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olivLaw · US equity research

Veeva Systems Inc. VEEV

Services-Prepackaged Software · SIC 7372 · Vertical: Services-Prepackaged Software (SIC 7372)

310.63USD+2.45% · 1 dayClose 04 Nov 2026

Veeva Systems is a cloud software provider for the life sciences industry, with total revenues of 3195.3 million USD in fiscal 2026. In the second quarter of fiscal 2027, revenues grew 18%. Company guidance for fiscal 2027 points to revenues of 3682-3687 million USD.

At the close of 04 Nov 2026, Veeva Systems Inc. (VEEV) stock was 310.63 USD (+2.45% on the day), with market capitalisation 50.3 bn USD, P/E 50.8 on diluted EPS of 6.12 USD over the last 12 months, beta 0.67, 52-week range 151.43–323.04 USD. Latest reported quarter (Q2 2027): revenue of 928.0 m USD (+17.6% YoY), net income of 273.4 m USD (+36.5% YoY), diluted EPS 1.66 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
50.3 bn USD
shares as of 25 Aug 2026
P/E (TTM)
50.8
Diluted EPS TTM 6.12 · TTM to 31 Jul 2026
E/P (TTM)
1.97%
TTM to 31 Jul 2026
Dividend yield
unavailable
Beta (2y)
0.67
Volatility (1y) 43%
52-week range
151.43323.04

Price history

Loading chart…

Technical reading

RSI (14)
57.3
strong (55–70)
Bollinger (20, 2)
289.58 – 329.86
in the upper half of the band · %B 0.52 · band width 13.0%
SMA 50 / 200
287.41 / 210.54
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
7.74 / 10.42
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+9.6%−1.1%+10.7 pp—
3 months+45.5%−0.5%+45.9 pp—
6 months+85.6%+4.4%+81.2 pp—
Year to date+39.2%+12.3%+26.8 pp—
1 year+5.8%+13.5%−7.7 pp−1.3%
3 years+59.6%+76.4%−16.8 pp+23.8%
5 years−2.6%+63.7%−66.2 pp—
Max drawdown (1y)
−49.4%
11 Nov 2025 → 10 Apr 2026
Max drawdown (5y)
−52.8%
08 Nov 2021 → 14 Oct 2022
Compound annual growth (5y)
−0.5%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2027 · 31 Jul 2026

Revenue
928.0 m USD
+17.6% YoY
Net income
273.4 m USD
+36.5% YoY
Diluted EPS
1.66
+39.5% YoY
net / operating
29.5% / 29.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27
Revenue699.2 m720.9 m759.0 m789.1 m811.2 m836.0 m882.9 m928.0 m
Cost of revenue174.4 m181.0 m173.8 m195.3 m199.5 m213.5 m220.9 m232.0 m
Gross profit524.8 m539.9 m585.2 m593.8 m611.8 m622.5 m662.0 m696.0 m
Research & development172.4 m181.5 m184.0 m192.7 m191.9 m198.8 m208.3 m222.9 m
Operating income181.4 m188.4 m233.7 m195.9 m240.9 m245.9 m273.1 m275.0 m
Pre-tax income242.3 m245.1 m298.8 m265.4 m312.8 m317.5 m347.5 m349.5 m
Income tax56.5 m49.5 m70.6 m65.1 m76.6 m73.3 m86.6 m76.1 m
Net income185.8 m195.6 m228.2 m200.3 m236.2 m244.2 m260.9 m273.4 m
Diluted EPS1.131.18 ≈1.371.191.401.49 ≈1.571.66
Operating cash flow164.1 m ≈69.5 m877.2 m238.4 m ≈192.8 m ≈106.8 m1.1 bn238.7 m ≈
Share repurchases——00 ≈——226.9 m245.7 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 9 percentile of its own 43-quarter history (min 27.6, median 71.4, max 128.4; quarters with earnings only).

