Upside case
Bull case
$314+83.7%
VEEV would need investors to value it at roughly 35x earnings — about 16x more generous than today's 19x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Veeva Systems Inc. (VEEV) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
42
analysts
29 bullish · 1 bearish · 42 covering VEEV
Strong Buy
0
Buy
29
Hold
12
Sell
1
Strong Sell
0
Consensus Target
$280
+63.7% vs today
Scenario Range
$134 – $314
Model bear to bull value window
Coverage
42
Published analyst ratings
Valuation Context
19.3x
Forward P/E · Market cap $27.8B
VEEV price targets
Three scenarios for where VEEV stock could go
Current
~$171
Confidence
82 / 100
Updated
May 1, 2026
Where we are now
Current · $171
Bear
$134
Base
$265
Bull
$314
Market caseClosest to today
Base case
$265+54.8%
At 30x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$134-21.5%
If investor confidence fades or macro conditions deteriorate, a 4x multiple contraction could push VEEV down roughly 21% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Veeva Systems Inc.
VEEV · NYSEHealthcareMedical - Healthcare Information ServicesJanuary year-end
Veeva Systems provides cloud-based software specifically designed for the life sciences industry, including pharmaceutical and biotech companies. It generates revenue primarily through subscription fees for its Veeva Commercial Cloud and Veeva Vault platforms — which together account for the vast majority of its income — supplemented by professional services for implementation and support. The company's key advantage is its deep industry specialization and regulatory compliance expertise, creating a high-switching-cost moat within the tightly regulated life sciences sector.
Market Cap
$27.8B
Revenue TTM
$3.2B
Net Income TTM
$909M
Net Margin
28.4%
VEEV Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
100%Exceptional
vs consensus estimates
Avg EPS Surprise
+4.6%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$1.99/$1.90
Revenue
$789M/$768M
Q4 2025
EPS
$2.04/$1.95
Revenue
$811M/$793M
Q1 2026
EPS
$2.06/$1.94
Revenue
$836M/$811M
Q1 2026
EPS
$1.49/$1.94
Revenue
$836M/$811M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.99/$1.90 | +4.7% | $789M/$768M | +2.7% |
| Q4 2025 | $2.04/$1.95 | +4.6% | $811M/$793M | +2.3% |
| Q1 2026 | $2.06/$1.94 | +6.2% | $836M/$811M | +3.1% |
| Q1 2026 | $1.49/$1.94 | -23.2% | $836M/$811M | +3.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$3.6B
+14.0% YoY
FY2
$4.2B
+14.5% YoY
EPS Outlook
FY1
$7.74
+43.2% YoY
FY2
$8.42
+8.8% YoY
Trailing FCF (TTM)$1.4B
FCF Margin: 43.7%
Next Earnings
May 27, 2026
Expected EPS
$2.13
Expected Revenue
$858M
VEEV beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
VEEV Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $2.7B
Product Mix
Latest annual revenue by segment or product family
Subscription Services Veeva Research And Development
43.0%
+30.2% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
North America
59.0%
+16.9% YoY
Tap, hover, or focus a slice to inspect segment detail.
Subscription Services Veeva Research And Development is the largest disclosed segment at 43.0% of FY 2025 revenue, up 30.2% YoY.
North America is the largest reported region at 59.0%, up 16.9% YoY.
VEEV Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Undervalued
Fair value est. $222 — implies +29.5% from today's price.
