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VEEVA SYSTEMS INC（VEEV）与沃特世（WAT）财务数据对比。点击上方公司名可切换其他公司
沃特世的季度营收约是VEEVA SYSTEMS INC的1.1倍（$932.4M vs $811.2M），VEEVA SYSTEMS INC净利率更高（29.1% vs 24.2%，领先5.0%），VEEVA SYSTEMS INC同比增速更快（16.0% vs 6.8%），过去两年沃特世的营收复合增速更高（21.0% vs 13.4%）
Veeva Systems Inc总部位于美国加利福尼亚州普莱森顿，是一家公益类上市企业，专注为生命科学行业提供云软件、数据服务及商业咨询，旗下产品可实现数据管理、监管注册跟踪、供应链全流程监督等多项功能。
沃特世是总部位于美国马萨诸塞州米尔福德的企业，面向生命科学、材料、食品等行业，提供色谱、质谱、实验室信息学、流变测量领域所用的分析仪器及配套软件，为各领域的检测、研发等工作提供可靠技术支持。
VEEV vs WAT — 直观对比
营收规模更大
WAT
是对方的1.1倍
$811.2M
营收增速更快
VEEV
高出9.2%
6.8%
净利率更高
VEEV
高出5.0%
24.2%
两年增速更快
WAT
近两年复合增速
13.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $811.2M | $932.4M |
| 净利润 | $236.2M | $225.2M |
| 毛利率 | 75.4% | 61.1% |
| 营业利润率 | 29.7% | 29.0% |
| 净利率 | 29.1% | 24.2% |
| 营收同比 | 16.0% | 6.8% |
| 净利润同比 | 27.1% | -2.7% |
| 每股收益（稀释后） | $1.40 | $3.76 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收VEEVWAT
| Q4 25 | $811.2M | $932.4M | ||
| Q3 25 | $789.1M | $799.9M | ||
| Q2 25 | $759.0M | $771.3M | ||
| Q1 25 | $720.9M | $661.7M | ||
| Q4 24 | $699.2M | $872.7M | ||
| Q3 24 | $676.2M | $740.3M | ||
| Q2 24 | $650.3M | $708.5M | ||
| Q1 24 | $630.6M | $636.8M |
净利润VEEVWAT
| Q4 25 | $236.2M | $225.2M | ||
| Q3 25 | $200.3M | $148.9M | ||
| Q2 25 | $228.2M | $147.1M | ||
| Q1 25 | $195.6M | $121.4M | ||
| Q4 24 | $185.8M | $231.4M | ||
| Q3 24 | $171.0M | $161.5M | ||
| Q2 24 | $161.7M | $142.7M | ||
| Q1 24 | $147.4M | $102.2M |
毛利率VEEVWAT
| Q4 25 | 75.4% | 61.1% | ||
| Q3 25 | 75.3% | 59.0% | ||
| Q2 25 | 77.1% | 58.3% | ||
| Q1 25 | 74.9% | 58.2% | ||
| Q4 24 | 75.1% | 60.1% | ||
| Q3 24 | 74.8% | 59.3% | ||
| Q2 24 | 73.3% | 59.3% | ||
| Q1 24 | 72.4% | 58.9% |
营业利润率VEEVWAT
| Q4 25 | 29.7% | 29.0% | ||
| Q3 25 | 24.8% | 24.0% | ||
| Q2 25 | 30.8% | 24.4% | ||
| Q1 25 | 26.1% | 22.9% | ||
| Q4 24 | 25.9% | 33.5% | ||
| Q3 24 | 24.6% | 28.5% | ||
| Q2 24 | 23.9% | 26.7% | ||
| Q1 24 | 21.4% | 21.0% |
净利率VEEVWAT
| Q4 25 | 29.1% | 24.2% | ||
| Q3 25 | 25.4% | 18.6% | ||
| Q2 25 | 30.1% | 19.1% | ||
| Q1 25 | 27.1% | 18.3% | ||
| Q4 24 | 26.6% | 26.5% | ||
| Q3 24 | 25.3% | 21.8% | ||
| Q2 24 | 24.9% | 20.1% | ||
| Q1 24 | 23.4% | 16.0% |
每股收益（稀释后）VEEVWAT
| Q4 25 | $1.40 | $3.76 | ||
| Q3 25 | $1.19 | $2.50 | ||
| Q2 25 | $1.37 | $2.47 | ||
| Q1 25 | $1.17 | $2.03 | ||
| Q4 24 | $1.13 | $3.88 | ||
| Q3 24 | $1.04 | $2.71 | ||
| Q2 24 | $0.98 | $2.40 | ||
| Q1 24 | $0.90 | $1.72 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.7B | $587.8M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $7.0B | $2.6B |
| 总资产 | $8.1B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资VEEVWAT
| Q4 25 | $1.7B | $587.8M | ||
| Q3 25 | $1.9B | $459.1M | ||
| Q2 25 | $2.0B | $367.2M | ||
| Q1 25 | $1.1B | $382.9M | ||
| Q4 24 | $1.0B | $325.4M | ||
| Q3 24 | $1.2B | $331.5M | ||
| Q2 24 | $1.2B | $327.4M | ||
| Q1 24 | $703.5M | $338.2M |
总债务VEEVWAT
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VEEVWAT
| Q4 25 | $7.0B | $2.6B | ||
| Q3 25 | $6.6B | $2.3B | ||
| Q2 25 | $6.2B | $2.2B | ||
| Q1 25 | $5.8B | $2.0B | ||
| Q4 24 | $5.5B | $1.8B | ||
| Q3 24 | $5.2B | $1.6B | ||
| Q2 24 | $4.9B | $1.4B | ||
| Q1 24 | $4.6B | $1.3B |
总资产VEEVWAT
| Q4 25 | $8.1B | $5.1B | ||
| Q3 25 | $8.0B | $4.9B | ||
| Q2 25 | $7.8B | $4.7B | ||
| Q1 25 | $7.3B | $4.6B | ||
| Q4 24 | $6.5B | $4.6B | ||
| Q3 24 | $6.3B | $4.5B | ||
| Q2 24 | $6.2B | $4.4B | ||
| Q1 24 | $5.9B | $4.5B |
负债/权益比VEEVWAT
| Q4 25 | — | 0.55× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $192.8M | $164.6M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 0.82× | 0.73× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流VEEVWAT
| Q4 25 | $192.8M | $164.6M | ||
| Q3 25 | $238.4M | $187.3M | ||
| Q2 25 | $877.2M | $41.1M | ||
| Q1 25 | $69.5M | $259.6M | ||
| Q4 24 | $164.1M | $240.1M | ||
| Q3 24 | $92.9M | $204.6M | ||
| Q2 24 | $763.5M | $54.5M | ||
| Q1 24 | $57.8M | $262.9M |
现金转化率VEEVWAT
| Q4 25 | 0.82× | 0.73× | ||
| Q3 25 | 1.19× | 1.26× | ||
| Q2 25 | 3.84× | 0.28× | ||
| Q1 25 | 0.36× | 2.14× | ||
| Q4 24 | 0.88× | 1.04× | ||
| Q3 24 | 0.54× | 1.27× | ||
| Q2 24 | 4.72× | 0.38× | ||
| Q1 24 | 0.39× | 2.57× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
VEEV
| Subscription Services Veeva Research And Development | $364.8M | 45% |
| Subscription Services Veeva Commercial Cloud | $317.6M | 39% |
| Professional Services Veeva Research And Development | $81.3M | 10% |
| Professional Services Veeva Commercial Cloud | $47.5M | 6% |
WAT
暂无分部数据
