8 High Growth Software Stocks That Are Profitable In 2024

5. Veeva Systems Inc. (NYSE:VEEV)

TTM Net Income: $615.26 Million

5-Year Net Income CAGR: 16.40%

5-Year Revenue CAGR: 21.58%

Number of Hedge Fund Holders: 50

Veeva Systems Inc. (NYSE:VEEV) is a leading provider of cloud-based software solutions specifically designed for the life sciences and consumer products industries. The company addresses the unique challenges and regulatory needs faced by businesses in these sectors, helping them streamline operations and improve efficiency. Veeva’s innovative solutions enable companies to bring high-quality products to market more quickly while ensuring safety and compliance.

The company is making significant strides in enhancing its product offerings and expanding its market presence. Veeva Systems Inc. (NYSE:VEEV) recently launched the Vault CRM Service Center, which helps connect sales, marketing, medical, and service teams to improve customer-centricity. Additionally, the company introduced the Veeva Site Connect platform, which streamlines clinical trials by simplifying collaboration between sponsors and research sites. This platform has already gained traction, with seven of the top 20 pharmaceutical companies adopting it to enhance trial efficiency.

Veeva Systems Inc. (NYSE:VEEV) reported strong results for Q2 2025, with total revenues reaching $676.2 million, a 15% increase from the previous year. Subscription services revenue grew by 19% year-over-year to reach $561.3 million. In its Q2 2025, the company reported net income of $171.0 million, a 53% increase from $111.6 million a year ago. The non-GAAP net income for the same period was $267.3 million, compared to $198.0 million last year, which is a 35% rise.

Over the past five years, Veeva Systems Inc. (NYSE:VEEV) has grown its revenue at a compound annual growth rate (CAGR) of 21.58%, while its net income has increased at a CAGR of 16.40% during the same period. Over the past 5 years, the company has also grown its levered free cash flow at a CAGR of more than 20%. VEEV ranks among the top 5 on our list of high-growth software stocks that are profitable in 2024.

As of the second quarter of 2024, Veeva Systems Inc. (NYSE:VEEV) was held by 50 hedge funds, according to Insider Monkey’s database. Ensemble Capital Management stated the following regarding Veeva Systems Inc. (NYSE:VEEV) in its second-quarter 2024 investor letter:

“Lastly, Ensemble has recently taken a position in Veeva Systems Inc. (NYSE:VEEV), which we believe is expanding its lead in the life sciences software market. As pharma, biotech, medtech and contract research organization (CRO) companies buy more of Veeva’s applications that tie together on its cloud-based Vault platform, the more efficient and stickier those customers become. We expect this to fuel above-average growth in revenue and profits for Veeva over the next decade.”