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Veeva Systems Inc.
S&P 500
🏹 Trader: 🚀 Stage 2 + Near High 📈 Stage 2 🎯 Near 52W High 💎 VCP Breakout | BRS 72 Forming View all →
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$42.8B
Market Cap
37.5
P/E
1.30
PEG
92.5%
ROCE
13.9%
ROE
0.01
D/E
28.7%
OPM
-14.3%
% from 52W High
88
α RS
🔍 VEEV is showing a high-conviction setup because it matches 18 of 39 tracked screener presets, RS Rating is 88, and it's within 14.3% of its 52-week high. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating 52W High
Sources
Conviction 18/39 · RS Rating 88 · 14.3% from 52W high
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About

Veeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud comprising Veeva Vault CRM Suite for pharmaceutical and biotechnology companies; Veeva Medical that provides source of medical content across multiple channels and geographies; Veeva PromoMats, an end-to-end content and digital asset management solution; and Veeva Crossix, an analytics platform for pharmaceutical brands. It also provides Veeva Data Cloud, such as Veeva OpenData, a customer reference data solution; Veeva Link, which provides deep data; Veeva Compass, which includes de-identified and longitudinal patient data; and Veeva CRM Pulse that provides access and multichannel engagement metrics. In addition, the company offers Veeva Development Cloud consisting of Veeva Clinical Platform, which advances clinical trial execution; Veeva Clinical Data Management that helps sponsors and CROs design and run trials; Veeva Safety, which unifies systems and processes; Veeva RIM that provides regulatory information management capabilities, as well as Veeva Quality Cloud, which is used by the life sciences and consumer products industries; and Veeva Business Consulting services. Further, it provides professional and support services, including implementation and deployment planning, and project management; requirements analysis, solution design, and configuration; systems environment management and deployment; services focused on advancing or transforming business and operating processes; technical consulting services on data migration and systems integrations; training; and ongoing managed services, such as outsourced systems administration. The company was formerly known as Verticals onDemand, Inc. and changed its name to Veeva Systems Inc. in April 2009. Veeva Systems Inc. was incorporated in 2007 and is headquartered in Pleasanton, California.

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Good quarter Investor Presentation One-Pager? Q1 2027
Revenue
$882.9M
+16% YoY
Operating Income (non-GAAP)
$395.4M
+13% YoY
Operating Margin (non-GAAP)
44.8%
-1.3pp YoY
Net Income (non-GAAP)
$371.1M
+13% YoY
What Went Right
  • Revenue and non-GAAP operating income exceeded guidance ranges.
  • Crossix delivered another strong quarter with durable growth expected.
  • Vault CRM added 27 new customers, now over 150 live.
  • Professional services posted record revenue in Q1.
What to Watch
  • R&D Development Cloud had no large top-20 wins in the quarter.
  • Services gross margin dipped year over year due to investment ramp.
  • AI revenue (ex-Ostro) is immaterial this year; macro environment unchanged.
  • CRM top-20 remaining decisions are competitive; only four left.
Management Guidance
  • Q2 revenue: $902M to $905M.
  • Q2 non-GAAP operating income: $392M to $395M.
  • Q2 non-GAAP EPS: $2.21 to $2.22.
  • FY2027 revenue: $3,635M to $3,645M.
  • FY2027 non-GAAP operating income: ~$1,610M.
  • FY2027 non-GAAP EPS: ~$9.05.
Investor Lens
The thesis is stronger after Q1. Veeva delivered a clean beat, highlighted by accelerating AI momentum with Vault AI, the Falcon agent platform (early adopter release November), and the Ostro acquisition strengthening commercial AI. While AI revenue is near-term immaterial, the strategic pivot to agentic labor is a multi-year growth driver that leverages Veeva's deep domain expertise. The core business remains healthy, though lingering CRM migration decisions and R&D deal lumpiness warrant monitoring. The raised full-year guidance, including ~$10M Ostro contribution, signals confidence.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Veeva beats Q1 with $882.9M revenue, launches AI agent era.
Revenue
Total revenue was $882.9M, up 16% YoY, above guidance. Subscription revenue of $730.2M grew 15% YoY. R&D saw a strong start, while commercial benefited from Crossix and new Vault CRM wins (27 new customers, over 150 live). Professional services revenue was a record quarter.
Profitability
Non-GAAP net income was $371.1M, up 13% YoY, with non-GAAP EPS of $2.24 versus $1.97 last year. GAAP net income was $260.9M, up 14% YoY, with GAAP EPS of $1.57.
Margins
Non-GAAP operating margin was 44.8%, down 1.3pp from 46.1% a year ago. The decline was driven by investments in services, Data Cloud, and new products (Ostro, Falcon, Vault AI). Subscription gross margin was steady, with no material AI-driven margin impact expected this year.
Balance Sheet
Not discussed in the call or earnings release beyond the acquisition of Ostro late in Q1 for an expected $10M contribution to the remainder of the year.
Key Risks
Management flagged that R&D Development Cloud had no large top-20 wins in the quarter (pipeline is strong but lumpy). Services gross margin declined YoY due to ongoing investment. AI revenue outside Ostro is immaterial in FY2027. The macro environment is unchanged, with some pockets of weakness. The remaining four top-20 CRM decisions are competitive, with an expected majority win rate.
Outlook
Q2 revenue guided to $902M–$905M with non-GAAP operating income of $392M–$395M and non-GAAP EPS of $2.21–$2.22. Full-year revenue guidance raised to $3,635M–$3,645M, including $10M from Ostro, with non-GAAP operating income of ~$1,610M and non-GAAP EPS of ~$9.05.
Generated by AI · Q1 2027 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q1 2027 Q1 2027 2026-06-03
Revenue and operating income exceeded guidance, driven by strong execution in AI, CRM, and Crossix. Ostro acquisition and Falcon AI platform signal continued innovation, while guidance remains conservative amid early-stage scaling of key R&D products.
Q4 2026 Q4 2026 2026-03-04
Fiscal 2026 closed with revenue and operating income ahead of guidance, driven by strong R&D and Crossix growth, robust Vault CRM adoption, and expanding AI initiatives. FY 2027 guidance reflects continued momentum, with a focus on new product ramp, services, and long-term AI-driven efficiency.
Q3 2026 Q3 2026 2025-11-20
Q3 results exceeded guidance with $811M revenue and strong performance across all segments. CRM now forms 20% of revenue, with growth in R&D, Crossix, and quality. Guidance was raised for Q4 and the year, supported by robust execution and innovation in AI and product offerings.
Q2 2026 Q2 2026 2025-08-27
Q2 revenue and operating income exceeded guidance, with strong R&D and commercial performance. The IQVIA settlement removes key barriers, enabling new product integrations and future growth, while Veeva AI development advances with long-term market potential.
Q1 2026 Q1 2026 2025-05-28
Q1 revenue and margins exceeded guidance, driven by strong Crossix and R&D performance. Vault CRM adoption accelerated, and Veeva AI is gaining traction with customers. Guidance remains cautious amid macro uncertainty, but no material impact has been seen yet.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Information Sources:
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