Veeva Systems (VEEV)
Market Price (3/10/2026): $195.2 | Market Cap: $32.0 BilSector: Health Care | Industry: Health Care Technology
Veeva Systems (VEEV)
Market Price (3/10/2026): $195.2Market Cap: $32.0 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 -20% | Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -58% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 23x, P/EPrice/Earnings or Price/(Net Income) is 37x |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 45%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45% | Key risksVEEV key risks include [1] execution challenges and intensified competition stemming from its CRM platform migration away from Salesforce, Show more. | |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -37% | ||
| Low stock price volatilityVol 12M is 37% | ||
| Megatrend and thematic driversMegatrends include Cloud Computing, Precision Medicine, and Digital Health & Telemedicine. Themes include Software as a Service (SaaS), 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 -20% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 45%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -37% |
| Low stock price volatilityVol 12M is 37% |
| 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 -46%, 3Y Excs Rtn is -58% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 23x, P/EPrice/Earnings or Price/(Net Income) is 37x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Key risksVEEV key risks include [1] execution challenges and intensified competition stemming from its CRM platform migration away from Salesforce, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Substantial Institutional Investor Outflows. Veeva Systems experienced significant selling pressure from major institutional investors in Q4 2025. For instance, UBS Asset Management reduced its holdings by 4,427,895 shares, estimated at $988.439 million, while Massachusetts Financial Services Co. divested 1,851,158 shares, valued at approximately $413.234 million. T. Rowe Price Investment Management Inc. also removed 1,553,398 shares, an estimated $346.765 million, and FMR LLC sold 1,084,781 shares, equating to roughly $242.155 million. These substantial reductions in institutional ownership represent significant capital outflow and negative sentiment towards the stock.
2. Downward Revision of Analyst Price Targets. Despite a consensus "Buy" rating, analyst price targets for Veeva Systems have seen notable downward revisions since late 2025. For example, Wells Fargo set a target price of $333.0 on November 25, 2025, but by February 2026, targets from various firms ranged from a low of $200.0 (UBS) to $296.0 (JP Morgan), with Stifel setting a target of $212.00 on February 26, 2026. This trend of decreasing price targets, despite generally positive ratings, indicates a reduced outlook for future stock appreciation among analysts.
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Stock Movement Drivers
Fundamental Drivers
The -18.6% change in VEEV stock from 11/30/2025 to 3/9/2026 was primarily driven by a -18.6% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 240.29 | 195.57 | -18.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,080 | 3,080 | 0.0% |
| Net Income Margin (%) | 27.9% | 27.9% | 0.0% |
| P/E Multiple | 45.8 | 37.3 | -18.6% |
| Shares Outstanding (Mil) | 164 | 164 | 0.0% |
| Cumulative Contribution | -18.6% |
Market Drivers
11/30/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| VEEV | -18.6% | |
| Market (SPY) | -0.7% | 39.3% |
| Sector (XLV) | -2.2% | 7.8% |
Fundamental Drivers
The -27.4% change in VEEV stock from 8/31/2025 to 3/9/2026 was primarily driven by a -31.4% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 269.20 | 195.57 | -27.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,968 | 3,080 | 3.8% |
| Net Income Margin (%) | 27.3% | 27.9% | 2.4% |
| P/E Multiple | 54.3 | 37.3 | -31.4% |
| Shares Outstanding (Mil) | 163 | 164 | -0.3% |
| Cumulative Contribution | -27.4% |
Market Drivers
8/31/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| VEEV | -27.4% | |
| Market (SPY) | 5.4% | 27.8% |
| Sector (XLV) | 12.8% | 4.5% |
Fundamental Drivers
The -12.7% change in VEEV stock from 2/28/2025 to 3/9/2026 was primarily driven by a -31.6% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 224.14 | 195.57 | -12.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,656 | 3,080 | 16.0% |
