VEEV
Veeva Systems Inc.
VEEV's fundamentals are strong and it looks cheap: trading at 50x earnings, below its usual 64x. Analysts expect earnings growth.
VEEV Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
VEEV's revenue, profitability, cash flow and balance sheet are all currently healthy.
VEEV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 30x | $302 | — |
| Current | 50x | $302 | — |
| Cheap | 53x | $324 | +7.1% |
| Fair | 64x | $389 | +29% |
| Expensive | 115x | $700 | +131% |
Historical ranges are pointers, not guarantees.
VEEV's PE is in its cheap range at 50x. If earnings grow as analysts expect, today's price would be 30x next year's earnings.
VEEV Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Moderate | |
| High |
Analysts expect earnings and revenue growth for VEEV, with profitability holding steady.
VEEV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.93 | +63% |
| Q3 2026 | $6.11 | +26% |
| Q2 2026 | $5.64 | +20% |
| Q1 2026 | $5.44 | +26% |
| Q4 2025 | $5.13 | +27% |
| Q3 2025 | $4.86 | +30% |
| Q2 2025 | $4.71 | +39% |
| Q1 2025 | $4.32 | +34% |
| Q4 2024 | $4.05 | +17% |
VEEV's earnings per share have climbed steadily: $6.11 over the past year, up 26% from the year before, and higher year over year for 15 quarters in a row.
VEEV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $928M | +18% |
| Q2 2026 | $882.9M | +16% |
| Q1 2026 | $836M | +16% |
| Q4 2025 | $811.2M | +16% |
| Q3 2025 | $789.1M | +17% |
| Q2 2025 | $759M | +17% |
| Q1 2025 | $720.9M | +14% |
| Q4 2024 | $699.2M | +13% |
VEEV's revenue has grown year over year every quarter since late 2020: $928M last quarter, up 18% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | +4.8 points |
| Q2 2026 | 31% | +0.1 points |
| Q1 2026 | 29% | +3.3 points |
| Q4 2025 | 30% | +3.8 points |
| Q3 2025 | 25% | +0.2 points |
| Q2 2025 | 31% | +6.9 points |
| Q1 2025 | 26% | +4.7 points |
| Q4 2024 | 26% | +5.1 points |
VEEV's operating margin was 30% last quarter, up 4.8 points from the same quarter a year ago.
VEEV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $238.7M | +0.1% |
| Q2 2026 | $1.1B | +28% |
| Q1 2026 | $106.8M | +54% |
| Q4 2025 | $192.8M | +17% |
| Q3 2025 | $238.4M | +157% |
| Q2 2025 | $877.2M | +15% |
| Q1 2025 | $69.5M | +20% |
| Q4 2024 | $164.1M | +99% |
VEEV's free cash flow has been positive every quarter for seven years: $1.7B over the past year, up 23% from the year before.
VEEV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -932K shares |
| 1 year | -1.6% | -2.6M shares |
| 3 years | +1.1% | +1.8M shares |
| 5 years | +1.4% | +2.3M shares |
| Available history | +4% | +6.3M shares |
VEEV has 165M diluted shares, down 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $245.7M |
| Q2 2026 | $226.9M |
VEEV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2024 | -1.6x | Net Cash |
| Q4 2023 | -1.8x | Net Cash |
| Q3 2023 | -1.8x | Net Cash |
| Q2 2023 | -2.6x | Net Cash |
| Q1 2023 | -1.8x | Net Cash |
| Q4 2022 | -1.7x | Net Cash |
| Q3 2022 | -2.2x | Net Cash |
| Q2 2022 | -2.3x | Net Cash |
VEEV has more cash than debt.
VEEV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.5 | Neutral |
| Stochastic | 82.7 | Overbought |
VEEV's weekly RSI is 66 (neutral) and its Stochastic is 83 (overbought).
VEEV PE vs Healthcare Sector
| Metric | VEEV | Sector median | Relative |
|---|---|---|---|
| PE | 50x | 26x | 91% above |
| PE % | 13 | 29 | 16 pts below |
VEEV is trading at 50x earnings, a 91% premium to the Healthcare sector's median of 26x.
VEEV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $300.3 | 0.7% above |
| 20 week MA | $258.4 | 17% above |
| 50 week MA | $215.6 | 40% above |
| 100 week MA | $236.1 | 28% above |
| 200 week MA | $216.7 | 40% above |
VEEV is in an uptrend: it's above all five of its weekly moving averages, and 40% above its 200-week average.
VEEV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $140.7 | $287.6 | +104% |
| 2021 | $287.6 | $260.6 | -9.4% |
| 2022 | $260.6 | $160.8 | -38% |
| 2023 | $160.8 | $192.5 | +20% |
| 2024 | $192.5 | $214.0 | +11% |
| 2025 | $214.0 | $224.7 | +5% |
| 2026 YTD | $224.7 | $302.4 | +35% |
VEEV has finished higher in four of the last six years. It's up 35% so far in 2026.