Fiscal years

Fiscal year20192020202120222023202420252026
Revenue862.2 m1.1 bn1.5 bn1.9 bn2.2 bn2.4 bn2.7 bn3.2 bn
Revenue YoY+24.9%+28.1%+32.7%+26.3%+16.4%+9.7%+16.2%+16.3%
Net income229.8 m301.1 m380.0 m427.4 m487.7 m525.7 m714.1 m908.9 m
Net income YoY+52.0%+31.0%+26.2%+12.5%+14.1%+7.8%+35.8%+27.3%
Diluted EPS1.471.902.362.633.003.224.325.44
Diluted EPS YoY+50.0%+29.3%+24.2%+11.4%+14.1%+7.3%+34.2%+25.9%
net %26.7%27.3%25.9%23.1%22.6%22.2%26.0%28.4%
Free cash flow302.4 m434.3 munavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 31 Jan 2026

Cash
1.4 bn USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
7.2 bn USD
Total assets
9.0 bn USD
Debt / equity
unavailable
Current ratio
4.89x
ROE
13.9%
ROA
11.1%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
2.4 bn
2025
2.7 bn
2026
3.2 bn

SEC (XBRL)· 20 Mar 2026verified

Cost of revenue
2024
677.3 m
2025
699.6 m
2026
782.0 m

SEC (XBRL)· 20 Mar 2026verified

Gross profit
2024
1.7 bn
2025
2.0 bn
2026
2.4 bn

SEC (XBRL)· 20 Mar 2026verified

Research & development
2024
629.0 m
2025
693.1 m
2026
767.4 m

SEC (XBRL)· 20 Mar 2026verified

Operating income
2024
429.3 m
2025
691.4 m
2026
916.4 m

SEC (XBRL)· 20 Mar 2026verified

Pre-tax income
2024
588.0 m
2025
919.4 m
2026
1.2 bn

SEC (XBRL)· 20 Mar 2026verified

Income tax
2024
62.3 m
2025
205.2 m
2026
285.6 m

SEC (XBRL)· 20 Mar 2026verified

Net income
2024
525.7 m
2025
714.1 m
2026
908.9 m

SEC (XBRL)· 20 Mar 2026verified

Diluted EPS
2024
3.22
2025
4.32
2026
5.44

SEC (XBRL)· 20 Mar 2026verified

Weighted average diluted shares
2024
163.5 m
2025
165.2 m
2026
167.0 m

SEC (XBRL)· 20 Mar 2026verified

Balance sheet · USD

Cash
2024
703.5 m
2025
1.1 bn
2026
1.4 bn

SEC (XBRL)· 20 Mar 2026verified

Receivables
2024
852.2 m
2025
1.0 bn
2026
1.3 bn

SEC (XBRL)· 20 Mar 2026verified

Current assets
2024
5.0 bn
2025
6.3 bn
2026
8.0 bn

SEC (XBRL)· 20 Mar 2026verified

Property, plant & equipment, net
2024
58.5 m
2025
55.9 m
2026
70.3 m

SEC (XBRL)· 20 Mar 2026verified

Goodwill
2024
439.9 m
2025
439.9 m
2026
439.9 m

SEC (XBRL)· 20 Mar 2026verified

Intangibles (excl. goodwill)
2024
63.0 m
2025
44.5 m
2026
30.3 m

SEC (XBRL)· 20 Mar 2026verified

Total assets
2024
5.9 bn
2025
7.3 bn
2026
9.0 bn

SEC (XBRL)· 20 Mar 2026verified

Accounts payable
2024
31.5 m
2025
30.4 m
2026
37.6 m

SEC (XBRL)· 20 Mar 2026verified

Current liabilities
2024
1.2 bn
2025
1.4 bn
2026
1.6 bn

SEC (XBRL)· 20 Mar 2026verified

Total liabilities
2024
1.3 bn
2025
1.5 bn
2026
1.8 bn

SEC (XBRL)· 20 Mar 2026verified

Equity
2024
4.6 bn †
2025
5.8 bn †
2026
7.2 bn †

SEC (XBRL)· 20 Mar 2026verified

Cash flow · USD

Operating cash flow
2024
911.3 m
2025
1.1 bn
2026
1.4 bn

SEC (XBRL)· 20 Mar 2026verified

Investing cash flow
2024
-1.1 bn
2025
-700.1 m
2026
-1.1 bn

SEC (XBRL)· 20 Mar 2026verified

Financing cash flow
2024
-16.2 m
2025
26.1 m
2026
-9.3 m

SEC (XBRL)· 20 Mar 2026verified

Share repurchases
2024
0
2025
0
2026
169.9 m

SEC (XBRL)· 20 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
16.3%
computed by olivLawFY 2026
Revenue CAGR 3Y
14.0%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
16.9%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
32.5%
computed by olivLawFY 2026
Net income growth (YoY)
27.3%
computed by olivLawFY 2026
Net income CAGR 3Y
23.1%
computed by olivLawFY 2023 → FY 2026
Net income CAGR 5Y
19.1%
computed by olivLawFY 2021 → FY 2026
EPS growth (YoY)
25.9%
computed by olivLawFY 2026
EPS CAGR 3Y
21.9%
computed by olivLawFY 2023 → FY 2026
EPS CAGR 5Y
18.2%
computed by olivLawFY 2021 → FY 2026
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
75.0%
computed by olivLawTTM to 31 Jul 2026
EBITDA margin
unavailable
input data missing
EBIT margin
29.9%
computed by olivLawTTM to 31 Jul 2026
Net margin
29.3%
computed by olivLawTTM to 31 Jul 2026
FCF margin
unavailable
input data missing

