Veeva Systems Inc Class A (VEEV)
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symbol.quality_heading
Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.
The quality of this company is documented, and not narrowly so: the business model has carried for six consecutive fiscal years, gross margin stands at 75.5 percent, reported profit is backed by cash ($1,415.2 million of operating cash flow against $908.9 million of net income in fiscal 2026), and the balance sheet carries no financial debt at an 80.0 percent equity ratio with $7.313 billion of cash. What remains open is a project question, not a substance question: the CRM migration has to be done by December 31, 2029, and stumbling would be expensive — but affordable. The stock is expensive on top of that, and its place in the turnaround screen is a snapshot of the price, not a verdict on the company. Both are price arguments and do not change the color of this light. The decision is yours.
symbol.quality_note
Veeva sells software to pharmaceutical companies — regulatory dossiers, clinical trials, field sales. In the fiscal year ended January 31, 2026, that came to $3.195 billion in revenue and $908.9 million in profit, without a dollar of financial debt. Yet the stock ranks 25 of 61 in our turnaround-candidates screen (measured July 26, 2026). We show which single criterion puts it there, the price above which it drops out — and what the filings actually say: the move of its most important application off a competitor's platform with a deadline of New Year's Eve 2029, an eight-year lawsuit that ended without a winner, and $472.7 million of pay in the company's own shares. In the end the label on the list matters less than the balance sheet behind it.
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Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at VEEV since then.
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Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 203.80 $ — 34% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Sells AIVeeva verkauft KI als Produktbestandteil: „Veeva AI“ ist im Geschäftsbericht als eigene Produktschicht der Vault-Plattform beschrieben, die KI-Agenten sind fester Bestandteil der verkauften Anwendungen, und im Quartalsbericht zählt das Unternehmen künstliche Intelligenz selbst zum Angebot.
View the full file — quotes, sources, reviewed filings
„Veeva AI adds agentic artificial intelligence (“AI”) to our proprietary Veeva Vault platform and deep, industry-specific agents for Veeva applications. Veeva AI Agents work seamlessly within Veeva applications and have direct, secure access to data, documents, and workflows."
Veeva AI ergänzt unsere eigene Veeva-Vault-Plattform um handlungsfähige künstliche Intelligenz („KI“) und um tiefe, branchenspezifische Agenten für Veeva-Anwendungen. Veeva-KI-Agenten arbeiten nahtlos innerhalb der Veeva-Anwendungen und haben direkten, gesicherten Zugriff auf Daten, Dokumente und Arbeitsabläufe.
„Our offerings span cloud software, artificial intelligence (“AI”), data, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions—from research and development (“R&D”) through commercialization."
Unser Angebot umfasst Cloud-Software, künstliche Intelligenz („KI“), Daten und Unternehmensberatung und ist auf die besonderen Anforderungen unserer Kunden und ihrer wichtigsten Geschäftsfunktionen zugeschnitten — von der Forschung und Entwicklung bis zur Vermarktung.
„Veeva AI, an initiative that adds AI to our applications across all major areas, including clinical, regulatory, safety, quality, medical, and commercial, presents new risks and challenges that could affect the adoption of our solutions and our business."
Veeva AI — eine Initiative, die unsere Anwendungen in allen wesentlichen Bereichen um KI ergänzt, darunter klinische Studien, Zulassung, Arzneimittelsicherheit, Qualität, Medizin und Vertrieb — bringt neue Risiken und Herausforderungen mit sich, die die Annahme unserer Lösungen und unser Geschäft beeinträchtigen könnten.
