# Veeva Systems Inc. (VEEV)

> Source: Nexqual · https://nexqual.com/VEEV · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Veeva Systems Inc. (VEEV), nexqual.com/VEEV" · informational, not investment advice.

**Price:** USD 322.55 (+0.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 320.55 · day 318.03–325.96 · 52w 148.05–325.99 · market cap $52.2B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $3.46B, net income $1.01B (29.3% margin) (SEC filings).
- Valuation: P/E 51.5x (avg 52.0x at the last 3 fiscal year-ends).
- 6 of 80 tracked superinvestors hold VEEV (13F, Q2 2026): 4 new, 1 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.10 on a 1–5 scale) (29 analysts), mean target USD 298.7 (range 180–360).
- Total return with dividends: 1Y +10.7% vs S&P 500 +14.9%; 5Y +0.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-25, EPS estimate USD 2.34, revenue estimate $935M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.85B | $2.16B | $2.36B | $2.75B | $3.20B | $3.46B |
| Gross profit | $1.35B | $1.55B | $1.69B | $2.05B | $2.41B | — |
| Operating income | $505M | $459M | $429M | $691M | $916M | $1.03B |
| Net income | $427M | $488M | $526M | $714M | $909M | $1.01B |
| EPS (diluted) | $2.63 | $3.00 | $3.22 | $4.32 | $5.44 | — |
| Gross margin | 72.8% | 71.7% | 71.3% | 74.5% | 75.5% | — |
| Operating margin | 27.3% | 21.3% | 18.2% | 25.2% | 28.7% | 29.9% |
| Net margin | 23.1% | 22.6% | 22.2% | 26.0% | 28.4% | 29.3% |
| Revenue growth | +26.3% | +16.4% | +9.7% | +16.2% | +16.3% | — |
| Cash + short-term investments | $2.38B | $3.10B | $4.03B | $5.15B | $6.56B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 51.5x · P/S 15.1x · P/B 7.0x · Earnings yield 1.94%
P/E at fiscal year-ends: Jan 2026 37.5x, Jan 2025 54.0x, Jan 2024 64.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold VEEV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Jensen Investment Management |  | 1.93% | $79.8M | Reduced -20.6% |
| Hillman Capital | Hillman Capital Management | 1.80% | $2.5M | New position |
| Terry Smith | Fundsmith | 1.06% | $145M | New position |
| Torray Funds |  | 0.59% | $4.4M | Added +3.6% |
| Francois Rochon | Giverny Capital | 0.57% | $16.9M | New position |
| Vulcan Value Partners |  | 0.11% | $3.8M | New position |

## Analysts
Consensus Buy (mean 2.10 on a 1–5 scale), 29 analysts; mean target USD 298.7 (low 180, high 360).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Barclays | Target raised | Overweight | $315 → $360 |
| 2026-08-28 | Citigroup | Target raised | Neutral | $190 → $273 |
| 2026-08-27 | Mizuho | Target raised | Outperform | $270 → $280 |
| 2026-08-27 | BMO Capital | Target raised | Market Perform | $175 → $270 |
| 2026-08-27 | Baird | Target raised | Outperform | $260 → $300 |
| 2026-08-27 | Canaccord Genuity | Target raised | Hold | $220 → $260 |
| 2026-08-27 | TD Cowen | Target raised | Buy | $235 → $283 |
| 2026-08-27 | Barclays | Target raised | Overweight | $275 → $315 |
| 2026-08-27 | UBS | Target raised | Neutral | $190 → $290 |
| 2026-08-27 | RBC Capital | Target raised | Outperform | $275 → $325 |
| 2026-08-27 | Guggenheim | Target raised | Buy | $276 → $310 |
| 2026-08-27 | Morgan Stanley | Target raised | Equal-Weight | $215 → $275 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +10.7% | +0.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +10.7% | +0.1% |
| Volatility (annualized) | 42.7% | 41.1% |
| Max drawdown | -49.4% (Nov 2025→Apr 2026) | -52.9% (Oct 2021→Oct 2022) |

## Peers (Health Information Services)
BTSG (BrightSpring Health Services, I) USD 60.86 -2.41% · TEM (Tempus AI, Inc.) USD 63.81 -5.83% · HNGE (Hinge Health, Inc.) USD 109.93 -1.85% · HQY (HealthEquity, Inc.) USD 100.97 +3.16% · DOCS (Doximity, Inc.) USD 33.68 +0.30% · WAY (Waystar Holding Corp.) USD 28.98 +0.49%

