The deep dive · NYSE: VEEV · Read November 1, 2026

Veeva Systems

The software that drug companies run on, from clinical trials to sales calls. Very profitable, no debt, and in the middle of moving its biggest product off Salesforce while adding AI agents.

10-K FY2026
Since you opened this page
Veeva Systems's revenue at its last-quarter pace of $117 a second.
Revenue
$3.20B in the year to January 2026, up 16%.
Profit
+$916M operating income, a 29% margin.
Debt
None and $7.24B of cash and short-term investments.
Watch
28% of revenue comes from its 10 largest customers.
AI
Agents in Vault built on Anthropic and Amazon models, sold to its customers.
Hiring
7,928 staff up 637 in a year. Work Anywhere: office or home, day by day.
Listings
769 → 740 remote listings since Oct 10.
01 · The business

Trials and quality now outsell sales software.

Veeva started as a CRM for drug reps. Today the bigger half is software for running clinical trials, regulatory filings, safety and quality. Almost all revenue is subscriptions; services are about a sixth.

45%
R&D and Quality software, $1.43B
39%
Commercial software (CRM, data), $1.26B
10%
R&D and Quality services, $322M
6%
Commercial services, $189M
10-K FY2026, revenue by product
The moat, in three parts
  1. 1
    Built only for life sciences
    1,552 customers, and its software sits inside clinical, regulatory, safety, quality and sales work. Switching means re-validating regulated processes.
    10-K FY2026
  2. 2
    One platform under every product
    Vault runs the R&D suite and now CRM. Over 180 customers are live on Vault CRM and 12 top 20 biopharmas have committed.
    Veeva Q2 FY2027 results
  3. 3
    A fortress balance sheet
    $7.24B of cash and investments and no debt. Operating cash flow was $1.37B in six months.
    10-Q Q2 FY2027
The competition
TradingView, Oct 30 close
CompanyWorthRevenueGrowthPer employeePaid per $1Stock, 1 yr
Veeva Systems$50.7B$3.46B+17%$0.44M$14.94+9%
Salesforce$189B$43.9B+11%$0.53M$4.28−9%
IQVIA$44.1B$17.3B+9%$0.19M$2.58+24%
Dassault Systemes$33.8B$6.30B0%$0.25M$5.32+3%
Oracle$395B$71.8B+22%$0.51M$5.46−51%
  • Veeva Systems
    Worth
    $50.7B
    Revenue
    $3.46B
    Growth
    +17%
    Per employee
    $0.44M
    Paid per $1
    $14.94
    Stock, 1 yr
    +9%
  • Salesforce
    Worth
    $189B
    Revenue
    $43.9B
    Growth
    +11%
    Per employee
    $0.53M
    Paid per $1
    $4.28
    Stock, 1 yr
    −9%
  • IQVIA
    Worth
    $44.1B
    Revenue
    $17.3B
    Growth
    +9%
    Per employee
    $0.19M
    Paid per $1
    $2.58
    Stock, 1 yr
    +24%
  • Dassault Systemes
    Worth
    $33.8B
    Revenue
    $6.30B
    Growth
    0%
    Per employee
    $0.25M
    Paid per $1
    $5.32
    Stock, 1 yr
    +3%
  • Oracle
    Worth
    $395B
    Revenue
    $71.8B
    Growth
    +22%
    Per employee
    $0.51M
    Paid per $1
    $5.46
    Stock, 1 yr
    −51%

Investors pay $14.94 for every dollar Veeva Systems brings in. Its peers here range from $2.58 to $5.46, about 3.1 times their median of $4.80.

Veeva Systems, TradingViewSalesforce, TradingViewIQVIA, TradingViewDassault Systemes, TradingViewOracle, TradingView
02 · The money · May to July 2026, its latest reported quarter

Veeva Systems brought in $928 million in 92 days.

+$139M
on the same 92 days a year earlier
$10M
a day, every day of the quarter
$420K
an hour, around the clock
$7,005
a minute

That is about $139 million more than the same three months a year earlier. Each of its 7,928 employees brought in about $0.40 million over the year, about $1,100 a day.

Revenue is not profit. It is the money that came in before Veeva Systems pays any of its costs.