| Net Income Margin (%) | 25.1% | 27.9% | 11.4% |
| P/E Multiple | 54.5 | 37.3 | -31.6% |
| Shares Outstanding (Mil) | 162 | 164 | -1.3% |
| Cumulative Contribution | -12.7% |
Market Drivers
2/28/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| VEEV | -12.7% | |
| Market (SPY) | 15.2% | 33.4% |
| Sector (XLV) | 5.0% | 24.8% |
Fundamental Drivers
The 18.1% change in VEEV stock from 2/28/2023 to 3/9/2026 was primarily driven by a 48.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 165.66 | 195.57 | 18.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,077 | 3,080 | 48.3% |
| Net Income Margin (%) | 19.1% | 27.9% | 46.4% |
| P/E Multiple | 65.0 | 37.3 | -42.6% |
| Shares Outstanding (Mil) | 155 | 164 | -5.3% |
| Cumulative Contribution | 18.1% |
Market Drivers
2/28/2023 to 3/9/2026| Return | Correlation | |
|---|---|---|
| VEEV | 18.1% | |
| Market (SPY) | 77.5% | 35.5% |
| Sector (XLV) | 26.9% | 28.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VEEV Return | -6% | -37% | 19% | 9% | 6% | -12% | -28% |
| Peers Return | 32% | -20% | 40% | 19% | 4% | -12% | 60% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -2% | 79% |
Monthly Win Rates [3] | |||||||
| VEEV Win Rate | 58% | 33% | 50% | 58% | 50% | 33% | |
| Peers Win Rate | 65% | 35% | 50% | 52% | 43% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| VEEV Max Drawdown | -11% | -41% | -2% | -11% | -0% | -23% | |
| Peers Max Drawdown | -6% | -34% | -7% | -10% | -25% | -22% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[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 3/9/2026 (YTD)
How Low Can It Go
| Event | VEEV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -55.7% | -25.4% |
| % Gain to Breakeven | 125.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -26.7% | -33.9% |
| % Gain to Breakeven | 36.4% | 51.3% |
| Time to Breakeven | 29 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.5% | -19.8% |
| % Gain to Breakeven | 36.1% | 24.7% |
| Time to Breakeven | 32 days | 120 days |
Compare to IQV, CRM, ORCL, HON, MSFT
In The Past
Veeva Systems's stock fell -55.7% during the 2022 Inflation Shock from a high on 8/5/2021. A -55.7% loss requires a 125.7% gain to breakeven.
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About Veeva Systems (VEEV)
AI Analysis | Feedback
Here are 1-2 brief analogies for Veeva Systems:
- Salesforce for Life Sciences
- SAP for Pharma and Biotech
AI Analysis | Feedback
- Veeva Commercial Cloud: A suite of applications for sales, marketing, and medical affairs, including CRM, content management (PromoMats), and data analytics, tailored for the life sciences industry.
- Veeva Vault Clinical Suite: Comprehensive cloud applications designed to manage and streamline clinical trial operations, covering eTMF, CTMS, CDMS, and site engagement.
- Veeva Vault Quality Suite: Software solutions for quality management, document control, and compliance across the product lifecycle within life sciences.
- Veeva Vault Regulatory Suite (RIM): Applications for managing regulatory information, submissions, and health authority interactions globally for drug, biotech, and medical device companies.
- Veeva Vault Safety Suite: Solutions for pharmacovigilance and drug safety management, enabling efficient collection, processing, and reporting of adverse events.
AI Analysis | Feedback
Veeva Systems (VEEV) sells primarily to other companies within the global life sciences industry. While Veeva does not disclose individual customers contributing a significant portion of its revenue (no single customer accounts for more than 5% of its total revenue, according to its SEC filings), its extensive customer base includes the majority of the world's largest pharmaceutical, biotechnology, and medical device companies. Therefore, its major customers are broadly represented by leading companies in these sectors.
Examples of public companies that are highly representative of Veeva's major customer base include:
- Pfizer (PFE)
- Johnson & Johnson (JNJ)
- Merck & Co. (MRK)
- Bristol Myers Squibb (BMY)
- Eli Lilly and Company (LLY)
These companies, and many others like them, leverage Veeva's cloud-based software solutions to manage various critical functions, from R&D and clinical trials to regulatory compliance, quality management, and commercial operations.
