Veeva Systems (VEEV)
Market Price (4/25/2026): $161.67 | Market Cap: $26.5 BilSector: Health Care | Industry: Health Care Technology
Veeva Systems (VEEV)
Market Price (4/25/2026): $161.67Market Cap: $26.5 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 -25% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 29% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48% Attractive yieldFCF Yield is 5.4% 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 -63%, 3Y Excs Rtn is -84% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 29x, P/EPrice/Earnings or Price/(Net Income) is 29x 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. |
| 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 -25% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 29% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48% |
| Attractive yieldFCF Yield is 5.4% |
| 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 -63%, 3Y Excs Rtn is -84% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 29x, P/EPrice/Earnings or Price/(Net Income) is 29x |
| 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. Significant Analyst Downgrades and Price Target Reductions.
Multiple analyst firms downgraded Veeva Systems (VEEV) and sharply cut their price targets in early 2026, significantly impacting investor sentiment. Notably, on April 10, 2026, Citigroup downgraded the stock from "Buy" to "Neutral" and reduced its price target from $291 to $176, representing a 39.52% decrease. This followed other firms like Piper Sandler lowering its target from $355 to $285 (a 19.72% drop) and Needham reducing its target from $355 to $270 (a 23.94% reduction) in early March 2026, reinforcing a "reset" narrative around valuation and near-term growth.
2. Fiscal Year 2027 Guidance Implied Growth Deceleration.
Despite reporting strong fiscal year 2026 results with total revenues of $3,195.3 million (up 16% year-over-year) and subscription revenues up 17% year-over-year, the company's guidance for fiscal year 2027 indicated an approximate 13% subscription revenue growth. This outlook was perceived by investors as a deceleration compared to previous years' growth rates, leading to concerns about future revenue generation and impacting the stock's performance.
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Stock Movement Drivers
Fundamental Drivers
The -27.8% change in VEEV stock from 12/31/2025 to 4/24/2026 was primarily driven by a -31.8% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 223.23 | 161.13 | -27.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,080 | 3,195 | 3.7% |
| Net Income Margin (%) | 27.9% | 28.4% | 1.8% |
| P/E Multiple | 42.6 | 29.0 | -31.8% |
| Shares Outstanding (Mil) | 164 | 164 | 0.2% |
| Cumulative Contribution | -27.8% |
Market Drivers
12/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| VEEV | -27.8% | |
| Market (SPY) | 4.2% | 27.5% |
| Sector (XLV) | -6.9% | 5.5% |
Fundamental Drivers
The -45.9% change in VEEV stock from 9/30/2025 to 4/24/2026 was primarily driven by a -51.8% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 297.91 | 161.13 | -45.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,968 | 3,195 | 7.7% |
| Net Income Margin (%) | 27.3% | 28.4% | 4.2% |
| P/E Multiple | 60.1 | 29.0 | -51.8% |
| Shares Outstanding (Mil) | 163 | 164 | -0.1% |
| Cumulative Contribution | -45.9% |
Market Drivers
9/30/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| VEEV | -45.9% | |
| Market (SPY) | 7.0% | 24.7% |
| Sector (XLV) | 4.0% | 0.5% |
Fundamental Drivers
The -30.4% change in VEEV stock from 3/31/2025 to 4/24/2026 was primarily driven by a -44.9% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 231.63 | 161.13 | -30.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,747 | 3,195 | 16.3% |
| Net Income Margin (%) | 26.0% | 28.4% | 9.4% |
| P/E Multiple | 52.7 | 29.0 | -44.9% |
| Shares Outstanding (Mil) | 162 | 164 | -0.8% |
| Cumulative Contribution | -30.4% |
Market Drivers
3/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| VEEV | -30.4% | |
| Market (SPY) | 28.1% | 31.9% |
| Sector (XLV) | 0.1% | 22.8% |
Fundamental Drivers
The -12.3% change in VEEV stock from 3/31/2023 to 4/24/2026 was primarily driven by a -50.9% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 183.79 | 161.13 | -12.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,155 | 3,195 | 48.3% |
| Net Income Margin (%) | 22.6% | 28.4% | 25.7% |
| P/E Multiple | 59.0 | 29.0 | -50.9% |
| Shares Outstanding (Mil) | 157 | 164 | -4.3% |
| Cumulative Contribution | -12.3% |
Market Drivers
3/31/2023 to 4/24/2026| Return | Correlation | |
|---|---|---|
| VEEV | -12.3% | |
| Market (SPY) | 79.8% | 33.2% |
| Sector (XLV) | 16.6% | 25.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VEEV Return | -6% | -37% | 19% | 9% | 6% | -30% | -43% |
| Peers Return | 32% | -20% | 40% | 19% | 4% | -15% | 55% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| VEEV Win Rate | 58% | 33% | 50% | 58% | 50% | 0% | |
| Peers Win Rate | 65% | 35% | 50% | 52% | 43% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| VEEV Max Drawdown | -11% | -41% | -2% | -11% | -0% | -32% | |
| Peers Max Drawdown | -6% | -34% | -7% | -10% | -25% | -24% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 4/24/2026 (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
- Salesforce for the life sciences industry
- The Oracle or SAP of the life sciences industry
AI Analysis | Feedback
- 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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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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```htmlKey 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 Inc. operates within a significant and expanding addressable market in the life sciences industry. The company estimates its total addressable market (TAM) for life sciences industry-specific software, data, and services to be over $20 billion globally. This market is projected to grow further, with estimates suggesting the broader life sciences software and data TAM could reach $30–50 billion by 2028, representing an 11% compound annual growth rate (CAGR) from $30 billion in 2023. Another projection indicates the life sciences software market is expected to grow from $25.28 billion in 2024 to $105.05 billion by 2034 globally, at a 15.27% CAGR. For its core offerings, such as Veeva CRM, the company has historically commanded a dominant position. Veeva CRM has secured an estimated 80% global market share within the competitive pharmaceutical CRM market in the life sciences industry.AI Analysis | Feedback
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.