10-Q Q2 FY2027; employees from 10-K FY2026
02 · The turn

Operating profit grew from $429 million to $916 million.

Revenue grew 35% in two years. In FY2026 it kept 29 cents of every revenue dollar as operating profit.

Revenue
Money coming in, per fiscal year
Operating profit
What is left after running the business
  • FY2024: kept 18¢ of every $1
  • FY2025: kept 25¢ of every $1
  • FY2026: kept 29¢ of every $1
10-K FY2026, statement of operations
Revenue per employee

Salesforce and Oracle bring in more per person than Veeva Systems; IQVIA and Dassault Systemes less.

  1. Salesforce$0.53M
  2. Oracle$0.51M
  3. Veeva Systems$0.44M
  4. Dassault Systemes$0.25M
  5. IQVIA$0.19M
$0.0M$1.0M
Trailing revenue divided by employees, from the same market read as the table above.
The balance sheet

Veeva could fund years of losses it does not have. The cash pays for buybacks and small AI acquisitions, and the interest it earns is a big part of profit.

No debt, $7.24B of cash and investments
$5.43B
short-term investments
$1.81B
cash and equivalents
$152M
lease liabilities, its only debt-like item
10-Q Q2 FY2027, balance sheet
03 · Footnote flags

What the filings say, and what we think it means.

The fact is the filing's. The read, in italics, is ours.

  1. 01
    Watch

    Its oldest product must leave Salesforce by 2030.

    The Salesforce platform agreement expired Sept 1, 2025. In the wind-down to Sept 1, 2030, Veeva cannot sell Salesforce-based CRM to new customers. Salesforce is now its main CRM rival and has won some large Veeva CRM customers.

    Every CRM customer has to move to Vault CRM or leave. This is the biggest single execution risk, and it lands on sales and services teams.

    10-K FY2026, risk factors
  2. 02
    Watch

    Ten customers pay 28% of the bills.

    The top 10 customers were 28% of revenue in each of the last three fiscal years. About 40% of revenue comes from outside North America.

    Stable, but a few big pharma decisions move the numbers. Mergers between drug makers can shrink the customer list.

    10-K FY2026, risk factors
  3. 03
    Good

    An eight-year fight with IQVIA is over.

    On Aug 13, 2025 Veeva and IQVIA settled all litigation dating to 2017. Neither paid damages. Veeva paid about $31M to its own lawyers under success-fee deals, and the two signed data access agreements.

    A legal cloud and a data roadblock are gone. Customers can now combine IQVIA data with Veeva software.

    8-K, Aug 18, 2025
  4. 04
    Neutral

    The 40% jump in quarterly profit is partly flattered.

    Q2 FY2027 operating income rose 40% to $275.0M, but the year-earlier quarter carried a $30.6M litigation settlement charge in G&A. Revenue grew 18%.

    Underlying growth is closer to revenue growth. Non-GAAP operating income, which leaves the charge out, rose 18%.

    Veeva Q2 FY2027 results
  5. 05
    Watch

    Stock pay runs about $500 million a year.

    Stock-based compensation was $256.1M in the six months to July 2026, about 14% of revenue.

    Equity is a real part of pay here. Buybacks more than offset it for now, so the share count is falling.

    10-Q Q2 FY2027, cash flows
  6. 06
    Good

    First big buyback, bought near the lows.

    A $2B two-year program was approved in Jan 2026. Veeva bought 2.66M shares at about $175 in the six months to July, $466.8M, with $1.4B left. Shares outstanding fell 1.2% in a year.

    A shift for a company that long just piled up cash. Shares bought near $175 look well timed next to recent prices.

    10-Q Q2 FY2027, repurchases
  7. 07
    Neutral

    Interest and other income is nearly a quarter of pretax profit.

    Other income, which includes interest on its $7B of investments, was $278.1M in FY2026, about 23% of pretax profit.

    Falling interest rates would trim profit even if the software business did fine.

    10-K FY2026, statement of operations
  8. 08
    Neutral

    A new US tax break lowered its tax rate.

    Q2 effective tax rate was 21.8%, from 24.5%, mainly from a bigger foreign-derived income deduction under the One Big Beautiful Bill Act.

