Veeva Systems (VEEV)
Market Price (7/30/2026): $208.28 | Market Cap: $34.0 BilInvestor Relations Sector: Health Care | Industry: Health Care Technology
Veeva Systems (VEEV)
Market Price (7/30/2026): $208.28Market Cap: $34.0 BilSector: Health CareIndustry: Health Care Technology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 29% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 50% Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Cloud Computing, Precision Medicine, and Digital Health & Telemedicine. Themes include Software as a Service (SaaS), Show more. | Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -55% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 36x, P/EPrice/Earnings or Price/(Net Income) is 36x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Key risksVEEV key risks include [1] execution challenges and intensified competition stemming from its CRM platform migration away from Salesforce, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 29% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 50% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Precision Medicine, and Digital Health & Telemedicine. Themes include Software as a Service (SaaS), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -55% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 36x, P/EPrice/Earnings or Price/(Net Income) is 36x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Key risksVEEV key risks include [1] execution challenges and intensified competition stemming from its CRM platform migration away from Salesforce, Show more. |
Qualitative Assessment
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Veeva Systems (VEEV) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Veeva Systems was added to the S&P 500 index on May 7, 2026, which served as a significant catalyst.
This inclusion triggered mechanical buying by index funds and caused the company's shares to jump approximately 10% to around $172.50.
2. The company reported a strong beat on its fiscal Q1 2027 earnings and raised its full-year guidance.
For fiscal Q1 2027, which ended April 30, 2026, Veeva announced adjusted earnings per share (EPS) of $2.24, surpassing analysts' consensus estimates of $2.14 by approximately 4.67-5%. Total revenues reached $882.9 million, an increase of 16% year-over-year, exceeding expectations of $857.73 million by about 3%. Management subsequently raised its fiscal year 2027 guidance for total revenues to between $3,635 million and $3,645 million and adjusted EPS to approximately $9.05.
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Veeva Systems (VEEV) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Veeva Systems was added to the S&P 500 index on May 7, 2026, which served as a significant catalyst.
This inclusion triggered mechanical buying by index funds and caused the company's shares to jump approximately 10% to around $172.50.
2. The company reported a strong beat on its fiscal Q1 2027 earnings and raised its full-year guidance.
For fiscal Q1 2027, which ended April 30, 2026, Veeva announced adjusted earnings per share (EPS) of $2.24, surpassing analysts' consensus estimates of $2.14 by approximately 4.67-5%. Total revenues reached $882.9 million, an increase of 16% year-over-year, exceeding expectations of $857.73 million by about 3%. Management subsequently raised its fiscal year 2027 guidance for total revenues to between $3,635 million and $3,645 million and adjusted EPS to approximately $9.05.
3. Strategic advancements and acquisitions in Artificial Intelligence (AI) bolstered market confidence.
Veeva showcased its AI strategy, including Vault AI and Veeva Falcon, emphasizing its "agentic transformation" to enhance productivity in drug development. The late fiscal Q1 2027 acquisition of Ostro, valued at an estimated $100 million, further strengthened Veeva's AI-powered engagement capabilities, contributing to a positive outlook for future revenue growth.
4. Sustained positive analyst sentiment and an undervalued perception contributed to the stock's upward trend.
Despite some price target adjustments, the overall analyst consensus rating for Veeva Systems remained a "Moderate Buy" with an average target price around $247.08 to $246.82. Several analyses also indicated that the stock was undervalued, with GuruFocus estimating it to be 28.3% below its intrinsic fair value of $289.99 as of July 29, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 18.4% change in VEEV stock from 3/31/2026 to 7/29/2026 was primarily driven by a 14.0% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 175.66 | 207.91 | 18.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,195 | 3,319 | 3.9% |
| Net Income Margin (%) | 28.4% | 28.4% | -0.3% |
| P/E Multiple | 31.6 | 36.1 | 14.0% |
| Shares Outstanding (Mil) | 164 | 163 | 0.2% |
| Cumulative Contribution | 18.4% |
Market Drivers
3/31/2026 to 7/29/2026| Return | Correlation | |
|---|---|---|
| VEEV | 18.4% | |
| Market (SPY) | 12.2% | -0.3% |
| Sector (XLV) | 13.4% | 14.3% |
Fundamental Drivers
The -6.9% change in VEEV stock from 12/31/2025 to 7/29/2026 was primarily driven by a -15.3% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 223.23 | 207.91 | -6.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,080 | 3,319 | 7.8% |
| Net Income Margin (%) | 27.9% | 28.4% | 1.6% |
| P/E Multiple | 42.6 | 36.1 | -15.3% |
| Shares Outstanding (Mil) | 164 | 163 | 0.4% |
| Cumulative Contribution | -6.9% |
Market Drivers
12/31/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| VEEV | -6.9% | |
| Market (SPY) | 7.3% | 15.2% |
| Sector (XLV) | 7.8% | 16.4% |
Fundamental Drivers
The -27.8% change in VEEV stock from 6/30/2025 to 7/29/2026 was primarily driven by a -39.9% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 287.98 | 207.91 | -27.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,855 | 3,319 | 16.2% |
| Net Income Margin (%) | 27.3% | 28.4% | 3.8% |
| P/E Multiple | 60.0 | 36.1 | -39.9% |
| Shares Outstanding (Mil) | 163 | 163 | -0.4% |
| Cumulative Contribution | -27.8% |
Market Drivers
6/30/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| VEEV | -27.8% | |
| Market (SPY) | 19.1% | 17.6% |
| Sector (XLV) | 24.9% | 15.0% |
Fundamental Drivers
The 5.1% change in VEEV stock from 6/30/2023 to 7/29/2026 was primarily driven by a 52.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 197.73 | 207.91 | 5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,176 | 3,319 | 52.5% |
| Net Income Margin (%) | 23.9% | 28.4% | 18.9% |
| P/E Multiple | 60.9 | 36.1 | -40.8% |
| Shares Outstanding (Mil) | 160 | 163 | -2.1% |
| Cumulative Contribution | 5.1% |
Market Drivers
6/30/2023 to 7/29/2026| Return | Correlation | |
|---|---|---|
| VEEV | 5.1% | |
| Market (SPY) | 70.4% | 30.2% |
| Sector (XLV) | 31.1% | 25.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VEEV Return | -6% | -37% | 19% | 9% | 6% | -10% | -26% |
