Sunday 11 October 2026 Export all VEON data to Excel Powerpack

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. In the quarter to June 2026, revenue grew 16.9%, EPS fell 79.6%, free cash flow grew 431.6% and total debt rose 19.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

76.81 0.26 −0.34%

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Market cap: $4.9B
P/E: 92.5×
Fwd P/E: 7.4×
Dividend yield: —
F-score: 8/9
Altman Z: 0.79
Beneish M: −2.57
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.12

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	1	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 8.51%

Capital & Financial Ratios $m

Market Cap 4,910.00

Revenue 4,758.00

Net Income 356.00

Free Cash Flow 683.00

Net Debt 3,164.00

Current Ratio 0.97

Debt/Equity 3.05

P/E ratio 92.54

Fwd P/E 7.37

P/S ratio 1.12

P/B ratio 2.79

Past 5Y EPS Growth —

This Y EPS Growth (5.37%)

Next Y EPS Growth 24.64%

Next Y revenue growth 15.96%

Next 5Y EPS Growth 14.80%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 99.82%

10-year low 10-year high

P/S against its own 10 years 99.55%

10-year low 10-year high

P/B against its own 10 years 91.49%

10-year low 10-year high

EV/Sales against its own 10 years 89.73%

10-year low 10-year high

EV/FCF against its own 10 years 47.13%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	Powerpack
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	3.75	3.75
2019	7.50	4.25 3.25
2018	7.25	4.25 3.00
2017	3.65	3.65 2.75
2016	0.88	0.88

predictions special payouts not included in total or ratios

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%

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.

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	0.98	5.73
’23	4.75	3.50	0.26	(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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	67.75	91.75	54.25	51.75	30.00	38.00	6.00	10.75	18.50	34.55	Analyst estimates 2026–2028 Powerpack
	High	112.75	112.50	102.75	82.00	69.50	59.50	44.50	21.60	41.80	64.00
People
People	Employees	41,994	39,938	46,132	46,492	43,639	44,585	16,442	17,206	18,027	18,938
	Revenue/emp, $m	0.21	0.24	0.20	0.19	0.17	0.09	0.23	0.21	0.22	0.23
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
	Gross margin, %	77.66	77.42	76.71	77.06	76.52	87.43	87.32	88.07	87.14	88.04
	EBT	347	328	(248)	1,181	(82)	464	802	559	704	785
	EBT margin, %	3.91	3.46	(2.73)	13.33	(1.12)	12.05	21.36	15.12	17.58	17.84
	Net income	347	328	(248)	1,181	(82)	464	802	559	704	785
	Depreciation	1,936	2,094	2,692	2,154	2,526	826	671	729	731	811
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
	Earnings	33.25	(7.00)	8.25	9.00	(5.00)	9.75	(2.25)	(36.00)	5.86	7.62
	Cash flow	26.80	35.38	35.95	42.15	34.92	37.62	36.40	30.06	16.24	19.37
	Capex	(23.38)	(29.00)	(27.84)	(24.06)	(23.97)	(12.24)	(14.38)	(10.71)	(11.37)	(13.44)
	Free cash flow	3.42	6.38	8.10	18.10	10.95	25.39	22.02	19.35	4.87	5.93
	Book value	86.38	55.60	39.72	31.73	14.48	21.46	10.92	15.25	17.75	23.40
	Shares, m	70	70	70	70	70	70	70	70	71	70
Valuation, ×
Valuation, ×	P/E	2.92	0.00	6.43	7.03	0.00	4.08	0.00	0.00	6.84	6.90
	P/S	0.78	0.72	0.45	0.50	0.36	0.78	0.24	0.37	0.71	0.83
	P/B	1.14	1.75	1.47	1.99	2.61	1.99	1.19	1.27	2.26	2.25
	EV/Sales	1.62	1.82	1.11	1.52	1.50	2.94	1.56	1.13	1.37	1.50
	EV/FCF	60.15	38.72	17.73	10.61	14.32	5.83	5.37	3.08	15.90	15.93
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
	Capex	(1,636)	(2,029)	(1,948)	(1,683)	(1,677)	(858)	(1,010)	(752)	(805)	(939)
	Free cash flow	239	446	567	1,266	766	1,780	1,547	1,359	345	414
Balance, $m
Balance, $m	Working capital	(2,007)	(709)	(1,303)	(3,269)	(1,560)	643	896	(426)	(769)	(323)
	Total debt	11,110	11,634	7,856	10,344	10,087	10,646	8,180	5,156	4,694	5,145
	Net debt	7,978	9,190	5,960	9,012	8,328	8,308	4,953	2,821	2,648	2,924
	Shareholders’ equity	6,043	3,890	2,779	2,220	1,013	1,505	767	1,071	1,257	1,634
Returns, %
Returns, %	ROA	8.46	(2.48)	3.47	4.12	(2.28)	4.42	(1.05)	(21.70)	5.11	6.17
	ROIC	4.83	7.01	3.96	11.23	3.42	6.52	12.71	14.92	17.77	19.73
	ROE	46.86	(10.17)	17.45	24.84	(21.59)	53.53	(14.26)	(275.08)	35.65	36.80

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	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
LUMN Lumen Technologies, Inc.	$5.7B	— (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	$5.0B	53.9×	42.9×	+3.84% (above 0%: growing)	−55.00% (below 0%: shrinking)	−15.24% (below 0%: shrinking)	71.23%	15.10%	Compare
VEON VEON Ltd.	$4.9B	92.5×	7.4×	+16.93% (above 0%: growing)	−79.56% (below 0%: shrinking)	+431.58% (above 0%: growing)	86.55%	27.46%
TKC Turkcell Iletisim Hizmetleri AS	$4.5B	10.2×	—	+15.43% (above 0%: growing)	+8.33% (above 0%: growing)	−58.09% (below 0%: shrinking)	25.36%	12.41%	Compare
PHI PLDT Inc.	$4.0B	8.7×	7.5×	−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	11.0×	34.7×	+3.60% (above 0%: growing)	n/m	−133.98% (below 0%: shrinking)	58.19%	120.67%	Compare
LBTYA Liberty Global Ltd	$3.1B	— (loss-making)	— (loss-making)	−7.65% (below 0%: shrinking)	n/m	+429.69% (above 0%: growing)	50.62%	0.26%	Compare
LBTYK Liberty Global Ltd	$3.1B	— (loss-making)	—	−7.65% (below 0%: shrinking)	n/m	+429.69% (above 0%: growing)	50.62%	0.26%	Compare
Median of peers	$4.2B	10.6×	34.7×	−6.74%	−24.00%	+101.41%	50.62%	6.34%

All 55 Telecom Services stocks →

VEON Ltd. (VEON) key facts

Strength: VEON Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $4.4 billion, up 9.87% from fiscal 2024.
VEON Ltd. (VEON) is a Telecom Services company in the Communication Services sector, traded in the US as an ADR.
As of October 9, 2026, VEON traded at $76.81, a market capitalization of $4.9 billion.
Return on equity was 36.8% and debt-to-equity 3.05.
Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 0.79 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.