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- Amazon.com, Inc. (AMZN)
- Salesforce, Inc. (CRM)
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Peter Gassner, Founder and CEO
Peter Gassner co-founded Veeva Systems in 2007 and currently serves as its Founder and CEO. With over 30 years of experience in the technology sector, Gassner previously held significant roles at other prominent software companies. He began his career at IBM, later moving to PeopleSoft, where he served as Vice President and General Manager of PeopleTools. His tenure at Salesforce.com as Senior Vice President of Technology was particularly impactful, as it was there he identified the need for a cloud-based solution specifically designed for the life sciences industry, which led to the founding of Veeva. He led Veeva through its successful initial public offering (IPO) in 2013.
Brian Van Wagener, Chief Financial Officer
Brian Van Wagener is the Chief Financial Officer at Veeva Systems. He has been with Veeva for 6 years.
Tom Schwenger, President and Chief Customer Officer
Tom Schwenger serves as President and Chief Customer Officer at Veeva Systems. He is responsible for driving customer success and overseeing the company's customer-facing operations. Schwenger's career spans over three decades, including significant roles at Accenture, where he was a Senior Managing Director and Managing Director.
Nitsa Zuppas, President and Chief of Staff
Nitsa Zuppas is the President and Chief of Staff at Veeva Systems, ensuring financial health and strategic alignment across the organization. She has been with Veeva for 12 years.
Paul Shawah, Executive Vice President, Strategy, Campaign Manager
Paul Shawah is the Executive Vice President, Strategy, Campaign Manager at Veeva Systems. He is also responsible for investor and financial community relations. Prior to joining Veeva, Shawah managed the life sciences industry business at SAP, overseeing product strategy and business development globally. He also held senior product marketing and sales leadership positions at Siebel Systems and Proscape, where he was involved in leading the Pharma CRM and CLM markets.
AI Analysis | Feedback
The key risks to Veeva Systems' (VEEV) business include challenges related to its platform transition and intensified competition, the potential for slowing revenue growth in its core markets, and the inherent regulatory and compliance complexities of the life sciences industry.
- Platform Transition and Intensified Competition: Veeva is undertaking a significant migration of its Veeva CRM application from Salesforce's platform to its proprietary Veeva Vault platform. This transition carries risks of disruption, delays, and potential customer resistance, as some clients might evaluate alternative solutions during this process. This risk is compounded by Salesforce's direct entry into the life sciences CRM market with its new Life Sciences Cloud CRM product, developed in partnership with IQVIA. Salesforce and IQVIA represent significant competitive threats, given their brand and resources. Additionally, an ongoing, decade-long lawsuit with IQVIA regarding data misuse restricts Veeva's customers from integrating IQVIA's third-party data into several Veeva applications, which is a significant concern for Veeva's Commercial (CRM) and Data Cloud offerings.
- Slowing Revenue Growth and Market Saturation in Core CRM: Veeva has achieved substantial market penetration within pharmaceutical and biotechnology companies with its core CRM application. While the company continues to see growth, its overall revenue growth rates have slowed in recent years and are expected to continue moderating. If Veeva is unsuccessful in further increasing the use and adoption of its core CRM application or expanding into new areas effectively, the growth of its commercial solutions revenue could be adversely impacted.
- Regulatory and Compliance Risks: Veeva's operations are almost entirely focused on the heavily regulated life sciences industry. The demand for Veeva's solutions can be affected by changes in the regulatory environment, such as new guidelines from the FDA or EMA on data handling, privacy (e.g., GDPR), or electronic records, which may necessitate rapid and costly changes to Veeva's products. A failure to meet evolving compliance standards or any data security breaches in its cloud services could lead to a loss of customer confidence, significant liabilities, or a loss of business.
AI Analysis | Feedback
nullAI Analysis | Feedback
Veeva Systems (VEEV) operates within the life sciences industry, offering cloud-based software and data solutions across several key product areas. The company's total addressable market (TAM) for life sciences industry-specific software, data, and services is estimated to be approximately $20 billion globally. Some analyses suggest this broader market could grow to between $30 billion and $50 billion by 2028 globally.