| Peers Return | 32% | -21% | 40% | 19% | 4% | -12% | 58% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| VEEV Win Rate | 58% | 33% | 50% | 58% | 50% | 43% | |
| Peers Win Rate | 65% | 35% | 50% | 52% | 43% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| VEEV Max Drawdown | -27% | -41% | -27% | -27% | -30% | -37% | |
| Peers Max Drawdown | -14% | -36% | -19% | -20% | -31% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IQV, CRM, ORCL, HON, MSFT. See VEEV Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/29/2026 (YTD)
How Low Can It Go
| Event | VEEV | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.7% | -9.5% |
| % Gain to Breakeven | 18.7% | 10.5% |
| Time to Breakeven | 62 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.0% | -24.5% |
| % Gain to Breakeven | 69.6% | 32.4% |
| Time to Breakeven | 958 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.2% | -33.7% |
| % Gain to Breakeven | 35.5% | 50.9% |
| Time to Breakeven | 29 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.4% | -19.2% |
| % Gain to Breakeven | 30.5% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -19.1% | -12.2% |
| % Gain to Breakeven | 23.7% | 13.9% |
| Time to Breakeven | 20 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -31.2% | -6.8% |
| % Gain to Breakeven | 45.4% | 7.3% |
| Time to Breakeven | 106 days | 15 days |
In The Past
Veeva Systems's stock fell -8.6% during the 2025 US Tariff Shock. Such a loss loss requires a 9.5% gain to breakeven.
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| Event | VEEV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.0% | -24.5% |
| % Gain to Breakeven | 69.6% | 32.4% |
| Time to Breakeven | 958 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.2% | -33.7% |
| % Gain to Breakeven | 35.5% | 50.9% |
| Time to Breakeven | 29 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.4% | -19.2% |
| % Gain to Breakeven | 30.5% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -31.2% | -6.8% |
| % Gain to Breakeven | 45.4% | 7.3% |
| Time to Breakeven | 106 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -49.7% | -0.2% |
| % Gain to Breakeven | 98.7% | 0.2% |
| Time to Breakeven | 801 days | 1 days |
In The Past
Veeva Systems's stock fell -8.6% during the 2025 US Tariff Shock. Such a loss loss requires a 9.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Veeva Systems (VEEV)
Veeva Systems Inc. is a leading provider of specialized cloud-based software solutions tailored exclusively for the global life sciences industry. The company empowers pharmaceutical, biotechnology, and other life sciences organizations to manage their critical operations more efficiently and compliantly, spanning from commercial engagements to essential research and development activities.
Veeva's core offerings are structured around two main product suites. The Veeva Commercial Cloud delivers a comprehensive set of software, data, and analytics tools designed to optimize sales, marketing, and medical functions, including customer relationship management (CRM), content management, and data intelligence. Alongside this, Veeva Vault serves as an enterprise content and data management platform, helping clients meticulously manage information and workflows across commercial operations, as well as vital research and development domains such as clinical trials, regulatory affairs, quality assurance, and patient safety.
In addition to its robust software platforms, Veeva provides extensive professional and support services. These services encompass everything from implementation, project management, and solution design to technical consulting, data migration, training, and ongoing managed support. Through its integrated suite of products and services, Veeva acts as a crucial technology partner, enabling life sciences companies to streamline processes, ensure compliance, and drive innovation throughout their entire value chain.
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- Salesforce for the life sciences industry
- The Oracle or SAP of the life sciences industry
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- Veeva Commercial Cloud: A suite of software, data, and analytics solutions specifically designed to manage commercial functions for life sciences companies.
- Veeva Vault: A cloud-based enterprise content and data management platform for both commercial and research and development functions in the life sciences industry.
- Professional and Support Services: A range of services including implementation, deployment planning, solution design, technical consulting, training, and ongoing managed services for Veeva's software solutions.
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Major Customers of Veeva Systems (VEEV)
Veeva Systems (VEEV) primarily sells its cloud-based software and services to other companies, specifically within the life sciences industry. This includes pharmaceutical, biotechnology, and medical device companies globally.
The provided background description, however, does not list the names of specific major customer companies. Instead, it broadly defines the industry and functions that Veeva's solutions serve, such as commercial, sales and marketing, medical content and communications, clinical, regulatory, quality, and safety departments within life sciences organizations.
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Major Suppliers:
- Amazon Web Services (AWS) - part of Amazon.com, Inc. (AMZN)
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Peter Gassner, Founder and CEO
Peter Gassner is the founder and CEO of Veeva Systems, which he started in 2007 with the vision of pioneering the industry cloud category by providing specialized cloud software for the life sciences sector. With over 30 years of experience in technology, he previously held significant roles at major software companies, including Staff Developer at IBM, Vice President and General Manager of PeopleTools at PeopleSoft, and Senior Vice President of Technology at Salesforce.com. Gassner led Veeva through its successful initial public offering in 2013 and guided the company to become the first publicly traded company to convert into a Delaware Public Benefit Corporation in 2021. He has also served on the board of directors for Zoom Video Communications since 2015 and Guidewire Software from 2015 to 2019.
Tim Cabral, Interim Chief Financial Officer
Tim Cabral assumed the role of Interim Chief Financial Officer and Principal Financial Officer on April 1, 2024. He previously served as the Chief Financial Officer of Veeva Systems from 2010 to 2020 and is currently a member of Veeva's board of directors.
Tom Schwenger, President and Chief Customer Officer
Tom Schwenger is responsible for overseeing Veeva's sales, services, and other customer-facing groups.