Upside to Fair Value
29.5%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
VEEV
31.5x
vs
S&P 500
25.1x
+25% premium
vs Healthcare Trailing P/E
VEEV
31.5x
vs
Healthcare
22.2x
+42% premium
vs VEEV 5Y Avg P/E
Today
31.5x
vs
5Y Average
60.5x
48% discount
Forward PE
19.3x
S&P 500
19.1x
+1%
Healthcare
18.8x
+3%
5Y Avg
—
—
Trailing PE
31.5x
S&P 500
25.1x
+25%
Healthcare
22.2x
+42%
5Y Avg
60.5x
-48%
PEG Ratio
1.73x
S&P 500
1.72x
+1%
Healthcare
1.53x
+13%
5Y Avg
—
—
EV/EBITDA
28.9x
S&P 500
15.2x
+90%
Healthcare
14.0x
+106%
5Y Avg
56.8x
-49%
Price/FCF
19.7x
S&P 500
21.1x
-7%
Healthcare
18.6x
+6%
5Y Avg
37.1x
-47%
Price/Sales
8.7x
S&P 500
3.1x
+179%
Healthcare
2.8x
+211%
5Y Avg
14.5x
-40%
Dividend Yield
—
S&P 500
1.87%
—
Healthcare
1.42%
—
5Y Avg
—
—
| Metric | VEEV | S&P 500 | Healthcare | 5Y Avg VEEV |
|---|---|---|---|---|
| Forward PE | 19.3x | 19.1x | 18.8x | — |
| Trailing PE | 31.5x | 25.1x+25% | 22.2x+42% | 60.5x-48% |
| PEG Ratio | 1.73x | 1.72x | 1.53x+13% | — |
| EV/EBITDA | 28.9x | 15.2x+90% | 14.0x+106% | 56.8x-49% |
| Price/FCF | 19.7x | 21.1x | 18.6x | 37.1x-47% |
| Price/Sales | 8.7x | 3.1x+179% | 2.8x+211% | 14.5x-40% |
| Dividend Yield | — | 1.87% | 1.42% | — |
VEEV trades above S&P 500 benchmarks on 3 of 6 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolVEEV Financial Health
Verdict
Strong
VEEV generates $1.4B in free cash flow at a 43.7% margin — 12.9% ROIC signals a durable competitive advantage.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$3.2B
Revenue Growth
TTM vs prior year
+16.3%
Gross Margin
Gross profit as a share of revenue
75.5%
Operating Margin
Operating income divided by revenue
28.7%
Net Margin
Net income divided by revenue
28.4%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$5.40
Free Cash Flow (TTM)
Cash generation after capex
$1.4B
FCF Margin
FCF as share of revenue — the primary cash quality signal
43.7%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
12.9%
ROA
Return on assets, trailing twelve months
11.1%
Cash & Equivalents
Liquid assets on the balance sheet
$1.4B
Net Cash
Cash exceeds total debt — no net leverage
$1.3B
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE
Return on equity, trailing twelve months
13.4%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.6%
Dividend
—
Buyback
0.6%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$170M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
167M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageVEEV Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Competition
Veeva faces significant competition from major players like Salesforce, which has entered the life sciences sector with its Healthcare division. Additionally, companies such as IQVIA pose a substantial threat to Veeva's Commercial and Data Cloud offerings.
High Risk
Customer Adoption and Retention
The company's growth is heavily reliant on its ability to retain and expand its customer base. Risks include slower adoption of new AI agents and lengthy CRM replacement cycles, which may lead large customers to consider alternative providers.
High Risk
Biopharma Concentration
Veeva is highly concentrated in the biopharma sector, with 92% of its business derived from this industry. This concentration exposes the company to fluctuations in R&D budget cycles, sales force consolidations, and pricing pressures across the sector.
Medium
Technological and Product Risks
Veeva's focus on AI and interoperability introduces risks related to the uncertain adoption and impact of AI in drug development. Additionally, migrating CRM capabilities from Salesforce to Veeva Vault may lead to operational disruptions.
Medium
Regulatory and Macroeconomic Factors
Changes in regulations, funding shifts, or policy changes affecting the life sciences industry can significantly impact Veeva's operations. Broader macroeconomic events, such as inflation and currency fluctuations, also pose risks.
Medium
Legal Risks
Veeva is currently facing a decade-long lawsuit from IQVIA regarding data misuse, which remains unresolved. This legal challenge could hinder data integration capabilities for Veeva's customers.
Lower
Valuation Concerns
Analysts have raised concerns that Veeva's shares may be overvalued, with current valuations reflecting unrealistic growth expectations. A slowdown in growth could lead to significant adjustments in stock price.
Lower
Cybersecurity Vulnerabilities
Veeva Systems has been identified with a below-benchmark security risk score, highlighting vulnerabilities such as stolen corporate credentials and SSL configuration issues. These cybersecurity risks could potentially expose sensitive data to breaches.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why VEEV Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Robust Financial Performance
Veeva Systems has demonstrated significant year-over-year revenue growth, with recent reports showing increases of around 16%. The company also boasts strong earnings per share (EPS) performance, often surpassing analyst expectations.
Growing Market Share and Product Adoption
Veeva is a leader in cloud software for the life sciences industry, serving a large number of customers, including a significant portion of the top global biopharmaceutical companies. The adoption of its Vault CRM is a major growth driver, with increasing commitments from top pharmaceutical companies.
