Veeva Systems Inc (VEEV) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Technology / Software · as of Aug 11, 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
36.3
P / E (ttm)
12.6%
ROE
$38.3B
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). 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. 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. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 10% of net operating assets, diverging from the balance-sheet accrual read.
11.8%
FY2026
Return on invested capital.Return on invested capital is 11.8% in the latest fiscal year and slipping from 14% — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.
+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?