ValeriusBeta - Not investment advice

Research · S&P 500 · Health Care

VEEV · Veeva Systems

The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.

Price · last 3 months · daily close

VEEV price

Loading the price chart...

Daily closing prices via yfinance. Quotes are delayed. Past prices are not a guarantee of future results.

Value Scorecard · run 2026-10-18

13 value checks: 12 scored 1 to 5, plus moat evidence

41/60
moderate value score

Earnings & returns

EPS Trend

5/5

Diluted EPS: $3.00 (2023), $3.22 (2024), $4.32 (2025), $5.44 (2026). It rose every year; the framework scores that as 5.

ROE Trend

3/5

ROE (net income / common equity): 13.1% (2023), 11.3% (2024), 12.2% (2025), 12.6% (2026). Median 12.4%, lowest 11.3%; the framework scores a median 10-15% as 3.

ROIC

3/5

ROIC of 12.5%: operating income of $916.37M divided by $7.34B of capital (total assets $8.98B minus current liabilities $1.64B), fiscal year to Jan 31, 2026, as filed in the 10-K (SEC EDGAR). The framework scores 10-15% as 3.

Profit Margins

5/5

Net margin of 29.3%; the framework scores above 20% as 5; gross margin 75.0%, operating margin 29.6%.

Balance sheet & cash

Debt-to-Equity

5/5

Net cash: total debt $151.70M, total cash $7.24B. The framework scores a net cash position as 5.

Free Cash Flow

5/5

Free cash flow (operating cash flow minus capital expenditure): $780.47M (2023), $911.34M (2024), $1.09B (2025), $1.42B (2026). It rose every year; the framework scores that as 5.

Retained Earnings

5/5

Retained earnings, as filed in the 10-Ks (SEC EDGAR): $2.21B (2023), $2.74B (2024), $3.45B (2025), $4.36B (2026). It rose every year; the framework scores that as 5.

Valuation models

Graham IV

3/5

IV = EPS x (8.5 + 2g) x (4.4 / Y) = $6.10 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $289.28 (EPS CAGR 30.0% capped at 20%). Current price $310.36; price is 7.3% above the model value.

DCF Value

1/5

FCF/share = $7.768, stage 1 growth = 16.3% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $46.05, PV of terminal value = $151.00, DCF value = $197.05. Current price $310.36; price is 57.5% above the model value.

Margin of Safety

2/5

Graham value $289.28 (price is 7.3% above the model value); DCF value $197.05 (price is 57.5% above the model value).

Price-to-Book

1/5

P/B of 6.76; the framework scores above 5.0 as 1.

Business quality

Moat Evidence

Not scored

A moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.

Return on capital, each year

Above 15% in 6 of 10 years (2017-2026); lowest 9.1%, highest 18.0%.

2017: 18.0%, 2018: 17.1%, 2019: 17.8%, 2020: 16.6%, 2021: 16.2%, 2022: 17.0%, 2023: 12.1%, 2024: 9.1%, 2025: 11.6%, 2026: 12.5%

Gross margin, each year

Between 68.5% and 75.5% over 10 years (a range of 7.0 points).

2017: 68.5%, 2018: 69.4%, 2019: 71.6%, 2020: 72.5%, 2021: 72.1%, 2022: 72.8%, 2023: 71.7%, 2024: 71.3%, 2025: 74.5%, 2026: 75.5%

Competition, in the company’s own words · 10-K filed Mar 20, 2026

The markets for our solutions are global, rapidly evolving, highly competitive, and subject to changing regulations, advancing technology, and shifting customer needs. In new sales cycles, we generally compete with other cloud-based solutions from providers that make applications geared toward the life sciences industry. Our CRM solutions primarily compete with Salesforce, which has developed a life sciences

The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.

Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.

Capital Allocation

3/5

Capital allocation, 2023-2026: dividends or buybacks paid in 1 of 4 years (fail); $169.95M paid out against $4.20B of free cash flow (pass); total debt $60.98M to $95.86M, up 57.2%, 0.1x EBITDA (pass: at most 2x EBITDA); shares outstanding 0.16B to 0.16B, up 3.5% (fail: up more than 2%). 2 of 4 tests passed; the framework scores that as 3.

Filings

Company notices to the SEC

Not scored

Three kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.

Loading...

These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.

How the Graham and DCF values were calculated
  Graham Formula:
    IV = EPS x (8.5 + 2g) x (4.4 / Y)
    EPS = $6.10, g = 20.0%, Y = 4.5
    g capped at 20.0% (3-year EPS CAGR was 30.0%)
    IV = $289.28
    Current price $310.36 vs Graham value $289.28 — price is 7.3% above the model value.

  DCF:
    FCF/share = $7.768
    Stage 1 growth = 16.3% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
      Y1: $9.034 → PV $8.213
      Y2: $10.507 → PV $8.683
      Y3: $12.219 → PV $9.181
      Y4: $14.211 → PV $9.706
      Y5: $16.528 → PV $10.262
    Stage 1 PV sum = $46.05
    Terminal value at end of Y5 = $243.19
    PV of terminal value = $151.00
    DCF value = $197.05
    Current price $310.36 vs DCF value $197.05 — price is 57.5% above the model value.

Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $310.36. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.

Recent headlines · third-party publishers · not investment advice

In the news

  • Loading headlines...

The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.