Comprehensive Stock Comparison
Compare VEON Ltd. (VEON) vs Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZF) 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 UZF's -95.7% |
| Value | VEON | Lower P/E (7.6x vs 15.4x) |
| Quality / Margins | VEON | 15.2% net margin vs UZF's 15.2% |
| Stability / Safety | UZF | Beta 0.24 vs VEON's 0.87, lower leverage |
| Dividends | UZF | 100.0% yield; 1-year raise streak; VEON pays no meaningful dividend |
| Momentum (1Y) | VEON | +25.1% vs UZF's -7.6% |
| Efficiency (ROA) | VEON | 7.3% ROA vs UZF'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
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.
United States Cellular is a regional wireless telecommunications carrier providing mobile voice, data, and internet services primarily in rural and suburban markets. It generates revenue through postpaid and prepaid service plans (~80% of revenue), equipment sales of smartphones and devices (~20%), and roaming agreements with other carriers. Its competitive advantage lies in its established spectrum holdings and network infrastructure in underserved markets where national carriers have less presence.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
VEON leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). UZF leads in 2 (Valuation Metrics, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
VEON is the larger business by revenue, generating $4.2B annually — 2.2x UZF's $1.9B. Profitability is closely matched — net margins range from 15.2% (VEON) to 15.2% (UZF). On growth, VEON holds the edge at +7.5% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | VEONVEON Ltd. | UZFArray Digital Inf… |
|---|---|---|
| RevenueTrailing 12 months | $4.2B | $1.9B |
| EBITDAEarnings before interest/tax | $2.1B | $430M |
| Net IncomeAfter-tax profit | $644M | $290M |
| Free Cash FlowCash after capex | $594M | $2.6B |
| Gross MarginGross profit ÷ Revenue | +88.2% | +57.5% |
| Operating MarginEBIT ÷ Revenue | +31.9% | +4.2% |
| Net MarginNet income ÷ Revenue | +15.2% | +15.2% |
| FCF MarginFCF ÷ Revenue | +14.0% | +137.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | +7.5% | -93.8% |
| EPS Growth (YoY)Latest quarter vs prior year | -164.7% | +6.8% |
Valuation Metrics
At 5.8x trailing earnings, UZF trades at a 41% valuation discount to VEON's 9.8x P/E.
| Metric | VEONVEON Ltd. | UZFArray Digital Inf… |
|---|---|---|
| Market CapShares × price | $3.9B | $1.0B |
| Enterprise ValueMkt cap + debt − cash | $6.9B | $2.6B |
| Trailing P/EPrice ÷ TTM EPS | 9.84x | 5.80x |
| Forward P/EPrice ÷ next-FY EPS est. | 7.55x | 15.36x |
| PEG RatioP/E ÷ EPS growth rate | — | 1.18x |
| EV / EBITDAEnterprise value multiple | 4.25x | — |
| Price / SalesMarket cap ÷ Revenue | 0.97x | 6.32x |
| Price / BookPrice ÷ Book value/share | 3.25x | 0.65x |
| Price / FCFMarket cap ÷ FCF | 7.44x | 0.39x |
Profitability & Efficiency
VEON delivers a 39.1% return on equity — every $100 of shareholder capital generates $39 in annual profit, vs $11 for UZF. UZF 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 UZF's 4/9, reflecting solid financial health.
| Metric | VEONVEON Ltd. | UZFArray Digital Inf… |
|---|---|---|
| ROE (TTM)Return on equity | +39.1% | +11.3% |
| ROA (TTM)Return on assets | +7.3% | +5.9% |
| ROICReturn on invested capital | +19.4% | -0.6% |
| ROCEReturn on capital employed | +24.5% | -0.7% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 4 |
| Debt / EquityFinancial leverage | 3.73x | 0.66x |
| Net DebtTotal debt minus cash | $3.0B | $1.6B |
| Cash & Equiv.Liquid assets | $1.7B | $113M |
| Total DebtShort + long-term debt | $4.7B | $1.7B |
| Interest CoverageEBIT ÷ Interest expense | 2.24x | -1.74x |
Total Returns (with DRIP)
A $10,000 investment in VEON five years ago would be worth $12,672 today (with dividends reinvested), compared to $9,995 for UZF. Over the past 12 months, VEON leads with a +25.1% total return vs UZF's -7.6%. The 3-year compound annual growth rate (CAGR) favors VEON at 47.7% vs UZF's 12.6% — a key indicator of consistent wealth creation.
| Metric | VEONVEON Ltd. | UZFArray Digital Inf… |
|---|---|---|
| YTD ReturnYear-to-date | +7.0% | +7.8% |
| 1-Year ReturnPast 12 months | +25.1% | -7.6% |
| 3-Year ReturnCumulative with dividends | +222.2% | +42.6% |
| 5-Year ReturnCumulative with dividends | +26.7% | -0.1% |
| 10-Year ReturnCumulative with dividends | -8.4% | -0.1% |
| CAGR (3Y)Annualised 3-year return | +47.7% | +12.6% |
Risk & Volatility
UZF is the less volatile stock with a 0.24 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.
