Latest Ratios: P/E Ratio 48.0x · EV/EBITDA 34.4x · ROE 13.9%. (2012–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $42.4B | $34.1B | $38.5B | $33.9B | $27.7B | $38.4B | $44.4B | $23.2B | $17.0B | $9.7B | $6.2B |
| Enterprise Value | $41.1B | $32.7B | $37.5B | $33.3B | $26.9B | $37.3B | $43.8B | $22.8B | $16.5B | $9.3B | $6.0B |
| P/E Ratio → | 47.96 | 37.49 | 54.00 | 64.41 | 56.85 | 89.94 | 117.14 | 77.16 | 74.19 | 64.14 | 90.06 |
| P/S Ratio | 13.26 | 10.66 | 14.03 | 14.35 | 12.86 | 20.74 | 30.33 | 21.02 | 19.75 | 13.99 | 11.48 |
| P/B Ratio | 6.04 | 4.72 | 6.61 | 7.30 | 7.45 | 13.18 | 19.61 | 13.93 | 13.76 | 10.66 | 9.57 |
| P/FCF | 30.58 | 24.57 | 36.04 | 38.31 | 36.12 | 51.16 | 81.89 | 53.44 | 56.31 | 43.16 | 45.57 |
| P/OCF | 29.95 | 24.06 | 35.36 | 37.21 | 35.50 | 50.21 | 80.60 | 53.06 | 54.78 | 41.38 | 43.38 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.24 | 13.65 | 14.07 | 12.47 | 20.15 | 29.87 | 20.64 | 19.11 | 13.53 | 11.08 |
| EV / EBITDA | 34.37 | 27.40 | 51.31 | 72.00 | 55.05 | 69.99 | 107.47 | 74.44 | 69.73 | 54.42 | 44.82 |
| EV / EBIT | 44.80 | 27.40 | 40.79 | 56.56 | 52.80 | 72.81 | 115.84 | 79.61 | 73.92 | 56.34 | 49.96 |
| EV / FCF | — | 23.61 | 35.06 | 37.58 | 35.05 | 49.72 | 80.66 | 52.47 | 54.48 | 41.73 | 43.98 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.5% | 75.5% | 74.5% | 71.3% | 71.7% | 72.8% | 72.1% | 72.5% | 71.6% | 69.4% | 68.1% |
| Operating Margin | 28.7% | 28.7% | 25.2% | 18.2% | 21.3% | 27.3% | 25.8% | 25.9% | 25.8% | 22.9% | 22.2% |
| Net Profit Margin | 28.4% | 28.4% | 26.0% | 22.2% | 22.6% | 23.1% | 25.9% | 27.3% | 26.7% | 21.9% | 14.3% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.9% | 13.9% | 13.6% | 12.6% | 14.7% | 16.5% | 19.3% | 20.7% | 21.4% | 19.4% | 13.4% |
| ROA | 11.1% | 11.1% | 10.8% | 9.8% | 11.3% | 12.5% | 14.3% | 15.3% | 15.9% | 14.1% | 9.6% |
| ROIC | 12.9% | 12.9% | 11.8% | 9.3% | 14.6% | 22.1% | 19.9% | 22.2% | 26.3% | 23.2% | 22.4% |
| ROCE | 13.8% | 13.8% | 13.0% | 10.1% | 13.6% | 19.1% | 18.7% | 19.3% | 20.5% | 19.8% | 20.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | 0.03 | — | — | — |
| Debt / EBITDA | 0.08 | 0.08 | 0.10 | 0.12 | 0.12 | 0.10 | 0.15 | 0.18 | — | — | — |
| Net Debt / Equity | — | -0.18 | -0.18 | -0.14 | -0.22 | -0.37 | -0.29 | -0.25 | -0.45 | -0.35 | -0.33 |
| Net Debt / EBITDA | -1.11 | -1.11 | -1.43 | -1.40 | -1.69 | -2.03 | -1.64 | -1.38 | -2.33 | -1.87 | -1.62 |
| Debt / FCF | — | -0.96 | -0.98 | -0.73 | -1.08 | -1.44 | -1.23 | -0.97 | -1.82 | -1.43 | -1.59 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($1.4B) exceeds total debt ($96M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.89 | 4.89 | 4.51 | 4.24 | 3.94 | 3.70 | 3.23 | 2.78 | 3.57 | 3.29 | 2.88 |
| Quick Ratio | 4.89 | 4.89 | 4.51 | 4.24 | 3.94 | 3.70 | 3.23 | 2.78 | 3.57 | 3.29 | 2.88 |
| Cash Ratio | 4.01 | 4.01 | 3.68 | 3.42 | 3.08 | 2.83 | 2.32 | 1.97 | 2.72 | 2.49 | 2.10 |
| Asset Turnover | — | 0.36 | 0.37 | 0.40 | 0.45 | 0.48 | 0.48 | 0.49 | 0.52 | 0.56 | 0.59 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 149.68 | 140.48 | 137.21 | 132.99 | 136.95 | 152.37 | 139.68 | 136.14 | 125.81 | 122.65 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 2.7% | 1.9% | 1.6% | 1.8% | 1.1% | 0.9% | 1.3% | 1.3% | 1.6% | 1.1% |
| FCF Yield | 3.3% | 4.1% | 2.8% | 2.6% | 2.8% | 2.0% | 1.2% | 1.9% | 1.8% | 2.3% | 2.2% |
| Buyback Yield | 0.4% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.4% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $167M | $165M | $163M | $162M | $162M | $161M | $158M | $156M | $154M | $148M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying VEEV stock.
