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VEEVVeeva Systems

Health care · Software · NYSE
VEEV quote by TradingView
Compare with peers → Embed
FY2026 at a glance

Sales up 16.3%

XBRL, from each 10-K
RevenueStatements ↓
$3.2B
from $2.7B in FY2025
FY2017FY2026
Net incomeStatements ↓
$908.9M
from $714.1M in FY2025
FY2017FY2026
EPS (diluted)Statements ↓
$5.44
from $4.32 in FY2025
FY2017FY2026
Operating marginStatements ↓
28.7%
from 25.2% in FY2025
FY2017FY2026
Price and key numbers

The latest figures

All key numbers (36, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)6.10Sales (ttm)3.5BNet income (ttm)1.0BSales growth+16.3%EPS growth+25.9%Sales Q/Q+17.6%
Free cash flow-Gross margin75.0%Oper. margin29.9%Net margin29.3%FCF margin-ROE13.7%
ROA11.2%R&D / sales24.0%Dividend-Debt/Eq-Curr. ratio5.46Cash1.8B
Op. cash flow (ttm)1.7BQuick ratio5.46ROIC9.4%Tax rate23.9%Stock pay / sales14.8%Shares out.161.9M
Shares Y/Y+1.1%Book / share45.90Cash / share11.19Sales / share21.36Asset turnover0.38Days sales out.144
Sales 3Y CAGR+14.0%Sales 5Y CAGR+16.9%EPS 3Y CAGR+21.9%EPS 5Y CAGR+18.2%Employees7,928Sales / employee436K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025
  • Operating margin widened to 28.7%25.2% → 28.7% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

VEEV against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
VEEVPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+16.3%7th of 60 · median +7.1%
Net margin
29.3%3rd of 60 · median 9.6%
Return on equity
13.7%26th of 54 · median 13.1%
VEEV and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
VEEV Veeva Systems$3.5B +16.3%75.0%29.3%13.7%--
ALGN Align Technology$4.2B +0.9%69.1%11.8%11.4%14.5%-
CRL Charles River Laboratories$4.0B -0.9%-1.0%1.2%10.0%0.76
WST West Pharmaceutical Services$3.4B +6.3%37.6%18.8%21.5%13.3%0.07
PODD Insulet Corporation$3.2B +30.7%71.9%13.4%27.1%8.2%0.61
RVTY Revvity$2.9B +3.7%-8.2%3.3%19.2%0.44
Where each dollar goes

From $1.9B of sales to $427.4M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.3BRevenue to Cost of revenue: $503.7MGross profit to Operating profit: $505.5MGross profit to Operating expenses: $841.6MOperating profit to Net profit: $427.4MOperating profit to Tax & other: $78.1MOperating expenses to R&D: $382.0MOperating expenses to Sales, admin & other: $459.6M Revenue: $1.9B Revenue$1.9B +26% Y/Y Gross profit: $1.3B · 73% margin Gross profit$1.3B73% margin +28% Y/Y Cost of revenue: $503.7M · 27% of revenue Cost of revenue$503.7M27% of revenue Operating profit: $505.5M · 27% margin Operating profit$505.5M27% margin +34% Y/Y Operating expenses: $841.6M · 45% of revenue Operating expenses$841.6M45% of revenue Net profit: $427.4M · 23% margin Net profit$427.4M23% margin +12% Y/Y Tax & other: $78.1M · 4% of revenue Tax & other$78.1M4% of revenue R&D: $382.0M · 21% of revenue R&D$382.0M21% of revenue Sales, admin & other: $459.6M · 25% of revenue Sales, admin & other$459.6M25% of revenue