The addressable markets for Veeva's main product categories are:
- Veeva Development Cloud: This segment, which includes applications for clinical, regulatory, quality, and safety functions, accounts for an estimated 65% of Veeva's total addressable market opportunity. Specifically, the addressable market for Veeva's Clinical platform is estimated to be around $7 billion. This market is global in scope.
- Veeva Commercial Cloud: This suite, which includes Veeva CRM, addresses sales, marketing, and medical affairs. Veeva CRM holds a dominant market share of over 80% in the global pharmaceutical CRM space. The CRM suite represents about one-quarter of Veeva's total revenue.
- Veeva Data Cloud: This segment, which includes data products, currently contributes a smaller portion of Veeva's revenue.
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Veeva Systems (VEEV) is anticipated to drive future revenue growth over the next 2-3 years through a combination of product innovation, deeper penetration within its existing customer base, and strategic market expansion.
Here are 3-5 expected drivers of future revenue growth:
- Expansion of Product Portfolio and Adoption of Newer Solutions: Veeva continues to innovate and expand its comprehensive suite of cloud-based software, data, and business consulting services tailored for the life sciences industry. Key drivers include the broader adoption and maturation of its Development Cloud offerings, such as Electronic Data Capture (EDC), Clinical Data Base (CDB), Quality Cloud solutions (including LIMS, Batch Release, and Validation Management), and clinical operations tools like eTMF and CTMS. Furthermore, the ongoing migration and increased adoption of Vault CRM in the Commercial Cloud, alongside new commercial applications like Campaign Manager, Service Center, and Patient CRM, are expected to contribute significantly. The rapid progress and integration of Veeva AI, including agentic AI and industry-specific application agents such as CRM Bot, Voice Control, Compliant Free Text, and MLR Bot, are poised to deliver substantial value and drive new revenue streams for customers.
- Increased Customer Penetration and Upselling within the Existing Base: Veeva has a significant opportunity to grow by gaining market share and selling additional products to its current clients. For instance, the company is actively expanding the adoption of Vault CRM, with plans to increase its client base from approximately 80 to 200. Despite already having a strong presence with top pharmaceutical companies, there remains significant room for deeper penetration, particularly with products like EDC and CDB, where market penetration is currently estimated at around 10% or less, with contracts ramping over several years. Additionally, initiatives like Veeva Basics, adopted by over 100 emerging biotechs, are aimed at expanding its reach to smaller companies and fostering long-term growth.
- Strategic Expansion into New Segments and Geographies: While primarily focused on life sciences, Veeva is strategically expanding into adjacent sectors, such as the MedTech industry, which represents a new avenue for growth. The company is also exploring opportunities in other adjacent industries like consumer goods and chemicals, although prioritizing its core life sciences focus. Geographically, while a significant portion of revenue comes from North America, continued international expansion, particularly in Europe and Asia Pacific, presents opportunities for growth. Strategic partnerships also play a role in strengthening Veeva's presence and enhancing its R&D applications, contributing to market expansion.
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Share Repurchases
- Veeva initiated a $500 million share repurchase program in early 2024.
- This program positioned Veeva as a net repurchaser of shares.
- As of July 31, 2025, quarterly stock buybacks were reported as -$141.69 million.
Share Issuance
- Veeva operates a 2013 Equity Incentive Plan, granting stock-based awards (options, restricted shares, stock units) to employees, directors, and service providers.
- The plan allows for an annual increase in shares that can be issued, equal to the least of 5% of outstanding shares, 13,750,000 shares, or a Board-determined number.
- In June 2024, CEO Peter P. Gassner was granted a performance-based stock option to purchase 2,650,000 shares, with an estimated grant date fair value of approximately $172 million.
Outbound Investments
- Veeva acquired Veracity Logic in December 2021 for an undisclosed amount, which provides interactive web and phone solutions for clinical trials.
- Acquisition activity has been limited, with an average of 0.2 acquisitions per year over the last five years (2019–2024), and no acquisitions completed in the current calendar year (as of September 2025).
