Veeva Systems Inc.

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Veeva Systems Inc. trades at $201, in a downtrend and 16 weeks into that stage. That is −1.9% against its own 200-day average. It sits at 34% of a 52-week range of $151 to $296. On relative strength it has been ahead of the S&P 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a downtrend — week 16 of stage 4. At $201 it trades −1.9% versus its 200-day average and sits at 34% of its 52-week range ($151–$296).

Against the market, two honest reads. Cumulative: over the last 10.1 years the stock moved +438% while the S&P 500 moved +248% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 11th percentile of its own range.

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

Veeva Systems Inc. trades at 35.7× P/E, near the bottom of its own range — cheaper only 11% of the time. Its long-run median P/E is 57.4×, measured across 4.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 35.7× is near the bottom of its own range — cheaper only 11% of the time, against a long-run median of 57.4× measured over 4.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +25.9% against a −30.7% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +0.0%/yr price move, ~+20.6%/yr came from earnings growth and ~−20.6 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Veeva Systems Inc. reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 9.9% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

60.0/100 — rank 4 of 29 in Health Information Services · 86% evidence confidence

Veeva Systems Inc. scores 60.0 out of 100 against the 29 companies it is compared with in Health Information Services, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 20.2 + 18.4 + 13.8 + 7.6 = 60. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Veeva Systems Inc. reported $0.9 B of revenue in the Apr 26 quarter, +15.8% year on year. That is the 12th straight quarter of year-on-year growth. Over 4 years it has compounded at 14.7% a year. The last full year, FY26, came in at $3.2 B. The last four reported quarters add to $3.3 B.

Veeva Systems Inc. reported $0.9 B of revenue in the Apr 26 quarter, +15.8% year on year. That is the 12th straight quarter of year-on-year growth. Over 4 years it has compounded at 14.7% a year. The last full year, FY26, came in at $3.2 B. The last four reported quarters add to $3.3 B.

FY26 revenue came in at $3.2 B (+16.4% on the year), capping 4 years at 14.7% compound. The latest quarter (Apr 26) printed $0.9 B, +15.8% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +16.1% growth against the decade's 14.7% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +16.1% over the last 4 quarters against +15.5%/yr over the last 8 — stabilising; TTM profit +19.0% vs +29.6%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 30.7% this quarter (+0.4 pp YoY).

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Veeva Systems Inc.'s operating margin is 30.7% in the Apr 26 quarter, +0.4 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 18.2% to 28.7%. The current quarter is running above every full year in that window.

Veeva Systems Inc.'s operating margin is 30.7% in the Apr 26 quarter, +0.4 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 18.2% to 28.7%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 30.7%, +0.4 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 18.2%–28.7%, and FY26's 28.7% is the top of that band — a record year.

Why the margin moved: operating margin went +0.4 pp year on year while gross margin went −2.6 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit +13.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Veeva Systems Inc. earned $0.3 B of net profit in the Apr 26 quarter, +13.0% year on year. It is the 9th consecutive quarter of growth. Full-year FY26 profit was $0.9 B. The 4-year compound rate is 20.6%. That is 29.5% of the quarter's revenue. The same quarter a year earlier earned $0.2 B.

Veeva Systems Inc. earned $0.3 B of net profit in the Apr 26 quarter, +13.0% year on year. It is the 9th consecutive quarter of growth. Full-year FY26 profit was $0.9 B. The 4-year compound rate is 20.6%. That is 29.5% of the quarter's revenue. The same quarter a year earlier earned $0.2 B.

Apr 26 profit was $0.3 B, +13.0% year on year — the 9th consecutive quarter of growth. On the full year, FY26 printed $0.9 B (+28.2%), and the 4-year compound rate is 20.6%.

Why profit moved: revenue contributed +15.8% and the margin +0.4 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +19.2% vs revenue +16.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra dollar of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 159% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 159% of Veeva Systems Inc.'s reported profit arrived as operating cash — the cash follows the profit. In FY26 that was $1.4 B of operating cash against $0.9 B of profit. After null of capital spending, $1.4 B was left as free cash.

FY26: operating cash of $1.4 B against reported profit of $0.9 B, leaving free cash of $1.4 B after null of capital spending. Across the last 3 fiscal years the conversion rate is 159% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why: conversion is measured cleanly, but the working-capital day-counts behind it sit below what we hold — the move is shown without inventing its driver.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Veeva Systems Inc. does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Nothing is estimated in place of the missing day-counts, so no cash-cycle chart is drawn.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROE is 14% and the ROIC − WACC spread is +167.5 pp.

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

Veeva Systems Inc. earns a ROE of 13% in FY26. That is up from a trough of 11% in FY24. Return on invested capital clears the cost of that capital by +167.5 percentage points, so growth here adds value rather than only size. The wiring behind it is 28.4% net margin on 0.36× asset turns.

FY26 ROE is 13%, recovered from a FY24 trough of 11% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 28.4% net margin × 0.36× asset turns × 1.25× balance-sheet leverage ≈ 12.8% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 176.9% − 9.4% = a +167.5 pp spread. The 9.4% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. A spread this wide means every dollar reinvested creates more than a dollar of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.01.

Dividend

Veeva Systems Inc. pays no dividend. Across the last 12 reported quarters it has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings rather than distribute them, which makes the cash-flow and reinvestment sections the place that cash shows up.

Veeva Systems Inc. does not currently pay a dividend. Across the last 12 reported quarters the company has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings instead of distributing them.

→ No payout to follow. The cash question becomes what the business does with what it earns instead.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Veeva Systems Inc. carries total debt of $0.1 B against shareholder equity of $7.3 B as of Apr 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.02 in FY22 to 0.01 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Apr 26: total debt of $0.1 B against shareholder equity of $7.3 B — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.02 (FY22) to 0.01 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: short interest is 5.3% of the float.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

5.3% of Veeva Systems Inc.'s tradable float is currently sold short — some money is positioned against it. At typical trading volumes those positions would take about 3.2 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

The latest reading: 5.3% of the float is sold short, and at typical trading volumes it would take about 3.2 days to buy those positions back. Some money is positioned against it. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.

Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Veeva Systems Inc.: the Z-score reads 15.38. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 15.38 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 15.38.

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