Veeva Systems (VEEV)
Market Price (8/30/2026): $276.99 | Market Cap: $45.0 BilInvestor Relations Sector: Health Care | Industry: Health Care Technology
Veeva Systems (VEEV)
Market Price (8/30/2026): $276.99Market Cap: $45.0 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 -16% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 30% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 48% Low stock price volatilityVol 12M is 43% 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 returns3Y Excs Rtn is -26% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 43x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x, P/EPrice/Earnings or Price/(Net Income) is 44x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 50% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% 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 -16% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 30% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 48% |
| Low stock price volatilityVol 12M is 43% |
| 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 returns3Y Excs Rtn is -26% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 43x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x, P/EPrice/Earnings or Price/(Net Income) is 44x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 50% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| 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 75% since 4/30/2026 because of the following key factors:
1. Exceptional Financial Performance and Elevated Fiscal Year Guidance.
Veeva Systems consistently surpassed analyst expectations for both revenue and earnings during its fiscal Q1 and Q2 2027, which ended April 30, 2026, and July 31, 2026, respectively. For fiscal Q1 2027, total revenue reached $882.9 million, exceeding estimates, while non-GAAP diluted EPS was $2.24, beating the $2.14 consensus. This strong performance continued into fiscal Q2 2027, with total revenues increasing 18% year-over-year to $928.0 million, surpassing the $905.3 million consensus, and non-GAAP diluted EPS of $2.35 outperforming the $2.22 consensus. Bolstering investor confidence, Veeva subsequently raised its full-year fiscal 2027 revenue guidance to between $3,682 and $3,687 million and its non-GAAP fully diluted net income per share guidance to approximately $9.21.
2. Accelerated AI Strategy with New Product Introductions and Adoption.
Veeva made significant progress in its artificial intelligence (AI) initiatives, transforming its identity to an "industry-specific application and AI agent company". In May 2026, Veeva introduced Falcon, an agentic platform designed to streamline drug development. This was followed by the acquisition of Copli in June 2026, leading to the launch of Veeva Falcon MLR, an AI tool aimed at reducing manual content review workloads by up to 70%. By fiscal Q2 2027, Veeva Falcon demonstrated rapid acceleration and generated high customer interest, with early adopters showing promising results.
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Veeva Systems (VEEV) stock has gained about 75% since 4/30/2026 because of the following key factors:
1. Exceptional Financial Performance and Elevated Fiscal Year Guidance.
Veeva Systems consistently surpassed analyst expectations for both revenue and earnings during its fiscal Q1 and Q2 2027, which ended April 30, 2026, and July 31, 2026, respectively. For fiscal Q1 2027, total revenue reached $882.9 million, exceeding estimates, while non-GAAP diluted EPS was $2.24, beating the $2.14 consensus. This strong performance continued into fiscal Q2 2027, with total revenues increasing 18% year-over-year to $928.0 million, surpassing the $905.3 million consensus, and non-GAAP diluted EPS of $2.35 outperforming the $2.22 consensus. Bolstering investor confidence, Veeva subsequently raised its full-year fiscal 2027 revenue guidance to between $3,682 and $3,687 million and its non-GAAP fully diluted net income per share guidance to approximately $9.21.
2. Accelerated AI Strategy with New Product Introductions and Adoption.
Veeva made significant progress in its artificial intelligence (AI) initiatives, transforming its identity to an "industry-specific application and AI agent company". In May 2026, Veeva introduced Falcon, an agentic platform designed to streamline drug development. This was followed by the acquisition of Copli in June 2026, leading to the launch of Veeva Falcon MLR, an AI tool aimed at reducing manual content review workloads by up to 70%. By fiscal Q2 2027, Veeva Falcon demonstrated rapid acceleration and generated high customer interest, with early adopters showing promising results.
3. Sustained Dominance and Major Customer Acquisitions for Vault CRM.
The company's core Vault CRM platform continued to exhibit strong momentum, securing crucial wins among top biopharma clients. Fiscal Q1 2027 saw Vault CRM's robust performance with over 150 customers actively using the platform and an impressive win rate exceeding 80% among the top 20 pharmaceutical accounts. This growth culminated in fiscal Q2 2027 being recognized as Vault CRM's "best quarter ever". During this period, prominent pharmaceutical companies including Eli Lilly and Company, Biogen, and Regeneron selected Veeva Vault CRM, bringing the total to 13 out of the top 20 biopharma companies committed to the solution.
4. Inclusion in the S&P 500 Index.
Veeva Systems' stock received a significant boost from its inclusion in the S&P 500 index in May 2026, where it replaced Coterra Energy. This macroeconomic factor typically increases demand for a company's shares as passive index funds and exchange-traded funds (ETFs) that track the S&P 500 are mandated to purchase the stock.
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Stock Movement Drivers
Fundamental Drivers
The 77.4% change in VEEV stock from 4/30/2026 to 8/29/2026 was primarily driven by a 57.6% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8292026 | Change |
|---|---|---|---|
| Stock Price ($) | 155.97 | 276.69 | 77.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,195 | 3,458 | 8.2% |
| Net Income Margin (%) | 28.4% | 29.3% | 3.2% |
| P/E Multiple | 28.1 | 44.3 | 57.6% |
| Shares Outstanding (Mil) | 164 | 162 | 0.8% |
| Cumulative Contribution | 77.4% |
Market Drivers
4/30/2026 to 8/29/2026| Return | Correlation | |
|---|---|---|
| VEEV | 77.4% | |
| Market (SPY) | 7.1% | 8.6% |
| Sector (XLV) | 17.2% | 17.6% |
Fundamental Drivers
The 35.7% change in VEEV stock from 1/31/2026 to 8/29/2026 was primarily driven by a 13.8% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8292026 | Change |
|---|---|---|---|
| Stock Price ($) | 203.92 | 276.69 | 35.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,080 | 3,458 | 12.3% |
| Net Income Margin (%) | 27.9% | 29.3% | 5.1% |
| P/E Multiple | 38.9 | 44.3 | 13.8% |
| Shares Outstanding (Mil) | 164 | 162 | 1.1% |
| Cumulative Contribution | 35.7% |
Market Drivers
1/31/2026 to 8/29/2026| Return | Correlation | |
|---|---|---|
| VEEV | 35.7% | |
| Market (SPY) | 11.5% | 14.1% |
| Sector (XLV) | 11.1% | 12.6% |
Fundamental Drivers
The -2.6% change in VEEV stock from 7/31/2025 to 8/29/2026 was primarily driven by a -25.3% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8292026 | Change |
|---|---|---|---|
| Stock Price ($) | 284.20 | 276.69 | -2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,855 | 3,458 | 21.1% |
| Net Income Margin (%) | 27.3% | 29.3% | 7.3% |
| P/E Multiple | 59.2 | 44.3 | -25.3% |
| Shares Outstanding (Mil) | 163 | 162 | 0.2% |
| Cumulative Contribution | -2.6% |
Market Drivers
7/31/2025 to 8/29/2026| Return | Correlation | |
|---|---|---|
| VEEV | -2.6% | |
| Market (SPY) | 22.7% | 18.3% |
| Sector (XLV) | 32.9% | 13.7% |
Fundamental Drivers
The 35.5% change in VEEV stock from 7/31/2023 to 8/29/2026 was primarily driven by a 58.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8292026 | Change |
|---|---|---|---|
| Stock Price ($) | 204.22 | 276.69 | 35.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,176 | 3,458 | 58.9% |
| Net Income Margin (%) | 23.9% | 29.3% | 23.0% |
| P/E Multiple | 62.9 | 44.3 | -29.6% |
| Shares Outstanding (Mil) | 160 | 162 | -1.5% |
| Cumulative Contribution | 35.5% |
Market Drivers
7/31/2023 to 8/29/2026| Return | Correlation | |
|---|---|---|
| VEEV | 35.5% | |
| Market (SPY) | 74.0% | 29.4% |
| Sector (XLV) | 33.6% | 25.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VEEV Return | -6% | -37% | 19% | 9% | 6% | 26% | 4% |
| Peers Return | 32% | -21% | 40% | 19% | 4% | 2% | 86% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| VEEV Win Rate | 58% | 33% | 50% | 58% | 50% | 50% | |
| Peers Win Rate | 65% | 35% | 50% | 52% | 43% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
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 8/28/2026 (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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Asset Allocation
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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.