| Metric | VEONVEON Ltd. | UZFArray Digital Inf… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.87x | 0.24x |
| 52-Week HighHighest price in past year | $64.00 | $22.59 |
| 52-Week LowLowest price in past year | $34.55 | $16.53 |
| % of 52W HighCurrent price vs 52-week peak | +88.1% | +85.4% |
| RSI (14)Momentum oscillator 0–100 | 58.1 | 69.3 |
| Avg Volume (50D)Average daily shares traded | 67K | 10K |
Analyst Outlook
UZF is the only dividend payer here at 100.00% yield — a key consideration for income-focused portfolios.
| Metric | VEONVEON Ltd. | UZFArray Digital Inf… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | — |
| Price TargetConsensus 12-month target | — | — |
| # AnalystsCovering analysts | 13 | — |
| Dividend YieldAnnual dividend ÷ price | — | +100.0% |
| Dividend StreakConsecutive years of raises | 0 | 1 |
| Dividend / ShareAnnual DPS | — | $22.76 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.2% | +2.1% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Jun 21 | Feb 26 | Change |
|---|---|---|---|
| VEON Ltd. (VEON) | 100 | 118.62 | +18.6% |
| Array Digital Infra… (UZF) | 99.22 | 71.9 | -27.5% |
VEON Ltd. (VEON) returned +27% over 5 years vs Array Digital Infra… (UZF)'s -0%. A $10,000 investment in VEON 5 years ago would be worth $12,672 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| VEON Ltd. (VEON) | $8.9B | $4.0B | -54.9% |
| Array Digital Infra… (UZF) | $4.0B | $163M | -95.9% |
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070's revenue grew from $4.0B (2016) to $163M (2025) — a -29.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| VEON Ltd. (VEON) | 26.2% | 10.4% | -60.4% |
| Array Digital Infra… (UZF) | 1.2% | 178.5% | +14739.7% |
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070's net margin went from 1% (2016) to 179% (2025).
Chart 4P/E Ratio History — 6 Years
| Stock | 2019 | 2025 | Change |
|---|---|---|---|
| VEON Ltd. (VEON) | 7.1 | 7 | -1.4% |
| Array Digital Infra… (UZF) | 14.8 | 5.3 | -64.2% |
VEON Ltd. has traded in a 5x–7x P/E range over 3 years; current trailing P/E is ~10x. Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 has traded in a 5x–41x P/E range over 4 years; current trailing P/E is ~6x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| VEON Ltd. (VEON) | 7.87 | 5.73 | -27.2% |
| Array Digital Infra… (UZF) | 0.56 | 3.33 | +494.6% |
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070's EPS grew from $0.56 (2016) to $3.33 (2025) — a 22% CAGR.
Chart 6Free Cash Flow — 5 Years
VEON Ltd. generated $523M FCF in 2024 (-56% vs 2021). Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 generated $3B FCF in 2025 (+312% vs 2021).
VEON vs UZF: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is VEON or UZF a better buy right now?
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZF) offers the better valuation at 5.8x trailing P/E (15.4x forward), making it the more compelling value choice. Analysts rate VEON Ltd. (VEON) a "Buy" — based on 13 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 — VEON or UZF?
On trailing P/E, Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZF) is the cheapest at 5.8x versus VEON Ltd. at 9.8x. On forward P/E, VEON Ltd. is actually cheaper at 7.6x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — VEON or UZF?
Over the past 5 years, VEON Ltd. (VEON) delivered a total return of +26.7%, compared to -0.1% for Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZF). A $10,000 investment in VEON five years ago would be worth approximately $13K today (assuming dividends reinvested). Over 10 years, the gap is even starker: UZF returned -0.1% 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 — VEON or UZF?
By beta (market sensitivity over 5 years), Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZF) is the lower-risk stock at 0.24β versus VEON Ltd.'s 0.87β — meaning VEON is approximately 263% more volatile than UZF relative to the S&P 500. On balance sheet safety, Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZF) 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 — VEON or UZF?
Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZF) 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 UZF. 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 VEON or UZF more undervalued right now?
On forward earnings alone, VEON Ltd. (VEON) trades at 7.6x forward P/E versus 15.4x for Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 — 7.8x cheaper on a one-year earnings basis.
07Which pays a better dividend — VEON or UZF?
In this comparison, UZF (100.0% yield) pays a dividend. VEON does not pay a meaningful dividend and should not be held primarily for income.
08Is VEON or UZF better for a retirement portfolio?
For long-horizon retirement investors, Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 (UZF) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.24), 100.0% yield). Both have compounded well over 10 years (UZF: -0.1%, 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 VEON and UZF?
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. UZF 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 > 40.0%