Returns

ROE
14.4%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
ROA
11.9%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
ROIC
unavailable
input data missing
ROCE
13.6%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
5.5x
computed by olivLawbalance sheet at 31 Jul 2026
Cash ratio
1.2x
computed by olivLawbalance sheet at 31 Jul 2026

Cash

Operating cash flow
1.7 bn USD
computed by olivLawTTM to 31 Jul 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
48 days
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Days payables outstanding
15 days
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026

Market and valuation

Market capitalisation
50.3 bn USD
computed by olivLawbalance sheet at 31 Jul 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
49.6x
computed by olivLawTTM to 31 Jul 2026
P/E (TTM)
50.8x
computed by olivLawTTM to 31 Jul 2026
Earnings yield
2.0%
computed by olivLawTTM to 31 Jul 2026
P/B
6.8x
computed by olivLawbalance sheet at 31 Jul 2026
P/S
14.5x
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
1.3%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 55.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

310.63 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 50.3 bn USD

Key indicators

Market capitalisation
50.3 bn USD
computed by olivLawbalance sheet at 31 Jul 2026
P/E (TTM)
50.8x
computed by olivLawTTM to 31 Jul 2026
P/B
6.8x
computed by olivLawbalance sheet at 31 Jul 2026
EV/EBITDA
unavailable
input data missing
ROE
14.4%
computed by olivLawTTM to 31 Jul 2026 · balance sheet at 31 Jul 2026
Net margin
29.3%
computed by olivLawTTM to 31 Jul 2026
Revenue growth (YoY)
16.3%
computed by olivLawFY 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 31 Jul 2026
Latest balance sheet date: 31 Jul 2026
Share count (cover of the latest filing), as of: 25 Aug 2026
Source: SEC (XBRL)published 27 Aug 2026
verified 1799derived 103

Score by group

55% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Prepackaged Software (SIC 7372)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 55.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality75.0%87 (on a fixed band)19%
EBIT margin · Quality29.9%86 (vs peers)15%
FCF margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth14.0%56 (on a fixed band)31%
Revenue growth (YoY) · Growth16.3%50 (vs peers)15%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet5.5x100 (on a fixed band)12%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns1.3%55 (on a fixed band)8%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth54/100 · 2/2 factors with a value
  • Quality87/100 · 2/3 factors with a value
  • Returns55/100 · 1/1 factors with a value
  • Valuation· partialunavailable · 0/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Veeva Systems Inc. (VEEV). Latest full fiscal year: 2026; data up to 2026-07-31.

Figures computed from the financial statements: revenue 3.2 bn USD in 2026; YoY growth 16.3%; net margin 29.3%; ROE 14.4%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 55.3% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Gross margin: 75.0%
  • EBIT margin: 29.9%
  • Current ratio: 5.5x

What contradicts it

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

Not assessed (insufficient data or a ratio without meaning): FCF margin, Net debt / EBITDA, EV/Sales, FCF yield.

Versus the vertical median

Services-Prepackaged Software (SIC 7372) · same industry (4-digit SIC) · compared with 22 companies

Only companies with a capitalisation between 6.5 bn and 417.8 bn (within 8× of the company's); 199 of the vertical were left out.