    A policy gift, not an operating gain. It can change with the next tax law.

    10-Q Q2 FY2027, income taxes
  9. 09
    Neutral

    Its President left to run a partner.

    President and Chief Customer Officer Tom Schwenger resigned effective Oct 2, 2026 to become CEO of a long-standing Veeva partner. Dan Rizzo became EVP of Sales, Consulting and Services.

    A senior customer-facing exit during the CRM migration. The partner is not named.

    8-K, Aug 20, 2026
  10. 10
    Neutral

    A public benefit corporation.

    Veeva is a Delaware PBC, with a stated purpose of helping the industries it serves become more productive. Employees are not required to sign non-competes.

    The board can weigh more than shareholder returns. For staff, no non-compete is a real plus.

    10-K FY2026
04 · Who gets paid most

Operations is paid 26% over market. Engineering, 24% under.

Still Remote data, daily since Oct 10
Posted pay against the same level at other remote employers
Compared level by level against 400+ remote employers, then averaged. Number of posted ranges beside each team.
AI and ML listings, Oct 10 to Oct 31
16 → 13−19%
Remote listings, same days
769 → 740−4%

We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.

05 · Built for the agentic era?

Can AI agents do business with Veeva Systems?

We checked the agent payment programs, developer docs and site rules an AI assistant would meet.

Our verdict

Ready for customers' agents. Behind a license.

Still Remote read
Live
  1. An MCP server agents can call
    Vault AI MCP lets clients like Claude Code run Vault AI agent actions. Only for customers with Vault AI enabled.
    checked Oct 31, 2026
    Yes
  2. Developer docs that AI tools can read
    The Vault developer portal has an llms.txt index and a separate documentation MCP server for Claude and Gemini tools.
    checked Oct 31, 2026
    Yes
  3. An llms.txt on the main site
    veeva.com/llms.txt indexes about 109 pages, including Vault AI, Falcon and careers.
    checked Oct 31, 2026
    Yes
  4. AI agents inside its products
    Vault AI added new standard agents and custom agent tools in Aug 2026. Falcon, for clinical and safety work, expects first go-lives this year.
    Veeva Q2 FY2027 results
    Yes
  5. Lets AI crawlers read its site
    No AI bot is blocked by name. Only admin and private upload folders are closed; careers pages are open.
    checked Oct 31, 2026
    Yes
05 · Inside the company

Where Veeva Systems puts AI to work.

AI and ML job titles, share of open remote listings
Veeva Systems
1.8%
Every company we track
6.2%
13 of 740 Veeva Systems listings on Oct 31. Scale 0% to 10%.
  1. 1
    Agents run on Anthropic and Amazon models
    Veeva AI agents use large language models from Anthropic and Amazon, hosted on Amazon Bedrock, with direct access to customer data and workflows in Vault.
    10-K FY2026
  2. 2
    Buying small AI companies
    It bought Ostro, an AI chat platform for life sciences, for $90M in March 2026, and Copli in the following quarter.
    10-Q Q2 FY2027, acquisitions
  3. 3
    Still adding people, no restructuring
    Headcount grew by 637 to 7,928 in the year to January 2026, and the 10-K describes no restructuring plan.
    10-K FY2026
06 · What the hiring says

Fewer listings than on Sep 24, led by customer.

Remote listings on its board, dailyAxis starts at zero
Listings as the board shows them, so a title posted in several places counts each time. Team counts are open roles, repeated titles once.
101 of 352
roles are customer
46
product roles, the next biggest team
8
countries named in its remote roles, led by United States
+10
new roles in the last 7 days
07 · Scenario builder

Your view of the next year, in a share price.

A way to think, not a forecast, and not investment advice.

A share price is three numbers
$3.20Brevenue last year
×
$15.86what investors pay per $1 of it
=
$50.7Bthe whole company
÷ 162Mshares it is split into
= $312.96one share
Growth
How much bigger revenue gets in a year. More revenue to multiply.
Paid per $1 of revenue
The mood dial. High when investors expect fast growth and future profit, low when they doubt it. Veeva Systems sits at $15.86; the peers' median is $4.80.
Share count
Stock pay and converting notes add shares, so each is a smaller slice. Buybacks do the opposite. Last year Veeva Systems's share count changed −1.2%.
The analyst range
32 analysts publish a 12-month target, from $180 to $375. It is where Wall Street sits, not where the stock must go.
Pick a world

Growth and valuation hold, and the share count keeps rising at last year's rate. This lands above the analysts' average of $304.

