Veeva Systems Inc. (VEEV) 10-Year Financial Performance & Capital Metrics

VEEV • • Industrial / General

HealthcareHealthcare ITLife Sciences TechnologyPharmaceutical Commercialization

AboutVeeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety. It also provides professional and support services in the areas of implementation and deployment planning and project management; requirements analysis, solution design, and configuration; systems environment management and deployment services; services focused on advancing or transforming business and operating processes related to Veeva solutions; technical consulting services related to data migration and systems integrations; training on its solutions; and ongoing managed services that include outsourced systems administration. The company was formerly known as Verticals onDemand, Inc. and changed its name to Veeva Systems Inc. in April 2009. Veeva Systems Inc. was incorporated in 2007 and is headquartered in Pleasanton, California.Show more

Revenue $2.75B +16.2%
EBITDA $731M +58.2%
Net Income $714M +35.8%
EPS (Diluted) 4.32 +34.2%
Gross Margin 74.53% +4.5%
EBITDA Margin 26.61% +36.1%
Operating Margin 25.17% +38.6%
Net Margin 26% +16.9%
ROE 13.63% +8.4%
ROIC 11.8% +26.2%
Debt/Equity 0.01 +8.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 18.9%
✓FCF machine: 38.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 20.0%
✓Healthy 5Y average net margin of 24.0%

✗Weaknesses

✗Weak momentum: RS Rating 18 (bottom 18%)

Price & Volume

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Growth Metrics

Revenue CAGR

10Y24.25%

5Y19.99%

3Y14.06%

TTM15.96%

Profit (Net Income) CAGR

10Y33.28%

5Y18.85%

3Y18.66%

TTM29.2%

EPS CAGR

10Y31.47%

5Y17.85%

3Y17.99%

TTM26.91%

ROCE

10Y Avg17.1%

5Y Avg14.86%

3Y Avg12.19%

Latest12.96%

Peer Comparison

Pharmaceutical Commercialization

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VEEVVeeva Systems Inc.	35.99B	218.95	50.68	16.2%	27.93%	12.22%	2.97%	0.01
OPRXOptimizeRx Corporation	234.87M	12.60	-11.45	28.81%	0.03%	0.03%	2.03%	0.28

