| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | $7,340 | $5,911 | $4,804 | $3,816 | $3,046 |
| Liabilities | $1,507 | $1,266 | $1,088 | $905 | $780 |
| Equity | $5,832 | $4,645 | $3,716 | $2,912 | $2,266 |
| Data source | 10-K | 10-K | 10-K | 10-K | 10-K |
Over the five-year period (figures in millions USD) Veeva’s balance sheet expanded materially: total assets rose from 3,046 to 7,340 (+4,294; +141% total growth), implying a roughly 24.6% CAGR. Liabilities increased from 780 to 1,507 (+728; +93% total; ~17.9% CAGR), while stockholders’ equity climbed from 2,266 to 5,832 (+3,566; +158% total; ~26.7% CAGR). The company’s capital structure has shifted toward equity: the liabilities-to-assets ratio fell from ~25.6% in 2021 to ~20.5% in 2025, and the equity-to-assets ratio rose from ~74.4% to ~79.5%. The trend is steady and constructive rather than volatile — each year shows ~23–26% asset growth with liabilities growing more slowly, suggesting expansion largely funded by operating cashflow/retained earnings (or equity) rather than additional debt. For a SaaS/healthcare-software business like Veeva, this pattern is consistent with strong recurring revenue, cash generation, and accumulation of customer-related assets (cash, receivables, deferred revenue profiles). Key positives are rapid asset growth combined with declining leverage; items to watch (not visible here) would be the composition of assets and liabilities (cash vs. receivables vs. deferred revenue, short- vs. long-term debt) to confirm sustainability and working-capital dynamics.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.
