HealthStream vs Veeva Systems
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KIRA’s take AI analyst
I put HealthStream and Veeva Systems side by side, using each one’s latest annual report. Here is what stands out:
- 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 52.1x against 48.8x for HealthStream.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
HealthStream
HSTM
1/7
Share count change
Veeva Systems
VEEV
6/7
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | HSTM FY25 | VEEV FY26 |
|---|---|---|
| Size | ||
| Market cap | $1.0B | $52.5B |
| 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 | 52.1x |
| Piotroski F-score | — | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.