Nitsa Zuppas, President and Chief of Staff
Nitsa Zuppas is responsible for contributing to the setting, communication, and execution of the company's strategic direction. Prior to her current role, she served as Chief Marketing Officer at Veeva Systems and held various executive positions at Siebel Systems, including Director, Product Marketing, Senior Director, Investor Relations, General Manager, Siebel Retail, and Vice President, Marketing.
Paul Shawah, Executive Vice President, Strategy, Campaign Manager
Paul Shawah focuses on product and go-to-market strategy for Campaign Manager and serves as the industry lead for investor and financial community relations. With over 15 years of experience in developing and delivering technology solutions for the life sciences industry, he previously managed the global product strategy and business development for SAP's life sciences industry business. Shawah began his career in enterprise software as an early product manager for Siebel Pharma.
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Key Business Risks for Veeva Systems (VEEV)
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Platform Transition and Migration Risk: Veeva Systems is undertaking a significant and complex multi-year migration of its Veeva CRM application from the Salesforce platform to its proprietary Veeva Vault platform, with most migrations expected between 2026 and 2029. This transition carries inherent execution risks, as Veeva will not migrate custom code, custom objects, or third-party integrations, requiring customers to handle these aspects themselves. This process could lead to customer disruption, potential churn, and technical complexities for its life sciences clients.
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Intensifying Competition: Veeva faces increasing competition across its product lines, particularly in the crucial CRM segment, following its formal separation from Salesforce in September 2025. Salesforce has actively entered the life sciences cloud market with its own Life Sciences Cloud/Agentforce, securing over 40 customers, including a major global pharmaceutical company that previously used Veeva. Additionally, IQVIA Holdings Inc. remains a significant competitor, offering CRM applications and data products that rival Veeva's offerings, especially in Commercial and Data Cloud solutions. Other specialized software providers like Medidata and Oracle also present competitive challenges in specific application areas.
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Customer Concentration Risk: Veeva Systems derives a substantial portion of its revenue from a limited number of key customers. In recent fiscal years, the top 10 customers accounted for 28% of total revenues. This reliance on a small number of large clients exposes Veeva to potential revenue volatility if any of these key customers reduce their usage of Veeva's solutions or choose not to renew their contracts, a risk that is particularly pertinent during the ongoing CRM platform migration.
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Veeva Systems (VEEV) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends within the life sciences industry:
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Increased Adoption and Migration to Veeva Vault CRM: Veeva is experiencing strong momentum with its Vault CRM, with management expecting approximately 14 of the top 20 pharmaceutical customers to select this solution. This includes cross-selling opportunities for related products like Network and OpenData, as well as additional add-ons. The company has also extended the end-of-support for Veeva CRM to December 2029, allowing for a phased migration and continued revenue from its established CRM offerings while new Vault CRM adoptions take place.
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Expansion of R&D and Quality Cloud Offerings: Veeva's innovative product portfolio within the R&D and Quality Cloud segments is a significant driver, leading to new customer acquisitions, particularly among emerging biotech firms. Newer R&D products such as RTSM and EDC are expected to continue their ramp-up, contributing to sustained growth. Additionally, Veeva has noted a "breakout year for clinical data management" and strong traction in areas like Safety and Link.
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Integration and Deployment of Veeva AI: CEO Peter Gassner has highlighted the "agentic transformation" as a substantial opportunity for Veeva, emphasizing the company's plans to deliver industry-specific artificial intelligence deeply integrated into its applications. While AI is currently seen more as a modernization catalyst than a primary demand driver, fiscal year 2027 is projected to focus on deploying these AI agents, indicating future revenue potential as these solutions become more embedded in customer workflows.
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Growth in Data Cloud and Related Data Products: Veeva is strategically focused on "cleaning up the industry data and harmonizing the industry data" through its Data Cloud initiatives. Products such as Crossix have demonstrated "outstanding" performance and are considered to have a long runway for growth. The expansion of the Compass portfolio, including new prescriber and national data products, is positioning Veeva as a standard data provider for even the largest pharmaceutical companies, attracting both new customers and increased usage from existing ones.
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Share Repurchases
- On January 5, 2026, Veeva's board of directors authorized a share repurchase program of up to $2 billion of its Class A common stock, with a term of two years.
- This program marks Veeva's first share repurchase program since its founding.
- The repurchases can be made through open market purchases, privately negotiated transactions, or Rule 10b5-1 trading plans.
Share Issuance
- Veeva Systems' shares outstanding have shown slight increases over the past few years, with 0.165 billion shares outstanding in 2025, a 1.07% increase from 2024.
- Shares outstanding were 0.163 billion in 2024, a 0.65% increase from 2023, and 0.162 billion in 2023, a 0.1% increase from 2022.
- Share issuances are also reflected in SEC filings related to the vesting of Restricted Stock Units (RSUs) for directors, such as 253 shares issued to a director on March 1, 2026, from an RSU grant.
Outbound Investments
- Veeva Systems has completed a total of 7 acquisitions, with the most recent occurring in March 2026 and another in 2021.
- In March 2026, Veeva acquired Ostro, a SaaS-based patient engagement platform for healthcare providers, for approximately $100 million in cash and long-term equity retention grants.
- Veeva acquired Veracity Logic in December 2021 for an undisclosed amount.
Capital Expenditures
- Veeva Systems' capital expenditures averaged $20.714 million annually from fiscal years ending January 2022 to 2026.
- Capital expenditures peaked at $29.131 million in January 2026 and reached a 5-year low of $13.512 million in January 2023.
