Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin28.7%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin28.4%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
A
Years to Pay Off Debt0.1 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$6.3B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$6.4B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
N/A
Cash Flow
A
Free Cash Flow$1.4B
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Market Data
Key Margins
Gross Profit75.5%
Operating Margin28.7%
Net Margin28.4%
Company Info
Showing Key Metrics
Income Highlights
Metric
2026
2025
2024
2023
2022
Gross Profit %
75.5%▲
74.5%▲
71.3%▼
71.7%•
N/A
Operating Margin %
28.7%▲
25.2%▲
18.2%▼
21.3%•
N/A
Net Income %
28.4%▲
26.0%▲
22.2%▼
22.6%•
N/A
Diluted EPS
5.44▲
4.32▲
3.22▲
3.00•
N/A
Balance Sheet Highlights
Metric
2026
2025
2024
2023
2022
Total Assets
$9.0B
$7.3B
$5.9B
$4.8B
N/A
Total Debt
$96M▲
$76M▲
$56M▼
$61M•
N/A
Working Capital
$6.4B▲
$4.9B▲
$3.8B▲
$3.0B•
N/A
Years to Pay Debt
0.11
0.11
0.11
0.13
N/A
Cash Flow Highlights
Metric
2026
2025
2024
2023
2022
Free Cash Flow
$1.4B▲
$1.1B▲
$911M▲
$780M•
N/A
Owner Earnings
N/A
N/A
N/A
N/A
N/A
CapEx % of Net Income
N/A
N/A
N/A
N/A
N/A
Income Statement
2026
2025
2024
2023
2022
Tax Effect Of Unusual Items
2,387
4,319
2,643
150
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
944,355
711,470
437,021
484,640
Total Unusual Items
9,986
19,348
24,941
3,573
Total Unusual Items Excluding Goodwill
9,986
19,348
24,941
3,573
Net Income From Continuing Operation Net Minority Interest
908,906
714,138
525,705
487,706
Reconciled Depreciation
37,972
39,383
32,628
29,122
Reconciled Cost Of Revenue
782,019
699,636
677,291
609,405
EBITDA
954,341
730,818
461,962
488,213
EBIT
916,369
691,435
429,334
459,091
Net Interest Income
267,219
207,987
133,748
45,860
Interest Income
267,219
207,987
133,748
45,860
Normalized Income
901,307
699,109
503,407
484,283
Net Income From Continuing And Discontinued Operation
908,906
714,138
525,705
487,706
Total Expenses
2,278,942
2,055,184
1,934,339
1,695,969
Total Operating Income As Reported
916,369
691,435
429,334
459,091
Diluted Average Shares
166,995
165,232
163,486
162,437
Basic Average Shares
163,667
161,879
160,532
155,385
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
908,906
714,138
525,705
487,706
Net Income Common Stockholders
908,906
714,138
525,705
487,706
Net Income
908,906
714,138
525,705
487,706
Net Income Including Noncontrolling Interests
908,906
714,138
525,705
487,706
Net Income Continuous Operations
908,906
714,138
525,705
487,706
Tax Provision
285,602
205,243
62,318
21,390
Pretax Income
1,194,508
919,381
588,023
509,096
Other Income Expense
10,920
19,959
24,941
4,145
Other Non Operating Income Expenses
934
611
572
Securities Amortization
-22,622
-24,817
-2,982
7,201
Gain On Sale Of Security
9,986
19,348
24,941
3,573
Net Non Operating Interest Income Expense
267,219
207,987
133,748
45,860
Interest Income Non Operating
267,219
207,987
133,748
45,860
Operating Income
916,369
691,435
429,334
459,091
Operating Expense
1,496,923
1,355,548
1,257,048
1,086,564
Research And Development
767,386
693,078
629,031
520,278
Selling General And Administration
729,537
662,470
628,017
566,286
Selling And Marketing Expense
428,798
396,726
381,472
348,691
General And Administrative Expense
300,739
265,744
246,545
217,595
Other Gand A
300,739
265,744
246,545
217,595
Gross Profit
2,413,292
2,046,983
1,686,382
1,545,655
Cost Of Revenue
782,019
699,636
677,291
609,405
Total Revenue
3,195,311
2,746,619
2,363,673
2,155,060
Operating Revenue
3,195,311
2,746,619
2,363,673
2,155,060
Balance Sheet
2026
2025
2024
2023
2022
Ordinary Shares Number
163,778
162,584
161,260
158,245
Share Issued
163,778
162,584
161,260
158,245
Total Debt
95,859
75,775
55,775
60,976
Tangible Book Value
6,744,561
5,348,036
4,141,930
3,193,899
Invested Capital
7,214,752
5,832,373
4,644,824
3,716,252
Working Capital
6,360,574
4,910,398
3,824,328
2,962,510
Net Tangible Assets
6,744,561
