Forensic Analysis · Technology / Software · as of Sep 20, 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
19.5
Distress distance
Clean
Earnings quality
3
Forensic signals
41.5
P / E (ttm)
12.6%
ROE
$42.2B
Market cap
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 19.5, placing it in the Safe zone. 3 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 receivables up +24% against revenue +16%. This is the 11th straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. 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.
11.8%
FY2026
Return on invested capital.Return on invested capital is 11.8% in the latest fiscal year, against 23% in FY2022, having run between 9.5% and 22.9% across FY2022–FY2026 with no direction held — a modest positive spread over the ~10% cost of capital we hold this sector to — the capital already deployed adds value, though not dramatically. The capital base behind it grew +222% across FY2022–FY2026, from $1.8B to $5.9B, while the return fell 11.2 points, so the dollars added over that window earned less than the 23% the older base was already earning.
+0.9%/yr
FY2023–FY2026
Share count.Diluted share count changed +3% over the last 3 years to FY2026 (+0.9%/yr). Roughly flat — buybacks ($170M) are about offsetting stock comp ($473M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$3.20B
Revenue Growth YoY+16.3%
Revenue CAGR (3yr)+14.0%
Net Margin28.4%
Return on Equity12.6%
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?