Start here if you're new
what it is
Veeva sells cloud software, data, and consulting to drug and biotech companies that need to launch products and stay compliant.
how it gets paid
FY2026 Veeva did ~$3.20B total revenue. Subscription services were ~$2.68B (~84%); the rest is professional services and other — use Veeva’s supplemental segment tables for Vault / Commercial / Development splits.
why it's growing
Revenue grew ~16% YoY in FY2026. Gross margin stayed software-like (~76% area in materials) — confirm the exact GAAP gross margin line in the 10-K.
what just happened
Q4 FY2026 (ended Jan 31, 2026): non-GAAP diluted EPS ~$2.06; GAAP diluted EPS ~$1.45 per Mar 4, 2026 results — compare “beat” vs. the consensus you trust (GAAP vs. non-GAAP).
At a glance
A balance sheet — strong enough to weather a downturn
95/100 earnings predictability — you can trust these numbers
~24× trailing on FY2026 non-GAAP EPS ~$8.10 · ~36× on GAAP ~$5.44 (at snapshot math)
20.0% return on capital — nothing to write home about
xvary composite: 68/100 — average
What they do
Veeva sells cloud software, data, and consulting to drug and biotech companies that need to launch products and stay compliant.
Veeva sells software to life-sciences teams that cannot afford broken records or failed audits. That creates switching costs (hard to leave → customers stay → pricing holds). FY2026 revenue ~$3.20B translated to ~$909M GAAP net income (~28% margin) — still elite profitability; return on capital needs a fresh pull from the filed statements.
How they make money
$3.20B
annual revenue (FY2026, ended Jan 31, 2026) · ~+16% YoY
Subscription services (FY2026)
$2.68B
~+17% YoY
Professional services & other
~$0.51B
remainder of consolidated total
The products that matter
life sciences commercial software
Veeva Commercial Cloud
inside a ~$3.2B FY2026 platform
this is the product family most investors associate with veeva. it sits inside a business that did ~$3.2B FY2026 revenue at ~28% GAAP net margins, which still says pricing power — product-level revenue is in the supplemental, not this page’s old segment scrape.
core
customer and reference data tools
Veeva Data Cloud
supports the 65% subscription base
the page does not break out revenue for this product, so we will not pretend it does. what you can say is that veeva gets 65% of revenue from subscriptions, and data products make those subscriptions harder to replace once they sit inside daily workflows.
stickier
ai layered onto existing software
AI & machine learning
no separate revenue disclosed here
ai is part of the pitch, not the current profit engine. veeva is applying it across a $2.7B platform, but this snapshot gives you no standalone revenue line. so your bet today is still on software execution, not ai hype.
early
Key numbers
42.0%
net margin
Net margin → profit after all costs → so what: Veeva keeps $0.42 from every $1 of revenue, which is absurd for a software company serving one industry.
20.0%
return on capital
Return on capital → profit from money invested in the business → so what: every $1 Veeva puts to work generates $0.20 back.
$10.00
FY2027 EPS
EPS estimate → expected profit per share → so what: at $195.57, you are paying about 19.6 times that profit two years out.
24.3x
trailing P/E
P/E → price divided by profit → so what: you are paying a premium, but not a mania multiple, for a company with 42.0% net margins.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- net profit margin 42.0% — keeps 42 cents of every dollar in revenue
- return on equity 20% — $0.20 profit for every $1 investors have put in
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in VEEV 3 years ago → it's now worth $11,550.
The index would have given you $14,540.
source: institutional data · total return
What just happened
beat estimates
Veeva posted $2.06 EPS in the latest quarter, ahead of the $1.90 expectation by 8.42%.
The company closed fiscal 2025 with exceptional results, and management said demand tailwinds were broad-based. Gross margin stayed high at 75.9%, which is what you want from sticky software.
$2.4B
revenue
$2.06
eps
75.9%
gross margin
the number that mattered
The 75.9% gross margin matters most because it shows Veeva still sells expensive software that customers keep buying.
-
veeva systems closed out fiscal 2025 with exceptional results. (year ended january 31st, 2026.) fourth-quarter revenue expanded 16% from a year ago, which was driven by core-system modernization services.customers have stated that legacy systems have become a critical operational risk and limit automation possibilities. meanwhile, data cleaning services have spiked to support feeding accurate, consistent data into ai tools. earnings of $2.06 per share exceeded expectations and reflected healthy operating leverage across the business. the company also reported progress on its vault crm (customer relationship management) transition, noting more than 140 customers now live on the platform as migrations steadily advance.
-
veeva will likely maintain strong financial momentum through fiscal 2027.
-
recent demand tailwinds have been broad-based and have helped the company diversify its revenues.the company will likely continue to see platform modernization as the number one revenue driver, with customers looking to automate their infrastructure and prepare for ai integration.
-
management noted that ai has made a relatively small impact on revenue growth thus far.
-
in the clinical field, reliability is paramount.
source: company earnings report, 2026
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What could go wrong
the #1 risk is drugmaker and biotech software budgets cooling after a modernization cycle.
med
one industry pays the bills
Veeva sells into life sciences. If drugmakers and biotech customers pause projects, the pain shows up fast because subscription software makes up 65% of revenue.
That exposes most of the recurring revenue base to one customer budget cycle, not the whole software market.
med
the elite margin story cools
The full-year net margin is 42.0%, but last quarter came in at 29.1%. One quarter does not break the thesis. A few in a row would force investors to ask which number is normal.
If profitability settles closer to 29.1% than 42.0%, the stock stops screening like elite vertical software and starts screening like a good company with a rich reputation.
med
institutions still want cleaner proof
Last quarter saw 389 buyers versus 468 sellers. That is not a stampede. It is a sign some large holders want firmer evidence that 16.2% growth and high margins keep coexisting.
When fund flow leans negative, even good earnings can feel already priced in.
with 65% of revenue tied to subscriptions and the stock priced on consistency, a spending pause would hit both the recurring-revenue story and the valuation story at the same time.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
subscription revenue as a share of the business
65% of revenue comes from subscriptions. if that mix weakens, the recurring-revenue premium weakens with it.
trend
whether 16.2% growth holds on a $2.7B base
good companies often slow as they scale. you want to see whether veeva slows in an orderly way or starts losing momentum faster than the multiple allows.
risk
the gap between 42.0% and 29.1% margin
full-year profitability looks elite. last-quarter profitability looked merely strong. the next few prints tell you which number deserves more trust.
calendar
the next earnings report
with a 95/100 predictability score, the headline beat matters less than management commentary on budgets, renewals, and margin discipline.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts think the stock is acting normal, not setting up for an obvious breakout.
risk profile
average
stability score 3 — this is a typical risk profile, not especially defensive and not especially wild.
chart momentum
below average
technical score 4 — the chart is not doing you favors right now.
earnings predictability
95 / 100
management usually lands close to what it signals. that lowers drama and raises the bar for upside surprise.
source: institutional data
Institutional activity
389 buyers vs. 468 sellers in 4q2025. total institutional holdings: 0.1B shares.
source: institutional data
Price targets
3-5 year target range
$155
$330
$196
current price
$243
target midpoint · +24% from current · 3-5yr high: $455 (+135% · 25% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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