HealthStream vs Veeva Systems
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The short version
- Veeva Systems is the larger business, with $3.2B of revenue in fiscal 2026 against $304M for HealthStream, about 11 times as much.
- Veeva Systems grew revenue faster (16.3%, against 4.3%).
- Veeva Systems kept more of each dollar of sales as operating profit (28.7% operating margin, against 6.7%).
- Veeva Systems turned more of its sales into free cash flow (43.4% FCF margin, against 19.6%).
- Investors pay more for each dollar of Veeva Systems’s earnings: a P/E of 52.9x against 48.8x for HealthStream.
| Latest fiscal year | HSTM · FY25 | VEEV · FY26 |
|---|---|---|
| Size | ||
| Market cap | $1.0B | $53.3B |
| Revenue | $304M | $3.2B |
| Free cash flow | $59.6M | $1.4B |
| Net income | $18.3M | $909M |
| Growth | ||
| Revenue growth | 4.3% | 16.3% |
| 5-year growth | 4.4% | 16.9% |
| Share count change | −1.3% | 1.1% |
| Profitability | ||
| Gross margin | — | 75.5% |
| Operating margin | 6.7% | 28.7% |
| Net margin | 6.0% | 28.4% |
| FCF margin | 19.6% | 43.4% |
| Return on capital | — | — |
| Return on equity | 5.1% | 13.9% |
| Balance sheet | ||
| Net debt | — | −$6.6B |
| Net debt / EBITDA | — | −6.9x |
| Dividends and buybacks | $33.7M | $170M |
| Valuation & quality | ||
| P/E | 48.8x | 52.9x |
| Piotroski F-score | — | 6 |
Revenue
FY17
HSTM $215M
VEEV $551M
FY18
HSTM $232M
VEEV $691M
FY19
HSTM $254M
VEEV $862M
FY20
HSTM $245M
VEEV $1.1B
FY21
HSTM $257M
VEEV $1.5B
FY22
HSTM $267M
VEEV $1.9B
FY23
HSTM $279M
VEEV $2.2B
FY24
HSTM $292M
VEEV $2.4B
FY25
HSTM $304M
VEEV $2.7B
FY26
HSTM —
VEEV $3.2B
HSTM
VEEV
Operating margin
FY17
HSTM 4.4%
VEEV 21.9%
FY18
HSTM 6.7%
VEEV 22.9%
FY19
HSTM 5.8%
VEEV 25.9%
FY20
HSTM 6.5%
VEEV 25.9%
FY21
HSTM 3.1%
VEEV 25.8%
FY22
HSTM 4.7%
VEEV 27.3%
FY23
HSTM 5.7%
VEEV 21.3%
FY24
HSTM 7.3%
VEEV 18.2%
FY25
HSTM 6.7%
VEEV 25.2%
FY26
HSTM —
VEEV 28.7%
HSTM
VEEV
Free cash flow
FY17
HSTM $41.2M
VEEV $143M
FY18
HSTM $36.1M
VEEV $232M
FY19
HSTM $43.7M
VEEV $301M
FY20
HSTM $33.9M
VEEV $433M
FY21
HSTM $39.0M
VEEV $543M
FY22
HSTM $49.4M
VEEV $750M
FY23
HSTM $61.8M
VEEV $767M
FY24
HSTM $56.3M
VEEV $885M
FY25
HSTM $59.6M
VEEV $1.1B
FY26
HSTM —
VEEV $1.4B
HSTM
VEEV
Return on capital
FY17
HSTM —
VEEV 18.0%
FY18
HSTM —
VEEV 47.6%
FY19
HSTM —
VEEV 147.1%
FY20
HSTM —
VEEV 75.5%
FY21
HSTM —
VEEV 61.6%
FY22
HSTM —
VEEV 74.1%
FY23
HSTM —
VEEV 76.5%
FY24
HSTM —
VEEV 62.4%
FY25
HSTM —
VEEV —
FY26
HSTM —
VEEV —
HSTM
VEEV
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.