (− = net cash) −$2.4B−$3.1B−$4.0B−$5.2B−$6.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$16.8M

4 insiders

Of sales under plans

91%

$15.3M

DateInsiderTradeSharesPriceValueFiling
Oct 14, 2026 Jonathan FaddisSVP, Gen. Counsel, Secretary Sold plan 5,198 $299.72 $1.6M Form 4
Oct 2, 2026 Daniel J RizzoEVP, Sales, Consulting, & Svcs Sold 4,841 $276.51 $1.3M Form 4
Sep 14, 2026 Thomas D. SchwengerPres. & Chief Customer Officer Sold plan 1,000 $265.20 $0.3M Form 4
Sep 9, 2026 Priscilla HungDirector Sold 750 $261.04 $0.2M Form 4
Aug 27, 2026 Thomas D. SchwengerPres. & Chief Customer Officer Sold plan 10,000 $281.33 $2.8M Form 4
Aug 13, 2026 Thomas D. SchwengerPres. & Chief Customer Officer Sold plan 36,000 $250.23 $9.0M Form 4
Jul 16, 2026 Thomas D. SchwengerPres. & Chief Customer Officer Sold plan 5,000 $200.00 $1.0M Form 4
Apr 30, 2026 Priscilla HungDirector Sold plan 750 $155.64 $0.1M Form 4
Apr 10, 2026 Priscilla HungDirector Sold plan 750 $153.50 $0.1M Form 4
Mar 5, 2026 Thomas D. SchwengerPres. & Chief Customer Officer Sold plan 1,000 $200.00 $0.2M Form 4
Jan 13, 2026 Thomas D. SchwengerPres. & Chief Customer Officer Sold plan 1,000 $231.43 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✕
F-score 4 / 96 / 96 / 9
Accruals ratio −7.2%−5.7%−6.2%
Altman Z'' 10.1010.6211.21

