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Veeva Systems
(NYSE:VEEV)
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Rating:76Outperform
Price Target:
$260.00
▲(39.60% Upside)
Action:Upgraded
Date:07/30/26
The score is driven primarily by strong underlying business quality (profitability and an exceptionally conservative balance sheet) and a generally positive earnings-call backdrop with reaffirmed guidance and solid operational traction (notably Vault CRM). The main constraints are weakened recent free-cash-flow conversion and a premium valuation (P/E ~34.9), while technicals are supportive in the near-to-intermediate term but still below the 200-day average.
Positive Factors
Recurring subscription model
Veeva’s business earns predominantly recurring subscription revenue across multiple, industry‑specific cloud products. That model creates durable predictable revenue, high renewal rates and expansion opportunities within existing customers, supporting long‑term cash visibility and scalable margins.
Negative Factors
Weakened free‑cash‑flow conversion
A sharp drop in FCF conversion reduces internal funding for R&D, M&A or shareholder returns and increases sensitivity to working‑capital swings. If cash conversion remains impaired, management may need to reallocate spending or use external financing, altering long‑term capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring subscription model
Veeva’s business earns predominantly recurring subscription revenue across multiple, industry‑specific cloud products. That model creates durable predictable revenue, high renewal rates and expansion opportunities within existing customers, supporting long‑term cash visibility and scalable margins.
Read all positive factors
Veeva Systems Key Performance Indicators (KPIs)
Any
Gross Profit by Segment
Analyzes profit generated from different business segments, highlighting which areas are most lucrative and where there might be room for improvement or strategic focus.
Analyzes profit generated from different business segments, highlighting which areas are most lucrative and where there might be room for improvement or strategic focus.
Data provided by:
The Fly
The FlyVeeva Systems (VEEV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$37.44B
Dividend YieldN/A
Average Volume (3M)2.10M
Price to Earnings (P/E)40.0
Beta (1Y)0.92
Revenue Growth16.25%
EPS Growth19.47%
CountryUS
Employees7,928
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)5.76
Shares Outstanding162,443,300
10 Day Avg. Volume1,351,106
30 Day Avg. Volume2,100,069
Financial Highlights & Ratios
PEG Ratio1.42
Price to Book (P/B)4.63
Price to Sales (P/S)10.44
P/FCF Ratio24.08
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$238.14Price Target Upside27.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering23
EPS Forecast (FY)9.06
Revenue Forecast (FY)$3.65B
Veeva Systems Business Overview & Revenue Model
Company Description
Veeva Systems Inc. is a leading provider of cloud-based software solutions, exclusively dedicated to the global life sciences industry. Its extensive operational presence spans across North America, Europe, the Asia Pacific region, the Middle East...
How the Company Makes Money
Veeva primarily makes money by selling subscriptions to cloud-based software and related data offerings, largely under recurring revenue contracts. Key revenue streams include: (1) Subscription fees for software applications: Customers pay recurri...
Veeva Systems Earnings Call Summary
Earnings Call Date:Jun 03, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call emphasized strong execution and several clear growth drivers: solid Q1 financials ($883M revenue; $395M non-GAAP operating income), durable momentum in Crossix, a healthy R&D pipeline, Vault CRM traction (150+ live customers, >80% win rate) and strategic M&A (Ostro). Management is investing in AI (Vault AI, Falcon) and new agentic labor offerings, but these are early-stage and expected to have immaterial revenue impact this year outside of Ostro. Margin guidance is conservative and investments in services and AI introduce some near-term cost dynamics. Overall, positive operational momentum and disciplined investment balanced against execution and scaling risk for transformational AI initiatives.Positive Updates
Quarterly Revenue and Profitability
Total revenue of $883 million and non-GAAP operating income of $395 million for Fiscal Q1; Q1 EBIT margin of ~45% versus a full-year guidance of ~44%.
Negative Updates
AI Revenue Early-Stage / Limited Near-Term Monetization
Management stated AI revenue is expected to be immaterial this year outside of the Ostro acquisition; most major AI initiatives (Falcon) are in early development and require customer data, training and scaling before significant monetization.
Read all updates
Q1-2027 Updates
Positive
Negative
Quarterly Revenue and Profitability
Total revenue of $883 million and non-GAAP operating income of $395 million for Fiscal Q1; Q1 EBIT margin of ~45% versus a full-year guidance of ~44%.
