Veeva Systems Inc. (VEEV) intrinsic value & 10-year financials
Veeva Systems Inc. (VEEV) has a Graham intrinsic value of $180.69 per share. At $310.36 on Oct 17, 2026, the stock trades 72% above that value. Over the last 10 fiscal years revenue grew 21.6% a year to $3.2B, with an average return on invested capital of 17.7%.
- Graham intrinsic value
- $180.69
- Share price (Oct 17, 2026)
- $310.36
- Price vs Graham value
- 72% above
- Market cap
- $51.8B
- Revenue (FY2026)
- $3.2B
- Revenue growth (10-yr CAGR)
- 21.6%
- ROIC (10-yr avg)
- 17.7%
- Free cash flow (FY2026)
- —
VEEV 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $3.2B | $908.9M | $5.44 | — | 28.7% | 13.1% |
| FY2025 | $2.7B | $714.1M | $4.32 | — | 25.2% | 12.3% |
| FY2024 | $2.4B | $525.7M | $3.22 | — | 18.2% | 11.2% |
| FY2023 | $2.2B | $487.7M | $3.00 | — | 21.3% | 18.7% |
| FY2022 | $1.9B | $427.4M | $2.63 | — | 27.3% | 24.8% |
| FY2021 | $1.5B | $380.0M | $2.36 | — | 25.8% | 25.8% |
| FY2020 | $1.1B | $301.1M | $1.90 | $434.3M | 25.9% | 22.3% |
| FY2019 | $862.2M | $229.8M | $1.47 | $302.4M | 25.8% | 20.4% |
| FY2018 | $690.6M | $142.0M | $0.92 | $223.8M | 21.8% | 17.7% |
| FY2017 | $550.5M | $68.8M | $0.47 | $137.1M | 19.6% | 10.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Veeva Systems is a consistent compounder, expanding top-line revenue at 21.6% annually over the past decade.
Veeva Systems has earned high returns on invested capital, averaging 17.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Veeva Systems has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Veeva Systems is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $180.69 per share.