NYSE: VEEV
Veeva Systems
Health Care · Services-Prepackaged Software
52-week range
$148.05$325.99
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$33.0B
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| Period | Market cap |
|---|---|
| FY2017, ended Jan 31, 2017 | $6.25B |
| FY2018, ended Jan 31, 2018 | $9.66B |
| FY2019, ended Jan 31, 2019 | $17.0B |
| FY2020, ended Jan 31, 2020 | $23.2B |
| FY2021, ended Jan 31, 2021 | $44.4B |
| FY2022, ended Jan 31, 2022 | $38.4B |
| FY2023, ended Jan 31, 2023 | $27.7B |
| FY2024, ended Jan 31, 2024 | $33.5B |
| FY2025, ended Jan 31, 2025 | $38.0B |
| FY2026, ended Jan 31, 2026 | $33.3B |
| Trailing 12 months to Jul 31, 2026 (through Q2 FY2027) | $33.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$3.46B
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| Period | Revenue |
|---|---|
| FY2017, ended Jan 31, 2017 | $551M |
| FY2018, ended Jan 31, 2018 | $691M |
| FY2019, ended Jan 31, 2019 | $862M |
| FY2020, ended Jan 31, 2020 | $1.10B |
| FY2021, ended Jan 31, 2021 | $1.47B |
| FY2022, ended Jan 31, 2022 | $1.85B |
| FY2023, ended Jan 31, 2023 | $2.16B |
| FY2024, ended Jan 31, 2024 | $2.36B |
| FY2025, ended Jan 31, 2025 | $2.75B |
| FY2026, ended Jan 31, 2026 | $3.20B |
| Trailing 12 months to Jul 31, 2026 (through Q2 FY2027) | $3.46B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2017, ended Jan 31, 2017 | $77.6M | $137M |
| FY2018, ended Jan 31, 2018 | $151M | $224M |
| FY2019, ended Jan 31, 2019 | $230M | $302M |
| FY2020, ended Jan 31, 2020 | $301M | $434M |
| FY2021, ended Jan 31, 2021 | $380M | — |
| FY2022, ended Jan 31, 2022 | $427M | — |
| FY2023, ended Jan 31, 2023 | $488M | — |
| FY2024, ended Jan 31, 2024 | $526M | — |
| FY2025, ended Jan 31, 2025 | $714M | — |
| FY2026, ended Jan 31, 2026 | $909M | — |
| Trailing 12 months to Jul 31, 2026 (through Q2 FY2027) | $1.01B | — |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$1.81B
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| Period | Cash and cash equivalents |
|---|---|
| FY2017, ended Jan 31, 2017 | $218M |
| FY2018, ended Jan 31, 2018 | $320M |
| FY2019, ended Jan 31, 2019 | $551M |
| FY2020, ended Jan 31, 2020 | $477M |
| FY2021, ended Jan 31, 2021 | $731M |
| FY2022, ended Jan 31, 2022 | $1.14B |
| FY2023, ended Jan 31, 2023 | $886M |
| FY2024, ended Jan 31, 2024 | $703M |
| FY2025, ended Jan 31, 2025 | $1.12B |
| FY2026, ended Jan 31, 2026 | $1.42B |
| Trailing 12 months to Jul 31, 2026 (through Q2 FY2027) | $1.81B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 9.7% since 2017.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.162M
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| Period | Shares outstanding |
|---|---|
| FY2017, ended Jan 31, 2017 | 148M |
| FY2018, ended Jan 31, 2018 | 154M |
| FY2019, ended Jan 31, 2019 | 156M |
| FY2020, ended Jan 31, 2020 | 158M |
| FY2021, ended Jan 31, 2021 | 161M |
| FY2022, ended Jan 31, 2022 | 162M |
| FY2023, ended Jan 31, 2023 | 162M |
| FY2024, ended Jan 31, 2024 | 161M |
| FY2025, ended Jan 31, 2025 | 163M |
| FY2026, ended Jan 31, 2026 | 163M |
| Trailing 12 months to Jul 31, 2026 (through Q2 FY2027) | 162M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.Net: $148M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2017, ended Jan 31, 2017 | — | $40.8M |
| FY2018, ended Jan 31, 2018 | — | $54.0M |
| FY2019, ended Jan 31, 2019 | — | $76.4M |
| FY2020, ended Jan 31, 2020 | — | $116M |
| FY2021, ended Jan 31, 2021 | — | $185M |
| FY2022, ended Jan 31, 2022 | — | $235M |
| FY2023, ended Jan 31, 2023 | — | $352M |
| FY2024, ended Jan 31, 2024 | $0 | $394M |
| FY2025, ended Jan 31, 2025 | $0 | $437M |
| FY2026, ended Jan 31, 2026 | $170M | $473M |
| Trailing 12 months to Jul 31, 2026 (through Q2 FY2027) | $643M | $495M |
Revenue (TTM)
$3.46B
+16.5% YoY
Net income (TTM)
$1.01B
+25.3% YoY
Cash
$1.81B
−6.1% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $50.7B
- P/E
- 49.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 14.7×
- Price / Book
- 6.8×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $3.46B
- Revenue Growth YoY
- 16.5%
- Revenue CAGR 3Y
- 14.0%
- Revenue CAGR 5Y
- 16.9%
- EPS Growth YoY
- 25.5%
- Net Income Growth YoY
- 25.3%
Profitability
Trailing 12 months- Gross Margin
- 75.0%
- Operating Margin
- 29.9%
- Net Margin
- 29.3%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 14.4%
Earnings
Trailing 12 months- Net Income
- $1.01B
- EPS (diluted)
- $6.10
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- $1.03B
Balance Sheet
As of Jul 31, 2026- Cash and cash equivalents
- $1.81B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $9.06B
- Total Liabilities
- $1.63B
- Shareholders' Equity
- $7.43B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.67B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.92
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 16.5% year over year, at $3.46B.