5,348,036
4,141,930
3,193,899
Capital Lease Obligations
95,859
75,775
55,775
60,976
Common Stock Equity
7,214,752
5,832,373
4,644,824
3,716,252
Total Capitalization
7,214,752
5,832,373
4,644,824
3,716,252
Total Equity Gross Minority Interest
7,214,752
5,832,373
4,644,824
3,716,252
Stockholders Equity
7,214,752
5,832,373
4,644,824
3,716,252
Gains Losses Not Affecting Retained Earnings
8,160
-8,416
-10,637
-31,129
Other Equity Adjustments
8,160
-8,416
-10,637
-31,129
Retained Earnings
4,363,501
3,454,595
2,740,457
2,214,752
Additional Paid In Capital
2,843,089
2,386,192
1,915,002
1,532,627
Capital Stock
2
2
2
2
Common Stock
2
2
2
2
Total Liabilities Net Minority Interest
1,764,591
1,507,383
1,266,096
1,088,044
Total Non Current Liabilities Net Minority Interest
127,535
108,979
87,213
81,241
Other Non Current Liabilities
43,271
42,586
38,720
30,079
Non Current Deferred Liabilities
558
587
2,052
1,492
Non Current Deferred Taxes Liabilities
558
587
2,052
1,492
Long Term Debt And Capital Lease Obligation
83,706
65,806
46,441
49,670
Long Term Capital Lease Obligation
83,706
65,806
46,441
49,670
Current Liabilities
1,637,056
1,398,404
1,178,883
1,006,803
Current Deferred Liabilities
1,488,819
1,273,978
1,049,761
869,285
Current Deferred Revenue
1,488,819
1,273,978
1,049,761
869,285
Current Debt And Capital Lease Obligation
12,153
9,969
9,334
11,306
Current Capital Lease Obligation
12,153
9,969
9,334
11,306
Pensionand Other Post Retirement Benefit Plans Current
45,857
39,429
19,756
16,813
Payables And Accrued Expenses
90,227
75,028
100,032
109,399
Current Accrued Expenses
45,885
35,557
28,634
30,696
Payables
44,342
39,471
71,398
78,703
Other Payable
6,414
6,562
6,653
6,521
Total Tax Payable
6,698
9,024
33,323
30,372
Income Tax Payable
6,698
9,024
11,862
4,946
Accounts Payable
37,644
30,447
31,513
41,678
Total Assets
8,979,343
7,339,756
5,910,920
4,804,296
Total Non Current Assets
981,713
1,030,954
907,709
834,983
Other Non Current Assets
62,257
56,540
43,302
38,955
Non Current Deferred Assets
303,378
370,302
257,379
168,522
Non Current Deferred Taxes Assets
273,417
343,919
233,463
136,697
Goodwill And Other Intangible Assets
470,191
484,337
502,894
522,353
Other Intangible Assets
30,314
44,460
63,017
82,476
Goodwill
439,877
439,877
439,877
439,877
Net PPE
145,887
119,775
104,134
105,153
Accumulated Depreciation
-33,720
-31,453
-36,757
-32,115
Gross PPE
179,607
151,228
140,891
137,268
Leases
45,153
30,186
30,793
18,986
Construction In Progress
2,059
2,992
31
302
Other Properties
55,336
49,640
Machinery Furniture Equipment
10,353
7,771
18,049
16,228
Buildings And Improvements
96,610
84,847
66,586
76,320
Land And Improvements
25,432
25,432
25,432
25,432
Current Assets
7,997,630
6,308,802
5,003,211
3,969,313
Other Current Assets
126,470
101,458
86,918
81,456
Prepaid Assets
36,679
Receivables
1,310,346
1,057,117
888,537
785,229
Other Receivables
50,609
40,761
36,365
82,174
Accounts Receivable
1,259,737
1,016,356
852,172
703,055
Allowance For Doubtful Accounts Receivable
-256
-57
-520
-469
Gross Accounts Receivable
1,259,993
1,016,413
852,692
703,524
Cash Cash Equivalents And Short Term Investments
6,560,814
5,150,227
4,027,756
3,102,628
Other Short Term Investments
5,139,581
4,031,442
3,324,269
2,216,163
Cash And Cash Equivalents
1,421,233
1,118,785
703,487
886,465
Cash Flow
2026
2025
2024
2023
2022
Free Cash Flow
1,415,225
1,090,051
911,339
780,470
Repurchase Of Capital Stock
-169,949
0
0
Income Tax Paid Supplemental Data
229,965
322,048
134,473
167,952
End Cash Position
1,423,412
1,120,963
706,670
889,650
Beginning Cash Position
1,120,963
706,670
889,650
1,141,225
Effect Of Exchange Rate Changes
919
-1,735
-1,780
-4,986
Changes In Cash
301,530
416,028
-181,200
-246,589
Financing Cash Flow
-9,333
26,115
-16,188
-19,376
Cash Flow From Continuing Financing Activities
-9,333
26,115
-16,188
-19,376
Net Other Financing Charges
-93,247
-79,423
-78,875
-63,030
Proceeds From Stock Option Exercised
253,863
105,538
62,687
43,654
Net Common Stock Issuance
