BTSG vs VEEV: BrightSpring Health Services and Veeva Systems compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Veeva Systems is the larger company, worth $50.7B, about 4.0 times BrightSpring Health Services.
- BrightSpring Health Services grew revenue faster over the last year (+23.1% vs +17.6%).
- Veeva Systems keeps more of each dollar of revenue as operating profit (29.9% vs 3.1%).
- On earnings, Veeva Systems is the cheaper stock (57.1x vs 84.8x).
- Veeva Systems's price assumes faster free cash flow growth: about 13% a year, against 11% for BrightSpring Health Services (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BTSG | VEEV |
|---|---|---|
| Market cap | $12.7B | $50.7B |
| Share price | $63.74 | $296.13 |
| Revenue (last fiscal year) | $12.9B | $3.2B |
| Free cash flow (last fiscal year) | $395M | $1.4B |
| Revenue growth, last year | +23.1% | +17.6% |
| Revenue growth per year, last 5 fiscal years | +18.7% | +14.6% |
| Operating margin | 3.1% | 29.9% |
| Net margin | 2.5% | 29.3% |
| Return on equity | 17.9% | 13.7% |
| P/E (trailing) | 84.8x | 57.1x |
| Price / free cash flow | 32.1x | 36.6x |
| EV / EBITDA | 22.8x | 21.7x |
| FCF growth the price implies | 11.2% | 12.9% |
| Dividend yield | — | — |
| Debt / equity | 1.92x | 0.22x |
| Fundamental grade | C | B |
| Superinvestors holding it | 4 | 6 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
BrightSpring Health Services
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $7.7B | -$75M | 2.4% |
| 2023 | $7.7B | $137M | 0.76% |
| 2024 | $10.1B | -$57M | 1.1% |
| 2025 | $12.9B | $395M | 2.3% |
Veeva Systems
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.9B | $750M | 27.3% |
| 2023 | $2.2B | $767M | 21.3% |
| 2024 | $2.4B | $885M | 18.2% |
| 2025 | $2.7B | $1.1B | 25.2% |
| 2026 | $3.2B | $1.4B | 28.7% |
Where the revenue comes from
BrightSpring Health Services · by segments, 2025
Pharmacy Solutions$11.4B89%
Provider Services$1.5B11%
Veeva Systems · by products, 2026
R&D and Quality Solutions$1.4B45%
Commercial Solutions$1.3B39%
R&D and Quality Solutions$322M10%
Commercial Solutions$189M6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BTSG in InvestinglyQuestions
Which is bigger, BrightSpring Health Services or Veeva Systems?
Veeva Systems (VEEV), at $50.7B against $12.7B.
Is BTSG or VEEV cheaper?
By trailing P/E, Veeva Systems (57.1x) is cheaper than BrightSpring Health Services (84.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, BTSG or VEEV?
BrightSpring Health Services: revenue grew +23.1% over the last year, against +17.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.