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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. 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

	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
P/E ratio Full definition →	2.92	0.00	6.43	7.03	0.00	4.08	0.00	0.00	6.84	6.90
Piotroski F-Score Full definition →	5	5	7	7	4	6	3	6	5	8
P/S ratio Full definition →	0.78	0.72	0.45	0.50	0.36	0.78	0.24	0.37	0.71	0.83
Altman Z-Score Full definition →	0.71	0.84	0.74	0.80	0.42	0.52	0.48	0.21	0.48	0.79
P/FCF ratio Full definition →	28.91	15.29	7.22	3.50	3.45	1.55	0.84	1.00	8.23	8.87
Altman Z″-Score (non-manufacturers) Full definition →	0.07	0.28	(0.41)	(0.59)	(0.82)	0.55	0.66	(0.99)	(0.94)	(0.01)
Beneish M-Score Full definition →	(2.34)	(3.05)	(3.82)	(3.03)	(3.55)	(2.50)	(3.56)	(3.04)	(2.99)	(2.57)
P/Operating CF Full definition →	15.52	14.24	6.45	6.66	4.65	4.71	1.70	3.32	7.82	7.96
P/B ratio Full definition →	1.14	1.75	1.47	1.99	2.61	1.99	1.19	1.27	2.26	2.25
Price to Tangible BV Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	43.19
EV/Sales Full definition →	1.62	1.82	1.11	1.52	1.50	2.94	1.56	1.13	1.37	1.50
EV/EBITDA Full definition →	4.76	4.85	3.10	3.22	3.61	6.11	3.20	2.52	2.98	2.93
EV/Operating CF Full definition →	7.67	6.98	4.00	4.56	4.49	4.29	2.29	1.98	4.77	4.87
EV/FCF Full definition →	60.15	38.72	17.73	10.61	14.32	5.83	5.37	3.08	15.90	15.93
Quick Ratio Full definition →	0.58	0.69	0.56	0.34	0.53	0.63	0.41	0.80	0.68	0.82
Current Ratio Full definition →	0.69	0.85	0.70	0.43	0.65	1.13	1.10	0.88	0.79	0.91
Net Debt/EBITDA Full definition →	2.64	2.58	1.84	2.16	2.74	4.49	2.70	1.70	1.44	1.30
Debt/Assets Full definition →	52.42%	59.71%	55.71%	64.41%	69.32%	66.87%	54.23%	62.74%	58.41%	55.83%
Debt/Equity Full definition →	1.84	2.99	2.83	4.66	9.96	7.07	10.66	4.81	3.73	3.15
Asset Turnover Full definition →	0.32	0.47	0.54	0.59	0.48	0.25	0.24	0.32	0.49	0.51
Operating CF/Net income Full definition →	0.81	(4.90)	4.32	4.75	(7.00)	3.91	(15.78)	(0.83)	2.77	2.54
Capex/Depreciation Full definition →	(0.84)	(0.97)	(0.72)	(0.78)	(0.66)	(1.04)	(1.51)	(1.03)	(1.10)	(1.16)
Interest Coverage Full definition →	1.31	1.57	0.68	2.26	0.76	1.73	1.99	1.75	2.24	2.69
ROE Full definition →	46.86%	(10.17%)	17.45%	24.84%	(21.59%)	53.53%	(14.26%)	(275.08%)	35.65%	36.80%
ROA Full definition →	8.46%	(2.48%)	3.47%	4.12%	(2.28%)	4.42%	(1.05%)	(21.70%)	5.11%	6.17%
ROIC Full definition →	4.83%	7.01%	3.96%	11.23%	3.42%	6.52%	12.71%	14.92%	17.77%	19.73%
Return on Tangible Assets Full definition →	49.41%	(9.14%)	16.04%	15.25%	(6.56%)	9.16%	(4.33%)	(102.27%)	18.47%	15.49%
Average Days of Receivables Full definition →	28.14	29.09	23.18	25.86	28.64	65.42	44.32	53.50	40.84	49.87
Research and Development Expense of Revenue Full definition →	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Selling, General and Administrative Expense of Revenue Full definition →	41.28%	39.56%	40.69%	33.45%	33.36%	39.64%	40.83%	44.51%	44.93%	42.81%
Intangible Assets out of Total Assets Full definition →	0.33	0.35	0.40	0.35	0.29	0.20	0.13	0.20	0.19	0.17
Share Based Compensation of Revenue Full definition →	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Graham Net Nets Full definition →	(1.53)	(1.71)	(2.01)	(2.56)	(4.05)	(3.00)	(4.98)	(2.92)	(1.37)	(1.22)