Peer Outperformance in Health Care Technology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 11.3% | 84.6% | 129.3% | CAH 408% · MCK 356% · COR 184% |
| Managed Health Care | 8 | 29.5% | -3.3% | 2.5% | OSCR 100% · HQY 50% · ELV 14% |
| Health Care Services | 20 | 19.7% | 37.8% | 1.0% | HIMS 261% · RDNT 144% · DGX 77% |
| Health Care Facilities | 24 | 6.2% | -5.8% | -18.1% | THC 254% · NHC 245% · ENSG 115% |
| Health Care Equipment | 51 | -3.6% | -7.5% | -20.3% | POCI 10900% · UFPT 340% · GKOS 215% |
| Health Care Supplies | 12 | 32.6% | -16.8% | -36.6% | LNTH 288% · HAE 68% · MMSI 27% |
| Pharmaceuticals | 63 | -3.1% | 7.7% | -37.5% | LQDA 2416% · INDV 1218% · ETON 1056% |
| Life Sciences Tools & Services | 108 | 1.5% | -33.6% | -70.5% | SNWV 1808% · MEDP 226% · AXGN 212% |
| Health Care Technology ← | 21 | -25.9% | -58.1% | -74.6% | SPOK 126% · HSTM 0% · VEEV -17% |
| Biotechnology | 365 | 10.0% | -25.4% | -77.9% | BRTX 99450% · DNTH 1562% · CELZ 1529% |
Latest Trefis Analyses
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 258.88 |
| Mkt Cap | 139.4 |
| Rev LTM | 40,034 |
| Op Inc LTM | 7,722 |
| FCF LTM | 3,097 |
| FCF 3Y Avg | 3,534 |
| CFO LTM | 10,434 |
| CFO 3Y Avg | 9,815 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.9% |
| Rev Chg 3Y Avg | 10.3% |
| Rev Chg Q | 14.2% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Inc Chg LTM | 16.8% |
| Op Inc Chg 3Y Avg | 19.2% |
| Op Mgn LTM | 25.7% |
| Op Mgn 3Y Avg | 23.6% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 41.7% |
| CFO/Rev 3Y Avg | 36.9% |
| FCF/Rev LTM | 16.5% |
| FCF/Rev 3Y Avg | 20.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 139.4 |
| P/S | 5.6 |
| P/Op Inc | 20.8 |
| P/EBIT | 18.2 |
| P/E | 26.9 |
| P/CFO | 14.5 |
| Total Yield | 4.7% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | 5.2% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 16.2% |
| 3M Rtn | 24.3% |
| 6M Rtn | 31.7% |
| 12M Rtn | 2.5% |
| 3Y Rtn | 29.0% |
| 1M Excs Rtn | 12.5% |
| 3M Excs Rtn | 22.6% |
| 6M Excs Rtn | 19.6% |
| 12M Excs Rtn | -16.3% |
| 3Y Excs Rtn | -42.6% |
Comparison Analyses
Price Behavior
| Market Price | $276.69 | |
| Market Cap ($ Bil) | 45.2 | |
| First Trading Date | 10/16/2013 | |
| Distance from 52W High | -9.6% | |
| 50 Days | 200 Days | |
| DMA Price | $207.73 | $198.73 |
| DMA Trend | down | up |
| Distance from DMA | 33.2% | 39.2% |
| 3M | 1YR | |
| Volatility | 52.1% | 42.6% |
| Downside Capture | -50.82 | 86.51 |
| Upside Capture | 172.27 | 71.01 |
| Correlation (SPY) | 13.5% | 17.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.95 | 0.05 | -0.04 | 0.33 | 0.50 | 0.68 |
| Up Beta | -4.20 | -0.85 | -1.21 | -0.75 | -0.37 | 0.33 |
| Down Beta | 0.37 | 1.35 | 1.11 | 0.88 | 0.95 | 0.77 |
| Up Capture | 64% | 34% | 51% | 40% | 26% | 51% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 23 | 34 | 62 | 125 | 370 |
| Down Capture | -163% | -74% | -91% | 67% | 95% | 99% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 20 | 29 | 64 | 127 | 381 |
[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 | -5.8% | 43.0% | -0.03 | - |
| Sector ETF (XLV) | 26.7% | 16.0% | 1.29 | 12.4% |
| Equity (SPY) | 20.1% | 12.8% | 1.16 | 17.1% |
| Gold (GLD) | 30.9% | 29.0% | 0.92 | -1.4% |
| Commodities (DBC) | 39.9% | 20.3% | 1.54 | -5.8% |
| Real Estate (VNQ) | 9.9% | 13.7% | 0.44 | 8.8% |
| Bitcoin (BTCUSD) | -27.5% | 43.6% | -0.61 | 13.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VEEV | |
|---|---|---|---|---|
| VEEV | -2.8% | 39.4% | 0.03 | - |
| Sector ETF (XLV) | 6.3% | 15.1% | 0.23 | 31.7% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 43.2% |
| Gold (GLD) | 19.7% | 18.7% | 0.85 | 5.2% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | 5.0% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 33.6% |
| Bitcoin (BTCUSD) | 10.4% | 52.6% | 0.38 | 21.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VEEV | |
|---|---|---|---|---|
| VEEV | 21.5% | 38.9% | 0.62 | - |
| Sector ETF (XLV) | 10.5% | 16.7% | 0.51 | 40.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 47.5% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 7.3% |
| Commodities (DBC) | 7.3% | 18.0% | 0.33 | 9.9% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 32.2% |
| Bitcoin (BTCUSD) | 64.0% | 66.1% | 1.04 | 13.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/26/2026 | 15.2% | ||
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 12 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 8.6% | 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 |
| 8/26/2026 | 15.2% | ||