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	409.22M	544.04M	690.56M	862.21M	1.1B	1.47B	1.85B	2.16B	2.36B	2.75B
Revenue Growth %	0.31%	0.33%	0.27%	0.25%	0.28%	0.33%	0.26%	0.16%	0.1%	0.16%
Cost of Goods Sold+	142.21M	173.68M	211.44M	245.28M	303.37M	408.93M	503.68M	609.4M	677.29M	699.64M
COGS % of Revenue	0.35%	0.32%	0.31%	0.28%	0.27%	0.28%	0.27%	0.28%	0.29%	0.25%
Gross Profit+	267.01M	370.36M	479.14M	616.93M	800.71M	1.06B	1.35B	1.55B	1.69B	2.05B
Gross Margin %	0.65%	0.68%	0.69%	0.72%	0.73%	0.72%	0.73%	0.72%	0.71%	0.75%
Gross Profit Growth %	0.35%	0.39%	0.29%	0.29%	0.3%	0.32%	0.28%	0.15%	0.09%	0.21%
Operating Expenses+	188.42M	256.17M	321.21M	394.06M	514.49M	678.35M	841.6M	1.09B	1.26B	1.36B
OpEx % of Revenue	0.46%	0.47%	0.47%	0.46%	0.47%	0.46%	0.45%	0.5%	0.53%	0.49%
Selling, General & Admin	122.44M	159.43M	189.19M	235.28M	304.6M	384.13M	459.57M	566.29M	628.02M	662.47M
SG&A % of Revenue	0.3%	0.29%	0.27%	0.27%	0.28%	0.26%	0.25%	0.26%	0.27%	0.24%
Research & Development	65.98M	96.75M	132.05M	158.78M	209.9M	294.22M	382.04M	520.28M	629.03M	693.08M
R&D % of Revenue	0.16%	0.18%	0.19%	0.18%	0.19%	0.2%	0.21%	0.24%	0.27%	0.25%
Other Operating Expenses	0	-7K	-34K	0	0	0	0	0	0	0
Operating Income+	78.59M	120.69M	157.93M	222.87M	286.22M	377.79M	505.5M	459.09M	429.33M	691.43M
Operating Margin %	0.19%	0.22%	0.23%	0.26%	0.26%	0.26%	0.27%	0.21%	0.18%	0.25%
Operating Income Growth %	0.12%	0.54%	0.31%	0.41%	0.28%	0.32%	0.34%	-0.09%	-0.06%	0.61%
EBITDA+	87.05M	134.51M	171.63M	236.27M	306.08M	407.25M	532.94M	488.21M	461.96M	730.82M
EBITDA Margin %	0.21%	0.25%	0.25%	0.27%	0.28%	0.28%	0.29%	0.23%	0.2%	0.27%
EBITDA Growth %	0.18%	0.55%	0.28%	0.38%	0.3%	0.33%	0.31%	-0.08%	-0.05%	0.58%
D&A (Non-Cash Add-back)	8.46M	13.82M	13.7M	13.4M	19.86M	29.45M	27.45M	29.12M	32.63M	39.38M
EBIT	78.59M	120.69M	165.77M	222.87M	286.22M	377.79M	505.5M	459.09M	429.33M	691.43M
Net Interest Income+	4.62M	4.48M	8.38M	15.39M	25.18M	15.86M	14.73M	45.86M	133.75M	207.99M
Interest Income	4.62M	4.48M	8.38M	15.39M	25.18M	15.86M	14.73M	45.86M	133.75M	207.99M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	28K	1.67M	7.84M	15.78M	27.48M	16.2M	6.82M	50.01M	158.69M	227.95M
Pretax Income+	78.62M	122.36M	165.77M	238.64M	313.7M	393.99M	512.31M	509.1M	588.02M	919.38M
Pretax Margin %	0.19%	0.22%	0.24%	0.28%	0.28%	0.27%	0.28%	0.24%	0.25%	0.33%
Income Tax+	24.16M	44.78M	14.59M	8.81M	12.58M	13.99M	84.92M	21.39M	62.32M	205.24M
Effective Tax Rate %	0.69%	0.63%	0.91%	0.96%	0.96%	0.96%	0.83%	0.96%	0.89%	0.78%
Net Income+	54.46M	77.57M	151.18M	229.83M	301.12M	380M	427.39M	487.71M	525.71M	714.14M
Net Margin %	0.13%	0.14%	0.22%	0.27%	0.27%	0.26%	0.23%	0.23%	0.22%	0.26%
Net Income Growth %	0.35%	0.42%	0.95%	0.52%	0.31%	0.26%	0.12%	0.14%	0.08%	0.36%
Net Income (Continuing)	54.46M	77.57M	151.18M	229.83M	301.12M	380M	427.39M	487.71M	525.71M	714.14M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.38	0.47	0.98	1.47	1.90	2.36	2.63	3.00	3.22	4.32
EPS Growth %	0.36%	0.24%	1.09%	0.5%	0.29%	0.24%	0.11%	0.14%	0.07%	0.34%
