The company maintains a robust liquidity position with a current ratio of 4.74 and minimal leverage, evidenced by total debt of only $103.1M against $7.3B in equity.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 |
|---|
| Total Current Assets | 8.06B | 8B | 6.31B | 5B | 3.97B | 3.11B | 2.31B | 1.53B | 1.43B | 1.01B | 711.87M | 501.22M | 501.84M | 353.73M | 86.89M | 39.66M |
| Cash & Short-Term Investments | 7.31B | 6.56B | 5.15B | 4.03B | 3.1B | 2.38B | 1.66B | 1.09B | 1.09B | 761.96M | 518.87M | 346.2M | 397.87M | 288.13M | 46.17M | 16.88M |
| Cash Only | 1.9B | 1.42B | 1.12B | 703.49M | 886.47M | 1.14B | 730.5M | 476.73M | 550.97M | 320.18M | 217.61M | 132.18M | 129.25M | 262.51M | 31.89M | 16.88M |
| Short-Term Investments | 5.42B | 5.14B | 4.03B | 3.32B | 2.22B | 1.24B | 933.12M | 610.01M | 539.19M | 441.78M | 301.27M | 214.02M | 268.62M | 25.63M | 14.28M | 0 |
| Accounts Receivable | 627.77M | 1.31B | 1.06B | 888.54M | 785.23M | 694.4M | 611.59M | 422.51M | 321.59M | 238.02M | 182.82M | 144.8M | 92.66M | 58.43M | 38.46M | 21.87M |
| Days Sales Outstanding | 76.49 | 149.68 | 140.48 | 137.21 | 132.99 | 136.95 | 152.37 | 139.68 | 136.14 | 125.81 | 122.65 | 129.15 | 107.98 | 101.49 | 108.36 | 130.3 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.08M | 0 | 511K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | 9.17 | - | 6.42 |
| Other Current Assets | 122.77M | 126.47M | 101.46M | 86.92M | 81.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.82M | 7.17M | 2.27M | 915K |
| Total Non-Current Assets | 1.07B | 981.71M | 1.03B | 907.71M | 834.98M | 709.28M | 735.24M | 740.65M | 220.35M | 217.91M | 205.84M | 204.57M | 43.05M | 16.58M | 2.93M | 1.75M |
| Property, Plant & Equipment | 155.54M | 145.89M | 119.78M | 104.13M | 105.15M | 104.14M | 110.57M | 103.88M | 54.97M | 52.28M | 49.91M | 47.47M | 28.2M | 2.44M | 1.38M | 824K |
| Fixed Asset Turnover | 23.12x | 21.90x | 22.93x | 22.70x | 20.49x | 17.77x | 13.25x | 10.63x | 15.69x | 13.21x | 10.90x | 8.62x | 11.11x | 85.95x | 93.94x | 74.35x |
| Goodwill | 488.16M | 439.88M | 439.88M | 439.88M | 439.88M | 439.88M | 436.03M | 438.53M | 95.8M | 95.8M | 95.8M | 95.54M | 4.85M | 4.85M | 0 | 0 |
| Intangible Assets | 55.51M | 30.31M | 44.46M | 63.02M | 82.48M | 101.94M | 114.59M | 134.6M | 24.52M | 31.49M | 39.28M | 47.5M | 6.14M | 8.14M | 880K | 590K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 94.42M | 92.22M | 82.92M | 67.22M | 70.78M | 58.23M | 59.95M | 51.77M | 39.12M | 36.11M | 4.06M | 4.7M | 3.86M | 1.15M | 671K | 336K |
| Total Assets | 9.13B | 8.98B | 7.34B | 5.91B | 4.8B | 3.82B | 3.05B | 2.27B | 1.65B | 1.23B | 917.7M | 705.8M | 544.89M | 370.31M | 89.82M | 41.41M |
| Asset Turnover | 0.39x | 0.36x | 0.37x | 0.40x | 0.45x | 0.48x | 0.48x | 0.49x | 0.52x | 0.56x | 0.59x | 0.58x | 0.57x | 0.57x | 1.44x | 1.48x |
| Asset Growth % | 91.75% | 22.34% | 24.17% | 23.03% | 25.88% | 25.29% | 34.08% | 37.37% | 34.42% | 34.07% | 30.02% | 29.53% | 47.15% | 312.28% | 116.88% | - |
| Total Current Liabilities | 1.7B | 1.64B | 1.4B | 1.18B | 1.01B | 840.78M | 715.95M | 551.17M | 401.02M | 306.17M | 246.78M | 186.28M | 135.52M | 86.62M | 54.29M | 26.21M |
| Accounts Payable | 40.66M | 37.64M | 30.45M | 31.51M | 41.68M | 20.35M | 23.25M | 19.42M | 9.11M | 6.94M | 5.68M | 4.6M | 3.89M | 2.12M | 3.34M | 1.51M |
| Days Payables Outstanding | 15.86 | 17.57 | 15.88 | 16.98 | 24.96 | 14.75 | 20.76 | 23.37 | 13.56 | 11.99 | 11.93 | 11.81 | 12.26 | 9.35 | 21.38 | 19.01 |