Last year +16.3%.
For the year to Jan 2027: revenue $3.68B to $3.69B, non-GAAP operating income about $1.64B, non-GAAP EPS about $9.21 (Aug 2026).
Today $15.86. Salesforce $4.28 · IQVIA $2.58 · Dassault Systemes $5.32 · Oracle $5.46.
Last year −1.2%. Buying back stock: $466.8M in the six months to July 2026, $1.4B left on a $2B program approved Jan 2026.
$
A year from now, in your world
$368
+18% vs $312.96 today
Your grant, one year from now
$117,728

Your $100,000 grant today would be worth $117,728 in 12 months in this world, before taxes and vesting.

$3.72B revenue × $15.86 = $58.9B ÷ 160M shares
Against the 32 analysts
Today $313
Low $180
Avg $304
High $375
$0Band: low $180 to high $375$501
Revenue if this growth holds
Dotted: last year's pace, +16% a year. Bars start at zero.

A way to think, not a forecast, and not investment advice.

Veeva Q2 FY2027 results; 10-Q covers
08 · Where it looks headed

The signals, and which way they push.

  1. Tailwind
    Big pharma is moving to Vault CRM.

    Over 180 customers live, and 12 of the top 20 biopharmas committed, including two more in Aug 2026.

    Veeva Q2 FY2027 resultshigh
  2. Tailwind
    Trials and quality software keep growing faster.

    R&D and Quality subscriptions grew 19% in Q2, against 13% for Commercial. Safety passed 100 customers.

    10-Q Q2 FY2027, revenue by producthigh
  3. Tailwind
    AI agents are a new thing to sell.

    Standard and custom agents in Vault, Falcon with five early adopters, and an agentic call report rolled out to a top 20 pharma's full US field team.

    Veeva Q2 FY2027 resultsmedium
  4. Headwind
    Salesforce is fighting for its CRM customers.

    Salesforce has announced that some large Veeva CRM customers committed to it, and Veeva cannot sell its old CRM to anyone new.

    10-K FY2026, risk factorshigh
  5. Headwind
    Growth is steady, not speeding up.

    Full-year guidance of $3.68B to $3.69B implies about 15% growth, after 16% last year.

    Veeva Q2 FY2027 resultsmedium
09 · Bold predictions

Where Veeva Systems ends up, if we had to bet.

Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.

  1. 1

    Veeva keeps most of the top 20 drug makers on its CRM after the Salesforce exit.

    Likely 72%Competition

    12 of the top 20 have already committed to Vault CRM, with four years left on the wind-down. Salesforce has won some big names, so it will not be all of them.

    Veeva Q2 FY2027 results; 10-K FY2026
  2. 2

    AI agent products become a line Veeva reports on its own.

    Coin flip 50%AI

    It launched Vault AI agents, Falcon and an MCP server within a year, and the CEO calls AI the next big chapter. No AI revenue has been disclosed yet.

    Veeva Q2 FY2027 results
  3. 3

    Veeva keeps buying small AI and data companies rather than making one huge deal.

    Likely 72%M&A

    Ostro and Copli were both tuck-ins in 2026. With $7.24B of cash it can afford more, and it has never made a mega-acquisition.

    10-Q Q2 FY2027
  4. 4

    Annual revenue passes $6 billion.

    Coin flip 50%Growth

    At its guided 15% pace, revenue would cross $6B around FY2031. Growth has eased a little each year, so it could take longer.

    Veeva Q2 FY2027 guidance; Still Remote math
  5. 5

    Veeva is bought by a larger software company.

    Long shot 16%M&A

    At a market value near $50B it would be one of the biggest software deals ever. As a public benefit corporation its board can weigh more than price.

    10-K FY2026

Read by the Still Remote research agent on November 1, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.