NYSE · VEEV

Veeva Systems Inc.

Technology · Software - Application

$260.21▼ 1.34% ($3.54)at close

After hours$260.00▼ 0.08%7:52 PM ET

52-week

$148.05$310.50

Market cap

What the market price implies · Reverse DCF

To support a price of $260.21, this model requires revenue to grow by 18.22%/yr over the next 10 years, compounded annually.

Historical revenue grew by 14.63%/yr over the past 4 years. The required annual growth rate is 3.59 percentage points higher.

Selected forecast · Base scenario

10.29%/yr · actual 10-year annualized revenue growth

Year 1 growth: 16.14%

Market-implied · Base operating assumptions + edited margins

18.22%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$260.21

Estimated value / share

$166.79

Base scenario

This estimate is 35.9% below the price used.

USD · TTM ending 2026-07-31

Year 1 growth 16.14% · Ending margin 30% · Discount rate 10.36%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-07-31
Data refreshed: Sep 20, 2026, 3:20 AM UTC · provider

Why this method?

The current business still looks structurally different from what it should look like in steady state, so a revenue-and-margin transition model is more honest than compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 16 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 26.2%.

Do you have 5+ years of positive FCFF history? 16 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Revenue is still growing 17.6%, above the 15.0% maturity threshold, so a steady-state FCFF model would lean too heavily on a business still scaling.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -6.76%Revenue (TTM): 16.5%FCF (TTM): 23.67%P/FCF: 8th pct

What changed

The stock fell 6.76% over the last year. Revenue grew 16.5% over the trailing twelve months. Operating margin moved from 26.93% to 29.93%. Free cash flow grew 23.67% over the trailing twelve months.

What the market seems to be pricing

The stock has moved lower against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 29.93%. A decisive move in revenue — currently up 16.5% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Veeva Systems Inc. is a leading provider of cloud-based software solutions, exclusively dedicated to the global life sciences industry.

CEOPeter Gassner

SectorTechnology

IndustrySoftware - Application

Employees7,928

IPO dateOct 16, 2013

https://www.veeva.com

Market multiples

Forward P/E—

EV/EBITDA25.74

Enterprise value$32.05B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth17.6%

Gross margin (FY2026)75.53%▲1.0ppvs FY2025

Operating margin (FY2026)28.68%▲3.5ppvs FY2025

ROE14.42%▲0.5ppvs FY2026

Analyst consensus

RatingBuy

Target price$290.50▲11.64%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 25, 2026

Q4 FY26 · EPS est $2.33 · Revenue est $935.01M

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