Veeva Systems vs Waystar
Veeva Systems reported revenue of $3.2 billion in fiscal 2026, 2.9 times Waystar's $1.1 billion in fiscal 2025. Veeva Systems' revenue grew 16.3% in its latest year, and Waystar's grew 16.5%. Veeva Systems had an operating margin of 28.7%, against 22.7% at Waystar. Free cash flow was $1.4 billion at Veeva Systems and $283 million at Waystar. Their fiscal years end in different months (January 31 and December 31), so the periods don't line up exactly.
Side by side
| Veeva Systems | Waystar | |
|---|---|---|
| Latest fiscal year | FY2026, Jan 31, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $3.2B | $1.1B |
| Revenue growth | 16.3% | 16.5% |
| Revenue growth a year, last 5 years | 16.9% | — |
| Gross margin | 75.5% | — |
| Operating margin | 28.7% | 22.7% |
| Net margin | 28.4% | 10.2% |
| Free cash flow | $1.4B | $283M |
| Free cash flow margin | 43.4% | 25.8% |
| Return on capital | — | 3.5% |
| Net debt to EBITDA | −6.9x | 3.6x |
| Dividends and buybacks | $170M | $0M |
| Change in diluted share count | 1.1% | 23.3% |
| Last close | $303.73 | $28.35 |
| P/E at the last close | 49.7× | 41.1× |
| Insider trades, last 12 months | sold $16.8 million | bought $189,000, sold $8.4 million |
| Piotroski F-score | 6 of 9 | 5 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Veeva SystemsWaystar
Operating margin
Percent of revenue
Veeva SystemsWaystar
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Veeva SystemsWaystar
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Veeva Systems and Waystar pages.