Comprehensive Stock Comparison
Compare Array Digital Infrastructure, Inc. (AD) vs VEON Ltd. (VEON) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | VEON | 8.3% revenue growth vs AD's -95.7% |
| Value | VEON | Lower P/E (7.6x vs 39.1x) |
| Quality / Margins | VEON | 15.2% net margin vs AD's 15.2% |
| Stability / Safety | AD | Beta 0.52 vs VEON's 0.87, lower leverage |
| Dividends | AD | 46.4% yield; 1-year raise streak; VEON pays no meaningful dividend |
| Momentum (1Y) | AD | +25.6% vs VEON's +25.1% |
| Efficiency (ROA) | VEON | 7.3% ROA vs AD's 5.9%, ROIC 19.4% vs -0.6% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Array Digital Infrastructure is a wireless telecommunications provider offering voice, messaging, and data services to consumer, business, and government customers across the United States. It generates revenue primarily through wireless service subscriptions—which include roaming and tower rental services—and device sales through retail, direct, and third-party channels, with customers able to purchase devices via installment contracts. The company's competitive advantage lies in its multi-channel distribution network—spanning retail stores, e-commerce, resellers, and independent agents—which provides broad market reach and customer access.
VEON is a digital operator providing mobile connectivity and digital services across emerging markets in Eastern Europe and Asia. It generates revenue primarily from mobile services — voice, data, and digital content — with additional income from fixed-line and enterprise solutions. Its competitive advantage lies in its established infrastructure and market-leading positions in countries with high mobile penetration but growing digital adoption.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
VEON leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). AD leads in 2 (Total Returns, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
VEON is the larger business by revenue, generating $4.2B annually — 2.2x AD's $1.9B. Profitability is closely matched — net margins range from 15.2% (VEON) to 15.2% (AD). On growth, VEON holds the edge at +7.5% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ADArray Digital Inf… | VEONVEON Ltd. |
|---|---|---|
| RevenueTrailing 12 months | $1.9B | $4.2B |
| EBITDAEarnings before interest/tax | $430M | $2.1B |
| Net IncomeAfter-tax profit | $290M | $644M |
| Free Cash FlowCash after capex | $2.6B | $594M |
| Gross MarginGross profit ÷ Revenue | +57.5% | +88.2% |
| Operating MarginEBIT ÷ Revenue | +4.2% | +31.9% |
| Net MarginNet income ÷ Revenue | +15.2% | +15.2% |
| FCF MarginFCF ÷ Revenue | +137.8% | +14.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | -93.8% | +7.5% |
| EPS Growth (YoY)Latest quarter vs prior year | +6.8% | -164.7% |
Valuation Metrics
At 9.8x trailing earnings, VEON trades at a 33% valuation discount to AD's 14.7x P/E.
| Metric | ADArray Digital Inf… | VEONVEON Ltd. |
|---|---|---|
| Market CapShares × price | $2.6B | $3.9B |
| Enterprise ValueMkt cap + debt − cash | $4.2B | $6.9B |
| Trailing P/EPrice ÷ TTM EPS | 14.74x | 9.84x |
| Forward P/EPrice ÷ next-FY EPS est. | 39.06x | 7.55x |
| PEG RatioP/E ÷ EPS growth rate | 3.00x | — |
| EV / EBITDAEnterprise value multiple | — | 4.25x |
| Price / SalesMarket cap ÷ Revenue | 16.08x | 0.97x |
| Price / BookPrice ÷ Book value/share | 1.66x | 3.25x |
| Price / FCFMarket cap ÷ FCF | 0.99x | 7.44x |
Profitability & Efficiency
VEON delivers a 39.1% return on equity — every $100 of shareholder capital generates $39 in annual profit, vs $11 for AD. AD carries lower financial leverage with a 0.66x debt-to-equity ratio, signaling a more conservative balance sheet compared to VEON's 3.73x. On the Piotroski fundamental quality scale (0–9), VEON scores 6/9 vs AD's 4/9, reflecting solid financial health.
| Metric | ADArray Digital Inf… | VEONVEON Ltd. |
|---|---|---|
| ROE (TTM)Return on equity | +11.3% | +39.1% |
| ROA (TTM)Return on assets | +5.9% | +7.3% |
| ROICReturn on invested capital | -0.6% | +19.4% |
| ROCEReturn on capital employed | -0.7% | +24.5% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 6 |
| Debt / EquityFinancial leverage | 0.66x | 3.73x |
| Net DebtTotal debt minus cash | $1.6B | $3.0B |
| Cash & Equiv.Liquid assets | $113M | $1.7B |
| Total DebtShort + long-term debt | $1.7B | $4.7B |
| Interest CoverageEBIT ÷ Interest expense | -1.74x | 2.24x |
Total Returns (with DRIP)
A $10,000 investment in AD five years ago would be worth $27,982 today (with dividends reinvested), compared to $12,672 for VEON. Over the past 12 months, AD leads with a +25.6% total return vs VEON's +25.1%. The 3-year compound annual growth rate (CAGR) favors AD at 52.0% vs VEON's 47.7% — a key indicator of consistent wealth creation.