Filings Reviewed: 10-Q 2026-06-05 · 10-K 2026-03-20 · 10-Q 2025-11-21 · 10-Q 2025-08-29 · 10-Q 2025-06-02 · 10-K 2025-03-24
Rated on July 26, 2026 · How the Rating Is Built
What the Earnings Calls Reveal
Red flags Targets quietly droppedVeeva reported results above its own guidance in all ten calls reviewed and reached its 3 billion dollar revenue run-rate goal for calendar 2025. Pure delivery on the numbers is therefore strong, and the single guidance cut in the period (fiscal 2025-Q1) was recovered within the same fiscal year. What stands out is something else: several concretely dated product and market goals quietly disappeared from the commentary instead of being delivered or explicitly withdrawn. Affected are the Compass prescriber data, the announced move into markets outside life sciences, and the step-by-step downgrade of expectations for the CRM migration of the 20 largest pharma customers.
10 calls reviewed, 2024-Q4 through 2027-Q1 · As of August 2, 2026
Top 20 CRM: from vast majority to a narrow half
In fiscal 2024-Q4 Veeva reported three of the 20 largest pharma customers as committed to Vault CRM, and in 2025-Q2 management announced further commitments within twelve months. In fiscal 2025-Q4 the wording was that the company expected to win the vast majority of decisions, explicitly with regard to the top 20. In fiscal 2026-Q3 management itself conceded it used to have 18 of the top 20 and would probably end up at around 14. By fiscal 2027-Q1 the count stood at 10 wins for Veeva, 6 for the competitor and 4 open decisions. When an analyst in that same call asked directly whether the 14 target was being walked back, no number came back, only the statement that the company expects to win the majority of the four remaining decisions. Against that stands the fact that in exactly that call Veeva reported two further global large accounts, Teva and Merck KGaA, which do not count towards the top 20 list that has been unchanged for five years, and named a win rate of more than 80 percent in the Vault CRM business. The CFO left the revenue at risk from the lost customers unquantified in fiscal 2026-Q3 but did frame it: CRM is about 20 percent of revenue, no meaningful effect is expected through the following year, and the 2030 goal stays untouched.
Compass Prescriber: dated twice, never delivered, then dropped
In fiscal 2025-Q2 management said no customer was yet using the prescriber data for incentive compensation but expected that the following year. In fiscal 2025-Q4 the promise was repeated with a new date: next year at this time, meaning early 2026. In fiscal 2026-Q1 the wording was that the product was still clearly in early-adopter territory and not a business at scale. In fiscal 2026-Q2 came the admission that resistance to change had been underestimated. In the fiscal 2026-Q4 and 2027-Q1 calls Compass Prescriber does not appear at all, neither as a success nor as a setback. A twice-dated commitment was thus neither delivered nor explicitly withdrawn.
Market outside life sciences: announced, then gone
In fiscal 2025-Q3 Veeva announced the move into new markets outside life sciences, and in 2025-Q4 said it could not yet name the application area. In fiscal 2026-Q1 it became concrete: the first field would be horizontal CRM, and management said it hoped for first customers by year end. In fiscal 2026-Q2 the wording was that there was no specific progress to report, though one or two projects should start within the year, with more at the investor day. In the following three calls, fiscal 2026-Q3, 2026-Q4 and 2027-Q1, horizontal CRM does not come up a single time. Instead the new themes Veeva AI, Falcon and the acquired brand Ostro fill the space. A goal with a date attached was thus removed from the story without any outcome being reported, although the date was framed as a hope rather than a commitment.
EDC: five quarters without a new large customer
In clinical data capture Veeva reported its ninth of 20 large customers in fiscal 2025-Q4. In fiscal 2026-Q1 the count was still nine, and through fiscal 2027-Q1 no further one was added, while in fiscal 2026-Q3 Veeva lost one customer back to its prior vendor, which management classified as an outlier. In fiscal 2026-Q4 management spoke of an air pocket and the random timings of life, but in the same answer twice explicitly reaffirmed the structural advantage of a combined clinical operations and clinical data management solution. Asked when the breakthrough would come, management named a range of one to four years. In fiscal 2027-Q1 the statement was that there had been no large top 20 closings in the research segment that quarter. The goal itself was never withdrawn, only the timeframe kept widening.