- The company's capital expenditures were $21 million for fiscal year 2025.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 224.51 |
| Mkt Cap | 120.0 |
| Rev LTM | 39,480 |
| Op Inc LTM | 7,678 |
| FCF LTM | 3,097 |
| FCF 3Y Avg | 3,534 |
| CFO LTM | 10,170 |
| CFO 3Y Avg | 9,738 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.6% |
| Rev Chg 3Y Avg | 10.3% |
| Rev Chg Q | 14.8% |
| QoQ Delta Rev Chg LTM | 3.5% |
| Op Inc Chg LTM | 19.5% |
| Op Inc Chg 3Y Avg | 19.2% |
| Op Mgn LTM | 25.3% |
| Op Mgn 3Y Avg | 22.9% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 41.5% |
| CFO/Rev 3Y Avg | 37.1% |
| FCF/Rev LTM | 16.5% |
| FCF/Rev 3Y Avg | 20.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 120.0 |
| P/S | 4.4 |
| P/Op Inc | 17.4 |
| P/EBIT | 16.8 |
| P/E | 21.0 |
| P/CFO | 14.8 |
| Total Yield | 5.7% |
| Dividend Yield | 0.9% |
| FCF Yield 3Y Avg | 5.2% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 12.0% |
| 3M Rtn | 6.6% |
| 6M Rtn | -10.8% |
| 12M Rtn | -25.4% |
| 3Y Rtn | 7.3% |
| 1M Excs Rtn | 13.6% |
| 3M Excs Rtn | 3.4% |
| 6M Excs Rtn | -15.7% |
| 12M Excs Rtn | -40.6% |
| 3Y Excs Rtn | -53.6% |
Comparison Analyses
Price Behavior
| Market Price | $207.91 | |
| Market Cap ($ Bil) | 34.0 | |
| First Trading Date | 10/16/2013 | |
| Distance from 52W High | -32.1% | |
| 50 Days | 200 Days | |
| DMA Price | $177.83 | $204.85 |
| DMA Trend | down | up |
| Distance from DMA | 16.9% | 1.5% |
| 3M | 1YR | |
| Volatility | 49.7% | 39.2% |
| Downside Capture | -77.66 | 93.01 |
| Upside Capture | 59.87 | 38.27 |
| Correlation (SPY) | 4.5% | 18.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.52 | 0.31 | 0.15 | 0.63 | 0.63 | 0.72 |
| Up Beta | 0.96 | -0.09 | -0.37 | -0.13 | -0.16 | 0.38 |
| Down Beta | 1.70 | 1.30 | 0.71 | 0.87 | 0.97 | 0.77 |
| Up Capture | 12% | 47% | 17% | 41% | 28% | 54% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 20 | 29 | 58 | 120 | 366 |
| Down Capture | -8% | -43% | 37% | 116% | 114% | 101% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 21 | 34 | 67 | 131 | 383 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VEEV | |
|---|---|---|---|---|
| VEEV | -29.0% | 39.2% | -0.78 | - |
| Sector ETF (XLV) | 24.6% | 15.8% | 1.20 | 14.9% |
| Equity (SPY) | 15.6% | 12.8% | 0.86 | 17.6% |
| Gold (GLD) | 21.6% | 28.1% | 0.68 | -3.1% |
| Commodities (DBC) | 31.5% | 19.7% | 1.27 | -8.3% |
| Real Estate (VNQ) | 15.9% | 14.0% | 0.82 | 12.3% |
| Bitcoin (BTCUSD) | -46.1% | 42.9% | -1.32 | 14.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VEEV | |
|---|---|---|---|---|
| VEEV | -8.4% | 38.6% | -0.13 | - |
| Sector ETF (XLV) | 6.8% | 15.0% | 0.27 | 32.4% |
| Equity (SPY) | 12.4% | 17.1% | 0.55 | 43.8% |
| Gold (GLD) | 17.1% | 18.4% | 0.75 | 5.0% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 4.6% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 34.6% |
| Bitcoin (BTCUSD) | 14.7% | 53.3% | 0.46 | 20.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VEEV | |
|---|---|---|---|---|
| VEEV | 19.2% | 38.4% | 0.58 | - |
| Sector ETF (XLV) | 10.3% | 16.6% | 0.50 | 41.1% |
| Equity (SPY) | 14.7% | 17.9% | 0.70 | 48.0% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 6.9% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 9.9% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 32.6% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 13.1% |
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Returns Analyses
Earnings Returns History
Updated 7/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/3/2026 | -0.1% | -8.4% | 7.4% |
| 3/4/2026 | 4.0% | -0.7% | -7.7% |
| 11/20/2025 | -9.8% | -11.1% | -17.1% |
| 8/27/2025 | -7.2% | -8.0% | -1.1% |
| 5/28/2025 | 19.0% | 20.9% | 20.9% |
| 3/5/2025 | 7.4% | 6.1% | 0.7% |
| 12/5/2024 | 8.1% | 0.4% | -8.6% |
| 8/28/2024 | 8.9% | 8.0% | 5.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 12 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 8.4% | 7.1% | 7.1% |
| Median Negative | -7.2% | -8.3% | -8.2% |
| Max Positive | 19.7% | 20.9% | 21.6% |
| Max Negative | -16.2% | -18.2% | -17.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/3/2026 | -0.1% | -8.4% | 7.4% |
| 3/4/2026 | 4.0% | -0.7% | -7.7% |
| 11/20/2025 | -9.8% | -11.1% | -17.1% |
| 8/27/2025 | -7.2% | -8.0% | -1.1% |
| 5/28/2025 | 19.0% | 20.9% | 20.9% |
| 3/5/2025 | 7.4% | 6.1% | 0.7% |
| 12/5/2024 | 8.1% | 0.4% | -8.6% |
| 8/28/2024 | 8.9% | 8.0% | 5.8% |
| 5/30/2024 | -10.3% | -4.7% | -6.4% |
| 2/29/2024 | -1.6% | 2.1% | 2.2% |
| 12/6/2023 | -3.0% | -0.6% | 6.8% |
| 8/30/2023 | 8.4% | 15.3% | 5.6% |
| 5/31/2023 | 19.7% | 14.0% | 19.3% |
| 3/1/2023 | 4.5% | 3.9% | 7.8% |
| 12/1/2022 | -8.6% | -9.6% | -16.6% |
