Tearsheet

Veeva Systems (VEEV)


Market Price (11/8/2025): $295.0 | Market Cap: $48.2 Bil
Sector: Health Care | Industry: Health Care Technology

Veeva Systems (VEEV)


Market Price (11/8/2025): $295.0
Market Cap: $48.2 Bil
Sector: Health Care
Industry: Health Care Technology

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%
Trading close to highs
Dist 52W High is -3.7%, Dist 3Y High is -3.7%
Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 60x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 36x, P/EPrice/Earnings or Price/(Net Income) is 60x
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27%
Weak multi-year price returns
2Y Excs Rtn is -2.9%
Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 45%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45%
  
3 Low stock price volatility
Vol 12M is 36%
  
0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 45%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45%
3 Low stock price volatility
Vol 12M is 36%
4 Trading close to highs
Dist 52W High is -3.7%, Dist 3Y High is -3.7%
5 Weak multi-year price returns
2Y Excs Rtn is -2.9%
6 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 60x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 36x, P/EPrice/Earnings or Price/(Net Income) is 60x
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7%

Market Valuation & Key Metrics

VEEV Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
VEEV Return94%-6%-37%19%9%39%107%
Peers Return37%-12%-39%11%-17%-8%-37%
S&P 500 Return16%27%-19%24%23%14%108%

Monthly Win Rates [3]
VEEV Win Rate67%58%33%50%58%60% 
Peers Win Rate40%22%18%33%18%53% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
VEEV Max Drawdown-14%-11%-41%-2%-11%-0% 
Peers Max Drawdown-7%-23%-41%-16%-31%-16% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: SDGR, TDOC, OMCL, CARL, HTFL. 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] 2025 data is for the year up to 11/7/2025 (YTD)

How Low Can It Go

Unique KeyEventVEEVS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-55.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven125.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-26.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven36.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven29 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-26.5%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven36.1%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven32 days120 days

Compare to SDGR, TDOC, OMCL, CARL, HTFL


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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Veeva Systems (VEEV)

Better Bets than Veeva Systems (VEEV)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to VEEV. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GDRX_10312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG10312025GDRXGoodRxDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
-7.7%-7.7%-7.7%
DXCM_10312025_Monopoly_xInd_xCD_Getting_Cheaper10312025DXCMDexComMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-5.5%-5.5%-5.5%
ACHC_10242025_Dip_Buyer_ValueBuy10242025ACHCAcadia HealthcareDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-16.6%-16.6%-16.6%
PBH_10102025_Dip_Buyer_ValueBuy10102025PBHPrestige Consumer HealthcareDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-1.7%-1.7%-1.9%
REGN_10032025_Dip_Buyer_ValueBuy10032025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
9.6%9.6%-7.0%
VEEV_12312022_Monopoly_xInd_xCD_Getting_Cheaper12312022VEEVVeeva SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
22.5%19.3%-1.9%
VEEV_6302022_Monopoly_xInd_xCD_Getting_Cheaper06302022VEEVVeeva SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-17.6%-0.2%-23.7%
VEEV_12312021_Monopoly_xInd_xCD_Getting_Cheaper12312021VEEVVeeva SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-20.1%-36.8%-40.9%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GDRX_10312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG10312025GDRXGoodRxDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
-7.7%-7.7%-7.7%
DXCM_10312025_Monopoly_xInd_xCD_Getting_Cheaper10312025DXCMDexComMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-5.5%-5.5%-5.5%
ACHC_10242025_Dip_Buyer_ValueBuy10242025ACHCAcadia HealthcareDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-16.6%-16.6%-16.6%
PBH_10102025_Dip_Buyer_ValueBuy10102025PBHPrestige Consumer HealthcareDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-1.7%-1.7%-1.9%
REGN_10032025_Dip_Buyer_ValueBuy10032025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
9.6%9.6%-7.0%
VEEV_12312022_Monopoly_xInd_xCD_Getting_Cheaper12312022VEEVVeeva SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
22.5%19.3%-1.9%
VEEV_6302022_Monopoly_xInd_xCD_Getting_Cheaper06302022VEEVVeeva SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-17.6%-0.2%-23.7%
VEEV_12312021_Monopoly_xInd_xCD_Getting_Cheaper12312021VEEVVeeva SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-20.1%-36.8%-40.9%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Veeva Systems

Financials

VEEVSDGRTDOCOMCLCARLHTFLMedian
NameVeeva Sy.Schrodin.Teladoc .Omnicell Carlsmed HeartFlow 
Mkt Price294.8617.787.5335.6813.6632.5625.17
Mkt Cap48.21.31.31.6--1.5
Rev LTM2,9682572,5281,17833139717
Op Inc LTM799-170-17917-24-61-43
FCF LTM1,349-314094-30-9045
FCF 3Y Avg1,108-104153126--139
CFO LTM1,349-1293153-29-8576
CFO 3Y Avg1,108-96305183--244