Multiples and returns vs the median

P/E
50.8x
vertical median 42.0x
above median (+20.8%)
EV/EBITDA
—
vertical median 30.7x
P/S
14.5x
vertical median 6.5x
above median (+124.9%)
P/B
6.8x
vertical median 8.2x
below median (−17.7%)
ROE
14.4%
vertical median 12.3%
above median (+17.4%)
Net margin
29.3%
vertical median 12.3%
above median (+138.6%)
EBIT margin
29.9%
vertical median 11.1%
above median (+170.6%)
Revenue YoY
16.3%
vertical median 16.2%
at median
Net debt/EBITDA
—
vertical median 1.4x
Dividend yield
—
vertical median 1.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ORCLOracle Corporation374.1 bn19.341.6%26.4%+17.3%−39% / +6%
CRWDCrowdStrike Holdings, Inc.246.8 bn1,120.41.3%1.1%+21.7%+89% / +307%
CRMSalesforce, Inc.186.9 bn20.719.4%22.0%+9.6%−1% / −10%
NOWServicenow, Inc.112.9 bn78.111.8%9.4%+20.9%−33% / −21%
SNOWSnowflake Inc.102.5 bn—-48.2%-20.1%+29.2%+16% / +55%
ADBEAdobe Inc.96.7 bn13.961.9%28.0%+10.5%−22% / −59%
INTUIntuit Inc.95.3 bn21.723.6%21.3%+13.9%−44% / −38%
CDNSCadence Design Systems, Inc.90.4 bn65.522.9%22.5%+14.1%+6% / +21%
SNPSSynopsys Inc88.7 bn81.83.7%11.4%+15.1%+11% / −15%
ADSKAutodesk, Inc.56.4 bn35.053.9%21.1%+17.5%−11% / +24%
VEEVVeeva Systems Inc.50.3 bn50.814.4%29.3%+16.3%+6% / +60%
TTWOTake-Two Interactive Software, Inc.39.1 bn—-9.0%-4.8%+18.2%−15% / +32%
RBLXRoblox Corporation35.3 bn—-478.2%-16.5%+35.8%−48% / +25%
TWLOTwilio Inc.33.0 bn26.814.9%21.8%+13.7%+65% / +230%
MDBMongodb, Inc.26.5 bn449.12.0%2.1%+22.8%−1% / −21%
PTCPTC Inc.21.2 bn19.035.1%41.4%+19.2%+11% / +24%
UUnity Software Inc.18.7 bn—-18.9%-29.0%+2.0%−0% / +44%
SSNCSs&C Technologies Holdings, Inc.18.7 bn22.912.7%13.2%+6.6%−7% / +41%
NTNXNutanix, Inc.17.2 bn12.337,460.2%52.8%+12.4%+33% / +48%
TYLTyler Technologies, Inc.16.8 bn53.310.5%13.5%+9.1%−10% / +4%
DOCUDocusign, Inc.15.0 bn49.117.8%9.8%+8.2%+16% / +87%
GWREGuidewire Software, Inc.14.0 bn104.710.5%9.4%+22.7%−21% / +71%
DTDynatrace, Inc.13.4 bn87.06.4%7.4%+18.8%+5% / −13%

1- and 3-year price returns: for VEEV from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
206.12
Total return -34% · Per year -34%
362.89
Total return 17% · Per year 17%
544.53
Total return 75% · Per year 75%
3 years
240.20
Total return -23% · Per year -8%
471.86
Total return 52% · Per year 15%
771.49
Total return 148% · Per year 35%
5 years
279.91
Total return -10% · Per year -2%
613.54
Total return 98% · Per year 15%
1,093.05
Total return 252% · Per year 29%
What moves the 3-year price the most
  • Exit P/E± 117.96
  • Net margin± 82.57
  • Annual revenue growth± 62.11
  • Annual dilution± 6.94

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Veeva Systems is a cloud software provider for the life sciences industry, with total revenues of 3195.3 million USD in fiscal 2026 1. In the second quarter of fiscal 2027, revenues grew 18% 3. Company guidance for fiscal 2027 points to revenues of 3682-3687 million USD 3.

SWOT

Strengths

  • Leading position in cloud solutions for life sciences, with large clients and long-standing strategic relationships 1.
  • Proprietary Veeva Vault platform and specialised industry data supporting multiple applications 1.
  • Steady growth in revenues and operating profitability over recent fiscal years 13.

Weaknesses

  • Reliance on a relatively small number of key customers whose loss would affect revenues 1.
  • Almost total focus on the life sciences industry, which exposes the company to regulatory change 1.
  • Migration of clients from Veeva CRM to Vault CRM is a process that can cause disruption 1.

Opportunities

  • AI agents and Veeva Falcon could open new revenue streams in clinical, regulatory and safety 3.
  • A larger share of development and quality products could improve margins over the longer term 1.
  • Extending Vault CRM to more large biopharmaceutical companies could strengthen the CRM market position 3.

Threats

  • Intense competition from Salesforce and data providers could reduce prices and margins 1.
  • Cyberattacks and security breaches could damage client trust and create liabilities 1.
  • Changes in data privacy regulation could raise compliance costs 1.