Swipe sideways for the whole flow →

From $2.2B of sales to $487.7M of profit

FY2023, from the 10-K income statement and revenue by product
Commercial Solutions to Revenue: $946.3MR&D Solutions to Revenue: $786.8MTotal professional services to Revenue: $422.1MRevenue to Gross profit: $1.5BRevenue to Cost of revenue: $609.4MGross profit to Operating profit: $459.1MGross profit to Operating expenses: $1.1BOperating profit to Net profit: $437.7MOperating profit to Tax: $21.4MOther income to Net profit: $50.0MOperating expenses to R&D: $520.3MOperating expenses to Sales, admin & other: $566.3M Commercial Solutions: $946.3M · 44% Commercial Solutions$946.3M44% R&D Solutions: $786.8M · 37% R&D Solutions$786.8M37% Total professional services: $422.1M · 20% Total professional serv…$422.1M20% Revenue: $2.2B Revenue$2.2B +16% Y/Y Gross profit: $1.5B · 72% margin Gross profit$1.5B72% margin +15% Y/Y Cost of revenue: $609.4M · 28% of revenue Cost of revenue$609.4M28% of revenue Operating profit: $459.1M · 21% margin Operating profit$459.1M21% margin −9% Y/Y Other income: $50.0M · 2% of revenue Other income$50.0M2% of revenue Operating expenses: $1.1B · 50% of revenue Operating expenses$1.1B50% of revenue Net profit: $487.7M · 23% margin Net profit$487.7M23% margin +14% Y/Y Tax: $21.4M · 1% of revenue Tax$21.4M1% of revenue R&D: $520.3M · 24% of revenue R&D$520.3M24% of revenue Sales, admin & other: $566.3M · 26% of revenue Sales, admin & other$566.3M26% of revenue

Swipe sideways for the whole flow →

From $2.4B of sales to $525.7M of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $1.7BRevenue to Cost of revenue: $677.3MGross profit to Operating profit: $429.3MGross profit to Operating expenses: $1.3BOperating profit to Net profit: $367.0MOperating profit to Tax: $62.3MOther income to Net profit: $158.7MOperating expenses to R&D: $629.0MOperating expenses to Sales, admin & other: $628.0M Revenue: $2.4B Revenue$2.4B +10% Y/Y Gross profit: $1.7B · 71% margin Gross profit$1.7B71% margin +9% Y/Y Cost of revenue: $677.3M · 29% of revenue Cost of revenue$677.3M29% of revenue Operating profit: $429.3M · 18% margin Operating profit$429.3M18% margin −6% Y/Y Other income: $158.7M · 7% of revenue Other income$158.7M7% of revenue Operating expenses: $1.3B · 53% of revenue Operating expenses$1.3B53% of revenue Net profit: $525.7M · 22% margin Net profit$525.7M22% margin +8% Y/Y Tax: $62.3M · 3% of revenue Tax$62.3M3% of revenue R&D: $629.0M · 27% of revenue R&D$629.0M27% of revenue Sales, admin & other: $628.0M · 27% of revenue Sales, admin & other$628.0M27% of revenue

Swipe sideways for the whole flow →

From $2.7B of sales to $714.1M of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $2.0BRevenue to Cost of revenue: $699.6MGross profit to Operating profit: $691.4MGross profit to Operating expenses: $1.4BOperating profit to Net profit: $486.2MOperating profit to Tax: $205.2MOther income to Net profit: $227.9MOperating expenses to R&D: $693.1MOperating expenses to Sales, admin & other: $662.5M Revenue: $2.7B Revenue$2.7B +16% Y/Y Gross profit: $2.0B · 75% margin Gross profit$2.0B75% margin +21% Y/Y Cost of revenue: $699.6M · 25% of revenue Cost of revenue$699.6M25% of revenue Operating profit: $691.4M · 25% margin Operating profit$691.4M25% margin +61% Y/Y Other income: $227.9M · 8% of revenue Other income$227.9M8% of revenue Operating expenses: $1.4B · 49% of revenue Operating expenses$1.4B49% of revenue Net profit: $714.1M · 26% margin Net profit$714.1M26% margin +36% Y/Y Tax: $205.2M · 7% of revenue Tax$205.2M7% of revenue R&D: $693.1M · 25% of revenue R&D$693.1M25% of revenue Sales, admin & other: $662.5M · 24% of revenue Sales, admin & other$662.5M24% of revenue