EPS (Basic)	0.41	0.51	1.08	1.59	2.04	2.52	2.79	3.14	3.27	4.41
Diluted Shares Outstanding	144.98M	147.58M	153.68M	156.12M	158.3M	160.73M	162.28M	162.44M	163.49M	165.23M
Basic Shares Outstanding	132.02M	146.36M	140.31M	144.24M	147.8M	150.67M	153.25M	155.38M	160.53M	161.88M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	501.22M	711.87M	1.01B	1.43B	1.53B	2.31B	3.11B	3.97B	5B	6.31B
Cash & Short-Term Investments	346.2M	518.87M	761.96M	1.09B	1.09B	1.66B	2.38B	3.1B	4.03B	5.15B
Cash Only	132.18M	217.61M	320.18M	550.97M	476.73M	730.5M	1.14B	886.47M	703.49M	1.12B
Short-Term Investments	214.02M	301.27M	441.78M	539.19M	610.01M	933.12M	1.24B	2.22B	3.32B	4.03B
Accounts Receivable	144.8M	182.82M	238.02M	321.59M	422.51M	611.59M	694.4M	785.23M	888.54M	1.06B
Days Sales Outstanding	129.15	122.65	125.81	136.14	139.68	152.37	136.95	132.99	137.21	140.48
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	0	81.46M	86.92M	101.46M
Total Non-Current Assets+	204.57M	205.84M	217.91M	220.35M	740.65M	735.24M	709.28M	834.98M	907.71M	1.03B
Property, Plant & Equipment	47.47M	49.91M	52.28M	54.97M	103.88M	110.57M	104.14M	105.15M	104.13M	119.78M
Fixed Asset Turnover	8.62x	10.90x	13.21x	15.69x	10.63x	13.25x	17.77x	20.49x	22.70x	22.93x
Goodwill	95.54M	95.8M	95.8M	95.8M	438.53M	436.03M	439.88M	439.88M	439.88M	439.88M
Intangible Assets	47.5M	39.28M	31.49M	24.52M	134.6M	114.59M	101.94M	82.48M	63.02M	44.46M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	4.7M	4.06M	36.11M	39.12M	51.77M	59.95M	58.23M	70.78M	67.22M	82.92M
Total Assets+	705.8M	917.7M	1.23B	1.65B	2.27B	3.05B	3.82B	4.8B	5.91B	7.34B
Asset Turnover	0.58x	0.59x	0.56x	0.52x	0.49x	0.48x	0.48x	0.45x	0.40x	0.37x
Asset Growth %	0.3%	0.3%	0.34%	0.34%	0.37%	0.34%	0.25%	0.26%	0.23%	0.24%
Total Current Liabilities+	186.28M	246.78M	306.17M	401.02M	551.17M	715.95M	840.78M	1.01B	1.18B	1.4B
Accounts Payable	4.6M	5.68M	6.94M	9.11M	19.42M	23.25M	20.35M	41.68M	31.51M	30.45M
Days Payables Outstanding	11.81	11.93	11.99	13.56	23.37	20.76	14.75	24.96	16.98	15.88
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	12.45M	12.01M	17.05M	15.32M	25.62M	30.41M	15.79M	16.81M	19.76M	18.8M
Current Ratio	2.69x	2.88x	3.29x	3.57x	2.78x	3.23x	3.70x	3.94x	4.24x	4.51x
Quick Ratio	2.69x	2.88x	3.29x	3.57x	2.78x	3.23x	3.70x	3.94x	4.24x	4.51x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	14.27M	17.94M	17.93M	14.99M	55.01M	63.8M	64.05M	81.24M	87.21M	108.98M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	44.81M	51.39M	43.61M	49.67M	46.44M	65.81M
Deferred Tax Liabilities	10.62M	12.97M	10.95M	6.09M	2.42M	1.83M	2.22M	1.49M	2.05M	587K
Other Non-Current Liabilities	3.65M	4.96M	6.98M	8.9M	7.78M	10.57M	18.23M	30.08M	38.72M	42.59M
Total Liabilities	200.55M	264.72M	324.1M	416.02M	606.18M	779.75M	904.83M	1.09B	1.27B	1.51B
Total Debt+	0	0	0	0	54.83M	63.12M	54.59M	60.98M	55.77M	75.78M
Net Debt	-132.18M	-217.61M	-320.18M	-550.97M	-421.9M	-667.39M	-1.08B	-825.49M	-647.71M	-1.04B