Risks

  • Data securityhigh

    A security incident could lead to loss of client trust, litigation and remediation costs that exceed insurance coverage 1.

  • Client concentrationmedium

    The loss of one of the key clients could significantly reduce revenues 1.

  • Vault CRM migrationhigh

    If clients do not move successfully to Vault CRM, revenues could decline and client relationships could suffer 1.

  • Dependence on life sciences industrymedium

    Funding and drug pricing policies could affect client budgets 1.

  • Reliance on third-party infrastructurelow

    Disruptions at cloud providers could affect the services delivered to clients 1.

Investment thesis

What would need to be true (bull case)

  • Revenue growth has remained solid and guidance for fiscal 2027 was raised, which could support continued expansion 3.
  • Its leading cloud position in life sciences and large clients could provide predictable recurring revenue 1.
  • AI agents could open new product categories and increase the value offered to clients 13.

What would break the thesis

  • Competition from Salesforce and other vendors could limit growth and compress margins 1.
  • The CRM migration could lead to client losses if the process does not go smoothly 1.
  • Macroeconomic and geopolitical conditions could slow pharmaceutical client budgets 1.

What to watch

  • Third-quarter results and updated guidanceQ3 fiscal 2027
  • Progress of the Vault CRM migration and number of live clients2027
  • Commercial launch of Veeva Falcon and adoption of AI agents2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Veeva delivers industry cloud solutions for pharmaceutical, biotechnology and medical device companies, grouped into four categories: Veeva Development Cloud, Veeva Quality Cloud, Veeva Commercial Cloud and Veeva Data Cloud 1. The company served 1552 customers as of January 31 2026 1. Veeva is a Delaware public benefit corporation 1.

The revenue model rests on subscriptions, which made up 84% of total revenues in fiscal 2026, with the rest coming from professional and consulting services 1. Subscriptions are recognized ratably over the contract term, and CRM orders generally have a one-year term 1.

The company is extending its Veeva Vault platform with AI agents, including Vault CRM, which gradually replaces the legacy Veeva CRM, and in the second quarter of fiscal 2027 it reported progress on the Veeva Falcon project 13.

Segments

R&D and Quality Solutions

This category includes Veeva Development Cloud and Veeva Quality Cloud and represented 55% of total revenues in fiscal 2026, with a trend toward a larger share 1.

Professional services and consulting

Implementation, configuration and consulting services generate the remaining revenues, at a lower margin than subscriptions because of high labor costs 1.

Market context

The market is global and concentrated among pharmaceutical and biotechnology companies, where large clients and emerging companies buy domain-specific cloud solutions 1. Competition is intense and evolving quickly with new AI technologies 1.

Revenues depend on the spending budgets of the life sciences industry, on public funding policies and on drug pricing regulation, factors that could influence demand 1.

Trends

  • Adoption of AI agentstailwind

    Veeva is embedding AI agents in its Vault platform and applications; if adoption grows, it could support subscription revenue growth 13.

  • Migration from Veeva CRM to Vault CRMmixed

    Moving customers to Vault CRM could cause operational disruption and the loss of some clients who choose Salesforce 1.

  • Macroeconomic and geopolitical pressureheadwind

    Trade tariffs, inflation and geopolitical conflicts could weigh on pharmaceutical client budgets 1.

  • Expansion into R&D and qualitytailwind

    The share of development and quality products could rise in total revenues, especially if clients adopt the clinical and safety applications 13.

Competitive position

In CRM, the main competitor is Salesforce, which has built an industry-specific CRM and has won large clients moving from Veeva CRM 1. For data and analytics, Veeva competes with IQVIA, Ipsos and Definitive Health 1.

For development and quality applications, competition comes from IQVIA, Dassault Systèmes, OpenText, Oracle and Honeywell, and larger rivals may have greater financial resources and intellectual property portfolios 1.

  • SalesforceCRM

    Main CRM competitor with an industry-specific application that has won large clients moving from Veeva CRM 1.

  • IQVIA

    Competitor in data, analytics and some development applications; it previously offered a CRM and licensed that software to Salesforce 1.

  • Dassault Systèmes

    Competitor for certain development and quality applications in the Veeva portfolio 1.

  • OracleORCL

    Provider of legacy client-server applications and of applications competing in development and quality 1.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / Veeva Systems Inc. · 20 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Veeva Systems Inc. · 27 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Veeva Systems Inc. · 26 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.