Graham Number Full definition →	256.25	0.00	90.15	80.16	0.00	71.11	0.00	0.00	48.38	63.33
Earnings Yield Full definition →	34.21%	(7.18%)	15.54%	14.23%	(13.25%)	24.49%	(16.34%)	(215.79%)	14.61%	14.49%
Free Cash Flow Yield Full definition →	3.46%	6.54%	13.85%	28.61%	29.00%	64.68%	119.59%	99.55%	12.15%	11.28%
Revenue per Share Full definition →	127.00	135.42	129.87	126.69	104.22	54.91	53.46	52.66	56.55	62.99
Operating CF per Share Full definition →	26.80	35.38	35.95	42.15	34.92	37.62	36.40	30.06	16.24	19.37
Capex per Share Full definition →	(23.38)	(29.00)	(27.84)	(24.06)	(23.97)	(12.24)	(14.38)	(10.71)	(11.37)	(13.44)
Free Cash Flow per Share Full definition →	3.42	6.38	8.10	18.10	10.95	25.39	22.02	19.35	4.87	5.93
Cash per Share Full definition →	44.77	34.93	27.10	19.04	25.14	33.34	45.94	33.25	28.90	31.80
Shareholders Equity per Share Full definition →	86.38	55.60	39.72	31.73	14.48	21.46	10.92	15.25	17.75	23.40
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	86.38	55.60	39.72	31.73	14.48	21.46	10.92	15.25	17.75	23.40
Free Cash Flow Full definition →	239.00	446.00	567.00	1,266.00	766.00	1,780.00	1,547.00	1,359.00	345.00	414.00
Working Capital Full definition →	(2,007.00)	(709.00)	(1,303.00)	(3,269.00)	(1,560.00)	643.00	896.00	(426.00)	(769.00)	(323.00)
Capital Expenditures Full definition →	(1,636.00)	(2,029.00)	(1,948.00)	(1,683.00)	(1,677.00)	(858.00)	(1,010.00)	(752.00)	(805.00)	(939.00)
Net Current Asset Value Full definition →	(10,600.00)	(11,653.00)	(8,213.00)	(11,340.00)	(10,688.00)	(8,999.00)	(4,543.00)	(3,989.00)	(3,894.00)	(4,468.00)
EV/EBIT Full definition →	13.26	11.77	18.15	6.66	21.47	11.05	5.04	4.51	4.94	4.58
Capex to Sales Full definition →	0.18	0.21	0.21	0.19	0.23	0.22	0.27	0.20	0.20	0.21
Price to Operating Income Full definition →	6.37	4.65	7.39	2.19	5.17	2.93	0.79	1.47	2.56	2.55
Other line items
Depreciation/Fixed assets Full definition →	0.29	0.34	0.55	0.29	0.37	0.12	0.24	0.25	0.24	0.22
Cash ROIC Full definition →	1.18%	2.48%	4.52%	9.11%	5.96%	12.29%	12.71%	15.87%	4.31%	4.60%
Accounts Receivable Turnover Full definition →	13.05	13.16	13.64	14.71	12.15	6.10	6.55	7.41	8.09	8.39
Accounts Payable Turnover Full definition →	1.13	1.30	1.34	1.17	0.90	0.24	0.31	0.39	0.42	0.39
Inventory Turnover Full definition →	17.34	21.72	19.87	13.12	12.23	4.36	7.38	21.51	27.11	22.38
Average Days of Payables Full definition →	320.69	263.47	280.13	331.61	414.89	1,531.64	833.52	993.20	904.35	1,000.63
Days of Inventory on Hand Full definition →	22.98	12.29	24.32	30.34	23.67	83.71	13.80	19.04	10.63	22.21
Average Receivables Full definition →	681.00	720.00	666.00	602.50	600.00	631.00	573.00	499.00	495.00	524.50
Average Payables Full definition →	1,756.00	1,644.00	1,584.00	1,735.50	1,896.50	1,988.50	1,559.00	1,143.50	1,238.00	1,359.00
Average Inventory Full definition →	114.50	98.50	106.50	155.00	140.00	111.00	64.50	20.50	19.00	23.50
Average Assets Full definition →	27,523.50	20,338.50	16,793.00	15,080.50	15,305.00	15,236.00	15,502.00	11,650.50	8,127.00	8,625.50
Average Common Equity Full definition →	4,968.50	4,966.50	3,334.50	2,499.50	1,616.50	1,259.00	1,136.00	919.00	1,164.00	1,445.50

Fold the line items

Columns are period end dates

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