Growth & Margins

VEEVSDGRTDOCOMCLCARLHTFLMedian
NameVeeva Sy.Schrodin.Teladoc .Omnicell Carlsmed HeartFlow 
Rev Chg LTM15.3%32.9%-2.4%10.7%--13.0%
Rev Chg 3Y Avg14.1%15.7%3.0%-3.0%--8.5%
Rev Chg Q16.7%53.9%-2.2%10.0%--13.3%
QoQ Delta Rev Chg LTM4.0%8.0%-0.6%2.5%--3.2%
Op Mgn LTM26.9%-66.3%-7.1%1.5%-71.4%-44.4%-25.7%
Op Mgn 3Y Avg22.5%-89.2%-7.6%-2.0%---4.8%
QoQ Delta Op Mgn LTM-0.0%14.8%0.2%0.1%--0.1%
CFO/Rev LTM45.5%-0.4%11.6%13.0%-86.4%-61.5%5.6%
CFO/Rev 3Y Avg42.7%-49.1%11.9%16.0%--13.9%
FCF/Rev LTM45.5%-1.3%5.5%8.0%-88.9%-65.0%2.1%
FCF/Rev 3Y Avg42.7%-53.0%6.0%11.0%--8.5%

Valuation

VEEVSDGRTDOCOMCLCARLHTFLMedian
NameVeeva Sy.Schrodin.Teladoc .Omnicell Carlsmed HeartFlow 
Mkt Cap48.21.31.31.6--1.5
P/S16.25.10.51.4--3.2
P/EBIT60.3-7.7-5.894.8--27.2
P/E59.5-7.4-6.081.6--26.8
P/CFO35.7-1,167.64.610.6--7.6
Total Yield1.7%-13.4%-16.8%1.2%---6.1%
Dividend Yield0.0%0.0%0.0%0.0%--0.0%
FCF Yield 3Y Avg3.1%-6.6%9.0%6.9%--5.0%
D/E0.00.10.80.1--0.1
Net D/E-0.1-0.20.20.0---0.1

Returns

VEEVSDGRTDOCOMCLCARLHTFLMedian
NameVeeva Sy.Schrodin.Teladoc .Omnicell Carlsmed HeartFlow 
1M Rtn-2.3%-14.2%-17.2%13.4%-1.2%-8.9%-5.6%
3M Rtn4.5%-7.4%8.2%15.7%7.4%13.3%7.8%
6M Rtn24.4%-25.6%5.9%38.4%--15.1%
12M Rtn32.0%-5.3%-20.8%-32.0%---13.1%
3Y Rtn69.8%-14.0%-72.4%-26.2%---20.1%
1M Excs Rtn-1.1%-13.8%-14.8%14.7%0.0%-0.9%-1.0%
3M Excs Rtn0.9%-10.1%5.5%10.2%-1.0%3.0%1.9%
6M Excs Rtn5.5%-44.5%-13.0%19.5%---3.7%
12M Excs Rtn22.3%-17.0%-34.1%-44.7%---25.5%
3Y Excs Rtn7.1%-106.4%-152.1%-107.6%---107.0%

Financials

Segment Financials

Revenue by Segment

$ Mil20252024202320222021
Subscription services1,9021,7331,4841,179896
Professional services462422367286208
Total2,3642,1551,8511,4651,104


Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity4,503,453
Short Interest: % Change Since 9302025-15.5%
Average Daily Volume1,283,635
Days-to-Cover Short Interest3.51
Basic Shares Quantity163,496,000
Short % of Basic Shares2.8%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/27/2025-7.2%-8.0%-1.1%
5/28/202519.0%20.9%20.9%
3/5/20257.4%6.1%0.7%
11/8/20245.2%2.8%10.1%
8/28/20248.9%8.0%5.8%
5/30/2024-10.3%-4.7%-6.4%
2/29/2024-1.6%2.1%2.2%
11/9/2023-14.2%-8.9%-11.0%
...
SUMMARY STATS   
# Positive121413
# Negative121011
Median Positive7.9%5.1%8.5%
Median Negative-7.8%-9.2%-9.1%
Max Positive19.7%20.9%21.6%
Max Negative-16.2%-18.2%-17.3%

SEC Filings

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Report DateFiling DateFiling
7312025829202510-Q 7/31/2025
4302025602202510-Q 4/30/2025
1312025324202510-K 1/31/2025
103120241209202410-Q 10/31/2024
7312024904202410-Q 7/31/2024
4302024604202410-Q 4/30/2024
1312024325202410-K 1/31/2024
103120231207202310-Q 10/31/2023
7312023901202310-Q 7/31/2023
4302023602202310-Q 4/30/2023
1312023330202310-K 1/31/2023
103120221207202210-Q 10/31/2022
7312022902202210-Q 7/31/2022
4302022603202210-Q 4/30/2022
1312022330202210-K 1/31/2022
103120211203202110-Q 10/31/2021

Insider Activity

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