Is Veeva Systems, Inc. overvalued or undervalued?

As of 21 November 2025, the valuation grade for Veeva Systems, Inc. moved from expensive to fair. The company appears to be fairly valued based on its current metrics. Key ratios include 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 The Trade Desk, Inc. shows a P/E of 60.98, indicating that Veeva's valuation is in line with its peers.
Despite a year-to-date return of 12.12%, which is slightly below the S&P 500's return of 12.26%, Veeva has underperformed over longer periods, with a 3-year return of 25.35% compared to the S&P 500's 67.17%. This suggests that while the stock may be fairly valued now, its recent performance relative to the benchmark raises some concerns about its growth potential.