We publish no single base value for Veeva Systems. Our valuation methods put it between $391.51 and $411.37 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | $411.37 | +36.0% | free cash flow $1.64bn, growth 16.5% for 5 years, then fading to 3% over 5 more, discounted at 9.18%; plus net cash $42.96 a share; stress floor $211.79 |
| Exit multiple (P/E) | $391.51 | +29.5% | earnings per share $9.23 valued at 38.7× (the stock's own median P/E) in 5 years, discounted back |
| Sum of the parts | — | — | no sum of the parts: this run holds no segment disclosure for the name |
| Price to sales | — | — | not reached: the cash-flow or earnings methods produced an anchor, so this fallback was not run |
| Tangible book | — | — | used only for lenders, where book value is the business |
| Price to FFO (REITs) | — | — | used only for REITs |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
The discount rate:
| Risk-free rate | 5.13% (10-year US Treasury yield) |
| Company's own beta | 0.89 (5 years of monthly returns against the S&P 500; standard error 0.30) |
| Peer beta | 0.77 (median of 58 S&P 500 Health Care companies) |
| Blend of own and peers | 0.85 (70% own, 30% peers, weighted by how precisely the company's own beta is measured) |
| Adjusted beta | 0.90 (0.67 × 0.85 + 0.33, pulled toward the market's 1.0) |
| Equity risk premium | 4.5% |
| Discount rate = risk-free + adjusted beta × premium | 9.18% |
Free cash flow grows 16.50% a year for 5 years, then fades in equal steps toward 3% over 5 more; each year is discounted by 1 ÷ (1 + rate)^year:
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Now | — | $1.64bn | — | — |
| Year 1 | 16.50% | $1.91bn | 0.9159 | $1.75bn |
| Year 2 | 16.50% | $2.23bn | 0.8389 | $1.87bn |
| Year 3 | 16.50% | $2.60bn | 0.7684 | $2.00bn |
| Year 4 | 16.50% | $3.03bn | 0.7038 | $2.13bn |
| Year 5 | 16.50% | $3.52bn | 0.6446 | $2.27bn |
| Year 6 | 14.25% | $4.03bn | 0.5904 | $2.38bn |
| Year 7 | 12.00% | $4.51bn | 0.5408 | $2.44bn |
| Year 8 | 9.75% | $4.95bn | 0.4953 | $2.45bn |
| Year 9 | 7.50% | $5.32bn | 0.4536 | $2.41bn |
| Year 10 | 5.25% | $5.60bn | 0.4155 | $2.33bn |
| Terminal value = year-10 cash flow × (1 + 3%) ÷ (9.18% − 3%) | $93.34bn |
| Terminal value in today's money | $38.78bn |
| Present value of years 1–10 | $22.03bn |
| Total present value | $60.81bn |
| Shares outstanding | 165.06m |
| Cash flows per share = total ÷ shares | $368.41 |
| Plus net cash per share | $42.96 |
| Value per share | $411.37 |
How the DCF value moves with the discount rate and the starting growth (the middle cell is the published value):
| Discount rate | Growth 11.5% | Growth 16.5% | Growth 21.5% |
|---|---|---|---|
| 8.18% | $375.59 | $491.08 | $642.87 |
| 9.18% | $318.13 | $411.37 | $533.54 |
| 10.18% | — | $354.21 | $455.27 |
The same DCF at each beta, starting growth unchanged:
| Beta | Value | Discount rate | DCF value |
|---|---|---|---|
| Company's own beta | 0.89 | 9.13% | $414.39 |
| Peer beta | 0.77 | 8.59% | $454.48 |
| Adjusted beta (used) | 0.90 | 9.18% | $411.37 |
Earnings per share grow on the same fading path as the DCF:
| Year | Growth | Earnings per share |
|---|---|---|
| Now | — | $9.23 |
| Year 1 | 16.50% | $10.76 |
| Year 2 | 13.12% | $12.17 |
| Year 3 | 10.59% | $13.46 |
| Year 4 | 8.70% | $14.63 |
| Year 5 | 7.27% | $15.69 |
| Earnings per share in year 5 | $15.69 |
| Exit P/E (the stock's own median P/E) | 38.7× |
| Value in 5 years = earnings × P/E | $607.38 |
| Discounted at 9.18% over 5 years: ÷ 1.5514 | $391.51 |
We publish no single base value for Veeva Systems. Our valuation methods put it between $391.51 and $411.37 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
One-year price simulation: a 10% chance the price is below $181.69 and a 10% chance it is above $511.28 in a year; a 51% chance it is higher than today's $302.42, from 40.16% volatility. The simulation assumes the price drifts up at our discount rate of 9.18% a year.
At $302.42 the price implies free cash flow growing 10.5% a year for five years and then fading toward 3% over five more; its revenue has grown 16.5%.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $273.33 | — |
| 9 Oct 2026 | $296.13 | — |
| 16 Oct 2026 | $310.36 | — |
| 23 Oct 2026 | $323.04 | — |
| 30 Oct 2026 | $312.96 | — |
| 6 Nov 2026 | $303.73 | — |
| 12 Nov 2026 | $302.42 | — |
Data as of 12 Nov 2026; financials to 31 Jul 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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