analyticsVertical SaaS
Data as of Q4 2025
Summary Verdict
SPSC: 1—VEEV: 4wins
Rule of 40
38.1SPSC
60.5VEEV
check_circleVEEV leads
Revenue Growth
17.8%SPSC
16.3%VEEV
check_circleSPSC leads
Gross Margin
69%SPSC
76%VEEV
check_circleVEEV leads
FCF Margin
20.3%SPSC
44.2%VEEV
check_circleVEEV leads
Operating Margin
15.7%SPSC
28.7%VEEV
check_circleVEEV leads
NRR
—SPSC
—VEEV
Metric
Rule of 40Efficiency score
SPSC
38.1
VEEV
60.5check_circle
Revenue GrowthYoY
SPSC
17.8%check_circle
VEEV
16.3%
Gross Margin% of revenue
SPSC
69%
VEEV
76%check_circle
FCF MarginFree cash flow
SPSC
20.3%
VEEV
44.2%check_circle
Operating MarginGAAP
SPSC
15.7%
VEEV
28.7%check_circle
NRRNet retention
SPSC
N/A
VEEV
N/A
EV / RevenueValuation multiple
SPSC
2.7xcheck_circle
VEEV
8.3x
Market CapUSD
SPSC
$2.2B
VEEV
$27.8Bcheck_circle
ARR GrowthYoY
SPSC
N/A
VEEV
N/A
CAC PaybackMonths to recover
SPSC
N/A
VEEV
N/A
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insights
Analysis
As of Q4 2025, SPS Commerce, Inc. trades at 2.7x EV/Revenue versus Veeva Systems Inc. at 8.3x. On the Rule of 40, SPS Commerce, Inc. scores 38.1 compared to Veeva Systems Inc.'s 60.5, placing Veeva Systems Inc. ahead in operating efficiency. Gross margins stand at SPS Commerce, Inc. 69% vs Veeva Systems Inc. 76%.
Sector Context
Both companies operate in the Vertical SaaS sector. The median columns above show where each company stands relative to their peers.