| 8/31/2022 | -14.0% | -12.4% | -17.3% |
| 6/1/2022 | 14.7% | 14.1% | 21.6% |
| 3/2/2022 | -16.2% | -18.2% | -7.9% |
| 12/1/2021 | -3.6% | 0.3% | -6.1% |
| 9/1/2021 | -5.4% | -8.3% | -13.9% |
| 5/27/2021 | 10.1% | 8.9% | 20.4% |
| 3/2/2021 | -8.3% | -12.7% | -9.1% |
| 12/1/2020 | -4.2% | -5.2% | -4.2% |
| 8/27/2020 | 1.4% | 4.1% | 4.3% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 12 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 8.4% | 7.1% | 7.1% |
| Median Negative | -7.2% | -8.3% | -8.2% |
| Max Positive | 19.7% | 20.9% | 21.6% |
| Max Negative | -16.2% | -18.2% | -17.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 06/05/2026 | 10-Q |
| 01/31/2026 | 03/20/2026 | 10-K |
| 10/31/2025 | 11/21/2025 | 10-Q |
| 07/31/2025 | 08/29/2025 | 10-Q |
| 04/30/2025 | 06/02/2025 | 10-Q |
| 01/31/2025 | 03/24/2025 | 10-K |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/04/2024 | 10-Q |
| 04/30/2024 | 06/04/2024 | 10-Q |
| 01/31/2024 | 03/25/2024 | 10-K |
| 10/31/2023 | 12/07/2023 | 10-Q |
| 07/31/2023 | 09/01/2023 | 10-Q |
| 04/30/2023 | 06/02/2023 | 10-Q |
| 01/31/2023 | 03/30/2023 | 10-K |
| 10/31/2022 | 12/07/2022 | 10-Q |
| 07/31/2022 | 09/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 06/05/2026 | 10-Q |
| 01/31/2026 | 03/20/2026 | 10-K |
| 10/31/2025 | 11/21/2025 | 10-Q |
| 07/31/2025 | 08/29/2025 | 10-Q |
| 04/30/2025 | 06/02/2025 | 10-Q |
| 01/31/2025 | 03/24/2025 | 10-K |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/04/2024 | 10-Q |
| 04/30/2024 | 06/04/2024 | 10-Q |
| 01/31/2024 | 03/25/2024 | 10-K |
| 10/31/2023 | 12/07/2023 | 10-Q |
| 07/31/2023 | 09/01/2023 | 10-Q |
| 04/30/2023 | 06/02/2023 | 10-Q |
| 01/31/2023 | 03/30/2023 | 10-K |
| 10/31/2022 | 12/07/2022 | 10-Q |
| 07/31/2022 | 09/02/2022 | 10-Q |
| 04/30/2022 | 06/03/2022 | 10-Q |
| 01/31/2022 | 03/30/2022 | 10-K |
| 10/31/2021 | 12/03/2021 | 10-Q |
| 07/31/2021 | 09/03/2021 | 10-Q |
| 04/30/2021 | 06/04/2021 | 10-Q |
| 01/31/2021 | 03/30/2021 | 10-K |
| 10/31/2020 | 12/09/2020 | 10-Q |
| 07/31/2020 | 09/08/2020 | 10-Q |
| 04/30/2020 | 06/04/2020 | 10-Q |
| 01/31/2020 | 03/30/2020 | 10-K |
| 10/31/2019 | 12/05/2019 | 10-Q |
| 07/31/2019 | 09/05/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2027 Earnings Reported 6/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Revenue | 902.00 Mil | 903.50 Mil | 905.00 Mil | ||||
| Q2 2027 Operating Income | 392.00 Mil | 393.50 Mil | 395.00 Mil | ||||
| Q2 2027 EPS | 2.21 | 2.21 | 2.22 | ||||
| 2027 Revenue | 3.63 Bil | 3.64 Bil | 3.65 Bil | 1.3% | Raised | Guidance: 3.59 Bil for 2027 | |
| 2027 Operating Income | 1.61 Bil | 1.3% | Raised | Guidance: 1.59 Bil for 2027 | |||
| 2027 EPS | 9.05 | 2.3% | Raised | Guidance: 8.85 for 2027 | |||
Prior: Q4 2026 Earnings Reported 3/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 855.00 Mil | 856.50 Mil | 858.00 Mil | 5.9% | Higher New | Actual: 808.50 Mil for Q4 2026 | |
| Q1 2026 Non-GAAP Operating Income | 378.00 Mil | 379.50 Mil | 381.00 Mil | 8.4% | Higher New | Actual: 350.00 Mil for Q4 2026 | |
| Q1 2026 Non-GAAP EPS | 2.13 | 2.13 | 2.14 | 11.2% | Higher New | Actual: 1.92 for Q4 2026 | |
| 2027 Revenue | 3.58 Bil | 3.59 Bil | 3.60 Bil | 13.4% | Higher New | Actual: 3.17 Bil for 2026 | |
| 2027 Non-GAAP Operating Income | 1.59 Bil | 12.2% | Higher New | Actual: 1.42 Bil for 2026 | |||
| 2027 Non-GAAP EPS | 8.85 | 11.6% | Higher New | Actual: 7.93 for 2026 | |||
Q3 2026 Earnings Reported 11/20/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | 807.00 Mil | 808.50 Mil | 810.00 Mil | ||||
| Q4 2026 Non-GAAP Operating Income | 350.00 Mil | ||||||
| Q4 2026 Non-GAAP EPS | 1.92 | ||||||
| 2026 Revenue | 3.17 Bil | 3.17 Bil | 3.17 Bil | 1.0% | Raised | Guidance: 3.14 Bil for 2026 | |
| 2026 Non-GAAP Operating Income | 1.42 Bil | 2.1% | Raised | Guidance: 1.39 Bil for 2026 | |||
| 2026 Non-GAAP EPS | 7.93 | 1.9% | Raised | Guidance: 7.78 for 2026 | |||
Insider Activity
Updated 7/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schwenger, Thomas D | Pres. & Chief Customer Officer | Direct | Sell | 7202026 | 200.00 | 5,000 | 1,000,000 | 4,089,800 | Form |
| 2 | Hung, Priscilla | Direct | Sell | 5042026 | 155.64 | 750 | 116,730 | 506,297 | Form | |
| 3 | Hung, Priscilla | Direct | Sell | 4142026 | 153.50 | 750 | 115,125 | 614,460 | Form | |
| 4 | Schwenger, Thomas D | Pres. & Chief Customer Officer | Direct | Sell | 3092026 | 200.00 | 1,000 | 200,000 | 4,440,800 | Form |
| 5 | Schwenger, Thomas D | Pres. & Chief Customer Officer | Direct | Sell | 1152026 | 231.43 | 1,000 | 231,430 | 5,370,102 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schwenger, Thomas D | Pres. & Chief Customer Officer | Direct | Sell | 7202026 | 200.00 | 5,000 | 1,000,000 | 4,089,800 | Form |