Swipe sideways for the whole flow →

From $3.2B of sales to $908.9M of profit

FY2026, from the 10-K income statement and revenue by product
R&D and Quality Solutions to Revenue: $1.4BCommercial Solutions to Revenue: $1.3BR&D and Quality Solutions to Revenue: $321.8MCommercial Solutions to Revenue: $189.3MRevenue to Gross profit: $2.4BRevenue to Cost of revenue: $782.0MGross profit to Operating profit: $916.4MGross profit to Operating expenses: $1.5BOperating profit to Net profit: $630.8MOperating profit to Tax: $285.6MOther income to Net profit: $278.1MOperating expenses to R&D: $767.4MOperating expenses to Sales, admin & other: $729.5M R&D and Quality Solutions: $1.4B · 45% R&D and Quality Solutio…$1.4B45% Commercial Solutions: $1.3B · 39% Commercial Solutions$1.3B39% R&D and Quality Solutions: $321.8M · 10% R&D and Quality Solutio…$321.8M10% Commercial Solutions: $189.3M · 6% Commercial Solutions$189.3M6% Revenue: $3.2B Revenue$3.2B +16% Y/Y Gross profit: $2.4B · 76% margin Gross profit$2.4B76% margin +18% Y/Y Cost of revenue: $782.0M · 24% of revenue Cost of revenue$782.0M24% of revenue Operating profit: $916.4M · 29% margin Operating profit$916.4M29% margin +33% Y/Y Other income: $278.1M · 9% of revenue Other income$278.1M9% of revenue Operating expenses: $1.5B · 47% of revenue Operating expenses$1.5B47% of revenue Net profit: $908.9M · 28% margin Net profit$908.9M28% margin +27% Y/Y Tax: $285.6M · 9% of revenue Tax$285.6M9% of revenue R&D: $767.4M · 24% of revenue R&D$767.4M24% of revenue Sales, admin & other: $729.5M · 23% of revenue Sales, admin & other$729.5M23% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2023
FY2024
FY2025
FY2026
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median29.3% vs 9.6%
  • ✓
    Gross margin up over 5 years72.1% → 75.5%
  • !
    Return on equity below 15%13.7%
  • ✓
    A profit in every one of 10 years
Net margin, FY2017 to FY2026: 14.1% → 28.4%

Cash and shareholders

2 of 3
  • ✓
    Free cash flow positive in every one of 4 years$434.3M last year
  • !
    Share count up over 5 years+3.9%
  • ✓
    Cash from operations above net income$1.4B vs $908.9M
Free cash flow, FY2017 to FY2026: 137.1M → 434.3M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2017 to FY2026

Revenue 3.2B Net income 908.9M
FY2017 revenue 550.5M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001564590-19-009853 FY2017 net income 77.6M · NetIncomeLoss, 0001564590-19-009853 550.5M FY2017 FY2018 revenue 690.6M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-20-004385 FY2018 net income 151.2M · NetIncomeLoss, 0001628280-20-004385 690.6M FY2018 FY2019 revenue 862.2M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001393052-21-000015 FY2019 net income 229.8M · NetIncomeLoss, 0001393052-21-000015 862.2M FY2019 FY2020 revenue 1.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001393052-22-000017 FY2020 net income 301.1M · NetIncomeLoss, 0001393052-22-000017 1.1B FY2020 FY2021 revenue 1.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001393052-23-000025 FY2021 net income 380.0M · NetIncomeLoss, 0001393052-23-000025 1.5B FY2021 FY2021 revenue 1.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001393052-24-000013 FY2021 net income 427.4M · NetIncomeLoss, 0001393052-24-000013 1.9B FY2021 FY2023 revenue 2.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001393052-25-000022 FY2023 net income 487.7M · NetIncomeLoss, 0001393052-25-000022 2.2B FY2023 FY2024 revenue 2.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001393052-26-000014 FY2024 net income 525.7M · NetIncomeLoss, 0001393052-26-000014 2.4B FY2024 FY2025 revenue 2.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001393052-26-000014 FY2025 net income 714.1M · NetIncomeLoss, 0001393052-26-000014 2.7B FY2025 FY2026 revenue 3.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001393052-26-000014 FY2026 net income 908.9M · NetIncomeLoss, 0001393052-26-000014 3.2B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

