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 Margin29.6%
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 Margin29.5%
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 Debt0.6 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$6.4B
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$6.5B
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
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book5.69x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
A
Free Cash Flow$239M
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.
About Veeva Systems Inc.
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.
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.
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.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
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.
Mr. Market is currently offering Veeva Systems Inc. at $261.31.
The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.
At $261.31, the stock trades at a 531% premium to its Graham Number of $41.40. Graham would consider this price speculative.
There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.
Trading at 6.7x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..
Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q3 2026
Q4 2025
Gross Profit %
75.0%▼
75.4%
Operating Margin %
29.6%▼
29.7%
Net Income %
29.5%▲
29.1%
Diluted EPS
1.66▲
1.40
Balance Sheet Highlights
Metric
Q3 2026
Q4 2025
Total Assets
$9.1B
$8.1B
Total Debt
$152M▲
$90M
Working Capital
$6.5B▲
$6.2B
Years to Pay Debt
0.55
0.38
Cash Flow Highlights
Metric
Q3 2026
Q4 2025
Free Cash Flow
$239M▲
$193M
Owner Earnings
N/A
N/A
CapEx % of Net Income
N/A
N/A
Income Statement
2026
2025
Tax Rate For Calcs
0
0
Normalized EBITDA
285,889
250,559
Net Income From Continuing Operation Net Minority Interest
273,429
236,203
Reconciled Depreciation
10,871
9,706
Reconciled Cost Of Revenue
232,012
199,465
EBITDA
285,889
250,559
EBIT
275,018
240,853
Normalized Income
273,429
236,203
Net Income From Continuing And Discontinued Operation
273,429
236,203
Total Expenses
652,945
570,383
Total Operating Income As Reported
275,018
240,853
Diluted Average Shares
165,057
168,935
Basic Average Shares
162,344
164,049
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
273,429
236,203
Net Income Common Stockholders
273,429
236,203
Net Income
273,429
236,203
Net Income Including Noncontrolling Interests
273,429
236,203
Net Income Continuous Operations
273,429
236,203
Tax Provision
76,101
76,583
Pretax Income
349,530
312,786
Other Income Expense
74,512
71,933
Other Non Operating Income Expenses
74,512
71,933
Operating Income
275,018
240,853
Operating Expense
420,933
370,918
Research And Development
222,918
191,883
Selling General And Administration
198,015
179,035
Selling And Marketing Expense
126,701
110,552
General And Administrative Expense
71,314
68,483
Other Gand A
71,314
68,483
Gross Profit
695,951
611,771
Cost Of Revenue
232,012
199,465
Total Revenue
927,963
811,236
Operating Revenue
927,963
811,236
Balance Sheet
2026
2025
Ordinary Shares Number
161,835
164,343
Share Issued
161,835
164,343
Total Debt
151,695
89,796
Tangible Book Value
6,882,811
6,568,104
Invested Capital
7,431,449
7,040,631
Working Capital
6,490,277
6,166,976
Net Tangible Assets
6,882,811
6,568,104
Capital Lease Obligations
151,695
89,796
Common Stock Equity
7,431,449
7,040,631
Total Capitalization
7,431,449
7,040,631
Total Equity Gross Minority Interest
7,431,449
7,040,631
Stockholders Equity
7,431,449
7,040,631
Gains Losses Not Affecting Retained Earnings
-46,147
9,914
Other Equity Adjustments
-46,147
9,914
Retained Earnings
4,897,866
4,119,297
Additional Paid In Capital
2,579,728
2,911,418
Capital Stock
2
2
Common Stock
2
2
Total Liabilities Net Minority Interest
1,628,774
1,056,520
Total Non Current Liabilities Net Minority Interest
172,824
111,642
Other Non Current Liabilities
33,708
32,008
Non Current Deferred Liabilities
2,056
367
Non Current Deferred Taxes Liabilities
2,056
367
Long Term Debt And Capital Lease Obligation
137,060
79,267
Long Term Capital Lease Obligation
137,060
79,267
Current Liabilities
1,455,950
944,878
Current Deferred Liabilities
1,310,498
822,466
Current Deferred Revenue
1,310,498
822,466
Current Debt And Capital Lease Obligation
14,635
10,529
Current Capital Lease Obligation
14,635
10,529
Pensionand Other Post Retirement Benefit Plans Current
42,188
41,485
Payables And Accrued Expenses
88,629
70,398
Current Accrued Expenses
49,634
31,707
Payables
38,995
38,691
Other Payable
Total Tax Payable
3,018
6,020
Income Tax Payable
3,018
6,020
Accounts Payable
35,977
32,671
Total Assets
9,060,223
8,097,151
Total Non Current Assets
1,113,996
985,297
Other Non Current Assets
60,470
60,544
Non Current Deferred Assets
296,085
312,270
Non Current Deferred Taxes Assets
268,250
286,966
Goodwill And Other Intangible Assets
548,638
472,527
Other Intangible Assets
55,647
32,650
Goodwill
492,991
439,877
Net PPE
208,803
139,956
Accumulated Depreciation
Gross PPE
208,803
139,956
Leases
Construction In Progress
Other Properties
208,803
139,956
Machinery Furniture Equipment