Capital Expenditures
- Veeva Systems' capital expenditures averaged $16.625 million annually for fiscal years ending January 2021 to 2025.
- Capital expenditures peaked at $26.196 million in January 2024 and reached a five-year low of $8.683 million in January 2021.
- Projected capital expenditures are $25.3 million for fiscal year 2026, $27.96 million for fiscal year 2027, and $27.54 million for fiscal year 2028.
Latest Trefis Analyses
Trade Ideas
Select ideas related to VEEV.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | QDEL | QuidelOrtho | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | CHE | Chemed | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | LLY | Eli Lilly | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | HAE | Haemonetics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 02202026 | MSFT | Microsoft | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -1.1% | -1.1% | -3.2% |
| 01302026 | VEEV | Veeva Systems | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -10.7% | -10.7% | -15.7% |
| 12312022 | VEEV | Veeva Systems | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 22.5% | 19.3% | -1.9% |
| 06302022 | VEEV | Veeva Systems | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -17.6% | -0.2% | -23.7% |
| 12312021 | VEEV | Veeva Systems | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -20.1% | -36.8% | -40.9% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 197.18 |
| Mkt Cap | 168.4 |
| Rev LTM | 41,098 |
| Op Inc LTM | 8,304 |
| FCF LTM | 4,108 |
| FCF 3Y Avg | 3,683 |
| CFO LTM | 11,240 |
| CFO 3Y Avg | 9,555 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.3% |
| Rev Chg 3Y Avg | 9.8% |
| Rev Chg Q | 13.2% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Mgn LTM | 24.7% |
| Op Mgn 3Y Avg | 21.4% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 36.3% |
| CFO/Rev 3Y Avg | 34.4% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 20.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 168.4 |
| P/S | 5.8 |
| P/EBIT | 20.4 |
| P/E | 25.2 |
| P/CFO | 19.2 |
| Total Yield | 4.7% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | 3.6% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.1% |
| 3M Rtn | -19.2% |
| 6M Rtn | -19.2% |
| 12M Rtn | -4.1% |
| 3Y Rtn | 28.9% |
| 1M Excs Rtn | 4.5% |
| 3M Excs Rtn | -18.5% |
| 6M Excs Rtn | -23.6% |
| 12M Excs Rtn | -19.6% |
| 3Y Excs Rtn | -45.3% |
Comparison Analyses
Price Behavior
| Market Price | $195.57 | |
| Market Cap ($ Bil) | 32.1 | |
| First Trading Date | 10/16/2013 | |
| Distance from 52W High | -36.1% | |
| 50 Days | 200 Days | |
| DMA Price | $203.98 | $257.14 |
| DMA Trend | down | down |
| Distance from DMA | -4.1% | -23.9% |
| 3M | 1YR | |
| Volatility | 37.2% | 36.5% |
| Downside Capture | 197.76 | 112.66 |
| Upside Capture | 85.00 | 68.89 |
| Correlation (SPY) | 39.4% | 35.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.52 | 1.63 | 1.60 | 0.92 | 0.67 | 0.83 |
| Up Beta | -0.84 | 0.84 | 0.89 | -0.41 | 0.42 | 0.53 |
| Down Beta | 1.57 | 1.68 | 1.63 | 1.35 | 0.64 | 0.79 |
| Up Capture | 112% | 94% | 86% | 34% | 63% | 81% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 9 | 19 | 29 | 62 | 124 | 371 |
| Down Capture | 312% | 253% | 241% | 156% | 107% | 103% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 12 | 22 | 32 | 62 | 126 | 379 |
[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 | -16.8% | 36.7% | -0.44 | - |
| Sector ETF (XLV) | 4.7% | 17.5% | 0.11 | 25.7% |
| Equity (SPY) | 19.6% | 19.1% | 0.81 | 35.8% |
