VEON Ltd VEON

Communication ServicesTelecommunications ServicesUnited Arab Emirates

Last close 78.11 USD on Nov 3, 2026, +48.6% year to date

Quant rating

Quant rating A Rank 11 of 152 in Communication Services

Growth C 66 of 152
Valuation C 67 of 152
Quality B 27 of 152
Revisions C 66 of 152
Momentum A 2 of 152

Wall Street consensus Buy (2.00)Average target 90.50 USD +15.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.4B
Enterprise value: 9.0B
52-week range: 42.75 – 88.72
3-year range: 16.42 – 88.72
Dividend yield: –
Beta (5 years): 1.63
Shares outstanding: 1,722M
Next earnings: Nov 6, 2026

About the company

VEON Ltd is a United Arab Emirates-based digital telecommunications operator providing connectivity and internet services to both individual and corporate customers across multiple markets. The Company delivers a comprehensive range of mobile and fixed‑line telecommunications services, leveraging traditional networks as well as broadband mobile technologies, and supports both prepaid and postpaid plans for consumer and enterprise segments. The Company’s mobile offerings include domestic and international roaming, value‑added services, wireless broadband, mobile financial services, and digital applications. Its fixed‑line services encompass voice and data communications, internet connectivity, data transmission, network access, domestic and international voice termination, and international transit services. In addition, the Company is engaged in the sale of telecommunications equipment, infrastructure, and related accessories.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,399	4,004	3,698	3,755	3,850	–
Revenue growth	9.9%	8.3%	−1.5%	−2.5%	−47.2%	−9.6%
EPS (basic, normalized)	7.42	5.73	5.00	–	–	–
EPS growth	29.5%	14.6%	–	–	–	–
Gross margin	88.0%	87.1%	88.1%	87.3%	87.4%	87.6%
Net margin	12.1%	10.4%	8.2%	15.4%	−0.2%	9.2%
ROE	43.6%	42.4%	42.3%	100.4%	−1.9%	45.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,689
Current ratio	0.97x
Long-term debt (mil)	4,417
Net debt (mil)	3,572
Total equity (mil)	1,513
Net debt / equity	2.36x
Net debt / EBITDA	1.78x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,399	+9.9%	2.0x	2,009	+21.6%	4.5x	7.42	+29.5%	10.5x
2026	5,107	+16.1%	1.8x	2,194	+9.2%	4.1x	6.63	−10.6%	11.8x
2027	5,597	+9.6%	1.6x	2,426	+10.6%	3.7x	8.05	+21.5%	9.7x
2028	6,114	+9.2%	1.5x	2,685	+10.7%	3.3x	9.90	+23.0%	7.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,107	−0.3%	+1.7%	+4.4%	6.63	−2.7%	+1.4%	−6.1%
2027	5,597	−0.4%	+3.7%	+6.5%	8.05	−2.0%	+3.8%	−12.1%
2028	6,114	−1.1%	+4.1%	+7.6%	9.90	−4.4%	+8.2%	−8.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	942	1,026	1,037	998	1,026	1,087	1,115	1,171	1,201	1,271
Sales mean (mil)	946	–	1,038	997	996	1,024	1,093	1,113	1,164	1,218
Surprise	−0.4%	–	−0.1%	+0.1%	+3.0%	+6.2%	+2.0%	+5.2%	+3.2%	+4.3%
EPS reported	–	–	3.00	0.98	1.36	0.76	−0.48	−0.44	1.39	1.69
EPS mean	–	–	2.95	0.77	0.83	0.95	−2.21	1.10	1.33	1.46
Surprise	–	–	+1.7%	+27.3%	+63.9%	−20.0%	+78.3%	−140.0%	+4.5%	+15.8%

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VEON VEON Ltd	5.4B	1.78x	12.1%	3.56x	11.8x	9.7x	4.1x	3.7x
BRTI Bharti Airtel Ltd	135.7B	1.30x	12.7%	7.96x	32.8x	24.9x	10.4x	9.1x
SFTBY Softbank Group Corp	159.9B	–	–	–	–	–	–	–
TMUS T-Mobile US Inc	163.6B	2.47x	12.4%	2.91x	13.8x	10.9x	6.6x	6.1x
KDDIF KDDI CORPORATION	72.2B	2.90x	11.6%	2.11x	14.2x	13.3x	8.7x	8.3x
AMX America Movil SAB de CV	75.2B	1.95x	8.8%	3.79x	15.9x	13.7x	5.0x	4.8x
Mean		2.08x	11.5%	4.07x	17.7x	14.5x	6.9x	6.4x
Median		1.95x	12.1%	3.56x	14.2x	13.3x	6.6x	6.1x