Less quarterly detail, openly announced
Billings was a central guidance metric in fiscal 2024-Q4 and 2025-Q1, with quarterly detail, including the 35 million dollar cut in fiscal 2025-Q1. In fiscal 2026-Q2 the CFO explicitly called the quarterly figures lumpy, not used internally and not a great indicator, while in the same breath calling the annual figure the better indicator and raising annual guidance by 35 million dollars. In fiscal 2026-Q4 the quarterly guidance was dropped, the annual metric remains and continues to be updated every quarter. The step was explained openly when asked, with the same reasoning as in prior quarters. Similarly for the growth rate of the marketing data business Crossix: the more than 30 percent from fiscal 2026-Q1 was a one-off piece of colour. It was directly asked about only in fiscal 2026-Q2, where the CFO pointed to the practice of not breaking out product growth rates quarter by quarter; the questions in fiscal 2026-Q3 and 2026-Q4 were about the long-run growth trajectory and the tougher comparisons and were answered in substance, including a pointer to slowing growth in the commercial business. Neither amounts to withdrawing an existing disclosure.
AI turnaround: from waiting to digital labour
In fiscal 2024-Q4 management said it had not invested heavily in large language models and simply saw little application in its own areas, adding that the models would become a commodity anyway. In fiscal 2025-Q1 and 2025-Q2 the strategy was that customers and partners should build the AI applications while Veeva supplied only the data interface. From fiscal 2025-Q3 came in-house bots, from 2026-Q1 Veeva AI is a major initiative, and in fiscal 2027-Q1 Falcon added an entirely new business model that by its own description takes over whole human tasks and is to be billed per document or per case. Asked about the shift in fiscal 2025-Q4, management explained it with the maturity of the underlying technology, which is plausible. To Veeva's credit, since fiscal 2026-Q2 it has consistently said AI would bring no meaningful revenue in fiscal 2026 and 2027, and has not broken that statement so far.
Management promises
-
2024-Q4 kept
Vault CRM to be generally available from April 2024 and at full functional parity with the predecessor system by year end.
General availability in April was confirmed in fiscal 2025-Q1 and full functional parity in fiscal 2025-Q3. Delivered on time.
-
2025-Q2 broken
First customers to use Compass prescriber data for incentive compensation the following year.
In fiscal 2025-Q4 Veeva itself confirmed no customer was yet using the data for this and set a new date. Completion was never reported.
-
2025-Q4 broken
A year later, meaning early 2026, customers will use Compass prescriber data for incentive compensation.
In fiscal 2026-Q1 and 2026-Q2 it remained at early-adopter status with admitted headwinds, and in fiscal 2026-Q4 and 2027-Q1 the product is not mentioned at all.
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2025-Q4 broken
Veeva to win the vast majority of CRM decisions among the 20 largest pharma customers.
As of fiscal 2027-Q1 there are 10 wins against 6 losses with 4 decisions open. More than 14 of the 20 is therefore arithmetically out of reach, and Veeva previously had 18 of these 20 customers. That is a majority but not a vast majority. Against that stand two further global large accounts, Teva and Merck KGaA, which are not part of the fixed top 20 list, and a win rate of more than 80 percent across the whole Vault CRM business.
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2026-Q1 open
First customers for horizontal CRM outside life sciences held out for the end of calendar 2025.
Management framed this twice explicitly as a hope, not as a commitment. In fiscal 2026-Q2 there was no specific progress to report plus a pointer to the investor day, after which the topic disappears entirely from the fiscal 2026-Q3, 2026-Q4 and 2027-Q1 calls. A miss is therefore not documented, but no outcome was ever reported either.
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2026-Q2 open
More than two thirds of CRM migrations to be completed in calendar 2026 and 2027.
In fiscal 2027-Q1 Veeva reported over 40 completed migrations and over 150 customers live against roughly 300 open cases. The timeframe is still running, but the pace must increase markedly.
