Veeva Systems (VEEV) - Graham-Dodd SaaS growth-multiplier valuation

Assumptions as of 2026-08-18

USD

Updated Aug 18, 2026

as of 2026-08-18

Max justified price per share

$120.96

Upside vs market

-49.3%

Decayed 7-yr CAGR

10.5%

Justified multiple of normalized FCF

14.94

Relative growth decay per year

15.0%

Discount rate

10.0%

Entry revenue growth (FY2026 YoY)

16.3%

Mature FCF margin (AFTER charging SBC in full)

27.0%

Net cash incl. marketable securities ($M)

7,313$M

Market price ($)

$238.34

FY2026 revenue ($M)

3,195$M

Diluted shares (M)

167.0M

	FY2026A
FY2026 revenue	3,195
Decayed 7-yr CAGR	10.5%
Yr-7 revenue multiple	2.01
Terminal multiple	14.45
Justified mult. of normalized FCF	14.94
Normalized FCF	863
Enterprise value	12,887
+ Net cash	7,313
= Equity value	20,200
Implied EV/revenue	4.03

Built with Modeledge MCP

Connect your MCP client to research filings and earnings calls, then build a living financial model like this one.