HQY vs VEEV: HealthEquity 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 6.1 times HealthEquity.
- Veeva Systems grew revenue faster over the last year (+17.6% vs +7.6%).
- Veeva Systems keeps more of each dollar of revenue as operating profit (29.9% vs 25.8%).
- On earnings, HealthEquity is the cheaper stock (40.1x vs 57.1x).
- Veeva Systems's price assumes faster free cash flow growth: about 13% a year, against 5% for HealthEquity (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 | HQY | VEEV |
|---|---|---|
| Market cap | $8.3B | $50.7B |
| Share price | $92.61 | $296.13 |
| Revenue (last fiscal year) | $1.3B | $3.2B |
| Free cash flow (last fiscal year) | $409M | $1.4B |
| Revenue growth, last year | +7.6% | +17.6% |
| Revenue growth per year, last 5 fiscal years | +14.8% | +14.6% |
| Operating margin | 25.8% | 29.9% |
| Net margin | 17.4% | 29.3% |
| Return on equity | 11.9% | 13.7% |
| P/E (trailing) | 40.1x | 57.1x |
| Price / free cash flow | 18.2x | 36.6x |
| EV / EBITDA | 17.3x | 21.7x |
| FCF growth the price implies | 5.2% | 12.9% |
| Dividend yield | — | — |
| Debt / equity | 0.64x | 0.22x |
| Fundamental grade | B | 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.
HealthEquity
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $757M | $69M | -3.2% |
| 2023 | $862M | $102M | 1.1% |
| 2024 | $1000M | $200M | 11.8% |
| 2025 | $1.2B | $287M | 13.5% |
| 2026 | $1.3B | $409M | 24.6% |
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
HealthEquity · by products, 2026
Custodial$637M48%
Service$485M37%
Interchange$192M15%
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 HQY in InvestinglyQuestions
Which is bigger, HealthEquity or Veeva Systems?
Veeva Systems (VEEV), at $50.7B against $8.3B.
Is HQY or VEEV cheaper?
By trailing P/E, HealthEquity (40.1x) is cheaper than Veeva Systems (57.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, HQY or VEEV?
Veeva Systems: revenue grew +17.6% over the last year, against +7.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.