| Gold (GLD) | 77.6% | 26.1% | 2.18 | -5.0% |
| Commodities (DBC) | 20.2% | 17.2% | 0.92 | 4.6% |
| Real Estate (VNQ) | 6.1% | 16.4% | 0.19 | 27.1% |
| Bitcoin (BTCUSD) | -24.3% | 45.7% | -0.47 | 16.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VEEV | |
|---|---|---|---|---|
| VEEV | -7.3% | 37.8% | -0.10 | - |
| Sector ETF (XLV) | 7.9% | 14.5% | 0.36 | 34.0% |
| Equity (SPY) | 13.4% | 17.0% | 0.62 | 46.8% |
| Gold (GLD) | 24.0% | 17.2% | 1.14 | 7.5% |
| Commodities (DBC) | 11.8% | 19.0% | 0.50 | 7.1% |
| Real Estate (VNQ) | 5.3% | 18.8% | 0.18 | 36.0% |
| Bitcoin (BTCUSD) | 7.1% | 56.8% | 0.35 | 20.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VEEV | |
|---|---|---|---|---|
| VEEV | 23.3% | 37.9% | 0.67 | - |
| Sector ETF (XLV) | 10.7% | 16.5% | 0.53 | 42.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.73 | 49.6% |
| Gold (GLD) | 14.9% | 15.6% | 0.79 | 6.9% |
| Commodities (DBC) | 8.9% | 17.6% | 0.42 | 12.2% |
| Real Estate (VNQ) | 6.2% | 20.7% | 0.26 | 33.2% |
| Bitcoin (BTCUSD) | 65.7% | 66.8% | 1.05 | 13.2% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 11/8/2024 | 5.2% | 2.8% | 10.1% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 13 |
| # Negative | 12 | 10 | 11 |
| Median Positive | 7.9% | 5.1% | 8.5% |
| Median Negative | -8.5% | -9.3% | -9.1% |
| 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 |
|---|---|---|
| 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 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zuppas, Eleni Nitsa | President & Chief of Staff | Direct | Sell | 10092025 | 306.62 | 6,000 | 1,839,694 | 7,765,040 | Form |
| 2 | Faddis, Jonathan | SVP, Gen. Counsel, Secretary | Direct | Sell | 10082025 | 298.12 | 720 | 214,646 | 2,345,608 | Form |
| 3 | Schwenger, Thomas D | Pres. & Chief Customer Officer | Direct | Sell | 10032025 | 300.04 | 3,350 | 1,005,140 | 7,132,891 | Form |
| 4 | Faddis, Jonathan | SVP, Gen. Counsel, Secretary | Direct | Sell | 10032025 | 300.00 | 14,595 | 4,378,500 | 2,576,400 | Form |
| 5 | Faddis, Jonathan | SVP, Gen. Counsel, Secretary | Direct | Sell | 7112025 | 285.62 | 720 | 205,646 | 2,256,969 | Form |
VEEV Trade Sentinel
ACCUMULATE (Score 7-8)
CONVICTION RATIONALE
The Probability-Adjusted Skew of 1.80x is attractive. The investment thesis hinges on the 'Alpha Driver' (R&D Platform Growth) overpowering the 'Anti-Alpha' (CRM Competitive Risk). The assignment of a 60% probability to the upside reflects the strong secular tailwinds in life sciences tech adoption and Veeva's current operational momentum, which should be sufficient to navigate the contested CRM market.
STOCK ARCHETYPE
High-Beta CompounderVeeva exhibits traits of a durable compounder with high margins, accelerating subscription revenue growth (+17% YoY), and a strong competitive moat. However, its high forward P/E ratio (~29x-42x) and sensitivity to growth narratives align it with the 'High-Beta Compounder' archetype, where growth durability is the primary focus.
INVESTMENT THESIS
The primary driver for Veeva's growth is the ongoing mix shift towards its higher-growth, more deeply-integrated R&D Solutions, centered on the Veeva Vault platform. This segment is now the company's largest and is capitalizing on the life sciences industry's durable trend of digitizing complex, regulated development processes. This platform strategy creates significant cross-selling opportunities for new modules and entrenches Veeva as the mission-critical system of record.
- Subscription revenue growth accelerated from 10% YoY in FY24 to 17% YoY in Q3 FY26.
