Veeva — software card

VEEV

LargeRevenue $3.5B TTM4-quarter TTM

Close · Oct 16, 2026310.36P/E 51.0 · EV $44.1B

EV / revenue12.8×EV / gross profit 17.0×

Rule of 4064growth +17% + FCF +47%

+7% above 5y medianEV / revenue vs. its own five years

Board median EV / revenue10.2×five-year median 11.8× · −14%

Median Rule of 405321 of 24 above the line

Median revenue growth18%a year ago 15% · accelerating

Median SBC / revenue11%FCF margin 30% → 16% ex-SBC

Lights on0 of 3prices Oct 16, 2026 · TTM through Aug 31, 2026

Against the line

growth + FCF margin, in points

line 40score 64

growth 17 ptFCF margin 47 pt

Growth +17% plus FCF margin +47% is 64 points, 24 above the line at 40.

Where it has traded

quarter-end EV / revenue · 20 quarters · Oct 31, 2021 → Jul 31, 2026

Five-year median 11.9×, middle half 11.2–13.8×, range 5.6–28.0×. Now 12.8×: +7% above its own median, higher than 65% of those quarters.Each quarter at its own close, shares and balance sheet · the band is the 25th–75th percentile

What the cash flow really is

TTM through Jul 31, 2026 · $B

No waterfall: the cash-flow window or the SBC line is unusable this run.

Against its scale group

VEEV (blue) vs. the other Large companies on the board (14), grey

Revenue growth+17% vs. +27%

Gross margin75% vs. 75%

FCF margin+47% vs. +32%

SBC / revenue— vs. 14%

Rule of 4064 vs. 59

EV / revenue12.8× vs. 19.2×

Group averages are the plain mean of the other companies in the same scale group with a usable window.

Quarter by quarter

8 quarters · Oct 31, 2024 → Jul 31, 2026 · a gap is a dropped quarter

Revenue, $B0.93

Growth YoY, quarter+18%

FCF margin, quarter+25%

SBC / revenue, quarter15%

Lights

on / off, no score

Dilutionoff

Off. SBC — of revenue (light above 20%); shares −1.3% in a year (light above +5%).

Decelerationoff

Off. Growth +17% vs. +15% a year earlier (light when more than 10 points lower).

Cash burnoff

Off. Trailing FCF is $1.6B.

The numbers

colour = threshold

Revenue growth · a year ago: +17% · +15%
Gross margin · operating margin: 75% · +30%
FCF margin: +47%
Rule of 40: 64
SBC / revenue: —
FCF ex-SBC: —
Shares YoY · buybacks TTM: −1.3% · $642.6M
EV / revenue · EV / GP · EV / FCF: 12.8× · 17.0× · 27×
P/E: 51.0
Net cash · share of EV: $7.1B · +16%
Revenue TTM · market cap: $3.5B · $51.2B

Thresholds: growth ≥25% · FCF margin ≥25% · Rule of 40 ≥40 · SBC ≤8% · shares ≤0% are green. Full method → · How to value a software company →

Data quality this run

4-quarter TTM

Stock-based compensation unusable (2026-04-30: stock-based compensation not positive; 2026-01-31: stock-based compensation not positive); SBC figures omitted.Prices Oct 16, 2026 · financials TTM through Aug 31, 2026.