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

Fold the line items

Columns are period end dates

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