- R&D Solutions is the larger, faster-growing segment, guided to ~$1.42B in FY26 revenue, outpacing Commercial Solutions' ~$1.25B.
- Recent enterprise standardization deals with three top 20 biopharmas for Development Cloud products underscore platform momentum.
- Veeva raised full-year FY26 revenue and EPS guidance in November 2025, signaling positive underlying business trends.
PRIMARY RISK
Veeva is forcing its legacy CRM customers to migrate from the Salesforce backend to its proprietary Vault Platform by 2030. This event creates a window of opportunity for competitors, primarily Salesforce's own Life Sciences Cloud, to displace Veeva. The confirmed loss of 6 of the top 20 pharma companies to other solutions during this transition indicates that the competitive threat is material and could lead to market share erosion in the valuable Commercial Cloud segment.
- Veeva confirmed that 6 of the top 20 pharma customers have opted for other solutions instead of migrating to Vault CRM.
- Salesforce is actively marketing its updated Life Sciences Cloud as a more flexible, AI-ready alternative, creating a direct competitive threat.
- The omission of the historically-touted ~120% Subscription Revenue Retention Rate in recent earnings is a red flag suggesting potential degradation.
| KPI | Threshold | Rationale |
|---|---|---|
| Subscription Revenue Growth YoY | Maintain >15% | This is the primary metric for a 'High-Beta Compounder'. Any sustained drop below 15% would challenge the premium valuation and signal that competitive pressures or market saturation are materially impacting the growth story. |
| Commercial Solutions Subscription Revenue | Monitor for sharp deceleration (<10% YoY) | This KPI is the leading indicator for the 'Anti-Alpha' thesis. A sharp slowdown would provide concrete evidence that the Salesforce threat during the Vault CRM migration is causing material customer churn. |
| Subscription Revenue Retention Rate | Reinstatement of disclosure >115% | The recent omission of this metric is a red flag. Its return, particularly at a level above 115%, would be a strong signal that churn is under control and the core business model of up-selling existing customers remains robust. |
Platform Growth vs. CRM Migration Churn
BULL VIEW
The R&D Solutions segment, now the primary growth engine, will continue its strong adoption cycle, making any CRM churn a manageable headwind.
CORE TENSION
Can growth in the R&D Vault platform outpace churn and competition from Salesforce in the legacy Commercial Cloud business during a forced customer migration?
PREVAILING SENTIMENT
Subscription revenue growth accelerated to 17% YoY, yet the company confirmed 6 of the top 20 pharma customers have opted for other solutions instead of migrating to Vault CRM.
BEAR VIEW
The forced CRM migration creates a rare opportunity for Salesforce to displace Veeva, causing material churn and decelerating Commercial Cloud growth.
| Timeline | Event & Metric To Watch |
|---|---|
Late Feb / Early Mar 2026 | Q4 2026 Earnings Call & FY27 Guidance Watch: Commercial Solutions subscription revenue growth rate and management commentary on the number of customers committed to the Vault CRM migration. |
Next 1-6 Months | Major Biopharma Customer Earnings Calls Watch: Announcements of significant headcount reductions in commercial or R&D departments by top 20 pharma companies. |
Ongoing | Salesforce Competitive Displacement Announcement Watch: A press release from Salesforce naming a top-20 pharma company as a significant Veeva CRM replacement. |
Ongoing | Macro: 10-Year Treasury Yield Movement Watch: 10-Year Treasury Yield breaking and holding above the 4.5% level. |
| Date | Event | Stock Impact |
|---|---|---|
10/7/2025 | Reached 52-Week High Details: Shares hit a 52-week high, capping a strong period of performance driven by positive market sentiment on the life sciences software sector before competitive concerns took center stage. | Rose significantly by 4.5% $293.00 -> $306.22 |
8/27/2025 | Q2 FY26 Earnings Details: Veeva reported its second-quarter results after market close. The negative stock reaction signaled that results or guidance did not meet the market's high expectations. | Crashed -7.2% $293.59 -> $272.33 |
