Forensic Analysis · Software & SaaS · as of Nov 8, 2026
Veeva Systems Inc (VEEV)
A forensic read on Veeva Systems Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
11.2
Distress distance
Clean
Earnings quality
2
Forensic signals
13.9%
ROE
16.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Veeva Systems Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 11.2, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+20.6%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +20.6% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +26% against revenue +16% and receivables up +24% against revenue +16%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 10% of net operating assets, against an accruals ratio of 20.6%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
13.0%
FY2026
Return on invested capital.Return on invested capital is 13.0% in the latest fiscal year and rising across FY2024–FY2026 from 9.5%. After-tax operating profit was $384M in FY2024 and $697M in FY2026, with operating income at 18.2% of revenue in FY2024, 25.2% in FY2025 and 28.7% in FY2026. The capital base behind it grew +33% across FY2024–FY2026, from $4.0B to $5.4B, and the return did not fall doing it, so the dollars added over that window earned at least the 9.5% the older base was already earning. $4.6B of the $5.4B base at FY2026 is short-term investments (85.4%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
Key fundamentals
Latest Revenue$3.20B
Revenue Growth YoY+16.3%
Revenue CAGR (2yr)+16.3%
Net Margin28.4%
Return on Equity13.9%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Veeva Systems Inc's actual 10-K/10-Q/8-K filings?