-169,949
0
0
Common Stock Payments
-169,949
0
0
Net Issuance Payments Of Debt
0
0
-384
Net Long Term Debt Issuance
0
0
-384
Investing Cash Flow
-1,104,362
-700,138
-1,076,351
-1,007,683
Cash Flow From Continuing Investing Activities
-1,104,362
-700,138
-1,076,351
-1,007,683
Net Other Investing Changes
-29,131
-20,519
-26,196
-13,512
Net Investment Purchase And Sale
-1,075,231
-679,619
-1,050,155
-994,171
Sale Of Investment
2,057,849
1,902,349
1,647,813
1,002,707
Purchase Of Investment
-3,133,080
-2,581,968
-2,697,968
-1,996,878
Net Business Purchase And Sale
0
0
-7,780
Purchase Of Business
0
0
-7,780
Operating Cash Flow
1,415,225
1,090,051
911,339
780,470
Cash Flow From Continuing Operating Activities
1,415,225
1,090,051
911,339
780,470
Change In Working Capital
-91,938
7,620
60,823
7,340
Change In Other Working Capital
193,055
209,843
177,896
119,657
Change In Other Current Liabilities
-3,352
-9,589
-5,923
-1,723
Change In Payables And Accrued Expense
6,736
-6,213
-7,563
27,890
Change In Accrued Expense
2,982
-1,414
-4,249
9,276
Change In Payable
3,754
-4,799
-3,314
18,614
Change In Account Payable
6,080
-1,961
-10,230
21,429
Change In Tax Payable
-2,326
-2,838
6,916
-2,815
Change In Income Tax Payable
-2,326
-2,838
6,916
-2,815
Change In Prepaid Assets
-33,825
-17,453
414
-47,399
Change In Receivables
-254,552
-168,968
-104,001
-91,085
Changes In Account Receivables
-244,704
-164,572
-149,810
-72,177
Other Non Cash Items
32,181
28,276
30,339
35,521
Stock Based Compensation
472,703
437,350
393,733
351,907
Asset Impairment Charge
693
256
272
Amortization Of Securities
-9,693
-24,443
-26,515
-3,624
Deferred Tax
65,094
-112,273
-105,374
-127,502
Deferred Income Tax
65,094
-112,273
-105,374
-127,502
Depreciation Amortization Depletion
37,972
39,383
32,628
29,122
Depreciation And Amortization
37,972
39,383
32,628
29,122
Operating Gains Losses
-222
971
-782
Net Foreign Currency Exchange Gain Loss
-222
971
-782
Net Income From Continuing Operations
908,906
714,138
525,705
487,706
4/5
Graham Score
Enterprising Investor
Requires deeper research. Suited for active investors.
Graham's Fair Value
N/A
N/A — requires
positive EPS and positive book value per share. Check the Financials tab for earnings history.
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $7.2B
Warren's Owner Earnings
N/A
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
4/5 — Enterprising Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$3.2B
vs > $1.5B revenue
✅
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
4.89x
vs Current Ratio > 2.0x
✅
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
No loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
✅
Earnings Growth
EPS grew from $3.00 to $5.44 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
+81.3% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $3.2Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
✅ Strong Financial Condition — 4.89xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
✅ Earnings Stability — No loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $3.00 to $5.44 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
These metrics estimate what VEEV is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
N/A
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
N/A
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
9.9%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
Metric
2026
2025
2024
2023
2022
Capital Expenditure % of Net Income
N/A
N/A
N/A
N/A
N/A
Repurchase of Capital Stock
-$170M
$0M
$0M
N/A
N/A
Free Cash Flow
$1.4B▲
$1.1B▲
$911M▲
$780M•
N/A•
Warren's Owner Earnings
N/A
N/A
N/A
N/A
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare VEEV against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
No management data available.
Risk Analysis
VEEV (VEEV) fundamental analysis — Overall grade A based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 75.5%. Operating margin: 28.7%. Net margin: 28.4%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.