## More
Full page: https://nexqual.com/VEEV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VEEV's own 10-K filed 2026-03-20 (https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Amazon (AMZN) | "For our Veeva Vault applications, including Vault CRM, and certain other Veeva Commercial Cloud applications, we utilize Amazon Web Services." |
| Supplier | Amazon Web Services and Salesforce | "We rely on third-party providers—including Amazon Web Services and Salesforce—for computing infrastructure, secure network connectivity, and other technology-related services needed to deliver our cloud solutions." |
| Customer | Salesforce (CRM) | "Our customers may also choose to use cloud-based applications or platforms that are not life sciences specific—such as Salesforce, Box, Inc., Amazon Web Services, or Microsoft—for certain of the functions our application…" |
| Customer | Box | "Our customers may also choose to use cloud-based applications or platforms that are not life sciences specific—such as Salesforce, Box, Inc., Amazon Web Services, or Microsoft—for certain of the functions our application…" |
| Customer | Bayer | "Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., a…" |
| Customer | Boehringer Ingelheim | "Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., a…" |
| Customer | Eli Lilly (LLY) | "Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., a…" |
| Customer | GILEAD SCIENCES, INC. (GILD) | "Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., a…" |
| Customer | Merck Sharp & Dohme | "Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., a…" |
| Customer | Novartis Pharma | "Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., a…" |
| Customer | Alkermes plc. (ALKS) | "Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., a…" |
| Customer | ALNYLAM PHARMACEUTICALS, INC. (ALNY) | "Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., a…" |
| Customer | Idorsia Pharmaceuticals | "Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., a…" |
| Partner | General | "A PBC is a for-profit company operating under subchapter XV of the General Corporation Law of the State of Delaware (i) that has adopted a public benefit purpose intended to provide benefits beyond just stockholder finan…" |
| Partner | Zoom Video Communications | "For example, our Veeva CRM Engage Meeting application uses a purpose-built partner tool from Zoom Video Communications, Inc., which is critical to the application's functionality." |
| Competitor | Oracle (ORCL) | "No single vendor offers products that compete with all of our Veeva Development Cloud or Quality Cloud applications, but IQVIA, Dassault Systèmes, OpenText Corporation, Oracle Corporation, Honeywell International Inc., a…" |
| Competitor | Microsoft (MSFT) | "Our Commercial Cloud, Development Cloud, and Quality Cloud application suites also compete to replace client server-based legacy solutions offered by companies such as Oracle, Microsoft Corporation, and other smaller app…" |
| Competitor | Honeywell (HON) | "In this segment of our business, we compete with solutions such as those offered by OpenText, Microsoft, Honeywell, EtQ Management Consultants, LLC, Oracle, and Box, and custom-built software developed by third-party ven…" |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription | $766.8M | 82.6% | +16.3% |
| — R&D and Quality Solutions (part of Subscription) | $419.4M | 45.2% | +19.3% |
| — Commercial Solutions (part of Subscription) | $347.4M | 37.4% | +13.0% |
| Professional services and other | $161.2M | 17.4% | +24.1% |
| — R&D and Quality Solutions (part of Professional services and other) | $101.5M | 10.9% | +23.4% |
| — Commercial Solutions (part of Professional services and other) | $59.7M | 6.4% | +25.2% |
| Total revenue | $928.0M | 100% | — |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $549.2M | 59.2% | +17.3% |
| Europe | $283.9M | 30.6% | +22.0% |
| Asia Pacific | $76.3M | 8.2% | +8.8% |
| Other international | $18.6M | 2.0% | +2.0% |
| Total revenue | $928.0M | 100% | — |

## Company outlook (8-K filed 2026-08-26)

- "Financial Outlook: Veeva is providing guidance for its fiscal third quarter ending October 31, 2026 as follows: • Total revenues between $932 and $935 million. • Non-GAAP operating income between $417 and $420 million."
- "(2) Veeva is providing updated guidance for its fiscal year ending January 31, 2027 as follows: • Total revenues between $3,682 and $3,687 million. • Non-GAAP operating income of about $1,640 million."

Analysts expect $935.0M for the current quarter, +0.2% vs the guidance midpoint $933.5M. Source: https://www.sec.gov/Archives/edgar/data/1393052/000139305226000032/veev-20260731xex991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $2.34 | $2.29 | +2.5% | $935.0M | 26 |
| Next quarter (ends 2027-01-31) | $2.31 | $2.32 | -0.4% | $944.0M | 26 |
| Current fiscal year (ends 2027-01-31) | $9.24 | $9.06 | +1.9% | $3.69B | 27 |
| Next fiscal year (ends 2028-01-31) | $10.25 | $10.03 | +2.2% | $4.14B | 26 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-25): ±15.2%; earnings reaction alone ±5.1%; last 8 reports averaged ±8.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 46.1% | ±10.4% |
| 2026-12-18 | 56 | 48.5% | ±15.2% |
| 2027-01-15 | 84 | 45.8% | ±17.5% |
| 2027-03-19 | 147 | 46.1% | ±23.2% |
| 2027-06-17 | 237 | 45.4% | ±29.0% |
| 2027-09-17 | 329 | 45.2% | ±33.8% |