Debt / Equity	-	-	-	-	0.03x	0.03x	0.02x	0.02x	0.01x	0.01x
Debt / EBITDA	-	-	-	-	0.18x	0.15x	0.10x	0.12x	0.12x	0.10x
Net Debt / EBITDA	-1.52x	-1.62x	-1.87x	-2.33x	-1.38x	-1.64x	-2.03x	-1.69x	-1.40x	-1.43x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	505.25M	652.98M	906.24M	1.24B	1.67B	2.27B	2.91B	3.72B	4.64B	5.83B
Equity Growth %	0.24%	0.29%	0.39%	0.37%	0.35%	0.36%	0.28%	0.28%	0.25%	0.26%
Book Value per Share	3.49	4.42	5.90	7.93	10.52	14.10	17.94	22.88	28.41	35.30
Total Shareholders' Equity	505.25M	652.98M	906.24M	1.24B	1.67B	2.27B	2.91B	3.72B	4.64B	5.83B
Common Stock	1K	1K	1K	1K	1K	2K	2K	2K	2K	2K
Retained Earnings	143.38M	212.19M	389.37M	619.2M	919.66M	1.3B	1.73B	2.21B	2.74B	3.45B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	172K	111K	1.6M	928K	460K	992K	-11.96M	-31.13M	-10.64M	-8.42M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	80.15M	144.01M	233.44M	310.83M	437.38M	551.25M	764.46M	780.47M	911.34M	1.09B
Operating CF Margin %	0.2%	0.26%	0.34%	0.36%	0.4%	0.38%	0.41%	0.36%	0.39%	0.4%
Operating CF Growth %	0.19%	0.8%	0.62%	0.33%	0.41%	0.26%	0.39%	0.02%	0.17%	0.2%
Net Income	54.41M	68.8M	151.18M	229.83M	301.12M	380M	427.39M	487.71M	525.71M	714.14M
Depreciation & Amortization	8.46M	13.1M	13.7M	13.4M	26.59M	39.35M	36.97M	37.66M	37.15M	50.93M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	-6.26M	-5.07M	1.21M	-8.09M	-6.66M	-1.05M	11.08M	-127.5M	-105.37M	-112.27M
Other Non-Cash Items	27.31M	43.51M	72.69M	93.06M	134.52M	208.59M	268.37M	375.26M	393.03M	429.64M
Working Capital Changes	-3.77M	23.68M	-5.33M	-17.38M	-18.18M	-75.65M	20.66M	7.34M	60.82M	7.62M
Change in Receivables	-46.65M	-38.15M	-52.13M	-83.77M	-70.09M	-188.45M	-83.08M	-91.08M	-104M	-168.97M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-494K	1.11M	1.4M	1.82M	2.81M	754K	-3M	21.43M	-10.23M	-1.96M
Cash from Investing+	-96.68M	-96.65M	-154.52M	-103.87M	-516.91M	-333.63M	-346.15M	-1.01B	-1.08B	-700.14M
Capital Expenditures	-22.15M	-7.51M	-11.37M	-9.82M	-4.32M	-8.68M	-14.21M	-13.51M	-26.2M	-20.52M
CapEx % of Revenue	0.05%	0.01%	0.02%	0.01%	0%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	41K	102K	0	0	0	0	0	0	0	0
Cash from Financing+	19.45M	37.98M	20.77M	25.91M	10.01M	33.82M	-4.14M	-19.38M	-16.19M	26.11M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	13.52M	25.63M	0	0	0	0	-55.29M	-63.03M	-78.88M	-79.42M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	59M	137.09M	223.81M	302.39M	434.26M	542.56M	750.25M	766.96M	885.14M	1.07B
FCF Margin %	0.14%	0.25%	0.32%	0.35%	0.39%	0.37%	0.41%	0.36%	0.37%	0.39%
FCF Growth %	0.44%	1.32%	0.63%	0.35%	0.44%	0.25%	0.38%	0.02%	0.15%	0.21%
FCF per Share	0.41	0.93	1.46	1.94	2.74	3.38	4.62	4.72	5.41	6.47
FCF Conversion (FCF/Net Income)	1.47x	1.86x	1.54x	1.35x	1.45x	1.45x	1.79x	1.60x	1.73x	1.53x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	19.97M	14.15M	12.46M	19.54M	14.29M	18.1M	58.63M	167.95M	134.47M	322.05M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	11.94%	13.4%	19.39%	21.44%	20.74%	19.33%	16.51%	14.72%	12.58%	13.63%