Strategic Initiatives and Future Growth
The company is actively investing in new applications and is integrating AI across its product suite. Veeva has set ambitious revenue targets for the future, such as a $6 billion revenue run rate target for 2030.
Operational Efficiency
Veeva has shown operational efficiency, leading to expanded operating and free cash flow margins. The company maintains a strong financial position with no existing debt and good liquidity ratios.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
VEEV Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$171.15
52W Range Position
14%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$148.05
+15.6% from the low
52-Week High
$310.50
-44.9% from the high
1 Month
-2.00%
3 Month
-6.91%
YTD
-22.0%
1 Year
-27.8%
3Y CAGR
-1.5%
5Y CAGR
-8.0%
10Y CAGR
+20.4%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
VEEV vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
19.3x
vs 19.8x median
-2% below peer median
Revenue Growth
+14.0%
vs +12.9% median
+8% above peer median
Net Margin
28.4%
vs 18.0% median
+58% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
VEE VEEV Veeva Systems Inc. | $27.8B | 19.3x | +14.0% | 28.4% | Buy | +63.7% |
CRM CRM Salesforce, Inc. | $179.9B | 15.9x | +3.7% | 18.0% | Buy | +53.5% |
DOC DOCS Doximity, Inc. | $5.2B | 16.7x | +12.7% | 37.5% | Buy | +66.0% |
MED MEDP Medpace Holdings, Inc. | $12.3B | 25.3x | +15.4% | 17.2% | Hold | +15.9% |
HUB HUBS HubSpot, Inc. | $12.7B | 19.8x | +19.6% | 1.5% | Buy | +46.7% |
DSG DSGX The Descartes Systems Group Inc. | $6.2B | 38.9x | +12.9% | 22.5% | Buy | +42.5% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
VEEV Dividend and Capital Return
VEEV returns 0.6% annually — null% through dividends and 0.6% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
0.6%
Dividend + buyback return per year
Buyback Yield
0.6%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$170M
Estimated Shares Retired
993.0K
Approx. Share Reduction
0.6%
Shares Outstanding
Current diluted share count from the screening snapshot
167M
At 0.6%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
FAQ
7 questionsVEEV Investor Questions
Common questions answered from live analyst data and company financials.
01Is Veeva Systems Inc. (VEEV) stock a buy or sell in 2026?
Veeva Systems Inc. (VEEV) is rated Buy by Wall Street analysts as of 2026. Of 42 analysts covering the stock, 29 rate it Buy or Strong Buy, 12 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $280, implying +63.7% from the current price of $171. The bear case scenario is $134 and the bull case is $314.
02What is the VEEV stock price target for 2026?
The Wall Street consensus price target for VEEV is $280 based on 42 analyst estimates. The high-end target is $333 (+94.6% from today), and the low-end target is $205 (+19.8%). The base case model target is $265.
03Is Veeva Systems Inc. (VEEV) stock overvalued in 2026?
VEEV trades at 19.3x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Veeva Systems Inc. (VEEV) stock in 2026?
The primary risks for VEEV in 2026 are: (1) Competition — Veeva faces significant competition from major players like Salesforce, which has entered the life sciences sector with its Healthcare division. (2) Customer Adoption and Retention — The company's growth is heavily reliant on its ability to retain and expand its customer base. (3) Biopharma Concentration — Veeva is highly concentrated in the biopharma sector, with 92% of its business derived from this industry. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Veeva Systems Inc.'s revenue and earnings forecast?
Analyst consensus estimates VEEV will report consensus revenue of $3.6B (+14.0% year-over-year) and EPS of $7.74 (+43.2% year-over-year) for the upcoming fiscal year. The following year, analysts project $4.2B in revenue.
06When does Veeva Systems Inc. (VEEV) report its next earnings?
Veeva Systems Inc. is expected to report its next earnings on approximately 2026-05-27. Consensus expects EPS of $2.13 and revenue of $858M. Over recent quarters, VEEV has beaten EPS estimates 92% of the time.
07How much free cash flow does Veeva Systems Inc. generate?
Veeva Systems Inc. (VEEV) generated $1.4B in free cash flow over the trailing twelve months — a free cash flow margin of 43.7%. VEEV returns capital to shareholders through and share repurchases ($170M TTM).