Logo

VEEV

Veeva Systems Inc.

VEEV

Veeva Systems Inc. • NYSE
$240.29 ▼ -0.16% (-0.38)
Market Cap $39.50 B
52w High $310.50
52w Low $201.54
Dividend Yield 0%
P/E 46.93
Volume 738.67K
Outstanding Shares 164.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2026 $811.236M ▲ $370.918M ▼ $236.203M ▲ 29.116% ▲ $1.44 ▲ $260.801M ▲
Q2-2026 $789.081M ▲ $397.92M ▲ $200.309M ▼ 25.385% ▼ $1.23 ▼ $206.034M ▼
Q1-2026 $759.043M ▲ $351.487M ▲ $228.19M ▲ 30.063% ▲ $1.4 ▲ $243.554M ▲
Q4-2025 $720.886M ▲ $351.472M ▲ $195.625M ▲ 27.137% ▲ $1.2 ▲ $198.355M ▲
Q3-2025 $699.207M $343.465M $185.808M 26.574% $1.15 $191.285M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2026 $6.637B ▲ $8.097B ▲ $1.057B ▼ $7.041B ▲
Q2-2026 $6.404B ▲ $7.999B ▲ $1.361B ▼ $6.639B ▲
Q1-2026 $6.068B ▲ $7.765B ▲ $1.554B ▲ $6.211B ▲
Q4-2025 $5.15B ▲ $7.34B ▲ $1.507B ▲ $5.832B ▲
Q3-2025 $5.063B $6.453B $951.45M $5.501B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2026 $236.203M ▲ $192.787M ▼ $-495.233M ▼ $32.646M ▼ $-270.294M ▼ $186.484M ▼
Q2-2026 $200.309M ▼ $238.433M ▼ $-389.272M ▼ $115.689M ▲ $-34.551M ▼ $232.13M ▼
Q1-2026 $228.19M ▲ $877.158M ▲ $-52.107M ▼ $20.38M ▼ $846.197M ▲ $871.248M ▲
Q4-2025 $195.625M ▲ $69.544M ▼ $-15.692M ▲ $20.811M ▲ $74.274M ▲ $64.824M ▼
Q3-2025 $185.808M $164.117M $-298.226M $12.96M $-121.243M $159.846M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Professional Services Veeva Commercial Cloud
Professional Services Veeva Commercial Cloud
 $50.00M ▲$50.00M ▲$50.00M ▲$50.00M ▲
Professional Services Veeva Research And Development
Professional Services Veeva Research And Development
 $70.00M ▲$70.00M ▲$80.00M ▲$80.00M ▲
Subscription Services Veeva Commercial Cloud
Subscription Services Veeva Commercial Cloud
 $280.00M ▲$290.00M ▲$310.00M ▲$310.00M ▲
Subscription Services Veeva Research And Development
Subscription Services Veeva Research And Development
 $300.00M ▲$320.00M ▲$330.00M ▲$350.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Veeva’s income statement shows a business that has grown steadily while staying nicely profitable. Revenue has climbed each year, and gross profit has risen right alongside it, which is what you want to see in a subscription-style software company. There was a period where operating profit growth paused as the company spent more on growth and innovation, but the most recent year shows a clear rebound, with operating and net income moving up strongly. Earnings per share have increased consistently over the five-year period, suggesting the core business is scaling well. The main watchpoint is whether Veeva can keep this pace of profitable growth as it invests heavily in new platforms and AI features.

Balance Sheet

Balance Sheet The balance sheet is a clear strength. Veeva holds a solid cash position and carries very little debt, giving it a conservative, low-risk financial profile. Total assets and shareholders’ equity have increased meaningfully over time, showing that the company has been building value rather than relying on borrowing. This gives Veeva ample flexibility to invest in new products, weather industry slowdowns, or handle big platform transitions without needing to stress its finances. The key risk here would be any future shift toward higher leverage or heavy acquisition spending, which is not visible in the current data but is something to monitor over time.

Cash Flow

Cash Flow Cash generation is a standout feature. Operating cash flow has grown steadily and tracks well with reported profits, which supports the quality of earnings. Free cash flow is very close to operating cash flow, because capital spending has remained modest. That is typical of a cloud software business with an asset-light model. This strong and consistent free cash flow gives Veeva room to fund R&D, expand its platform, or return capital to shareholders if it chooses, without depending on outside financing. The main question going forward is whether new investments in AI and platform migration will require a step-up in spending that narrows this cash cushion, at least temporarily.

Competitive Edge

Competitive Edge Veeva holds a very strong competitive position in life sciences software. Its products are deeply embedded in customers’ workflows, from clinical trials through commercialization, which makes switching away difficult, costly, and risky for clients. The company is widely used across the pharmaceutical industry, creating a network effect: because so many players already use Veeva, it becomes the default choice for new and emerging companies as well. Its focus on one industry gives it deep regulatory and process expertise that generic software vendors struggle to match. On the other hand, Veeva is heavily tied to a single vertical and faces large, well-funded competitors in cloud and data, so it needs to keep innovating to defend this lead. The upcoming CRM migration off Salesforce is also a strategic turning point that must go smoothly to preserve this strong position.

Innovation and R&D

Innovation and R&D Innovation is at the center of Veeva’s strategy. The Vault platform ties together development and commercial tools into a single, regulated data and content backbone, which is a clear differentiator versus more generic systems. The company has steadily extended this platform into areas like clinical operations, regulatory management, quality, safety, and specialized CRM for pharma. Recent moves deepen this edge: integrating analytics from Crossix, building tailored offerings for smaller biotech companies, and preparing AI-powered features that automate tasks and surface insights across the product suite. The planned Veeva AI initiative and the shift to Vault CRM are large, multi-year projects that could significantly enhance the platform, but they also add execution risk. Success here would likely strengthen Veeva’s moat; missteps could open the door for rivals. Overall, R&D is being used not just to add features, but to reinforce a unified, industry-specific ecosystem.

Summary

Overall, Veeva looks like a financially solid, cash-generative, niche software leader in life sciences. The company combines steady revenue growth, healthy and improving profitability, a very strong balance sheet, and robust free cash flow. Its competitive moat comes from deep industry specialization, high switching costs, and broad adoption across pharma and biotech. The big strategic swing is its platform evolution—migrating CRM to Vault and embedding AI broadly. These moves create meaningful opportunity to deepen customer lock-in and expand its role across the drug lifecycle, but they also introduce execution and technology risks during the transition years. The story is less about survival risk and more about how effectively Veeva can convert its strong current position and financial strength into the next phase of platform and AI-driven growth.

NEWS

November 24, 2025 · 7:03 AM UTC

Veeva Announces Expanded Partnership with Roche

Read more

November 20, 2025 · 4:05 PM UTC

Veeva Announces Fiscal 2026 Third Quarter Results

Read more

November 4, 2025 · 7:03 AM UTC

Veeva Basics Adopted by More Than 100 Emerging Biotechs to Simplify and Standardize Operations

Read more

October 30, 2025 · 4:05 PM UTC

Veeva to Release Fiscal 2026 Third Quarter Results on November 20, 2025

Read more

October 16, 2025 · 10:00 AM UTC

OpenEvidence and Veeva Announce Open Vista Partnership

Read more