Is Veeva Systems, Inc. overvalued or undervalued?

As of 21 November 2025, Veeva Systems, Inc. has moved from expensive to fair in its valuation grade. The company appears to be fairly valued at this time, with a P/E ratio of 60, an EV to EBITDA of 49.65, and a PEG ratio of 1.51. In comparison, Fidelity National Information Services, Inc. has a P/E of 59.37, while Electronic Arts, Inc. shows a significantly lower P/E of 38.67, indicating that Veeva's valuation is in line with some peers but still on the higher side.
Despite recent challenges, Veeva's stock has outperformed the S&P 500 year-to-date with a return of 16.08% compared to the index's 12.26%. However, over longer periods, such as the last three years, Veeva's return of 34.34% significantly lags behind the S&P 500's 67.17%, suggesting potential concerns about future growth relative to the broader market.