VEEVVEEVA SYSTEMS INC
Services-Prepackaged Software
- Revenue
- $3.2B
- 16% YoY
- Operating margin
- 28.7%
- 14% YoY
- EBITDA
- $916M
- 33% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear156% of net incomeCash flow under 80% of net income
- Dilutive SBCFired15% of revenueOver 10% of revenue
- Payouts exceed cash flowClear12% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear5% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.9B | $2.2B | $2.4B | $2.7B | $3.2B | 16% |
| Operating income | $505M | $459M | $429M | $691M | $916M | 33% |
| Net income | $427M | $488M | $526M | $714M | $909M | 27% |
| Operating cash flow | $764M | $780M | $911M | $1.1B | $1.4B | 30% |
| Stock-based comp | $235M | $352M | $394M | $437M | $473M | 8.1% |
| Buybacks | — | — | $0 | $0 | $170M |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $3M · 7
- Net
- −$3M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $471K | −$88M | 74 | 125 |
| FY2025 | $172M | $284M | 84 | 147 |
| FY2024 | $421K | $32M | 75 | 136 |
| FY2023 | $392K | −$94M | 62 | 90 |
| FY2022 | $350K | −$58M | 86 | 111 |