Read all positive updates
Company Guidance
Management reaffirmed its fiscal‑2027 outlook "assuming no significant changes in the macro environment," highlighting Q1 results of $883M total revenue and $395M non‑GAAP operating income while reporting a Q1 EBIT margin of ~45% and guiding to a full‑year EBIT margin of ~44%. They noted a modest uptick in commercial subscription guidance (roughly a $15M increase for the year), with the Ostro acquisition expected to contribute about $10M in the remaining three quarters (≈2/3 of that $15M uplift). R&D growth in Q1 outpaced the full‑year guide by a few points but the company only adjusted the outlook slightly (the call referenced a ~ $5M incremental raise), and management said AI revenue will be immaterial this year outside of Ostro with no material margin impact (Vault AI token economics are factored into the guide). Operational momentum supporting the guide includes >150 customers live on Vault CRM, >40 CRM migrations completed, a >80% win rate overall and four top‑20 CRM decisions remaining.Veeva Systems Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
94
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.32B | 3.20B | 2.75B | 2.36B | 2.16B | 1.85B |
| Gross Profit | 2.49B | 2.41B | 2.05B | 1.69B | 1.55B | 1.35B |
| EBITDA | 1.30B | 1.24B | 958.76M | 620.65M | 538.22M | 539.76M |
| Net Income | 941.65M | 908.91M | 714.14M | 525.71M | 487.71M | 427.39M |
Balance Sheet | ||||||
| Total Assets | 9.13B | 8.98B | 7.34B | 5.91B | 4.80B | 3.82B |
| Cash, Cash Equivalents and Short-Term Investments | 7.31B | 6.56B | 5.15B | 4.03B | 3.10B | 2.38B |
| Total Debt | 103.07M | 95.86M | 75.78M | 55.77M | 60.98M | 54.59M |
| Total Liabilities | 1.83B | 1.76B | 1.51B | 1.27B | 1.09B | 904.83M |
| Stockholders Equity | 7.30B | 7.21B | 5.83B | 4.64B | 3.72B | 2.91B |
Cash Flow | ||||||
| Free Cash Flow | 1.64B | 1.39B | 1.07B | 885.14M | 766.96M | 750.25M |
| Operating Cash Flow | 1.67B | 1.42B | 1.09B | 911.34M | 780.47M | 764.46M |
| Investing Cash Flow | -1.44B | -1.10B | -700.14M | -1.08B | -1.01B | -346.15M |
| Financing Cash Flow | -292.24M | -9.33M | 26.11M | -16.19M | -19.38M | -4.14M |
Veeva Systems Technical Analysis
Positive
186.24
Price Trends
183.65
Positive
175.40
Positive
202.08
Positive
Market Momentum
10.19
Negative
75.61
Negative
97.93
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VEEV, the sentiment is Positive. The current price of 186.24 is below the 20-day moving average (MA) of 200.11, above the 50-day MA of 183.65, and below the 200-day MA of 202.08, indicating a bullish trend. The MACD of 10.19 indicates Negative momentum. The RSI at 75.61 is Negative, neither overbought nor oversold. The STOCH value of 97.93 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VEEV.
Veeva Systems Risk Analysis
Veeva Systems disclosed 43 risk factors in its most recent earnings report. Veeva Systems reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Veeva Systems Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $37.44B | 40.01 | 13.36% | ― | 16.25% | 19.47% | |
76 Outperform | $11.51B | 38.38 | 16.36% | ― | 8.42% | -70.89% | |
73 Outperform | $39.78B | 16.68 | 12.94% | 0.97% | 10.88% | 68.89% | |
72 Outperform | $16.03B | 14.23 | 32.64% | ― | 19.50% | 143.45% | |
67 Neutral | $3.54B | 78.48 | -123.75% | ― | 19.67% | ― | |
67 Neutral | $37.83B | -156.92 | -20.11% | ― | 26.02% | 81.08% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
VEEV
Veeva Systems
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-16.79%
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DOCU
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Veeva Systems Corporate Events
Executive/Board ChangesShareholder Meetings
Veeva Systems Shareholders Back Board and Auditor Appointments
Positive
Jun 18, 2026
At the June 17, 2026 annual meeting, Veeva Systems shareholders voted on director elections and the ratification of the company’s independent auditor, with voting rights extended to holders of its Class A common stock as of April 20, 2026. A...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.