| 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 | 12 | 12 | 12 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 8.6% | 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 |
|---|---|---|
| 07/31/2026 | 08/27/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/27/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 8/27/2026Latest: Q2 2027 Earnings Reported 8/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2027 Revenue | 932.00 Mil | 933.50 Mil | 935.00 Mil | 3.3% | Higher New | Guidance: 903.50 Mil for Q2 2027 | |
| Q3 2027 Non-GAAP Operating Income | 417.00 Mil | 418.50 Mil | 420.00 Mil | 6.4% | Higher New | Guidance: 393.50 Mil for Q2 2027 | |
| Q3 2027 Non-GAAP EPS | 2.33 | 2.33 | 2.34 | 5.4% | Higher New | Guidance: 2.21 for Q2 2027 | |
| 2027 Revenue | 3.68 Bil | 3.68 Bil | 3.69 Bil | 1.2% | Raised | Guidance: 3.64 Bil for 2027 | |
| 2027 Non-GAAP Operating Income | 1.64 Bil | 1.9% | Raised | Guidance: 1.61 Bil for 2027 | |||
| 2027 Non-GAAP EPS | 9.21 | 1.8% | Raised | Guidance: 9.05 for 2027 | |||
Prior: 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 | |||
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 Aug 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 revenue growth is accelerating to 17.6%, driven by renewed momentum in its core life sciences software business. The company is successfully navigating a competitive challenge in its CRM segment while launching a new AI platform that could drive future growth. While competition is a factor, recent large customer wins and a raised financial outlook support a positive view.
STOCK ARCHETYPE
Industry-Specific Vertical SaaS(Number of Customers) x (Number of Products per Customer) x (Price per Product) Operating leverage from selling additional high-margin software and data products into an installed base with high switching costs.
INVESTMENT THESIS
Evidence suggests Veeva is successfully defending its core market while layering on new AI-driven growth opportunities.
- Quarterly revenue growth accelerated to 17.6%.
- Secured 12 of the top 20 biopharma firms for its next-generation Vault CRM.
- Operating margin expanded by 3 percentage points year-over-year to 29.9%.
- Initial go-lives for the new Veeva Falcon AI platform are on track for this year.
PRIMARY RISK
A primary competitor has established a foothold by winning commitments from several of Veeva's largest customers for its competing life sciences application.
- Salesforce has won commitments from 6 of the top 20 biopharma customers.
- Competitors possess significantly greater financial and technical resources.
- Veeva's top 10 customers account for 28% of total revenues, concentrating risk.
- The company previously expected to win 14 of the top 20 customers, but now has 12.
| KPI | Status | Rationale |
|---|---|---|
| Latest-Quarter Revenue Growth | 17.6% year-over-year for the quarter ended June 30, 2026 - Accelerating | Year-over-year revenue growth has accelerated for two consecutive quarters, indicating strengthening business momentum. |
| Top 20 Biopharma Commitments for Vault CRM | 12 of the top 20 biopharma companies committed to Vault CRM as of August 2026. - Turning around | While the total of 12 wins is below the 14 initially expected in late 2025, the company has regained momentum by securing two new top 20 commitments in the latest quarter after acknowledging that six had chosen a competitor. Management expressed confidence in winning back some of these customers over time. |
| Total Customers | 1,552 (As of January 31, 2026) | Indicates the breadth of market penetration across the life sciences industry, from the largest global firms to emerging biotechs. |
| Top 20 Biopharma Commitments to Vault CRM | 12 (As of August 26, 2026) | Measures success in migrating the most significant enterprise customers from the legacy Veeva CRM to the new proprietary Vault CRM platform, a key strategic initiative. |
| Customers Live on Vault CRM | Over 180 (As of August 26, 2026) | Tracks the progress of the company's critical platform migration to Vault CRM, demonstrating product maturity and customer adoption. |
CRM Momentum vs. Salesforce's Beachhead
BULL VIEW
The 'best CRM quarter ever' and two new top-20 wins show Veeva is winning the platform battle, and the threat is contained.
CORE TENSION
Can recent Vault CRM wins, including 12 of the top 20 biopharmas, offset the structural risk from Salesforce securing 6 of those top customers?
PREVAILING SENTIMENT
The latest evidence favors the bull view. Revenue growth is accelerating to 17.6% and the company just raised its full-year financial outlook.