| 2 | Hung, Priscilla | Direct | Sell | 5042026 | 155.64 | 750 | 116,730 | 506,297 | Form | |
| 3 | Hung, Priscilla | Direct | Sell | 4142026 | 153.50 | 750 | 115,125 | 614,460 | Form | |
| 4 | Schwenger, Thomas D | Pres. & Chief Customer Officer | Direct | Sell | 3092026 | 200.00 | 1,000 | 200,000 | 4,440,800 | Form |
| 5 | Schwenger, Thomas D | Pres. & Chief Customer Officer | Direct | Sell | 1152026 | 231.43 | 1,000 | 231,430 | 5,370,102 | Form |
| 6 | Zuppas, Eleni Nitsa | President & Chief of Staff | Direct | Sell | 10092025 | 306.62 | 6,000 | 1,839,694 | 7,765,040 | Form |
| 7 | Faddis, Jonathan | SVP, Gen. Counsel, Secretary | Direct | Sell | 10082025 | 298.12 | 720 | 214,646 | 2,345,608 | Form |
| 8 | Schwenger, Thomas D | Pres. & Chief Customer Officer | Direct | Sell | 10032025 | 300.04 | 3,350 | 1,005,140 | 7,132,891 | Form |
| 9 | Faddis, Jonathan | SVP, Gen. Counsel, Secretary | Direct | Sell | 10032025 | 300.00 | 14,595 | 4,378,500 | 2,576,400 | Form |
| 10 | Faddis, Jonathan | SVP, Gen. Counsel, Secretary | Direct | Sell | 7112025 | 285.62 | 720 | 205,646 | 2,256,969 | Form |
| 11 | Hung, Priscilla | Direct | Sell | 7082025 | 284.40 | 171 | 48,632 | 1,127,930 | Form | |
| 12 | Hung, Priscilla | Direct | Sell | 7082025 | 283.00 | 172 | 48,676 | 1,170,771 | Form |
Investor Activity (13F)
Updated Jul 30, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Alfreton Capital LLP | $52.7 Mil | 17.1% | 5 | ADD +200.0% | 13F |
| Linonia Partnership LP | $865.1 Mil | 16.1% | 14 | ADD +75.9% | 13F |
| CDAM (UK) Ltd | $46.6 Mil | 10.3% | 11 | ADD +13.9% | 13F |
| Nellore Capital Management LLC | $78.6 Mil | 10.0% | 11 | ADD +35.4% | 13F |
| Ashe Capital Management, LP | $79.6 Mil | 10.0% | 7 | Hold | 13F |
| Lead Edge Capital Management, LLC | $37.7 Mil | 9.2% | 12 | New | 13F |
| Quantum Capital Management, LLC / NJ | $55.7 Mil | 7.1% | 34 | ADD +13.0% | 13F |
| Seilern Investment Management Ltd | $55.6 Mil | 6.6% | 24 | Hold | 13F |
| Makena Capital Management LLC | $27.3 Mil | 3.1% | 27 | ADD +36.5% | 13F |
| ThornTree Capital Partners LP | $17.1 Mil | 3.0% | 16 | New | 13F |
| KR Capital LP | $13.0 Mil | 2.6% | 49 | New | 13F |
| Prosight Management, LP | $15.2 Mil | 2.5% | 46 | Hold | 13F |
| Greenoaks Capital Partners LLC | $43.9 Mil | 1.9% | 10 | TRIM -64.0% | 13F |
| Montanaro Asset Management Ltd | $6.3 Mil | 1.9% | 42 | New | 13F |
| Crosslink Capital Inc | $14.4 Mil | 1.4% | 21 | TRIM -35.7% | 13F |
| Route One Investment Company, L.P. | $32.0 Mil | 1.4% | 18 | ADD +17.5% | 13F |
| Goodnow Investment Group, LLC | $6.3 Mil | 0.7% | 29 | New | 13F |
| Local Pensions Partnership Investment Ltd | $27.5 Mil | 0.6% | 32 | ADD +15.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lead Edge Capital Management, LLC | $37.7 Mil | 9.2% | 12 | New | 13F |
| ThornTree Capital Partners LP | $17.1 Mil | 3.0% | 16 | New | 13F |
| KR Capital LP | $13.0 Mil | 2.6% | 49 | New | 13F |
| Montanaro Asset Management Ltd | $6.3 Mil | 1.9% | 42 | New | 13F |
| Goodnow Investment Group, LLC | $6.3 Mil | 0.7% | 29 | New | 13F |
| Alfreton Capital LLP | $52.7 Mil | 17.1% | 5 | ADD +200.0% | 13F |
| Linonia Partnership LP | $865.1 Mil | 16.1% | 14 | ADD +75.9% | 13F |
| Makena Capital Management LLC | $27.3 Mil | 3.1% | 27 | ADD +36.5% | 13F |
| Nellore Capital Management LLC | $78.6 Mil | 10.0% | 11 | ADD +35.4% | 13F |
| Route One Investment Company, L.P. | $32.0 Mil | 1.4% | 18 | ADD +17.5% | 13F |
| Local Pensions Partnership Investment Ltd | $27.5 Mil | 0.6% | 32 | ADD +15.5% | 13F |
| CDAM (UK) Ltd | $46.6 Mil | 10.3% | 11 | ADD +13.9% | 13F |
| Quantum Capital Management, LLC / NJ | $55.7 Mil | 7.1% | 34 | ADD +13.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Stockbridge Partners LLC | $290.8 Mil | 6.4% | 13 | Exited | Dec 31, 2025 | 13F |
| Durable Capital Partners LP | $212.5 Mil | 2.0% | 40 | Exited | Dec 31, 2025 | 13F |
| RGM Capital, LLC | $124.2 Mil | 6.0% | 17 | Exited | Dec 31, 2025 | 13F |
| Ithaka Group LLC | $12.2 Mil | 2.2% | 39 | Exited | Dec 31, 2025 | 13F |
| Greenoaks Capital Partners LLC | $43.9 Mil | 1.9% | 10 | TRIM -64.0% | Mar 31, 2026 | 13F |
| Crosslink Capital Inc | $14.4 Mil | 1.4% | 21 | TRIM -35.7% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Linonia Partnership LP | $865.1 Mil | 16.1% | 14 | ADD +75.9% | 13F |
| Ashe Capital Management, LP | $79.6 Mil | 10.0% | 7 | Hold | 13F |
| Nellore Capital Management LLC | $78.6 Mil | 10.0% | 11 | ADD +35.4% | 13F |
| Quantum Capital Management, LLC / NJ | $55.7 Mil | 7.1% | 34 | ADD +13.0% | 13F |
