VEEV

Veeva is the entrenched vertical-cloud leader for life sciences, and the numbers show a high-quality compounder. Revenue grew from $1.85B (FY2022) to $3.20B (FY2026), a steady mid-teens climb (+16.3% YoY in FY2026), while net income nearly doubled over the same window to $909M (+27.3% YoY). Profitability is expanding faster than the top line — operating income rose +32.5% and diluted EPS +25.9% — confirming real operating leverage rather than growth bought with margin. Gross margin of 75.5%, operating margin of 28.7%, and net margin of 28.4% are best-in-class for software, and operating cash flow of $1.42B (+29.8%) backs the GAAP earnings with cash.

The balance sheet removes most of the downside-quality risk: $7.21B of equity against just $1.76B of total liabilities (liabilities/equity 0.24x), $1.42B of cash, and $8.00B of current assets versus $1.64B current liabilities. There is no debt overhang, share count is essentially flat (+0.4%), and the company began returning cash via $170M of buybacks. MD&A confirms a durable, recurring model — subscription revenue is 84% of the total and grew 17% — and a growing, sticky base of 1,552 customers, with R&D and Quality solutions expected to rise as a share of revenue.