10/29/2025 | Competitor Product Update Details: Key competitor Salesforce announced an update to its Life Sciences Cloud with enhanced AI features, intensifying the competitive narrative around the Veeva CRM migration. | Slight -1.6% pullback $291.35 -> $286.67 |
11/20/2025 | Q3 FY26 Earnings Details: Despite beating revenue estimates and raising full-year guidance, the stock fell sharply as investors reacted to the confirmed loss of 6 top-20 CRM customers and the omission of the net retention rate KPI. | Plummeted -9.8% $270.50 -> $244.06 |
1/15/2026 | Insider Selling Disclosures Details: SEC filings revealed share sales by multiple executives, including the President & Chief Customer Officer, raising concerns about leadership's confidence in a near-term recovery. | Crashed -7.5% $240.12 -> $222.21 |
2/2/2026 | Sector Headwinds: Pharma Layoffs Details: Stock declined amid reports of major layoffs at key customer GSK, fueling investor fears of 'seat compression' and reduced demand for Veeva's software licenses. | Plummeted -9.9% $203.92 -> $183.65 |
Position Sizing
1% - 3%
CONSERVATIVE
Stock is in an Explosive Volatility regime (3.1x S&P). The contested moat and neutral sentiment, driven by tangible churn risk, warrant a conservative size until the CRM migration outcome is clearer.
Diversification Alternatives
PCOR
SECTORProcore offers a similar vertical SaaS leadership thesis in the large construction industry, but with a more fragmented competitive landscape, avoiding a single, direct threat like Salesforce.
ROP
OTHERRoper's diversified portfolio of niche software leaders mitigates the single-product and single-competitor risk currently facing Veeva. It offers a more resilient, lower-volatility compounder profile.
Veeva Systems is solidifying its monopoly in life sciences cloud software by transitioning customers to its proprietary Vault platform, creating a fully integrated commercial and R&D ecosystem while expanding its TAM into new industries.
Filter all news through the lens of Veeva's platform strategy: successful migration of CRM customers to Vault, expansion of the R&D solutions suite, and early wins in industries outside of life sciences.
Announcements of top-20 pharma migrating to Vault CRM; R&D Solutions revenue growth accelerating above 20% YoY; new customer wins in consumer packaged goods or chemical industries; subscription revenue retention rate remaining above 120%.
Significant customer churn or delays in the Vault CRM migration; evidence of market share gains by competitors like IQVIA or Salesforce Life Sciences Cloud; a slowdown in R&D spending across the biopharma industry; compression in subscription gross margins.
Quarterly professional services revenue fluctuations (non-recurring and lower margin); individual point-solution wins by competitors that don't threaten the integrated platform advantage; partnerships with Salesforce (ending in 2025).
Repricing Catalyst
The mandatory migration of its massive CRM customer base from the Salesforce platform to its own proprietary Veeva Vault platform by 2030. This transition deepens the customer lock-in, increases the addressable market within each customer through cross-selling of integrated R&D applications, and is expected to accrete to gross margins post-2025.
R&D Solutions (Veeva Vault)
$1.4B TTM (53% of Total) · 85% MarginWhat It Is
Veeva Vault Platform applications including: eTMF (electronic Trial Master File), CTMS (Clinical Trial Management System), CDMS (Clinical Data Management System), QualityDocs, Safety, and Regulatory Information Management (RIM).
Who Pays & How
Pharmaceutical and biotech companies like Boehringer Ingelheim pay recurring subscription fees to manage complex, regulated drug development processes. Switching costs are prohibitive due to the platform's deep integration into clinical workflows, high data migration costs, and the need for regulatory re-validation.
Competition
Commercial Solutions (Veeva CRM)
$1.2B TTM (47% of Total) · 85% MarginWhat It Is
Veeva Vault CRM Suite, Veeva Link, and Crossix data analytics.
Who Pays & How
Pharmaceutical sales and marketing teams at companies like Novo Nordisk pay recurring subscription fees to manage sales rep interactions with healthcare professionals, track marketing campaigns, and analyze prescribing data, all within a compliant framework.
Competition
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