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 |
|---|---|---|---|---|---|---|---|
| 03312026 | PGNY | Progyny | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03272026 | MSFT | Microsoft | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 3.8% | 3.8% | 0.0% |
| 03272026 | CNC | Centene | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -0.6% |
| 03272026 | OSCR | Oscar Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.0% | 3.0% | -2.6% |
| 03202026 | WAT | Waters | 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 | -0.4% | -0.4% | -3.3% |
| 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 | -13.9% | -13.9% | -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 | 175.72 |
| Mkt Cap | 150.9 |
| Rev LTM | 39,144 |
| Op Inc LTM | 7,618 |
| FCF LTM | 2,051 |
| FCF 3Y Avg | 1,888 |
| CFO LTM | 14,996 |
| CFO 3Y Avg | 12,774 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.2% |
| Rev Chg 3Y Avg | 10.0% |
| Rev Chg Q | 14.0% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Inc Chg LTM | 16.4% |
| Op Inc Chg 3Y Avg | 16.8% |
| Op Mgn LTM | 25.1% |
| Op Mgn 3Y Avg | 21.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 36.7% |
| CFO/Rev 3Y Avg | 36.2% |
| FCF/Rev LTM | 25.3% |
| FCF/Rev 3Y Avg | 27.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 150.9 |
| P/S | 5.9 |
| P/Op Inc | 21.8 |
| P/EBIT | 21.7 |
| P/E | 27.7 |
| P/CFO | 18.6 |
| Total Yield | 4.6% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | 3.3% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.9% |
| 3M Rtn | -15.2% |
| 6M Rtn | -28.1% |
| 12M Rtn | 9.1% |
| 3Y Rtn | 8.9% |
| 1M Excs Rtn | -10.6% |
| 3M Excs Rtn | -18.8% |
| 6M Excs Rtn | -34.9% |
| 12M Excs Rtn | -21.0% |
| 3Y Excs Rtn | -66.1% |
Comparison Analyses
Price Behavior
| Market Price | $161.13 | |
| Market Cap ($ Bil) | 26.4 | |
| First Trading Date | 10/16/2013 | |
| Distance from 52W High | -47.4% | |
| 50 Days | 200 Days | |
| DMA Price | $176.27 | $240.46 |
| DMA Trend | down | down |
| Distance from DMA | -8.6% | -33.0% |
| 3M | 1YR | |
| Volatility | 40.1% | 37.3% |
| Downside Capture | 1.21 | 0.77 |
| Upside Capture | 28.01 | 56.71 |
| Correlation (SPY) | 22.6% | 26.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.68 | 0.98 | 1.16 | 0.82 | 0.67 | 0.79 |
| Up Beta | 1.87 | -0.10 | 1.06 | -0.14 | 0.42 | 0.49 |
| Down Beta | 0.02 | 0.41 | 0.69 | 0.96 | 0.67 | 0.75 |
| Up Capture | 122% | 117% | 102% | 26% | 58% | 76% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 19 | 29 | 61 | 122 | 367 |
| Down Capture | 72% | 152% | 164% | 140% | 110% | 103% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 23 | 34 | 65 | 129 | 382 |
[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 | -26.6% | 37.5% | -0.76 | - |
| Sector ETF (XLV) | 7.7% | 15.8% | 0.28 | 14.6% |
| Equity (SPY) | 34.0% | 12.6% | 2.05 | 26.4% |
| Gold (GLD) | 42.9% | 27.2% | 1.29 | -6.0% |
| Commodities (DBC) | 46.4% | 18.0% | 1.97 | -6.2% |
| Real Estate (VNQ) | 14.2% | 13.3% | 0.74 | 15.7% |
| Bitcoin (BTCUSD) | -16.6% | 42.1% | -0.32 | 12.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VEEV | |
|---|---|---|---|---|
| VEEV | -9.7% | 37.7% | -0.18 | - |
| Sector ETF (XLV) | 5.1% | 14.6% | 0.17 | 32.9% |
| Equity (SPY) | 12.7% | 17.1% | 0.58 | 45.8% |
| Gold (GLD) | 21.2% | 17.8% | 0.97 | 5.2% |
| Commodities (DBC) | 14.5% | 19.1% | 0.62 | 5.6% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 35.7% |
| Bitcoin (BTCUSD) | 7.0% | 56.3% | 0.34 | 20.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VEEV | |
|---|---|---|---|---|
| VEEV | 20.2% | 37.9% | 0.60 | - |
| Sector ETF (XLV) | 9.3% | 16.5% | 0.46 | 41.9% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 49.2% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 6.4% |
| Commodities (DBC) | 10.1% | 17.8% | 0.47 | 11.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 32.9% |
| Bitcoin (BTCUSD) | 68.3% | 66.9% | 1.07 | 13.4% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 12 |
| # Negative | 12 | 11 | 12 |
| Median Positive | 7.9% | 6.1% | 9.0% |
| Median Negative | -8.5% | -8.9% | -8.5% |
| 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 |
|---|---|---|
| 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 |
Recent Forward Guidance [BETA]
Latest: 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 | |||
Prior: 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 | 2.2% | Higher New | Actual: 791.50 Mil for Q3 2026 | |
| Q4 2026 Non-GAAP Operating Income | 350.00 Mil | 0.3% | Higher New | Actual: 349.00 Mil for Q3 2026 | |||
| Q4 2026 Non-GAAP EPS | 1.92 | -1.3% | Lower New | Actual: 1.95 for Q3 2026 | |||
| 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 | |||
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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