Veeva Systems Inc.'s current P/E ratio is 48.0x. The historical average is 74.3x. This places it at the 8th percentile of its historical range.
Veeva Systems Inc.'s current EV/EBITDA is 34.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 59.2x.
Veeva Systems Inc.'s return on equity (ROE) is 13.9%. The historical average is 16.6%.
Based on historical data, Veeva Systems Inc. is trading at a P/E of 48.0x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Veeva Systems Inc. has 75.5% gross margin and 28.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Veeva Systems Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Platform migration execution risk
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Unique Moat
Veeva trades at a significant premium to peers, with a forward P/E of 30.53 and EV/EBITDA of 23.77, suggesting the market prices in its dominant position and high switching costs within life sciences.
The valuation multiples, particularly the P/E of 50.86 TTM, are elevated compared to broader SaaS peers like Salesforce (P/E 32.82) and vertical software companies like Doximity (P/E 27.28). This premium appears justified by Veeva's structural moat and the recurring nature of its subscription revenue, which is less sensitive to economic cycles. However, the PEG ratio of 2.80 indicates that a significant portion of future growth is already priced in, leaving less room for execution missteps during the critical Vault CRM migration.
Structural Margin Expansion in Progress
Operating margin has expanded from 23.9% in 2025Q1 to 29.6% in 2027Q2, demonstrating powerful operating leverage as the high-margin subscription business scales against a fixed cost base.
The consistent gross margin above 74% reflects the software-centric model, while the expanding operating margin indicates successful cost discipline and revenue scaling. This trend suggests that the company is effectively managing its R&D and sales investments to drive profitability. The net margin of 29.5% in the latest quarter is particularly strong, though investors should note that this includes significant stock-based compensation, which dilutes the economic reality for shareholders.
Capital Efficiency Amid Asset Growth
ROIC has improved from 3.0% in 2025Q1 to 3.7% in 2027Q2, indicating that the company is generating incrementally better returns on its expanding asset base, though absolute levels remain modest.
The ROIC trend is positive but must be contextualized by Veeva's asset-light model and substantial cash holdings, which dilute the return calculation. The improvement is driven by margin expansion rather than asset turnover, which has remained stable at 0.10. This suggests that future returns will be more dependent on sustaining margin gains than on improving capital efficiency, a dynamic that warrants monitoring as the company invests in its proprietary platform infrastructure.
Fortress Balance Sheet with Minimal Leverage
With a debt-to-equity ratio of just 0.02 and a current ratio of 5.46, Veeva operates with virtually no financial leverage, providing exceptional stability and flexibility.
The near-zero leverage is a defining characteristic, insulating the company from interest rate risk and refinancing concerns. This conservative structure is appropriate given the high execution risk of the platform migration, as it ensures operational continuity is not threatened by debt service. The lack of leverage also means that return on equity is driven entirely by profitability, not financial engineering, making the ROE of 3.7% a pure measure of operational performance.
Substantial Liquidity Buffer for Transition
The current ratio of 5.46 and quick ratio of 5.46 in 2027Q2 indicate a highly liquid position, with cash and equivalents providing a robust cushion against operational uncertainties.
The identical current and quick ratios suggest minimal inventory dependence, which is consistent with a software and services business model. This liquidity position appears more than adequate to fund the ongoing Vault CRM migration and any potential customer transition support costs without needing external financing. The strength of this position should provide comfort to investors concerned about the execution risks of the platform pivot.
The Misleading Stability of Net Margin
The high net margin of 29.5% is frequently misapplied as a measure of sustainable cash earnings, obscuring the significant impact of stock-based compensation and volatile working capital on true economic profit.
For a high-growth technology company like Veeva, net margin can be a misleading indicator of cash generation because it excludes the dilutive effect of stock-based compensation, which was $136.8M in the latest quarter. Furthermore, the quarterly FCF margin has swung from 9.0% to 116.1% over the past ten quarters, demonstrating that reported earnings do not translate predictably into free cash flow due to the timing of large subscription billings. Analysts should instead focus on adjusted free cash flow margin after accounting for SBC and normalized for working capital swings to assess true earning power.