VEEV's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue3.2B
FY2017: 550.5MFY2018: 690.6MFY2019: 862.2MFY2020: 1.1BFY2021: 1.5BFY2021: 1.9BFY2023: 2.2BFY2024: 2.4BFY2025: 2.7BFY2026: 3.2B FY2018FY2020FY2021FY2024FY2026
Net income908.9M
FY2017: 77.6MFY2018: 151.2MFY2019: 229.8MFY2020: 301.1MFY2021: 380.0MFY2021: 427.4MFY2023: 487.7MFY2024: 525.7MFY2025: 714.1MFY2026: 908.9M FY2018FY2020FY2021FY2024FY2026
Free cash flow434.3M
FY2017: 137.1MFY2018: 223.8MFY2019: 302.4MFY2020: 434.3MFY2021: -FY2021: -FY2023: -FY2024: -FY2025: -FY2026: - FY2018FY2020FY2021FY2024FY2026
EPS (diluted)5.44
FY2017: 0.53FY2018: 0.98FY2019: 1.47FY2020: 1.90FY2021: 2.36FY2021: 2.63FY2023: 3.00FY2024: 3.22FY2025: 4.32FY2026: 5.44 FY2018FY2020FY2021FY2024FY2026
Diluted shares167.0M
FY2017: 147.6MFY2018: 153.7MFY2019: 156.1MFY2020: 158.3MFY2021: 160.7MFY2021: 162.3MFY2023: 162.4MFY2024: 163.5MFY2025: 165.2MFY2026: 167.0M FY2018FY2020FY2021FY2024FY2026

Revenue by product or service

year to Jan 31, 2026
RevenueSharevs year before
Total subscription 2.7B84.0% +17.5%
R&D and Quality Solutions 1.4B44.6% +20.9%
Commercial Solutions 1.3B39.4% +13.8%
Total professional services and other 511.1M16.0% +10.6%
R&D and Quality Solutions 321.8M10.1% +16.3%
Commercial Solutions 189.3M5.9% +2.2%

10-K 0001393052-26-000014, segment and revenue notes (XBRL).

Revenue by region

year to Jan 31, 2026
RevenueSharevs year before
North America 1.9B59.6% +17.4%
Europe 939.6M29.4% +18.8%
Asia Pacific 280.2M8.8% +5.4%
Other international 72.2M2.3% +5.5%

10-K 0001393052-26-000014, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2021FY2023FY2024FY2025FY2026
Revenue550.5M690.6M862.2M1.1B1.5B1.9B2.2B2.4B2.7B3.2B
Cost of revenue173.7M211.4M245.3M303.4M408.9M503.7M609.4M677.3M699.6M782.0M
Gross profit376.9M479.1M616.9M800.7M1.1B1.3B1.5B1.7B2.0B2.4B
R&D96.7M132.0M158.8M209.9M294.2M382.0M520.3M629.0M693.1M767.4M
SG&A48.8M60.4M86.4M114.3M149.1M171.5M217.6M246.5M265.7M300.7M
Operating income120.7M157.9M222.9M286.2M377.8M505.5M459.1M429.3M691.4M916.4M
Pretax income122.4M165.8M238.6M313.7M394.0M512.3M509.1M588.0M919.4M1.2B
Income tax44.8M14.6M8.8M12.6M14.0M84.9M21.4M62.3M205.2M285.6M
Net income77.6M151.2M229.8M301.1M380.0M427.4M487.7M525.7M714.1M908.9M
EPS (diluted)0.530.981.471.902.362.633.003.224.325.44
Diluted shares147.6M153.7M156.1M158.3M160.7M162.3M162.4M163.5M165.2M167.0M
Depreciation & amortization13.8M14.3M14.1M19.9M9.0M7.0M6.0M6.0M--
EBITDA134.5M172.2M236.9M306.1M386.8M512.5M465.1M435.3M--
Gross margin68.5%69.4%71.6%72.5%72.1%72.8%71.7%71.3%74.5%75.5%
Operating margin21.9%22.9%25.8%25.9%25.8%27.3%21.3%18.2%25.2%28.7%
Net margin14.1%21.9%26.7%27.3%25.9%23.1%22.6%22.2%26.0%28.4%
Revenue growth-+25.4%+24.9%+28.1%+32.7%+26.3%+16.4%+9.7%+16.2%+16.3%
EPS growth-+84.9%+50.0%+29.3%+24.2%+11.4%+14.1%+7.3%+34.2%+25.9%