| Metric | ADArray Digital Inf… | VEONVEON Ltd. |
|---|---|---|
| YTD ReturnYear-to-date | +9.9% | +7.0% |
| 1-Year ReturnPast 12 months | +25.6% | +25.1% |
| 3-Year ReturnCumulative with dividends | +251.5% | +222.2% |
| 5-Year ReturnCumulative with dividends | +179.8% | +26.7% |
| 10-Year ReturnCumulative with dividends | +104.2% | -8.4% |
| CAGR (3Y)Annualised 3-year return | +52.0% | +47.7% |
Risk & Volatility
AD is the less volatile stock with a 0.52 beta — it tends to amplify market swings less than VEON's 0.87 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. VEON currently trades 88.1% from its 52-week high vs AD's 62.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ADArray Digital Inf… | VEONVEON Ltd. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.52x | 0.87x |
| 52-Week HighHighest price in past year | $79.17 | $64.00 |
| 52-Week LowLowest price in past year | $44.03 | $34.55 |
| % of 52W HighCurrent price vs 52-week peak | +62.0% | +88.1% |
| RSI (14)Momentum oscillator 0–100 | 41.0 | 58.1 |
| Avg Volume (50D)Average daily shares traded | 256K | 67K |
Analyst Outlook
Wall Street rates AD as "Buy" and VEON as "Buy". AD is the only dividend payer here at 46.35% yield — a key consideration for income-focused portfolios.
| Metric | ADArray Digital Inf… | VEONVEON Ltd. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $56.00 | — |
| # AnalystsCovering analysts | 5 | 13 |
| Dividend YieldAnnual dividend ÷ price | +46.4% | — |
| Dividend StreakConsecutive years of raises | 1 | 0 |
| Dividend / ShareAnnual DPS | $22.76 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.8% | +0.2% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| Array Digital Infra… (AD) | 100 | 162.05 | +62.1% |
| VEON Ltd. (VEON) | 100 | 100.24 | +0.2% |
Array Digital Infra… (AD) returned +180% over 5 years vs VEON Ltd. (VEON)'s +27%. A $10,000 investment in AD 5 years ago would be worth $27,982 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Array Digital Infra… (AD) | $4.0B | $163M | -95.9% |
| VEON Ltd. (VEON) | $8.9B | $4.0B | -54.9% |
Array Digital Infrastructure, Inc.'s revenue grew from $4.0B (2016) to $163M (2025) — a -29.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Array Digital Infra… (AD) | 1.2% | 178.5% | +14739.7% |
| VEON Ltd. (VEON) | 26.2% | 10.4% | -60.4% |
Array Digital Infrastructure, Inc.'s net margin went from 1% (2016) to 179% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Array Digital Infra… (AD) | 268.8 | 16.1 | -94.0% |
| VEON Ltd. (VEON) | 7.1 | 7 | -1.4% |
Array Digital Infrastructure, Inc. has traded in a 12x–269x P/E range over 8 years; current trailing P/E is ~15x. VEON Ltd. has traded in a 5x–7x P/E range over 3 years; current trailing P/E is ~10x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Array Digital Infra… (AD) | 0.56 | 3.33 | +494.6% |
| VEON Ltd. (VEON) | 7.87 | 5.73 | -27.2% |
Array Digital Infrastructure, Inc.'s EPS grew from $0.56 (2016) to $3.33 (2025) — a 22% CAGR.
Chart 6Free Cash Flow — 5 Years
Array Digital Infrastructure, Inc. generated $3B FCF in 2025 (+312% vs 2021). VEON Ltd. generated $523M FCF in 2024 (-56% vs 2021).
AD vs VEON: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is AD or VEON a better buy right now?
VEON Ltd. (VEON) offers the better valuation at 9.8x trailing P/E (7.6x forward), making it the more compelling value choice. Analysts rate Array Digital Infrastructure, Inc. (AD) a "Buy" — based on 5 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — AD or VEON?
On trailing P/E, VEON Ltd. (VEON) is the cheapest at 9.8x versus Array Digital Infrastructure, Inc. at 14.7x. On forward P/E, VEON Ltd. is actually cheaper at 7.6x.
03Which is the better long-term investment — AD or VEON?
Over the past 5 years, Array Digital Infrastructure, Inc. (AD) delivered a total return of +179.8%, compared to +26.7% for VEON Ltd. (VEON). A $10,000 investment in AD five years ago would be worth approximately $28K today (assuming dividends reinvested). Over 10 years, the gap is even starker: AD returned +104.2% versus VEON's -8.4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — AD or VEON?
By beta (market sensitivity over 5 years), Array Digital Infrastructure, Inc. (AD) is the lower-risk stock at 0.52β versus VEON Ltd.'s 0.87β — meaning VEON is approximately 68% more volatile than AD relative to the S&P 500. On balance sheet safety, Array Digital Infrastructure, Inc. (AD) carries a lower debt/equity ratio of 66% versus 4% for VEON Ltd. — giving it more financial flexibility in a downturn.
05Which has better profit margins — AD or VEON?
Array Digital Infrastructure, Inc. (AD) is the more profitable company, earning 178.5% net margin versus 10.4% for VEON Ltd. — meaning it keeps 178.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: VEON leads at 27.7% versus -30.2% for AD. At the gross margin level — before operating expenses — VEON leads at 87.1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is AD or VEON more undervalued right now?
On forward earnings alone, VEON Ltd. (VEON) trades at 7.6x forward P/E versus 39.1x for Array Digital Infrastructure, Inc. — 31.5x cheaper on a one-year earnings basis.
07Which pays a better dividend — AD or VEON?
In this comparison, AD (46.4% yield) pays a dividend. VEON does not pay a meaningful dividend and should not be held primarily for income.
08Is AD or VEON better for a retirement portfolio?
For long-horizon retirement investors, Array Digital Infrastructure, Inc. (AD) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.52), 46.4% yield, +104.2% 10Y return). Both have compounded well over 10 years (AD: +104.2%, VEON: -8.4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between AD and VEON?
Both stocks operate in the Communication Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. AD pays a dividend while VEON does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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- Sector: Communication Services
- Market Cap > $100B
- Net Margin > 9%
- Dividend Yield > 18.5%