| Seilern Investment Management Ltd | $55.6 Mil | 6.6% | 24 | Hold | 13F |
| Alfreton Capital LLP | $52.7 Mil | 17.1% | 5 | ADD +200.0% | 13F |
| CDAM (UK) Ltd | $46.6 Mil | 10.3% | 11 | ADD +13.9% | 13F |
| Greenoaks Capital Partners LLC | $43.9 Mil | 1.9% | 10 | TRIM -64.0% | 13F |
| Lead Edge Capital Management, LLC | $37.7 Mil | 9.2% | 12 | New | 13F |
| Route One Investment Company, L.P. | $32.0 Mil | 1.4% | 18 | ADD +17.5% | 13F |
| Local Pensions Partnership Investment Ltd | $27.5 Mil | 0.6% | 32 | ADD +15.5% | 13F |
| Makena Capital Management LLC | $27.3 Mil | 3.1% | 27 | ADD +36.5% | 13F |
| ThornTree Capital Partners LP | $17.1 Mil | 3.0% | 16 | New | 13F |
| Prosight Management, LP | $15.2 Mil | 2.5% | 46 | Hold | 13F |
| Crosslink Capital Inc | $14.4 Mil | 1.4% | 21 | TRIM -35.7% | 13F |
| KR Capital LP | $13.0 Mil | 2.6% | 49 | New | 13F |
| Montanaro Asset Management Ltd | $6.3 Mil | 1.9% | 42 | New | 13F |
| Goodnow Investment Group, LLC | $6.3 Mil | 0.7% | 29 | New | 13F |
VEEV Trade Sentinel
Constructive
CONVICTION RATIONALE
Veeva's business is performing well, with revenue growth at 16.3% and expanding operating margins of 28.8%. However, the loss of 6 of its top 20 customers in the critical CRM migration creates uncertainty. The company's ability to defend its market share while successfully launching new AI and R&D products will determine its future growth trajectory.
STOCK ARCHETYPE
Industry-Specific Vertical SaaS Platform(Number of Customers) x (Number of Products per Customer) x (Price per Product/User) + (Usage of AI Services) Cross-selling additional high-margin subscription applications onto the integrated Vault platform and layering on new, usage-based AI services with high incremental margins.
INVESTMENT THESIS
Evidence suggests Veeva is successfully diversifying, with growth driven by newer R&D products and a major AI initiative.
- Latest-quarter revenue growth accelerated to 16.3% year-over-year.
- Full-year 2027 revenue guidance was raised by 1.3% as of June 2026.
- New products like EDC, Safety, and RTSM are described as early in their life cycle.
- The company is launching Veeva Falcon, a new AI platform for 'agentic labor'.
- TTM operating margin expanded to 28.8% from 27% a year prior.
PRIMARY RISK
Intense competition during the CRM migration has resulted in the confirmed loss of 6 of Veeva's top 20 customers to Salesforce, a larger, well-resourced competitor.
- Salesforce has won 6 of the top 20 CRM decisions to date.
- CRM is currently about 20% of total revenue.
- The company faces 'intense competition' in the CRM market per its own filings.
- A number of customers have informed Veeva of their intent to move to Salesforce.
| KPI | Status | Rationale |
|---|---|---|
| Total Revenue Growth | 16.3% year-over-year growth for the quarter ended 6/30/2026 - Stable | After two consecutive quarters of 16.0% year-over-year growth, total revenue growth accelerated slightly to 16.3% in the most recent quarter. This indicates a stable and robust growth trajectory in the mid-teens. |
| Vault CRM 'Top 20' Customer Wins | 10 of 20 top customers won for Vault CRM as of June 2026 - Stable | In late 2025 and early 2026, management guided towards winning approximately 14 of its top 20 customers for the Vault CRM migration. The latest update from June 2026 confirms 10 wins for Veeva and 6 for Salesforce, with 4 decisions outstanding. To reach the 14-win target, Veeva would need to win all remaining deals, whereas management now expects to win a 'majority' of them, suggesting a final tally of 12-14 wins is most likely. This reflects a highly competitive environment for these key accounts. |
| Total Customers | 1,552 (As of January 31, 2026) | Indicates the breadth of market penetration across the life sciences industry, from emerging biotechs to the largest pharmaceutical companies. |
| Top 10 Customer Concentration | 28% of total revenues (Fiscal Year 2026) | Measures the company's reliance on its largest customers. A high concentration can be a risk if a key customer is lost, but also indicates deep strategic relationships. |
| Vault CRM Top 20 Customer Decisions | 10 wins for Veeva, 6 for Salesforce, 4 remaining (As of June 3, 2026) | Market rewards Management has stated an expectation to win the majority of the 4 remaining decisions.. A key indicator of competitive success against Salesforce during the critical migration from Veeva's legacy CRM to its new Vault CRM platform. |
Platform Expansion vs. CRM Erosion
BULL VIEW
Bulls focus on the 16.3% revenue growth and expanding R&D suite, arguing the business is successfully moving beyond the now-contested, more mature CRM market.