Technical analysis

1M+3.3%
3M+47.0%
1Y+62.4%
3Y+359.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, VEON Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,399	4,004	3,698	3,755	3,850	7,291
Cost of revenue	526	515	441	476	484	1,712
Gross profit	3,873	3,489	3,257	3,279	3,366	5,579
Selling, general & administrative expenses	1,883	1,799	1,646	1,533	1,526	2,432
Research & development	–	–	–	–	–	–
Depreciation/amortization	802	728	735	778	799	1,742
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−82.0	−147	−4.0	−194	18.0	898
Other operating expenses	−20.0	−1.0	−1.0	−1.0	0	−4.0
Operating income	1,290	1,110	881	1,163	1,023	511
Net interest income (expense)	−501	−400	−316	−331	−589	−698
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−4.0	−6.0	−6.0	−30.0	30.0	105
Net income before taxes	785	704	559	802	464	−82.0
Provision for taxes	194	217	179	69.0	344	313
Minority interest	−59.0	−72.0	−78.0	−153	−127	−33.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	532	415	302	580	−7.0	−428
Extraordinary items	–	0	−2,830	−742	681	79.0
Net income	532	415	−2,528	−162	674	−349
EBIT, normalized	1,208	963	877	969	1,041	1,409
EBITDA, normalized	2,010	1,691	1,612	1,747	1,840	3,935
Basic EPS, normalized	7.42	5.73	5.00	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, VEON Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,221	2,046	2,335	3,227	2,338	1,759
Receivables	745	606	696	627	944	847
Total inventory	32.0	15.0	23.0	18.0	111	111
Prepaid expenses	–	–	–	–	–	–
Other current assets	115	146	104	109	160	133
Total current assets	3,113	2,813	3,158	3,981	3,553	2,850
Property, plant & equipment	3,757	3,016	2,898	2,848	6,717	6,879
Goodwill	399	338	349	394	1,542	2,682
Intangibles	1,150	1,172	1,270	1,566	1,702	1,470
Long-term investments	144	65.0	53.0	71.0	99.0	305
Note receivable	–	–	–	–	–	–
Other long-term assets	652	632	490	6,223	2,308	365
Total assets	9,215	8,036	8,218	15,083	15,921	14,551
Liabilities
Accounts payable	1,442	1,276	1,200	1,087	2,031	1,977
Payable/accrued	–	–	–	–	–	–
Accrued expenses	129	130	124	135	318	372
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,102	1,666	1,692	2,844	1,242	1,224
Other current liabilities	759	554	568	579	792	837
Total current liabilities	3,432	3,626	3,584	4,645	4,383	4,410
Long-term debt	4,043	3,028	3,464	5,336	9,404	8,832
Minority interest	294	158	213	198	919	850
Other liabilities	106	125	99.0	4,335	629	296
Total liabilities	7,875	6,937	7,360	14,514	15,335	14,388
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.0	2.0	2.0	2.0	2.0	2.0
Additional paid-in capital	12,753	12,753	12,753	12,753	12,753	12,753
Retained earnings (accumulated deficit)	−5,106	−5,483	−5,907	−3,378	−3,236	−3,817
Treasury stock	–	–	–	–	–	–
Other equity	−6,309	−6,173	−5,990	−8,808	−8,933	−8,775
Total equity	1,340	1,099	858	569	586	163
Total liabilities & shareholders' equity	9,215	8,036	8,218	15,083	15,921	14,551

Cash flow statement in millions of USD, fiscal years

Cash flow statement, VEON Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	785	704	559	802	464	−82.0
Depreciation, depletion & amortization	811	731	729	671	826	2,526
Deferred taxes	–	–	–	–	–	–
Non-cash items	414	256	1,275	1,898	2,227	919
Changes in working capital	−657	−541	−452	−814	−879	−920
Cash from operations	1,353	1,150	2,111	2,557	2,638	2,443
Investing activities
Capital expenditures	−949	−907	−766	−1,010	−858	−1,677
Other investing cash flows	158	129	−1,471	−646	−322	−189
Cash from investing	−791	−778	−2,237	−1,656	−1,180	−1,866
Financing activities
Financing cash flow items	132	−15.0	−241	−352	−848	−114
Cash dividends paid	–	–	–	0	0	−259
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−680	−536	−904	468	104	270
Cash from financing	−548	−551	−1,145	116	−744	−103
Foreign exchange effects	30.0	−35.0	66.0	−149	−136	−51.0
Net change in cash	44.0	−214	−1,205	868	578	423
Free cash flow	404	243	1,345	1,547	1,780	766

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.