BEAR VIEW
Salesforce's 6 top-20 wins are a permanent beachhead that will be used to attack Veeva's more lucrative R&D business over time.
| Timeline | Event & Metric To Watch |
|---|---|
2026-12-01 | Competitive CRM Traction Watch: Salesforce's commentary on its Life Sciences cloud, particularly any named customer wins or metrics suggesting market share gains against Veeva. |
11/18/2026 | Q3 Earnings Report Watch: Veeva is scheduled to report its Q3 FY2027 earnings. |
this year | Veeva Falcon Initial Go-Lives Watch: Initial go-lives for the Veeva Falcon agentic labor platform are expected. |
By 2027-01-31 | Final CRM Decisions Watch: Company announcements or earnings call updates confirming the final two top-20 CRM decisions and overall market share expectations. |
By 2027-01-31 | Falcon Launch Execution Watch: Announcements of initial go-lives. Any commentary on delays, technical challenges, or early adopter feedback during the next earnings call. |
November 5 | Company Investor Day Watch: Veeva will host an Investor Day. |
| Date | Event | Stock Impact |
|---|---|---|
2026-08-26 | Fiscal 2027 Second Quarter Results Details: Veeva reported Q2 total revenues of $928.0M, up 18% year-over-year, and raised full-year guidance. The stock had a strong positive two-day reaction of 14.0%. | +14.3% $246.78 -> $282.13 |
2026-08-25 | Biogen Selects Vault CRM Details: Veeva announced that Biogen, a top-20 biopharma, selected Veeva Vault CRM globally, a significant competitive win for its next-generation CRM platform. | -1.4% $248.46 -> $244.91 |
2026-06-09 | UCB Standardizes on Safety Suite Details: Veeva announced that UCB is unifying its global safety operations with the Veeva Safety Suite, a key customer win for a growth product area. | -2.1% $167.24 -> $163.76 |
2026-06-03 | Fiscal 2027 First Quarter Results Details: The company announced Q1 total revenues of $882.9M, up 16% year-over-year. The stock had a negative two-day reaction of -2.0% around the report. | -2.4% $182.94 -> $178.60 |
2026-05-27 | Veeva Falcon AI Platform Announced Details: Veeva announced Veeva Falcon, an agentic platform with standard agents designed to deliver "agentic labor" for major drug development processes in clinical, regulatory, and safety. | +3.7% $158.54 -> $164.38 |
2026-04-10 | Analyst Upgrades Stock to Buy Details: An analyst note upgraded the stock to a Buy, citing a valuation reset after a 30% YTD decline and resilience to AI disruption due to its specialized, regulated software. | +0.9% $157.08 -> $158.45 |
2026-03-04 | Fiscal 2026 Year-End Results Details: Veeva reported full fiscal year 2026 total revenues of $3,195.3M, up 16% year-over-year. The stock had a positive two-day reaction of 5.0% around the announcement. | +5.5% $185.91 -> $196.06 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: VEEV trades at roughly 41% annualized options-implied volatility versus about 12% for the S&P 500 (3.4x the market), around the 48th 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 LeaderOffers exposure to the broader enterprise software market beyond life sciences and possesses vastly greater scale, with R&D spending of $6.4 billion.
IQV - IQVIA Holdings, Inc.
Life Sciences Data & ServicesProvides a different exposure to the life sciences industry, focused on clinical research services and data analytics, competing with Veeva's Data Cloud products.
Veeva is the regulated, vertical-specific 'operating system' for the life sciences industry, with high switching costs and a new growth chapter in AI-driven automation.
Veeva provides an integrated suite of cloud applications essential for the core R&D and commercial operations of life sciences companies. Its deep industry focus and unified platform create a strong moat against both large horizontal players and smaller point solutions. The company is now layering on AI capabilities, such as Veeva Falcon, to automate labor-intensive processes, creating a new, potentially disruptive revenue stream on top of its entrenched software base.
Continued top 20 biopharma wins for Vault CRM and newer R&D products; successful go-lives and revenue generation from the Veeva Falcon AI platform.
Further customer losses to Salesforce in the CRM space; signs that the integrated platform strategy is not a sufficient moat against best-of-breed point solutions; delays or execution issues with the Vault CRM migration.
Short-term fluctuations in professional services revenue or quarterly billings, which management has stated are not precise indicators of underlying business momentum.
Repricing Catalyst
The strong Q2 FY2027 earnings report, which exceeded guidance and led to a raised full-year outlook, driven by what management called its 'best CRM quarter ever' and rapid acceleration in its AI initiatives.
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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