CORE TENSION
Can strong growth in new R&D products and AI offset the confirmed loss of 6 top-20 customers in the core CRM business, which represents 20% of revenue?
PREVAILING SENTIMENT
Current evidence favors the bull case. The company maintains an overall CRM win rate over 80% and raised its full-year 2027 revenue guidance.
BEAR VIEW
Bears see the loss of 6 top-20 CRM customers as a crack in the foundation, signaling that Veeva's integrated-suite advantage is weakening against flexible platforms.
| Timeline | Event & Metric To Watch |
|---|---|
August 2026 | New EHS Application Launch Watch: Veeva EHS, a new application in Veeva Quality Cloud, will have early adopter availability. |
9/1/2026 | CRM Customer Defection Announcements Watch: Updates from Veeva or Salesforce on the remaining four top-20 CRM decisions and migration progress. |
9/7/2026 | Oracle Earnings Report Watch: Peer Oracle (ORCL) is scheduled to report earnings. |
10/21/2026 | Honeywell Earnings Report Watch: Peer Honeywell International (HON) is scheduled to report earnings. |
11/18/2026 | Slowing R&D Growth Momentum Watch: Commentary on the R&D pipeline, particularly for EDC, RTSM, and Safety, and any change to segment growth expectations. |
11/18/2026 | Gross Margin Erosion From Migration Watch: Cost of subscription revenue and gross margin percentage relative to guidance and historical levels. |
11/18/2026 | Next Veeva Earnings Report Watch: Veeva Systems is scheduled to report its next quarterly earnings. |
through the end of the year | Clinical AI Agent Rollout Watch: The company plans to roll out AI agents for clinical operations and clinical data management. |
end of this year in '26 or so | Veeva Falcon AI Launch Watch: Veeva Falcon, an agentic AI platform, is planned for an early adopter launch. |
| Date | Event | Stock Impact |
|---|---|---|
2026-06-09 | UCB Unifies on Veeva Safety Suite Details: The company announced that UCB is unifying its global safety operations with Veeva Safety Suite to standardize processes and accelerate case processing. | -2.1% $167.24 -> $163.76 |
2026-06-03 | Raised Full-Year 2027 Guidance Details: Following Q1 results, the company raised its full-year 2027 guidance for revenue by 1.3%, operating income by 1.3%, and EPS by 2.3%. | -2.4% $182.94 -> $178.60 |
2026-06-03 | Reported Q1 FY27 Results Details: The company reported total revenues of $882.9M, up 16% year-over-year, beating guidance. | -2.4% $182.94 -> $178.60 |
2026-05-27 | Announced Veeva Falcon AI Platform Details: Veeva announced Falcon, an agentic platform and standard agents designed to deliver agentic labor in major drug development processes, working with existing Veeva applications. | +3.7% $158.54 -> $164.38 |
2026-03-04 | Reported Strong Q4 FY26 Results Details: The company announced Q4 total revenues up 16% year-over-year, and full fiscal year 2026 revenues of $3,195.3M, also up 16% year-over-year. | +5.5% $185.91 -> $196.06 |
2026-02-04 | Top Biopharmas Standardize on Link Details: The company announced that 13 of the top 20 biopharmas have standardized on Veeva Link Key People to enhance customer engagement and fuel AI initiatives. | -3.6% $190.80 -> $183.85 |
2026-01-29 | Share Repurchase Program Authorized Details: The board of directors authorized a share repurchase program of up to $2 billion of outstanding common stock with a term of two years. | -6.5% $217.99 -> $203.92 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: VEEV trades at roughly 46% annualized options-implied volatility versus about 15% for the S&P 500 (3.1x the market), around the 80th percentile of its own trailing year. A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
CRM - Salesforce, Inc.
Horizontal Platform LeaderSalesforce offers exposure to the broader enterprise software market, diversifying away from life-sciences-specific risk. It has significantly greater financial and technical resources.
IQV - IQVIA
Life Sciences Data & ServicesIQVIA provides exposure to the life sciences industry through a different model focused on data, analytics, and contract research, rather than pure-play software.
Veeva is the non-discretionary, regulated operating system for the life sciences industry, now layering on a high-margin AI automation business.
Veeva has established a dominant position by providing an integrated, industry-specific cloud platform (Vault) that is deeply embedded in the regulated workflows of life sciences companies. The company is currently navigating a critical competitive battle with Salesforce over its core CRM business while simultaneously launching a transformative AI initiative (Falcon) to automate manual R&D processes. This positions Veeva to capture a new stream of high-margin, usage-based revenue by selling 'agentic labor' on top of its sticky software-as-a-service base.
Announcements of major enterprise wins for newer R&D products like Safety and RTSM, securing the majority of the remaining top 20 CRM decisions, and early revenue contribution from AI agents.
Losing further ground to Salesforce in the CRM migration, a slowdown in the adoption of newer R&D platform products, or evidence that customers are opting for in-house AI solutions instead of Veeva's.
Quarter-to-quarter fluctuations in professional services revenue, which management notes is volatile and not a leading indicator for the core subscription business.
Repricing Catalyst
Successful execution of the Vault CRM migration, demonstrating high retention and cross-sell, and the initial monetization and customer adoption of the new Veeva Falcon AI agents.
Veeva Systems — Investor Video Playlist
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Health Care Technology Resources |
| Healthcare IT News |
| MobiHealthNews |
| HealthTech Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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