Health Care · Health Care Technology · US stock · price as of 16 Oct 2026
Key indicators
Price
$310.36
52-week range
$148.05 – $319.95
Market cap
$51.2B
P/E (trailing)
51.0×
EV / EBITDA
42.5×
Free-cash-flow yield
3.3%
Dividend yield
–
Revenue (last 12 months)
$3.5B
Revenue growth (3y a year)
14.0%
Operating margin
29.9%
Return on invested capital
232.6%
Net debt / EBITDA
–
Fair value
Blended fair value$239.58 range $214 – $262
Versus priceFair−23% to fair value
Peer multiples
$181.15
Fundamentals-adjusted multiple
$184.81
10-year DCF (market-scaled)
$352.79
Earnings power value (floor, not blended)
$84.14
Model uncertainty
Medium
X-Ray Score
65/ 100 · Medium confidence · ahead of 83% of sector peers
Valuation34
Growth82
Profitability72
Financial health81
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Veeva Systems provides cloud software and data services built specifically for the life sciences industry, serving pharmaceutical, biotechnology and medical device companies. Its products help customers manage clinical trials, regulatory submissions, quality processes, and the commercial side of selling medicines to doctors. Revenue is largely recurring, coming from subscriptions to its software applications and from related data and professional services. Customers are typically regulated businesses that rely on these systems for core operations.
The figures show revenue of $3.5 billion for the last twelve months and three-year growth of 14.0% a year. It reports an operating margin of 29.9%. Capital is used to generate a return on invested capital of 233%. It does not currently pay a dividend.
StocksXray gives Veeva Systems Inc an X-Ray Score of 65 out of 100 (medium confidence), ahead of 83% of the S&P 500 stocks in its sector. Its strongest lens is growth (82) and its weakest is valuation (34).
Our fair value blend is $239.58 (range $213.73 to $261.61). At $310.36 the stock trades 30% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Veeva Systems Inc (VEEV)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$236.54
$170.55
$207.41
$233.26
$203.92
$310.36
Market cap
$38.4B
$27.7B
$33.9B
$38.5B
$34.1B
$51.2B
P/E
89.9×
56.9×
64.4×
54.0×
37.5×
51.0×
EV / revenue
19.5×
11.4×
12.6×
12.2×
8.6×
12.7×
EV / EBITDA
71.2×
53.6×
69.6×
48.3×
30.0×
42.5×
Price / free cash flow
50.2×
35.5×
37.2×
35.4×
24.1×
30.8×
Free-cash-flow yield
2.0%
2.8%
2.7%
2.8%
4.2%
3.3%
Price / book
13.2×
7.5×
7.3×
6.6×
4.7×
6.9×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 9 Good · ● 3 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−7.2%Good
Risk models
Altman Z score12.0×Good
Piotroski F-Score7 of 9Average
Growth
EPS growth (3y)21.9%Good
Revenue growth (3y)14.0%Good
Growth consistency100%Good
Balance sheet
Current ratio5.5×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.8×Average
EBIT / EV yield2.3%Bad
Profitability
Return on invested capital232.6%Good
Operating margin29.9%Good
Gross profitability28.6%Average
XStocksXray
Veeva Systems Inc (VEEV)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
1,851
2,155
2,364
2,747
3,195
3,458
Gross profit
1,347
1,546
1,686
2,047
2,413
2,592
Operating income
505
459
429
691
916
1,035
Net income
427
488
526
714
909
1,015
Diluted EPS ($)
2.63
3.00
3.22
4.32
5.44
6.09
Free cash flow
764
780
911
1,090
1,415
1,665
Gross margin
72.8%
71.7%
71.3%
74.5%
75.5%
75.0%
Operating margin
27.3%
21.3%
18.2%
25.2%
28.7%
29.9%
Net margin
23.1%
22.6%
22.2%
26.0%
28.4%
29.3%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
3,816
4,804
5,911
7,340
8,979
9,060
Cash
1,138
886
703
1,119
1,421
1,812
Total debt
–
–
–
–
–
–
Equity
2,912
3,716
4,645
5,832
7,215
7,431
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.