VEEV
Veeva Systems
Recurring SaaS
★ Quality 44/100Price today
$185.59
what the market pays
Worth
$205.61
calculated cycle value
Price is 10% below its value
charlieapp.co
Price vs Intrinsic Value
The line is the price month by month; the green band marks when it's undervalued (−20% off value). When the price drops in there, the discount is real, not opinion.
Where does the value come from?
Software and subscriptions
$197.10
per share
How it's calculated
Veeva Systems — high assistant path (2026-06-07). Review note.
Net cash in the bank
cash minus financial debt, per share
Total calculated value
business + cash
How many times the cash flow
Recurring SaaS · vs 26 peers
You pay 21.1x times this business's cash flow; its sector median is 21.1x.
11% below what Charlie thinks it's worth (23.5x) — that gap is your safety margin.
Why Discounted?
Its free cash flow is $8.39/share × 23.5x multiplier plus $8.51 in net cash = $205.61 in intrinsic value. Today's price of $185.59 is 11% below value — a moderate discount, a good spot to enter gradually.
The price is 10% off the calculated value. Close, but without the ideal discount.
It's fine to buy in pieces. Monthly DCA works well here.
For a bigger safety margin, wait for $164.49 or less.
At what price would buying make sense?
Entry zones
🟢 Undervalued
≤$164.49
-20% off Value
🟡 Discounted
≤$195.33
-5% off Value
🟡 Today
$185.59
+11% Valor
Discounted
The price is close to value. There's no big discount, but it's reasonable to invest in pieces.
“The market is a device for transferring money from the impatient to the patient.”
— Warren Buffett
Model updated · July 2026
The business
Pharma's operating system: leaving means revalidating with the FDA.
Veeva sells custom-built cloud software for pharma and biotech: clinical trial management, regulatory data, and commercial CRM. It charges recurring subscriptions, with $3.2B in revenue and 76% gross margins. The life sciences industry doesn't ask for discounts; it asks that it works.
It's embedded in pharma's regulated workflows — switching systems means revalidating processes with the FDA, something nobody does on a whim. It knows a single vertical client's business better than a generic Salesforce. Not a monopoly, but the cost of leaving is high and the data is sticky.
Revenue history
From $1.9B to $3.2B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $3.2B · FY2026
Of every $100 in sales, $72 goes to costs and operations; $28 is left as net profit (28% margin).
Catalysts and risks
Full migration to Vault CRM after dropping Salesforce, deadline 2025 — retention of its installed base.
Expansion into adjacent sectors (cosmetics, chemicals, food) on the same Vault platform.
Growth in data products (Veeva Data Cloud) competing with IQVIA, higher margin and recurrence.
FCF reported at $0.0B this cut: watch cash conversion closely, it's not trivial for a mature SaaS.
Dependence on a single vertical — a cut in pharma R&D spending hits it head-on.
The moat is not monopoly-grade; a deep-pocketed competitor can attack niches like CRM.
Charlie's note
“Paying 23.49x for a business growing 15% with 76% gross margin and embedded in workflows the FDA forces you to revalidate is no gift, but no madness either. The data stickiness justifies waiting calmly.”
Analysis · June 2026
So when would be a good price for Veeva Systems?
Today it trades below what we calculate. If you want us to tell you when that changes —or when the value itself moves because the company reported— we will email you.
🔔 Email meFree · no card
Charlie informs, it doesn't advise. No information should be taken as a recommendation to buy or sell.