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2026-Q3 open
AI agents in virtually all application areas by the end of 2026, in safety and quality in spring and in clinical data management by year end.
In fiscal 2027-Q1 the commercial agents were live with more than ten customers, with the rest of the roadmap still pending. The deadline has not yet passed.
Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q4 through 2027-Q1.
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 19.8% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 32
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 01/31/2027 | 9.06 | 9.00 – 9.21 | 3,641 | 11.9% | 26 |
| 01/31/2028 | 10.03 | 9.25 – 10.60 | 4,081 | 10.7% | 27 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 1.62 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 1.18 | 31.40 | 721 | 14.30 | 27.10 | 70 | 65 |
| 2025: Q2 | 1.37 | 39.60 | 759 | 16.70 | 30.10 | 877 | 871 |
| 2025: Q3 | 1.20 | 15.20 | 789 | 16.70 | 25.40 | 238 | 232 |
| 2025: Q4 | 1.41 | 24.90 | 811 | 16.00 | 29.10 | 193 | 187 |
| 2026: Q1 | 1.45 | 22.90 | 836 | 16.00 | 29.20 | 107 | 100 |
| 2026: Q2 | 1.57 | 14.50 | 883 | 16.30 | 29.60 | 1,127 | 1,125 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 544 | 121 | 78 | 0.53 | 144 | 653 | 918 |
| 2018 | 691 | 158 | 151 | 0.98 | 233 | 906 | 1,230 |
| 2019 | 862 | 223 | 230 | 1.47 | 311 | 1,238 | 1,654 |
| 2020 | 1,104 | 286 | 301 | 1.90 | 437 | 1,666 | 2,272 |
| 2021 | 1,465 | 378 | 380 | 2.36 | 551 | 2,266 | 3,046 |
| 2022 | 1,851 | 506 | 427 | 2.63 | 764 | 2,912 | 3,816 |
| 2023 | 2,155 | 459 | 488 | 3.00 | 780 | 3,716 | 4,804 |
| 2024 | 2,364 | 429 | 526 | 3.22 | 911 | 4,645 | 5,911 |
| 2025 | 2,747 | 691 | 714 | 4.32 | 1,090 | 5,832 | 7,340 |
| 2026 | 3,195 | 916 | 909 | 5.44 | 1,415 | 7,215 | 8,979 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Six consecutive fiscal years of growth and profit: revenue rose from $1.465 billion (FY 2021) to $3.195 billion (FY 2026), net income from $380 million to $908.9 million. The operating margin climbed from 18.2 to 28.7 percent within three years. In the quarter ended April 30, 2026, revenue grew another 16 percent.
As of April 30, 2026, $7.304 billion of equity stood against $9.130 billion of total assets — a ratio of 80.0 percent. Cash and short-term investments add up to $7.313 billion, there is no financial debt, only $103.1 million of lease liabilities. The Altman Z stood at 14.6 on July 26, 2026, against a distress threshold of 1.1.
The legacy Veeva CRM application runs on the Salesforce platform and, per the annual report, is supported only until December 31, 2029. Every CRM customer must be moved to the company's own Vault platform by then. Veeva itself writes that the migration is complex, the expense may be significant and success is not certain. It does not help that Salesforce now sells its own life sciences application and has licensed IQVIA's CRM software for it.
$472.7 million of stock-based compensation in fiscal 2026 sits against $908.9 million of net income. The item is growing more slowly than profit, though (up 20 percent versus 73 percent over three years), and since January 5, 2026 a $2 billion repurchase program has been running: 1,255,029 shares at an average of $176.17 in the first quarter, and the share count is already falling.
The annual report calls remaining performance obligations from subscription contracts longer than twelve months "not significant" as of both January 31, 2026 and January 31, 2025. Veeva essentially sells annual contracts; the revenue base is re-confirmed every year. It has managed that consistently so far, but a multi-year cushion against a demand shock is missing.
