Veeva Systems

VEEV · NYSE · Health Care · Financials, fiscal 2017 to 2026

VEEV · Last close · October 26, 2026

$318.18

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%.

Veeva Systems Inc. Latest fiscal year ended January 31, 2026 10-K filed March 20, 2026 · 0001393052-26-000014 Updated October 9, 2026

Revenue

$3.2B

16.3%

Operating margin

28.7%

3.5 pts

Net income

$909M

27.3%

Free cash flow

$1.4B

29.6%

Return on equity

13.9%

0.3 pts

Market cap

$52.5B

Oct 26 close

P/E

52.1x

On $6.11 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 29.5% a year and net income 31.4% a year, as new shares raised the share count by 13% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Veeva Systems yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Veeva Systems says to expect

Third quarter fiscal 2027: total revenuesVeeva is providing guidance for its fiscal third quarter ending October 31, 2026 as follows: • Total revenues between $932 and $935 million.
Fiscal 2027: total revenuesVeeva is providing updated guidance for its fiscal year ending January 31, 2027 as follows: • Total revenues between $3,682 and $3,687 million.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed August 26, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Veeva Systems' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Veeva Systems' fiscal 2026 free cash flow of $1.4B, net cash of $6.6B at January 31, 2026 and 167 million diluted shares, from its filings. The scenarios are fitted to Veeva Systems: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 14.0% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Health Care Technology); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Veeva Systems's own revenue growth, as above. Cautious: growth of 7% then 4.5% a year, 2% after year 10, a 10% discount rate. Base: growth of 14% then 8% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 21% then 12% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $318.18
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Veeva Systems' earnings per share of $6.11 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 38.9×, the middle of Veeva Systems' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to July 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Solventum, Doximity, HealthStream.

Earnings growth in the years ahead (% a year) Starts at Veeva Systems' revenue growth over the last 3 years, 14.0% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $318.18
Value at this multiple, against the last close: —
Veeva Systems' P/E at the last close: 52.1×

Company	Last close	Earnings per share	P/E today
Veeva SystemsVEEV	$318.18	$6.11	52.1×
HealthStreamHSTM	$34.86	$0.72	48.4×
DoximityDOCS	$33.08	$0.85	38.9×
SolventumSOLV	$85.81	$8.17	10.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	2,376	3,103	4,028	5,150	6,561
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−2,376	−3,103	−4,028	−5,150	−6,561
Net debt to EBITDA	−4.5x	−6.4x	−8.7x	−7.0x	−6.9x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	—	—	—	—	—
Current ratio	3.7x	3.9x	4.2x	4.5x	4.9x
Quick ratio	3.7x	3.9x	4.2x	4.5x	4.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Veeva Systems shares on the open market, and 4 insiders sold $16.8 million, $15.3 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 14, 2026	Jonathan FaddisSVP, Gen. Counsel, Secretary	Sold plan	5,198	$299.72	$1.6 million	Form 4
Oct 2, 2026	Daniel J RizzoEVP, Sales, Consulting, & Svcs	Sold	4,841	$276.51	$1.3 million	Form 4
Sep 14, 2026	Thomas D. SchwengerPres. & Chief Customer Officer	Sold plan	1,000	$265.20	$265,200	Form 4
Sep 9, 2026	Priscilla HungDirector	Sold	750	$261.04	$195,780	Form 4
Aug 27, 2026	Thomas D. SchwengerPres. & Chief Customer Officer	Sold plan	10,000	$281.33	$2.8 million	Form 4
Aug 13, 2026	Thomas D. SchwengerPres. & Chief Customer Officer	Sold plan	36,000	$250.23	$9.0 million	Form 4
Jul 16, 2026	Thomas D. SchwengerPres. & Chief Customer Officer	Sold plan	5,000	$200.00	$1.0 million	Form 4
Apr 30, 2026	Priscilla HungDirector	Sold plan	750	$155.64	$116,730	Form 4
Apr 10, 2026	Priscilla HungDirector	Sold plan	750	$153.50	$115,125	Form 4
Mar 5, 2026	Thomas D. SchwengerPres. & Chief Customer Officer	Sold plan	1,000	$200.00	$200,000	Form 4
Jan 13, 2026	Thomas D. SchwengerPres. & Chief Customer Officer	Sold plan	1,000	$231.43	$231,430	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Fail
F-score	4 of 9	6 of 9	6 of 9
Accruals ratio	−7.2%	−5.7%	−6.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Veeva Systems side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Veeva Systems	FY26	16.3%	28.7%	43.4%	—	−6.9x	6
Solventum	FY25	0.9%	26.2%	−0.1%	20.4%	1.6x	5	Compare
Doximity	FY26	13.1%	33.3%	50.6%	91.3%	−3.3x	4	Compare
Certara	FY25	8.8%	5.0%	22.6%	0.9%	1.1x	5	Compare
HealthStream	FY25	4.3%	6.7%	19.6%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	550	691	862	1,104	1,465	1,851	2,155	2,364	2,747	3,195
Revenue growth	34.5%	25.4%	24.9%	28.1%	32.7%	26.3%	16.4%	9.7%	16.2%	16.3%
Gross profit	377	479	617	801	1,056	1,347	1,546	1,686	2,047	2,413
Research and development	97	132	159	210	294	382	520	629	693	767
Operating income	121	158	223	286	378	506	459	429	691	916
Net income	78	151	230	301	380	427	488	526	714	909
Diluted EPS (US$)	0.53	0.98	1.47	1.90	2.36	2.63	3.00	3.22	4.32	5.44
Diluted shares (millions)	148	154	156	158	161	162	162	164	165	167
Cash flow
Cash from operations	144	233	311	437	551	764	780	911	1,090	1,415
Capital expenditure	1	2	10	4	9	14	14	26	20	29
Free cash flow	143	232	301	433	543	750	767	885	1,070	1,386
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	170
Acquisitions	0	0	0	448	0	8	0	0	0	0
Stock-based compensation	41	54	76	116	185	235	352	394	437	473
Balance sheet at fiscal year end
Cash and short-term investments	218	762	1,090	1,087	1,664	2,376	3,103	4,028	5,150	6,561
Debt incl. finance leases	0	0	0	1	0	0	0	0	0	0
Total assets	917	1,230	1,654	2,272	3,046	3,816	4,804	5,911	7,340	8,979
Total liabilities	265	324	416	606	780	905	1,088	1,266	1,507	1,765
Shareholders' equity	678	906	1,238	1,666	2,266	2,912	3,716	4,645	5,832	7,215
Margins and ratios
Gross margin	68.5%	69.4%	71.5%	72.5%	72.1%	72.8%	71.7%	71.3%	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%
Net margin	14.1%	21.9%	26.7%	27.3%	25.9%	23.1%	22.6%	22.2%	26.0%	28.4%
Free cash flow margin	26.1%	33.5%	34.9%	39.2%	37.0%	40.5%	35.6%	37.5%	38.9%	43.4%
Return on capital	18.0%	47.6%	147.1%	75.5%	61.6%	74.1%	76.5%	62.4%	—	—
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%
Net debt to EBITDA	−1.6x	−4.4x	−4.6x	−3.5x	−4.1x	−4.5x	−6.4x	−8.7x	−7.0x	−6.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Veeva Systems' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Veeva Systems.