Tempus AI Inc (TEM) is overvalued and Veeva Systems Inc (VEEV) is overvalued.
Both trade above our estimate of their intrinsic value. VEEV is the closer of the two: -74%, against -621% for TEM.
Values as of the 22 Sept 2026 close.
A 1.8x revenue multiple, discounted for its losses, values the shares at $10.71; the price of $77.19 is 621% above that value.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 9.8% (average of 3 methods) values the shares at $149.85; the price of $260.91 is 74% above that value, and 74% of that value comes from beyond year five.
Leak Score 50/100 on 8 of 12 signals
| Metric | TEM | VEEV |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $77.19 | $260.91 |
| Intrinsic value | $10.71 | $149.85 |
| Margin of safety | -621% | -74% |
| Leak Score | 0/100 (2/12) | 50/100 (8/12) |
| Market cap | $13.9B | $42.2B |
| Revenue growth, 5 years | 46.6% | 16.9% |
| Operating margin | -18.9% | 29.9% |
| Net margin | -17.8% | 29.3% |
| Return on equity | -67.4% | 14.4% |
| Debt to equity | 3.25 | 0.02 |
| P/E | — | 42.9x |
| Forward P/E | 3051.0x | 25.4x |
| P/B | 31.2x | 5.7x |