Return on Invested Capital (ROIC)	18.12%	22.39%	23.19%	26.26%	22.24%	19.94%	22.12%	14.59%	9.35%	11.8%
Gross Margin	65.25%	68.08%	69.38%	71.55%	72.52%	72.09%	72.79%	71.72%	71.35%	74.53%
Net Margin	13.31%	14.26%	21.89%	26.66%	27.27%	25.94%	23.09%	22.63%	22.24%	26%
Debt / Equity	-	-	-	-	0.03x	0.03x	0.02x	0.02x	0.01x	0.01x
FCF Conversion	1.47x	1.86x	1.54x	1.35x	1.45x	1.45x	1.79x	1.60x	1.73x	1.53x
Revenue Growth	30.65%	32.95%	26.93%	24.86%	28.05%	32.7%	26.33%	16.44%	9.68%	16.2%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Subscription Services Veeva Research And Development	-	-	-	299.43M	427.68M	580.25M	607.52M	786.75M	905.79M	1.18B
Subscription Services Veeva Research And Development Growth	-	-	-	-	42.83%	35.67%	4.70%	29.50%	15.13%	30.25%
Subscription Services Veeva Commercial Cloud	-	-	-	395.04M	468.62M	599.23M	876.46M	946.25M	995.8M	1.1B
Subscription Services Veeva Commercial Cloud Growth	-	-	-	-	18.62%	27.87%	46.26%	7.96%	5.24%	10.95%
Professional Services Veeva Research And Development	-	-	-	105.19M	131.44M	172.09M	201.72M	244.87M	276.1M	276.66M
Professional Services Veeva Research And Development Growth	-	-	-	-	24.96%	30.92%	17.22%	21.39%	12.75%	0.20%
Professional Services Veeva Commercial Cloud	-	-	-	62.56M	76.35M	113.5M	165.09M	177.19M	185.98M	185.3M
Professional Services Veeva Commercial Cloud Growth	-	-	-	-	22.04%	48.66%	45.45%	7.33%	4.96%	-0.37%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
North America	225.48M	297.01M	376.54M	480.71M	607.7M	838.19M	1.06B	1.25B	1.39B	1.62B
North America Growth	-	31.72%	26.77%	27.67%	26.42%	37.93%	26.91%	17.86%	10.66%	16.89%
Europe	111.92M	160.67M	202.41M	236.1M	310.21M	400.79M	509.13M	598.83M	662.56M	790.78M
Europe Growth	-	43.55%	25.98%	16.64%	31.39%	29.20%	27.03%	17.62%	10.64%	19.35%
Asia Pacific	71.81M	86.36M	106.62M	145.4M	151.05M	183.85M	225.97M	244.66M	250.6M	265.74M
Asia Pacific Growth	-	20.26%	23.46%	36.37%	3.89%	21.71%	22.91%	8.27%	2.43%	6.04%
Middle East, Africa, And Latin America	-	-	-	-	35.11M	42.24M	51.91M	57.82M	63.09M	68.41M
Middle East, Africa, And Latin America Growth	-	-	-	-	-	20.30%	22.90%	11.38%	9.12%	8.44%

Frequently Asked Questions

Valuation & Price

Veeva Systems Inc. (VEEV) has a price-to-earnings (P/E) ratio of 50.7x. This suggests investors expect higher future growth.

Growth & Financials

Veeva Systems Inc. (VEEV) reported $3.08B in revenue for fiscal year 2025. This represents a 4928% increase from $61.3M in 2012.

Veeva Systems Inc. (VEEV) grew revenue by 16.2% over the past year. This is strong growth.

Yes, Veeva Systems Inc. (VEEV) is profitable, generating $860.3M in net income for fiscal year 2025 (26.0% net margin).

Dividend & Returns

Veeva Systems Inc. (VEEV) has a return on equity (ROE) of 13.6%. This is reasonable for most industries.

Veeva Systems Inc. (VEEV) generated $1.35B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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