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2021FY2023FY2024FY2025FY2026
Cash217.6M320.2M551.0M476.7M730.5M1.1B886.5M703.5M1.1B1.4B
Short-term investments-441.8M539.2M610.0M933.1M1.2B2.2B3.3B4.0B5.1B
Receivables182.8M224.7M303.5M389.7M564.4M631.1M703.1M852.2M1.0B1.3B
Current assets711.9M1.0B1.4B1.5B2.3B3.1B4.0B5.0B6.3B8.0B
Property & equipment49.9M52.3M55.0M54.8M53.6M54.5M49.8M58.5M55.9M70.3M
Goodwill95.8M95.8M95.8M438.5M436.0M439.9M439.9M439.9M439.9M439.9M
Total assets917.4M1.2B1.7B2.3B3.0B3.8B4.8B5.9B7.3B9.0B
Accounts payable5.7M6.9M9.1M19.4M23.3M20.3M41.7M31.5M30.4M37.6M
Current liabilities246.8M306.2M401.0M551.2M716.0M840.8M1.0B1.2B1.4B1.6B
Total liabilities264.7M324.1M416.0M606.2M779.7M904.8M1.1B1.3B1.5B1.8B
Shareholders' equity678.2M906.2M1.2B1.7B2.3B2.9B3.7B4.6B5.8B7.2B
Retained earnings212.9M389.4M619.2M919.7M1.3B1.7B2.2B2.7B3.5B4.4B

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2021FY2023FY2024FY2025FY2026
Operating cash flow144.0M233.4M310.8M437.4M551.2M764.5M780.5M911.3M1.1B1.4B
Capital spending6.9M9.6M8.4M3.1M------
Free cash flow137.1M223.8M302.4M434.3M------
Stock-based pay (added back)40.8M54.0M76.4M115.9M185.0M234.6M351.9M393.7M437.4M472.7M
Buybacks-------00169.9M
Acquisitions-00448.2M07.8M00--
Investing cash flow-96.8M-154.5M-103.9M-516.9M-333.6M-346.2M-1.0B-1.1B-700.1M-1.1B
Financing cash flow38.0M20.8M25.9M10.0M33.8M-4.1M-19.4M-16.2M26.1M-9.3M

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2021FY2023FY2024FY2025FY2026
Stock-based pay (expense)40.8M54.0M76.4M115.9M185.0M234.6M351.9M393.7M437.4M472.7M
Stock-based pay / revenue7.4%7.8%8.9%10.5%12.6%12.7%16.3%16.7%15.9%14.8%
Operating lease cash paid---7.7M11.4M13.8M12.9M10.3M12.5M9.5M
Finance lease principal paid---984K------
Right-of-use assets---49.1M56.9M49.6M55.3M45.6M63.9M75.6M
Operating lease liabilities---53.4M62.7M54.6M61.0M55.8M75.8M95.9M
Finance lease liabilities---1.4M------

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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