Jun. 4 at 4:38 AM
$VEEV "Veeva's GAAP gross margin on total revenues decreased to 75.0% for the three months ended April 30, 2026, from 77.1% in the prior year period.
Veeva's non-GAAP operating margin for the first quarter was 44.8%, a decrease from 46.1% in the prior year period."
This is the overhang - what is the difference in costs running Vault CRM versus Veeva CRM (Salesforce). The business has moved from an arbitrage (selling salesforce licenses) to a proper SaaS. Proper SaaS is more complex and (IMO) will eat away at profit.
Long term safe bet - they always make money, but still not sure where the price lands with the Salesforce break. Eye on
$150.