VEEV vs WAY: Veeva Systems and Waystar Holding 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 10.0 times Waystar Holding.
- Waystar Holding grew revenue faster over the last year (+18.1% vs +17.6%).
- Veeva Systems keeps more of each dollar of revenue as operating profit (29.9% vs 22.9%).
- On earnings, Waystar Holding is the cheaper stock (39.5x vs 57.1x).
- Veeva Systems's price assumes faster free cash flow growth: about 13% a year, against 4% for Waystar Holding (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 | VEEV | WAY |
|---|---|---|
| Market cap | $50.7B | $5.1B |
| Share price | $296.13 | $26.68 |
| Revenue (last fiscal year) | $3.2B | $1.1B |
| Free cash flow (last fiscal year) | $1.4B | $283M |
| Revenue growth, last year | +17.6% | +18.1% |
| Revenue growth per year, last 5 fiscal years | +14.6% | +16.0% |
| Operating margin | 29.9% | 22.9% |
| Net margin | 29.3% | 11.2% |
| Return on equity | 13.7% | 3.4% |
| P/E (trailing) | 57.1x | 39.5x |
| Price / free cash flow | 36.6x | 17.9x |
| EV / EBITDA | 21.7x | 15.6x |
| FCF growth the price implies | 12.9% | 3.6% |
| Dividend yield | — | — |
| Debt / equity | 0.22x | 0.47x |
| Fundamental grade | B | B |
| Superinvestors holding it | 6 | 5 |
| 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.
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% |
Waystar Holding
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $705M | $85M | 12.7% |
| 2023 | $791M | $30M | 18.0% |
| 2024 | $944M | $142M | 13.1% |
| 2025 | $1.1B | $283M | 22.7% |
Where the revenue comes from
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%
Waystar Holding · by products, 2025
Subscription revenue$558M51%
Volume-based revenue$535M49%
Implementation services and other revenue$6M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open VEEV in InvestinglyQuestions
Which is bigger, Veeva Systems or Waystar Holding?
Veeva Systems (VEEV), at $50.7B against $5.1B.
Is VEEV or WAY cheaper?
By trailing P/E, Waystar Holding (39.5x) is cheaper than Veeva Systems (57.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, VEEV or WAY?
Waystar Holding: revenue grew +18.1% 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.