Veeva Systems (VEEV)
Forward P/E is 32.93x against a peer median of 19.16x, a ratio of 1.72x — well above the fair range on price alone — with trailing P/E 52.13x and PEG 0.93. Latest-quarter revenue grew 17.6% year over year (PRIMARY, EDGAR), far above the group pace, and with a PEG at or below ~1.5 the growth exception applies, moving the label to FAIRLY PRICED. Delivered demand check: the health care payers, services & facilities group's median growth was 6.2% — demand steady, while Veeva is growing much faster than that pace.
What would change this label: Move to OVERVALUED if revenue growth falls below about 10% year over year for two quarters while the forward P/E stays above 28x, or if the PEG rises above about 1.5 at an unchanged multiple. Move to UNDERVALUED if the forward P/E compresses to about 17.2x or below (0.90x the peer median) at unchanged estimates with growth staying above 15%.
Veeva sells cloud software that drug companies use to run trials and manage sales. Its shares trade at about 33 times expected earnings versus about 19 times for similar companies, which looks steep until the growth is counted: sales rose 17.6%, nearly three times the group pace. The high price is backed by high growth, so the shares look fairly priced.
Both lines start at 100 on 2020-09-01. Over the full window Veeva Systems returned +6.59% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Veeva Systems: -55.7% (2021-08-05 to 2022-10-14). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 32.93x against a peer median of 19.16x, a ratio of 1.72x — well above the fair range on price alone — with trailing P/E 52.13x and PEG 0.93. Latest-quarter revenue grew 17.6% year over year (PRIMARY, EDGAR), far above the group pace, and with a PEG at or below ~1.5 the growth exception applies, moving the label to FAIRLY PRICED. Delivered demand check: the health care payers, services & facilities group's median growth was 6.2% — demand steady, while Veeva is growing much faster than that pace. The company’s forward P/E is 32.9× against a peer median of 19.2×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the health care payers, services & facilities group's median latest-quarter revenue growth was 6.2% year over year (SEC filings) — demand steady. Veeva, at 17.6% growth, is growing much faster than that pace. Latest-quarter sales growth was +17.6% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Veeva Systems (VEEV) | $317.96 | 32.9× | 52.1× |
| HUM | $420.00 | 33.9× | 39.7× |
| CNC | $69.06 | 13.2× | 23.4× |
| LH | $368.24 | 19.2× | 30.2× |
| DGX | $249.00 | 21.4× | 24.8× |
| CI | $299.15 | 9.4× | 12.4× |
| Peer median | 19.2× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow by quarter is not shown for Veeva Systems. Its SEC cash-flow facts do not separately tag spending on plant and equipment (normal for a bank), so a quarterly free-cash-flow figure cannot be built without estimating — and this programme does not estimate.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jul 2026 2026-07-31 | $928M | 75.0% | $273M | 1.66 | — |
| Q/E Apr 2026 2026-04-30 | $883M | 75.0% | $261M | 1.57 | — |
| Q/E Jan 2026 2026-01-31 | $836M | 74.5% | $244M | — | — |
| Q/E Oct 2025 2025-10-31 | $811M | 75.4% | $236M | 1.40 | — |
| Q/E Jul 2025 2025-07-31 | $789M | 75.3% | $200M | 1.19 | — |
| Q/E Apr 2025 2025-04-30 | $759M | 77.1% | $228M | 1.37 | — |
| Q/E Jan 2025 2025-01-31 | $721M | 74.9% | $196M | — | — |
| Q/E Oct 2024 2024-10-31 | $699M | 75.1% | $186M | 1.13 | — |
| Q/E Jul 2024 2024-07-31 | $676M | 74.8% | $171M | 1.04 | — |
| Q/E Apr 2024 2024-04-30 | $650M | 73.3% | $162M | 0.98 | — |
| Q/E Jan 2024 2024-01-31 | $631M | 72.4% | $147M | — | — |
| Q/E Oct 2023 2023-10-31 | $617M | 72.8% | $135M | 0.83 | — |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | VEEVA SYSTEMS INC |
| Chief executive | Peter Gassner (source: https://en.wikipedia.org/wiki/Veeva_Systems) |
| Sector | Health Care — Health Care Technology — sells cloud software to drug and medical-device companies for research, trials and sales |
| Share price (Oct 28, 2026) | $317.96 |
| Market value (market cap) | $50.8B — share price times shares outstanding of 161,908,850 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $3.5B |
| Net income, last twelve months | $1.0B |
| Free cash flow, last twelve months | — |
| Latest reported quarter | Q/E Jul 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +6.59% vs +118.28% |
| Worst peak-to-trough fall | -55.7% (2021-08-05 to 2022-10-14) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Free cash flow is absent for one or more quarters: either the filer does not separately tag PP&E purchases in its EDGAR cash-flow facts (common for banks), or — for a successor registrant's newest quarter — the cash-flow lines are year-to-date without the prior-quarter rung needed to difference them. Affected quarters are null in the data, never estimated.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001393052.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001393052.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/VEEV/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.