| Short-Term Debt | 13.13M | 12.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 4.9B | 1.49B | 1.27B | 1.05B | 869.28M | 731.75M | 616.99M | 468.89M | 356.36M | 266.94M | 213.56M | 157.42M | 112.96M | 67.38M | 38.78M | 17.93M |
| Other Current Liabilities | 50.97M | 98.44M | 18.8M | 19.76M | 16.81M | 15.79M | 30.41M | 25.62M | 15.32M | 17.05M | 12.01M | 12.45M | 6.5M | 9.22M | 814K | 599K |
| Current Ratio | 4.74x | 4.89x | 4.51x | 4.24x | 3.94x | 3.70x | 3.23x | 2.78x | 3.57x | 3.29x | 2.88x | 2.69x | 3.70x | 4.08x | 1.60x | 1.51x |
| Quick Ratio | 4.74x | 4.89x | 4.51x | 4.24x | 3.94x | 3.70x | 3.23x | 2.78x | 3.57x | 3.29x | 2.88x | 2.69x | 3.70x | 4.06x | 1.60x | 1.49x |
| Cash Conversion Cycle | 60.63 | - | - | - | - | - | - | - | - | - | - | - | - | 101.3 | - | 117.71 |
| Total Non-Current Liabilities | 123.43M | 127.53M | 108.98M | 87.21M | 81.24M | 64.05M | 63.8M | 55.01M | 14.99M | 17.93M | 17.94M | 14.27M | 2.53M | 3.6M | 1.56M | 1.1M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 327.69M | 83.71M | 65.81M | 46.44M | 49.67M | 43.61M | 51.39M | 44.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.51M | 558K | 587K | 2.05M | 1.49M | 2.22M | 1.83M | 2.42M | 6.09M | 10.95M | 12.97M | 10.62M | 170K | 1.7M | 441K | 422K |
| Other Non-Current Liabilities | 32.35M | 43.27M | 42.59M | 38.72M | 30.08M | 18.23M | 10.57M | 7.78M | 8.9M | 6.98M | 4.96M | 3.65M | 2.53M | 1.9M | 1.12M | 681K |
| Total Liabilities | 1.83B | 1.76B | 1.51B | 1.27B | 1.09B | 904.83M | 779.75M | 606.18M | 416.02M | 324.1M | 264.72M | 200.55M | 138.06M | 90.21M | 55.85M | 27.31M |
| Total Debt | 103.07M | 95.86M | 75.78M | 55.77M | 60.98M | 54.59M | 63.12M | 54.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -1.79B | -1.33B | -1.04B | -647.71M | -825.49M | -1.08B | -667.39M | -421.9M | -550.97M | -320.18M | -217.61M | -132.18M | -129.25M | -262.51M | -31.89M | -16.88M |
| Debt / Equity | 0.01x | 0.01x | 0.01x | 0.01x | 0.02x | 0.02x | 0.03x | 0.03x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.10x | 0.08x | 0.10x | 0.12x | 0.12x | 0.10x | 0.15x | 0.18x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.67x | -1.11x | -1.43x | -1.40x | -1.69x | -2.03x | -1.64x | -1.38x | -2.33x | -1.87x | -1.62x | -1.52x | -1.75x | -6.29x | -1.03x | -2.40x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 7.3B | 7.21B | 5.83B | 4.64B | 3.72B | 2.91B | 2.27B | 1.67B | 1.24B | 906.24M | 652.98M | 505.25M | 406.83M | 280.1M | 33.97M | 14.1M |
| Equity Growth % | 97.32% | 23.7% | 25.57% | 24.99% | 27.63% | 28.47% | 36.07% | 34.57% | 36.58% | 38.79% | 29.24% | 24.19% | 45.25% | 724.64% | 140.84% | - |
| Book Value per Share | 44.01 | 43.20 | 35.30 | 28.41 | 22.88 | 17.94 | 14.10 | 10.52 | 7.93 | 5.90 | 4.42 | 3.49 | 2.82 | 2.04 | 0.27 | 0.11 |
| Total Shareholders' Equity | 7.3B | 7.21B | 5.83B | 4.64B | 3.72B | 2.91B | 2.27B | 1.67B | 1.24B | 906.24M | 652.98M | 505.25M | 406.83M | 280.1M | 33.97M | 14.1M |
| Common Stock | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 0 | 0 |
| Retained Earnings | 4.62B | 4.36B | 3.45B | 2.74B | 2.21B | 1.73B | 1.3B | 919.66M | 619.2M | 389.37M | 212.19M | 143.38M | 88.92M | 48.54M | 24.93M | 6.14M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -19.79M | 8.16M | -8.42M | -10.64M | -31.13M | -11.96M | 992K | 460K | 928K | 1.6M | 111K | 172K | 26K | 19K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Platform migration execution risk
According to reported financial statements, Veeva’s total assets have grown from $5.9B in 2024Q4 to $9.1B in 2027Q1, a trend driven primarily by the consistent accumulation of retained earnings which rose from $2.7B to $4.6B over the same period, signaling a strengthening balance sheet trajectory.
