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US cloud software company selling industry-specific applications for life sciences (pharma/biotech) companies.
US cloud software company selling industry-specific applications for life sciences (pharma/biotech) companies.
Sells annual subscriptions priced by user or module to drugmakers, who tend to stay for many years because the software holds validated regulatory records. Its newer Vault CRM is replacing the original CRM that ran on Salesforce's platform, so Veeva is moving to its own technology.
Moat: wide (switching costs, regulatory licence, installed base). Deep integration into regulated pharma workflows and validation requirements make switching costly and risky.
Headquarters: Pleasanton, California, US · Founded: 2007 · Employees: 7,928
Size Veeva Systems (VEEV) is a United States Health Care company (Packaged Software) with a market value of $49.2B, the 257th largest of 3,117 United States companies the cockpit tracks. Shares closed at $303.73 on 6 Nov 2026.
Performance Over six months the shares gained 82.6%, against +29.3% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 16.5% over the last twelve months (peer median +9.7%); the operating margin is 29.9% (peer median 14.5%).
Valuation It trades at 31.4× forward earnings against a peer median of 19.7× (5th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Short interest Short interest is 2.6% of the free float (15 Oct 2026).
Next results Next results expected around 9 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.46B | $3.20B | $2.75B | $2.36B | $2.16B |
| Revenue growth | — | +16% | +16% | +10% | — |
| Gross profit | $2.59B | $2.40B | $2.03B | $1.67B | $1.53B |
| EBITDA | $1.09B | $997M | $747M | $466M | $497M |
| Net income | $1.01B | $909M | $714M | $526M | $488M |
| Free cash flow | $1.64B | $1.39B | $1.07B | $885M | $767M |
| Capital expenditure | $26.7M | $29.1M | $20.5M | $26.2M | $13.5M |
| Total debt | $152M | $95.9M | $75.8M | $55.8M | $61.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Veeva Systems VEEV | $49.2B | +83% | +16% | 30% | 31.4× | 24.8% |
| Salesforce CRM | $176B | +18% | +11% | 22% | 14.6× | 13.7% |
| Iqvia IQV | $44.8B | +52% | +9% | 14% | 19.7× | 17.3% |
| Oracle ORCL | $351B | -41% | +22% | 34% | 13.6× | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VEEV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.6% | +11.5% | 8th lowest of 21 |
| 6-month return | +82.6% | +29.3% | highest of 21 |
| Distance from 52-week high | -6.8% | -5.1% | 10th lowest of 21 |
| Revenue growth (TTM) | +16.5% | +9.7% | 5th highest of 20 |
| Operating margin | 29.9% | 14.5% | 3rd highest of 20 |
| Forward P/E | 31.4× | 19.7× | 5th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 24.8% | 10.5% | 3rd most demanding of 19 |
| Growth delivered (Del g) | +16.9% | +7.1% | 2nd highest of 19 |
| Hurdle (Req g minus delivered) | +7.9 pp | +7.4 pp | 9th most demanding of 19 |
| EV / EBITDA | 38.7× | 24.4× | most expensive of 15 |
| Net debt / EBITDA | -6.5× | 2.0× | least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Veeva Systems VEEV | United States | $49.2B | +83% | +16% | 30% | 31.4× | 24.8% | +16.9% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Teva Pharmaceutical Industries Limited Sponsored ADR TEVA | United States | $49.7B | +19% | -4% | 19% | 15.1× | 10.2% | +1.0% |
| Humana HUM | United States | $52.1B | +58% | +18% | 2% | 32.9× | 15.2% | +10.9% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Iqvia IQV | United States | $44.8B | +52% | +9% | 14% | 19.7× | 17.3% | +7.5% |
| Natera NTRA | United States | $44.8B | +60% | +38% | -11% | n/a | n/a | n/a |
| argenx SE Sponsored ADR ARGX | United States | $57.5B | +19% | +71% | 29% | n/a | 10.9% | +151.4% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Revolution Medicines RVMD | United States | $41.2B | +36% | n/a | n/a | n/a | n/a | n/a |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Cardinal Health CAH | United States | $62.9B | +48% | +14% | 1% | 20.8× | 8.2% | +9.4% |
| Cencora COR | United States | $63.7B | +28% | +5% | 1% | 16.9× | -2.1% | +9.5% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Centene CNC | United States | $34.5B | +25% | +10% | 1% | 13.3× | 1.1% | +11.9% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |