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VEON Ltd.

VEON Communication Services Telecom Services

VEON Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $4.4 billion, up 9.87% from fiscal 2024.

Revenue
+16.9%
EPS
−79.6%
Free cash flow
+431.6%
Total debt
+19.1%

Quarter to June 2026, against a year earlier

79.85 2.69 −3.26%
Market cap
$5.3B
P/E
99.4×
Fwd P/E
12.5×
Dividend yield
—
F-score
8/9
Altman Z
0.79
Beneish M
−2.57
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.12
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell — — — — — — — — — — — —
Insider Ownership 8.51%

Capital & Financial Ratios $m

Size
Market Cap 5,260.00
Revenue ttm 4,758.00
Net income ttm 356.00
Free cash flow ttm 683.00
Net debt Q 3,164.00
Valuation
P/E 99.45 (above 35: high)
Forward P/E 12.50
Price / sales 1.21
Forward P/S Powerpack
Price / FCF 8.42
Price / book 2.99
Financial health
Current ratio Q 0.97 (below 1: weak)
Debt / equity Q 3.05 (above 2: weak)
Interest coverage Q 2.09
Growth
Revenue growth Q +16.93% (above 0%: growing)
Operating income growth Q −57.44% (below 0%: shrinking)
EPS, this year −6.85% (below 0%: weak)
EPS, next year A +24.48% (at or above 15%: strong)
Revenue, next year A +15.96% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +13.30%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, against a ten-year median of 1.5×; over the ten years it ranged from 0.9× in 2017 to 10.5× in 2022.
P/E against its own 10 years 99.59%
10-year low 10-year high
P/S against its own 10 years 99.74%
10-year low 10-year high
P/B against its own 10 years 96.02%
10-year low 10-year high
EV/Sales against its own 10 years 90.49%
10-year low 10-year high
EV/FCF against its own 10 years 48.52%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2016–20
+43.9%/yr
  1. 0.88 ’16
  2. 3.65 ’17 +317%
  3. 7.25 ’18 +99%
  4. 7.50 ’19 +3%
  5. 3.75 ’20 −50%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,335 2,046 2,221 2,689
Receivables 542 448 601 705
Inventory 23 15 32 32
Other 258 376 259 279
3,158 2,885 3,113 3,705
2023 2024 2025 Q'26
Payables 1,200 1,276 1,442 1,716
ST’ Debt 1,692 1,666 1,102 1,436
Other 538 533 804 582
3,584 3,654 3,436 3,829

Compound Annual Growth %

10y 5y 3y
Sales (7.51%) (9.61%) 5.42%
Cash Flow (3.99%) (11.15%) (19.12%)
Earnings 0.00% 0.00% 0.00%
Book Value (8.32%) 10.03% 28.67%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 1.59 Actual 1.69

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Jun 2021 2.25 1.50 Miss by 0.75
Sep 2021 3.00 1.75 Miss by 1.25
Sep 2025 1.21 1.14 Miss by 0.07
Jun 2026 1.59 1.69 Beat by 0.10
Sep 2026 1.95 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.39 1.69 — — —
’25 1.36 8.30 (1.84) (0.39) 7.42
’24 0.75 1.00 3.00 1.06 5.73
’23 4.75 3.50 6.50 (50.46) (36.00)
’22 (2.00) 2.00 (7.25) 5.13 (2.25)
’21 1.75 1.50 2.25 4.92 9.75
’20 1.50 2.25 (8.75) 0.00 (5.00)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,201 1,271 — — —
’25 1,026 1,087 1,115 1,171 4,399
’24 942 1,027 1,037 998 4,004
’23 884 916 945 953 3,698
’22 968 957 891 939 3,755
’21 1,830 1,902 2,005 (1,887) 3,850
’20 2,097 1,892 1,819 1,483 7,291
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 396 464 — — —
’25 433 136 323 461 1,353
’24 262 208 317 363 1,150
’23 596 458 646 411 2,111
’22 567 605 848 537 2,557
’21 596 603 803 636 2,638
’20 626 479 770 568 2,443
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 166 252 — — —
’25 225 (76) 72 193 414
’24 146 (32) 94 137 345
’23 354 287 459 259 1,359
’22 306 152 715 374 1,547
’21 58 160 457 1,105 1,780
’20 177 35 454 100 766
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 8,885 9,474 9,086 8,863 7,291 3,850 3,755 3,698 4,004 4,399 4,758 (7.5%) 5,101 5,593 6,129 +11.7%
Gross margin, % 77.66 77.42 76.71 77.06 76.52 87.43 87.32 88.07 87.14 88.04 87.07 +10.4 pt
EBT 347 328 (248) 1,181 (82) 464 802 559 704 785 356 +9.5%
EBT margin, % 3.91 3.46 (2.73) 13.33 (1.12) 12.05 21.36 15.12 17.58 17.84 7.48 +13.9 pt
Net income 347 328 (248) 1,181 (82) 464 802 559 704 785 356 +9.5%
Per share, $
Per share, $ Revenue 127.00 135.42 129.87 126.69 104.22 54.91 53.46 52.66 56.55 62.99 68.28 (7.5%)
Earnings 33.25 (7.00) 8.25 9.00 (5.00) 9.75 (2.25) (36.00) 5.86 7.62 0.83 (15.1%)
Cash flow 26.80 35.38 35.95 42.15 34.92 37.62 36.40 30.06 16.24 19.37 23.59 (3.5%)
Capex (23.38) (29.00) (27.84) (24.06) (23.97) (12.24) (14.38) (10.71) (11.37) (13.44) (13.79) (6.0%)
Free cash flow 3.42 6.38 8.10 18.10 10.95 25.39 22.02 19.35 4.87 5.93 9.80 +6.3%
Book value 86.38 55.60 39.72 31.73 14.48 21.46 10.92 15.25 17.75 23.40 27.57 (13.5%)
Shares, m 70 70 70 70 70 70 70 70 71 70 69 0.0%
Valuation, ×
Valuation, × P/E 2.92 0.00 6.43 7.03 0.00 4.08 0.00 0.00 6.84 6.90 99.45 3.4
P/S 0.78 0.72 0.45 0.50 0.36 0.78 0.24 0.37 0.71 0.83 1.21 0.6
P/B 1.14 1.75 1.47 1.99 2.61 1.99 1.19 1.27 2.26 2.25 2.99 1.8
EV/Sales 1.62 1.82 1.11 1.52 1.50 2.94 1.56 1.13 1.37 1.50 1.87 1.6
EV/FCF 60.15 38.72 17.73 10.61 14.32 5.83 5.37 3.08 15.90 15.93 13.05 18.8
Cash, $m
Cash, $m Operating cash flow 1,875 2,475 2,515 2,949 2,443 2,638 2,557 2,111 1,150 1,353 1,644 (3.6%)
Capex (1,636) (2,029) (1,948) (1,683) (1,677) (858) (1,010) (752) (805) (939) (961) (6.0%)
Free cash flow 239 446 567 1,266 766 1,780 1,547 1,359 345 414 683 +6.3%
Balance, $m
Balance, $m Working capital (2,007) (709) (1,303) (3,269) (1,560) 643 896 (426) (769) (323) (124) (18.4%)
Net debt 7,978 9,190 5,960 9,012 8,328 8,308 4,953 2,821 2,648 2,924 3,164 (10.6%)
Shareholders’ equity 6,043 3,890 2,779 2,220 1,013 1,505 767 1,071 1,257 1,634 1,921 (13.5%)
Returns, %
Returns, % ROA 8.46 (2.48) 3.47 4.12 (2.28) 4.42 (1.05) (21.70) 5.11 6.17 0.63 (2.3) pt
ROIC 4.83 7.01 3.96 11.23 3.42 6.52 12.71 14.92 17.77 19.73 12.72 +14.9 pt
ROE 46.86 (10.17) 17.45 24.84 (21.59) 53.53 (14.26) (275.08) 35.65 36.80 3.45 (10.1) pt
People
People Employees 41,994 39,938 46,132 46,492 43,639 44,585 16,442 17,206 18,027 18,938 — (8.5%)
Revenue/emp, $m 0.21 0.24 0.20 0.19 0.17 0.09 0.23 0.21 0.22 0.23 — +1.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

