At a glance
Veeva Systems Inc is worth $49.71B, about 56 times its fiscal 2026 earnings. Revenue grew 16.3% to $3.20B in fiscal 2026, with 28.4% kept as profit; over 5 years it has grown 16.9% a year. It pays no dividend; it spent $169.9M buying back its shares over FY2022–FY2026. The stock returned +5.4% over the past year with dividends reinvested and −0.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 26.7% in the 2020 crash (S&P 500: 33.7%) and 40.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 36 months after the lows.
The business in plain English
Veeva Systems sells cloud software (programs delivered over the internet), data and consulting built for the life sciences industry: pharmaceutical, biotech and medical device companies. It served 1,552 customers as of January 31, 2026. They range from global drugmakers such as Eli Lilly, Merck Sharp & Dohme, Novartis and Bayer to emerging biotech companies. It also sells to some consumer products companies.
Veeva earns money from software and data subscriptions, which typically run for one year at a time, and from fees for setup, training and consulting work. Its products fall into two reporting groups. R&D and Quality Solutions covers software for running clinical trials, filing with drug regulators, tracking drug safety and managing manufacturing quality, all built on Veeva's own Vault platform. Commercial Solutions covers Vault CRM, marketing tools, and data on doctors and anonymized patients. CRM stands for customer relationship management: software that drug company sales and medical teams use to manage contact with healthcare professionals.
In the fiscal year ended January 31, 2026, revenue was about $3.2 billion, and R&D and Quality Solutions made up more than half of it. North America supplied 59.6% of revenue, Europe 29.4%, Asia Pacific 8.8% and other international markets 2.3%. Veeva is also a public benefit corporation, so its directors must balance shareholders' financial interests with those of customers, employees and communities.
Price history
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VEEV +5.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| R&D and Quality Solutions | $1.43B | 44.6% |
| Commercial Solutions | $1.26B | 39.4% |
| R&D and Quality Solutions | $321.8M | 10.1% |
| Commercial Solutions | $189.3M | 5.9% |
By geography
| North America | $1.90B | 59.6% |
| Europe | $939.6M | 29.4% |
| Asia Pacific | $280.2M | 8.8% |
| Other international | $72.2M | 2.3% |
Latest results
- In Q2 FY2027 (ended Jul 31, 2026), revenue was $928.0M, up 17.6% from a year earlier, and net income was $273.4M (+36.5%).
- For fiscal 2026, revenue was $3.20B (+16.3% year over year; +16.9% a year from FY2021 to FY2026) with a 28.4% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +16.9% good |
|---|---|
| Operating margin | 28.7% good |
| Return on equity (FY2026) | 12.6% watch |
| Return on assets (FY2026) | 10.1% good |
| Cash and investments | $7.24B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.47B | $380.0M | — |
| FY2022 | $1.85B | $427.4M | — |
| FY2023 | $2.16B | $487.7M | — |
| FY2024 | $2.36B | $525.7M | — |
| FY2025 | $2.75B | $714.1M | — |
| FY2026 | $3.20B | $908.9M | — |
Valuation snapshot
| Market value | $49.71B |
|---|---|
| P/E ratio | 56.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Veeva Systems Inc’s market value went from $31.00B at the end of 2023 to $49.71B on Nov 2, 2026, up 60%; since the end of 2025 it is up 35%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $49.71B | +35.5% |
| 2025 | $36.69B | +7.5% |
| 2024 | $34.13B | +10.1% |
| 2023 | $31.00B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VEEV price data to Nov 2, 2026 | +37.5% | +5.4% | +17.4% | -0.6% | +23.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +37.5% |
| 2025 | +6.2% |
| 2024 | +9.2% |
| 2023 | +19.3% |
| 2022 | -36.8% |
| 2021 | -6.2% |
| 2020 | +93.5% |
| 2019 | +57.5% |
| 2018 | +61.6% |
| 2017 | +35.8% |
| 2016 | +41.1% |
| 2015 | +9.2% |
| 2014 | -17.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 19.5% over that stretch · deepest drop along the way 26.7%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 37.4% over that stretch · deepest drop along the way 40.3%, back to its old high 36.4 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 12 sales ($16.2M), 9 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 13, 2026 | Thomas D. Schwenger Pres. & Chief Customer Officer | sell (plan) | $8.3M |
| Aug 27, 2026 | Thomas D. Schwenger Pres. & Chief Customer Officer | sell (plan) | $2.8M |
| Oct 2, 2026 | Daniel J Rizzo EVP, Sales, Consulting, & Svcs | sell | $1.2M |
| Oct 14, 2026 | Jonathan Faddis SVP, Gen. Counsel, Secretary | sell (plan) | $1.1M |
| Jul 16, 2026 | Thomas D. Schwenger Pres. & Chief Customer Officer | sell (plan) | $1.0M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.3% | Jun 30, 2026 |
| Vanguard Capital Management | 6.89% | Jun 30, 2026 |
ETFs with the most weight in VEEV
| EKG First Trust Nasdaq Lux Digital Health Solutions ETF | 9.14% |
| LGHT Langar Global HealthTech ETF | 6.73% |
| MGRO VanEck Morningstar Wide Moat Growth ETF | 5.17% |
| HEAL Global X HealthTech ETF | 4.23% |
| IHF iShares U.S. Healthcare Providers ETF | 3.9% |
| NUMG Nuveen ESG Mid-Cap Growth ETF | 3.85% |
| NEWZ StockSnips AI-Powered Sentiment US All Cap ETF | 3.21% |
| MOTE VanEck Morningstar ESG Moat ETF | 3.15% |
What could go wrong
- Moving CRM customers off Salesforce. Veeva's older CRM sales software runs on Salesforce's platform and will be supported until December 31, 2029. Moving customers to Veeva's own Vault CRM could disrupt them and give competitors an opening.