Roughly $30.25 billion of market value (162,443,291 shares, closing price $186.24 on July 24, 2026) equals about 33 times trailing four-quarter earnings and 9 times revenue. 32 analyst estimates average a price target of roughly $244 (as of July 26, 2026), but they disagree: 12 strong buy and 7 buy ratings against 11 hold and two sell ratings.
Veeva is an unusually profitable software company sitting in a turnaround screen without needing a turnaround: $3.195 billion of revenue and a 28.4 percent net margin in the fiscal year ended January 31, 2026, $1.415 billion of operating cash flow, an 80.0 percent equity ratio and no financial debt. What put the stock on the list is purely the price gap to its August 2021 record of $341.00 — a price finding, not a company finding, and on July 26, 2026 it stood at 49.1 percent, right at the 50 percent threshold. The genuinely open questions sit elsewhere in the filings: moving every CRM customer off the Salesforce platform onto its own by December 31, 2029, the absence of visibility beyond twelve months, and $472.7 million of pay in the company's own shares. Not investment advice.
- Hook: ranked 25 of 61 in our in-house turnaround-candidates screen (U.S. selection), turnaround check 6 of 8 — measured on the live page on July 26, 2026. The lists are recalculated daily, so the ranking is a dated snapshot.
- Hook risk: the mandatory pillar "at least 50 percent below the all-time high" showed −49.1 percent on July 26, 2026. Measured against the highest closing price of $341.00 (August 5, 2021), the threshold runs at $170.50; the last recorded close of $186.24 (July 24, 2026) sits above it. The stock may drop out of the list at the next recalculation.
- Data as of: SEC filings through the quarterly report as of April 30, 2026 (filed June 5, 2026); every later filing through July 26, 2026 was reviewed (8-K of June 18, 2026 on the annual meeting, Forms 4, Form 144) — none of it changes the picture. Fundamental data and price history as of July 26, 2026.
- No takeover, no take-private, no merger: since January 1, 2025 there has been no current report with Item 1.01 or 2.01 relating to a business combination. The only acquisition is Ostro on March 9, 2026 for $90 million.
- Risk of confusion: Veeva Systems (VEEV) is not IQVIA Holdings (IQV) — both serve the pharmaceutical industry, were in litigation until August 2025 and are regularly mixed up. Nor is Veeva part of Salesforce, even though its legacy CRM application runs on that platform until the end of 2029.
About the Company
Veeva Systems Inc. bietet cloudbasierte Software für die Life-Sciences-Branche in Nordamerika, Europa, dem asiatisch-pazifischen Raum, dem Nahen Osten, Afrika und Lateinamerika an.
| Employees | 7,928 |
|---|---|
| Headquarters | Pleasanton, CA |
| Address | 4280 Hacienda Drive, 94588 Pleasanton, United States |
| Phone | 925 452 6500 |
| Website | veeva.com |
| IPO Date | 16. Oct 2013 |
| ISIN | US9224751084 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Peter P. Gassner | Founder, CEO & Director | 1965 |
| Eleni Nitsa Zuppas | President & Chief of Staff | 1970 |
| Thomas D. Schwenger | President & Chief Customer Officer | 1968 |
| Brian Van Wagener | Chief Financial Officer | 1983 |
| Jonathan W. Faddis J.D. | Senior VP, General Counsel & Corporate Secretary | 1972 |
| Vipin Kondath | Chief Accounting Officer | 1976 |
| Catherine Allshouse | Chief Information Officer | – |
| Gunnar Georg Hansen | Director of Investor Relations | – |
| Vivian Welsh | Chief People Officer | – |
| Paul Shawah | Executive Vice President of Strategy & Campaign Manager | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 16. Jul 2026 | Schwenger Thomas D. | Pres. & Chief Customer Officer | Sell | 5,000 | 200.00 | 1,000,000 |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.