Buildings And Improvements
Land And Improvements
Current Assets
7,946,227
7,111,854
Other Current Assets
137,633
102,777
Receivables
565,647
371,776
Other Receivables
68,970
57,549
Accounts Receivable
496,677
314,227
Allowance For Doubtful Accounts Receivable
-97
-171
Gross Accounts Receivable
496,774
314,398
Cash Cash Equivalents And Short Term Investments
7,242,947
6,637,301
Other Short Term Investments
5,430,935
4,977,164
Cash And Cash Equivalents
1,812,012
1,660,137
Cash Flow
2026
2025
Free Cash Flow
238,709
192,787
Repurchase Of Capital Stock
-245,726
Income Tax Paid Supplemental Data
144,340
38,225
End Cash Position
1,814,321
1,662,315
Beginning Cash Position
1,898,759
1,932,609
Effect Of Exchange Rate Changes
-299
-494
Changes In Cash
-84,139
-269,800
Financing Cash Flow
-259,308
32,646
Cash Flow From Continuing Financing Activities
-259,308
32,646
Net Other Financing Charges
-27,786
-25,053
Proceeds From Stock Option Exercised
14,204
57,699
Net Common Stock Issuance
-245,726
Common Stock Payments
-245,726
Investing Cash Flow
-63,540
-495,233
Cash Flow From Continuing Investing Activities
-63,540
-495,233
Net Other Investing Changes
-8,022
-9,889
Net Investment Purchase And Sale
-49,165
-485,344
Sale Of Investment
675,152
447,992
Purchase Of Investment
-724,317
-933,336
Net Business Purchase And Sale
-6,353
Purchase Of Business
-6,353
Operating Cash Flow
238,709
192,787
Cash Flow From Continuing Operating Activities
238,709
192,787
Change In Working Capital
-202,847
-197,707
Change In Other Working Capital
-171,092
-288,603
Change In Other Current Liabilities
-57
527
Change In Payables And Accrued Expense
-80,770
-24,836
Change In Accrued Expense
-10,501
-27,023
Change In Payable
-70,269
2,187
Change In Account Payable
-5,125
-171
Change In Tax Payable
-65,144
2,358
Change In Income Tax Payable
-65,144
2,358
Change In Prepaid Assets
-13,410
14,422
Change In Receivables
62,482
100,783
Changes In Account Receivables
71,700
107,984
Other Non Cash Items
9,314
7,909
Stock Based Compensation
136,803
120,268
Amortization Of Securities
-1,053
-2,078
Deferred Tax
12,192
18,486
Deferred Income Tax
12,192
18,486
Depreciation Amortization Depletion
10,871
9,706
Depreciation And Amortization
10,871
9,706
Net Income From Continuing Operations
273,429
236,203
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $789M▲ $928M+17.6%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 75.3%▲ 75.0%-0.3pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 34.9%▲ 29.6%-5.2pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 25.4%▲ 29.5%+4.1pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$928M/qtr (≈$3.7B ann.)
vs > $1.5B annualised revenue
✅ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
5.46x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$239M
vs Positive
Operating Cash Flow
$239M
Latest quarter · Buffett's cash reality check
ROIC
2.9%
Based on latest annual operating income
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.
Market Cap / Net Assets
5.7x
Net Assets: $7.4B
⚠️Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.
Peers & Industry
No auto-detected peers for Health Information Services. 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
Capital Allocation & Alignment
Insider Ownership
8.61%
Moderate — some alignment with shareholders
Return on Equity (ROE)
3.7%
Weak — poor returns on equity
Return on Assets (ROA)
3.0%
Fair — average asset utilization
Share Buybacks (Latest Year)
$170M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+47.2% YoY
Debt is growing — management is leveraging up
Leadership Team
Peter Gassner
Founder, CEO & Director
Age 60
Pay: $470,833
0.172% of net income
Eleni Nitsa Zuppas
President & Chief of Staff
Age 55
Pay: $470,833
0.172% of net income
Thomas Schwenger
President & Chief Customer Officer
Age 57
Pay: $470,833
0.172% of net income
Brian Van Wagener
Chief Financial Officer
Age 42
Pay: $470,833
0.172% of net income
Paul Shawah
Executive Vice President of Strategy & Campaign Manager
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
7.94%
12,862,503
Vanguard Capital Management LLC
5.99%
9,692,862
Vanguard Portfolio Management LLC
4.58%
7,414,743
State Street Corporation
4.14%
6,706,909
Principal Financial Group, Inc.
3.08%
4,979,210
Alliancebernstein L.P.
3.03%
4,913,322
Geode Capital Management, LLC
2.78%
4,508,933
Linonia Partnership LP
2.72%
4,409,598
Risk Analysis
Beta (Market Risk)
0.97
Low volatility — more stable than the market
Short Interest
3.3% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
0.02x
Conservative balance sheet — low financial risk
Current Ratio
5.46x
Strong liquidity — Graham approved
52-Week Price Range
Low: $148.05Current: $261.31High: $310.50
Currently at 70% of 52-week range
Veeva Systems Inc. (VEEV) fundamental analysis — Overall grade B based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $41.40. Margin of safety: 0%. Gross profit margin: 75.0%. Operating margin: 29.6%. Net margin: 29.5%. Market cap: $42.3B. Sector: Healthcare. Industry: Health Information Services. 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.