The steady increase in total assets relative to liabilities suggests that the company is successfully converting its subscription-based revenue model into tangible balance sheet strength. This trajectory indicates that the business is effectively scaling its operations without relying on external financing, which reinforces the durability of its competitive moat.
Based on the provided balance sheet data, Veeva maintains a minimal debt-to-equity ratio of 0.01 as of 2027Q1, with total debt standing at only $103.1M, a figure that remains remarkably low relative to the company's $7.3B in total equity and $1.9B in cash reserves.
The company's near-zero leverage profile suggests that management prioritizes financial independence, which is particularly advantageous during the current high-stakes migration of its CRM platform. This lack of debt burden provides significant strategic optionality, allowing the firm to navigate potential market volatility without the constraints of interest obligations.
As reported in recent filings, Veeva’s current ratio stood at 4.74 in 2027Q1, reflecting a substantial liquidity buffer that has remained consistently above 4.0 over the last ten quarters, providing the company with significant protection against potential operational disruptions or unforeseen capital requirements during its product transition.
The high current ratio is largely supported by a strong cash position and efficient management of deferred revenue, which acts as a reliable indicator of future service delivery obligations. Investors should monitor whether this liquidity remains elevated as the company continues to invest in its proprietary Vault CRM infrastructure.
Based on the latest financial disclosures, Veeva’s equity base has expanded to $7.3B in 2027Q1, with retained earnings serving as the primary driver of this growth, increasing by approximately 70% since 2024Q4, which underscores the company's ability to self-fund its long-term growth initiatives through internal profitability.
The consistent growth in retained earnings suggests that the company is successfully generating high-quality returns on its invested capital. While stock-based compensation remains a factor, the overall equity structure appears healthy and suggests that the company is not overly reliant on dilutive financing to support its operations.
As indicated by the quarterly data, deferred revenue experienced significant fluctuations, peaking at $1.5B in 2027Q1 after a sharp dip to $822.5M in 2026Q3, a trend that suggests potential seasonality or timing shifts in enterprise contract renewals that could mask underlying sales momentum.
While the headline balance sheet appears robust, these swings in deferred revenue imply that the company's short-term liquidity and revenue recognition are highly sensitive to the timing of large-scale customer commitments. Analysts should exercise caution when interpreting these figures, as they may not always reflect a linear growth path in new business acquisition.
Quick answers to the most common questions about buying VEEV stock.
As of 2026, Veeva Systems Inc. (VEEV) had total assets of $8.98B including $8.00B in current assets.
Veeva Systems Inc. (VEEV) carries total debt of $95.9M, offset by $6.56B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Veeva Systems Inc. (VEEV) has total shareholders' equity (book value) of $7.21B ($43.20 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Veeva Systems Inc. (VEEV) reported a current ratio of 4.89x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.