Strength
Operating margin widened 3.0 pts in a year, to 29.9%.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Jan 31, 2026 · filed Mar 20, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K73Good news
73Good news
10-K for the fiscal year ended Jan 31, 2025
Filed Mar 24, 2025 · Read the filing on EDGAR
- Revenue rose 16% to $2.75 billion and operating income jumped 61% to $691 million, reversing last year's drop in operating profit.
- Subscription revenue grew 20%, led by R&D Solutions, which now make up 53% of total revenue. Consulting and services revenue was flat.
- Salesforce says a large Veeva CRM customer has agreed to buy its CRM, a sign of losses as customers move to Vault CRM.
- Cash and short-term investments reached $5.2 billion with no borrowing, and operating cash flow rose to $1.09 billion.
Business momentum
Strong improvement
“Total revenues for the fiscal year ended January 31, 2025 increased $383 million, all of which was from growth in subscription services revenues.”
Outlook
Neutral
“We expect operating expenses to increase in the near term, primarily due to employee compensation-related costs.”
Financial stress
None
“As of January 31, 2025, our cash, cash equivalents, and short-term investments totaled $5.2 billion, of which $50 million represented cash and cash equivalents held outside of the United States.”
Tone against the previous report
More positive
Red flags
- Minor
Major lawsuit
“On March 25, 2024, the trial court judge set a trial date of June 16, 2025 on the consolidated claims.”
Positives
Strong subscription growth
“our subscription services revenues were $2,285 million, $1,902 million, and $1,733 million, respectively, representing year-over-year growth in subscription services revenues of 20%”
Higher margins
“Total gross margin percentage 75 % 71 %”
Rising cash generation
“Net cash provided by operating activities was $1,090 million for the fiscal year ended January 31, 2025 compared to $911 million provided by operating activities for the fiscal year ended January 31, 2024.”
Concerns
Customers may leave during Vault CRM migration
“certain customers have decided, and other customers may in the future decide, not to migrate to Vault CRM and use a different CRM solution, including a CRM solution provided by Salesforce.”
Services revenue stalled
“Professional services and other revenues for the fiscal year ended January 31, 2025 remained flat compared to the fiscal year ended January 31, 2024 due to a decline in implementation services”
Higher tax rate and CEO stock award costs
“We expect an increase in general and administrative expenses in the near term, primarily related to the stock-based compensation associated with the equity grant to our Chief Executive Officer discussed above.”
New risks since the previous report
Large CRM customer moving to Salesforce
“Salesforce, our primary CRM competitor, recently announced that a large Veeva CRM customer has committed to purchasing its CRM solutions.”
China data-transfer rules hurting CRM business there
“In 2023, certain of our Veeva CRM customers in China were required to request such approval from the CAC and had their requests denied.”
State health-data laws may reduce Crossix demand
“In response to the Washington law, we made modifications to our audience segments that may reduce demand for our Crossix products, which, in turn, could adversely impact the business.”
Risks from adding AI to products
“We recently began incorporating AI capabilities into certain of our solutions, which presents new risks and challenges that could affect the adoption of our solutions and our business.”
Patent claim from a patent-holding firm
“We are also in discussions with a non-practicing entity relating to alleged infringement of its patents.”
Biggest risks named
- Losing customers while moving CRM users to Vault CRM
- Competition from Salesforce and IQVIA in CRM
- IQVIA limiting how customers can use its data in Veeva products
- Weak funding, consolidation and policy changes in life sciences
- Data privacy rules in China and US states limiting products
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | +2 | |
| Red flags | −1.2 | |
| New risks | −2 | |
| Score | 73 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Mar 20, 2026 | Pro | |||
| 10-K | Mar 24, 2025 | 73 | Strong improvement | 1 minor | |
| 10-K | Mar 25, 2024 | 62 | Mixed | None | |
| 10-K | Mar 30, 2023 | 53 | Mixed | None | |
| 10-K | Mar 30, 2022 | 70 | Strong improvement | None | |
| 10-K | Mar 30, 2021 | 70 | Strong improvement | None | |
| 10-K | Mar 30, 2020 | 69 | Strong improvement | 1 minor | |
| 10-K | Mar 28, 2019 | 70 | Strong improvement | None | |
| 10-K | Mar 30, 2018 | 70 | Strong improvement | None | |
| 10-K | Mar 30, 2017 | 68 | Strong improvement | 1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2027 (period ended Jul 31, 2026), filed Aug 27, 2026. View filings on SEC EDGAR