VEON Ltd. vs peers in Telecom Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TIMB TIM S.A. Sponsored ADR $8.5B 10.4× 13.0× +18.33% (above 0%: growing) +14.29% (above 0%: growing) +17.75% (above 0%: growing) 55.35% 24.42% Compare
KT KT Corporation $8.2B 9.3× — −10.06% (below 0%: shrinking) −39.60% (below 0%: shrinking) −46.85% (below 0%: shrinking) 9.71% 9.71% Compare
LBTYB Liberty Global Ltd $7.1B — (loss-making) — −7.65% (below 0%: shrinking) n/m +429.69% (above 0%: growing) 50.62% 0.26% Compare
VEON VEON Ltd. $5.3B 99.4× 12.5× +16.93% (above 0%: growing) −79.56% (below 0%: shrinking) +431.58% (above 0%: growing) 86.55% 27.46%
LUMN Lumen Technologies, Inc. $5.0B — (loss-making) — (loss-making) −9.28% (below 0%: shrinking) n/m +124.34% (above 0%: growing) 49.55% (3.14%) Compare
IRDM Iridium Communications Inc $4.8B 51.0× 30.8× +3.84% (above 0%: growing) −55.00% (below 0%: shrinking) −15.24% (below 0%: shrinking) 71.23% 15.10% Compare
TKC Turkcell Iletisim Hizmetleri AS $4.0B 9.3× — +15.43% (above 0%: growing) +8.33% (above 0%: growing) −58.09% (below 0%: shrinking) 25.36% 12.41% Compare
PHI PLDT Inc. $3.8B 8.4× 7.7× −5.84% (below 0%: shrinking) −24.00% (below 0%: shrinking) +78.48% (above 0%: growing) 57.86% 20.01% Compare
TDS Telephone and Data Systems, Inc. $3.7B 11.2× 9.3× +3.60% (above 0%: growing) n/m −133.98% (below 0%: shrinking) 58.19% 120.67% Compare
Median of peers $4.9B 9.9× 11.1× −1.12% −24.00% +1.25% 52.98% 13.76%

All 55 Telecom Services stocks →

VEON Ltd. (VEON) Latest News

29 Oct

Impact 4 · · GlobeNewswire

27 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · Insider Monkey

20 Oct

Impact 3 · · GlobeNewswire

19 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire

13 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

12 Oct

Impact 4 · · Simply Wall St.

9 Oct

Impact 4 · · GlobeNewswire

8 Oct

Impact 3 · · GlobeNewswire

30 Sep

Impact 3 · · Zacks

29 Sep

Impact 4 · · GlobeNewswire

28 Sep

Impact 4 ·

26 Sep

Impact 4 · · Simply Wall St.

25 Sep

Impact 4 · · Barchart
Impact 4 · · PR Newswire
Impact 4 · · GlobeNewswire
Impact 3 · · GlobeNewswire

23 Sep

Impact 4 ·

22 Sep

Impact 3 · · GlobeNewswire

15 Sep

Impact 3 ·

7 Sep

Impact 3 ·

12 Aug

Impact 3 ·
Impact 3 ·

11 Aug

Impact 3 ·
Impact 3 ·

3 Aug

Impact 4 · transcript
stockrow.com/VEON · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com