- Almost entirely tied to life sciences. Nearly all revenue comes from life sciences companies. Drug-pricing rules, cuts to government research funding or agency staff, and industry mergers could all reduce what customers spend with Veeva.
- A few big customers matter a lot. Revenue is relatively concentrated among a small number of key customers. Losing one, or seeing it fail to renew or expand its subscriptions, could slow growth or cause revenue to fall.
- Sensitive trial and health data at stake. Veeva processes customers' clinical trial and regulatory data plus personal information on doctors and patients, sometimes including health details. A breach could drive customers away and bring significant liabilities.
- One-year contracts must keep renewing. Subscriptions typically last one year. If customers don't renew, add fewer users or renew at lower fees, revenue suffers. Because revenue is recognized over each contract's term, a sales slump may show up slowly.
- Growth and profit margins may not last. Veeva warns its past growth rates are no guide to the future. Growth relies on customers adopting newer products, and rising costs could keep it from sustaining past profitability.
Recent events
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Other company announcement
- Executive or board change
- Quarterly results released
- Executive or board change
For income and retirement investors
Veeva pays no dividend, and its 10-K says it does not intend to pay one for the foreseeable future. For an income investor, that means any return depends on the share price, and selling shares is the only way to draw cash. Veeva spent about $170 million on buybacks (share repurchases) in the fiscal year ended January 31, 2026, after none in the two prior years. Even so, its share count rose 0.6% between November 30, 2023 and August 25, 2026. It held about $7.2 billion in cash and investments as of July 31, 2026, and appears to carry no debt.
The shares have swung sharply in downturns. In the 2020 COVID crash they fell 26.7% but regained their peak within about a month. In the 2022 bear market they fell 40.3% and took about 36 months, until May 2025, to recover. A single stock like Veeva carries more risk than a diversified fund.
Questions investors ask
How does Veeva Systems make money?
Veeva makes money by selling cloud software and data subscriptions to life sciences companies, usually on one-year terms, plus fees for setup, training and consulting. In the fiscal year ended January 31, 2026, revenue was about $3.2 billion. R&D and Quality Solutions, used for clinical trials, regulatory filings, drug safety and manufacturing quality, made up more than half. Commercial Solutions, including Vault CRM sales software and healthcare data, made up the rest. North America supplied 59.6% of revenue.
Does Veeva Systems pay a dividend?
No. Veeva does not pay a dividend, and its 10-K says it does not intend to pay one for the foreseeable future, so shareholder returns depend on the share price. It spent about $170 million on buybacks in the fiscal year ended January 31, 2026, after none in the two prior years. Even so, its share count rose 0.6% between November 30, 2023 and August 25, 2026. It held about $7.2 billion in cash and investments as of July 31, 2026.
How fast is Veeva Systems growing?
Revenue grew 16.3% to about $3.2 billion in the fiscal year ended January 31, 2026, while net income rose 27.3% to about $909 million. Over the five years from fiscal 2021, revenue grew about 16.9% a year. In the quarter ended July 31, 2026, revenue rose 17.6% from a year earlier. Veeva itself warns that its past growth rates should not be seen as a guide to future performance.
Does Veeva still depend on Salesforce?
Partly. Veeva's older Veeva CRM application runs on a platform provided by Salesforce and will be supported until December 31, 2029. CRM (customer relationship management) software is what drug company sales and medical teams use to manage contact with healthcare professionals. Veeva is moving those customers to Vault CRM, built on its own Vault platform, which adds tools such as AI agents and patient-services software. The 10-K warns that the migration could disrupt customers and that competition in CRM is intense during the switch.
How volatile is Veeva stock?
Quite volatile. As of October 28, 2026, the shares had fallen as much as 49.4% from a peak within the prior year, and as much as 61.4% over their 13-year price history. They lost 36.8% in calendar 2022 and gained 42.4% from the start of 2026 through October 28. Over the five years to that date, the price rose only about 0.2% a year, compared with 23.7% a year over ten years. The 10-K warns that the price will likely stay volatile.