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Veeva Systems VEEV $53.3B 16.3% 28.7% 43.4% — 52.9x 6
Solventum SOLV $14.8B 0.9% 26.2% −0.1% 20.4% 10.5x 5 Compare →
Doximity DOCS $6.4B 13.1% 33.3% 50.6% 91.3% 39.3x 4 Compare →
Certara CERT $1.6B 8.8% 5.0% 22.6% 0.9% — 5 Compare →
HealthStream HSTM $1.0B 4.3% 6.7% 19.6% — 48.8x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $551M $691M $862M $1.1B $1.5B $1.9B $2.2B $2.4B $2.7B $3.2B
Gross profit $377M $479M $617M $801M $1.1B $1.3B $1.5B $1.7B $2.0B $2.4B
Research and development $96.7M $132M $159M $210M $294M $382M $520M $629M $693M $767M
Operating income $121M $158M $223M $286M $378M $506M $459M $429M $691M $916M
Pretax income $122M $166M $239M $314M $394M $512M $509M $588M $919M $1.2B
Income tax $44.8M $14.6M $8.8M $12.6M $14.0M $84.9M $21.4M $62.3M $205M $286M
Net income $77.6M $151M $230M $301M $380M $427M $488M $526M $714M $909M
Diluted EPS $0.53 $0.98 $1.47 $1.90 $2.36 $2.63 $3.00 $3.22 $4.32 $5.44
Diluted shares 0.15B 0.15B 0.16B 0.16B 0.16B 0.16B 0.16B 0.16B 0.17B 0.17B
Cash flow
Cash from operations $144M $233M $311M $437M $551M $765M $781M $911M $1.1B $1.4B
Capital expenditure $0.6M $1.7M $9.8M $4.3M $8.7M $14.2M $13.5M $26.2M $20.5M $29.1M
Free cash flow $143M $232M $301M $433M $543M $750M $767M $885M $1.1B $1.4B
Depreciation and amortization $13.8M $14.3M $14.1M $19.9M $29.5M $27.4M $29.1M $32.6M $39.4M $38.0M
Stock-based compensation $40.8M $54.0M $76.4M $116M $185M $235M $352M $394M $437M $473M
Acquisitions $0.0M $0.0M $0.0M $448M $0.0M $7.8M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $170M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $170M
Balance sheet
Cash and short-term investments $218M $762M $1.1B $1.1B $1.7B $2.4B $3.1B $4.0B $5.2B $6.6B
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $1.4M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $712M $1.0B $1.4B $1.5B $2.3B $3.1B $4.0B $5.0B $6.3B $8.0B
Current liabilities $247M $306M $401M $551M $716M $841M $1.0B $1.2B $1.4B $1.6B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $49.9M $52.3M $55.0M $54.8M $53.6M $54.5M $49.8M $58.5M $55.9M $70.3M
Total assets $917M $1.2B $1.7B $2.3B $3.0B $3.8B $4.8B $5.9B $7.3B $9.0B
Total liabilities $265M $324M $416M $606M $780M $905M $1.1B $1.3B $1.5B $1.8B
Shareholders' equity $678M $906M $1.2B $1.7B $2.3B $2.9B $3.7B $4.6B $5.8B $7.2B
Margins
Gross margin 68.5% 69.4% 71.6% 72.5% 72.1% 72.8% 71.7% 71.4% 74.5% 75.5%
Operating margin 21.9% 22.9% 25.9% 25.9% 25.8% 27.3% 21.3% 18.2% 25.2% 28.7%
EBITDA margin 24.4% 24.9% 27.5% 27.7% 27.8% 28.8% 22.7% 19.5% 26.6% 29.9%
Net margin 14.1% 21.9% 26.7% 27.3% 25.9% 23.1% 22.6% 22.2% 26.0% 28.4%
FCF margin 26.1% 33.6% 34.9% 39.2% 37.0% 40.5% 35.6% 37.5% 38.9% 43.4%
Returns
Return on capital 18.0% 47.6% 147.1% 75.5% 61.6% 74.1% 76.5% 62.4% — —
Return on capital employed 20.3% 19.8% 20.5% 19.3% 18.7% 19.1% 13.6% 10.1% 13.0% 13.8%
Return on equity 12.9% 19.1% 21.4% 20.7% 19.3% 16.5% 14.7% 12.6% 13.6% 13.9%
Return on assets 9.6% 14.1% 15.9% 15.3% 14.3% 12.5% 11.3% 9.8% 10.8% 11.1%
Growth
Revenue growth 34.5% 25.4% 24.9% 28.1% 32.7% 26.3% 16.4% 9.7% 16.2% 16.3%
Net income growth 42.4% 94.9% 52.0% 31.0% 26.2% 12.5% 14.1% 7.8% 35.8% 27.3%
EPS growth 39.5% 84.9% 50.0% 29.3% 24.2% 11.4% 14.1% 7.3% 34.2% 25.9%
FCF growth 79.9% 61.6% 29.9% 43.9% 25.3% 38.3% 2.2% 15.4% 20.8% 29.6%
Share count change 1.8% 4.1% 1.6% 1.4% 1.5% 1.0% 0.1% 0.7% 1.1% 1.1%
Financial health
Net debt / EBITDA −1.6x −4.4x −4.6x −3.6x −4.1x −4.5x −6.4x −8.7x −7.1x −6.9x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Current ratio 2.9x 3.3x 3.6x 2.8x 3.2x 3.7x 3.9x 4.2x 4.5x 4.9x
Quick ratio 2.9x 3.3x 3.6x 2.8x 3.2x 3.7x 3.9x 4.2x 4.5x 4.9x
Capital allocation
Capex / revenue 0.1% 0.3% 1.1% 0.4% 0.6% 0.8% 0.6% 1.1% 0.8% 0.9%
Stock comp / revenue 7.4% 7.8% 8.9% 10.5% 12.6% 12.7% 16.3% 16.7% 15.9% 14.8%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 12.3%
Quality scores
Piotroski F-score 7.0 6.0 6.0 4.0 4.0 5.0 4.0 4.0 6.0 6.0
Altman Z'' 7.7 8.6 9.4 7.9 8.7 9.6 9.8 10.1 10.6 11.2
Accruals ratio −8.2% −7.7% −5.6% −6.9% −6.4% −9.8% −6.8% −7.2% −5.7% −6.2%

Source: SEC EDGAR XBRL filings (CIK 0001393052). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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