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VEON logoVEON Ltd.(VEON)Earnings, Financials & Key Ratios

VEON•NASDAQ•Utilities
$49.14
$3.39B mkt cap·8.6× P/E·Price updated May 6, 2026
SectorCommunication ServicesIndustryTelecom ServicesSub-IndustryMobile Network Operators
AboutVEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com.Show more
  • Revenue$4B+8.3%
  • EBITDA$1.62B+12.3%
  • Net Income$415M+116.4%
  • Free Cash Flow$523M+515.1%
  • EBITDA Margin40.53%+3.7%
  • Net Margin10.36%+115.2%
  • ROE35.65%+113.0%
  • Interest Coverage2.24+28.2%
  • Debt/Equity3.73-22.4%
  • Net Debt/EBITDA1.85-17.8%
  • CapEx / Revenue22.65%-62.6%
  • CapEx Coverage1.27+34.4%
Technical→

VEON Key Insights

VEON Ltd. (VEON) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗High debt to equity ratio of 3.7x

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

VEON Price & Volume

VEON Ltd. (VEON) stock price & volume — 10-year historical chart

Loading chart...

VEON Growth Metrics

VEON Ltd. (VEON) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-11.44%
5 Years-13.04%
3 Years1.32%
TTM6.74%

Profit CAGR

10 Years-
5 Years-7.77%
3 Years-14.93%
TTM119.91%

EPS CAGR

10 Years-
5 Years-8.41%
3 Years-15.72%
TTM119.87%

Return on Capital

10 Years10.49%
5 Years12.99%
3 Years15.82%
Last Year24.55%

VEON Recent Earnings

VEON Ltd. (VEON) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (67%)●Beat Revenue 5/12 qtrs (71%)
Q2 2026Latest
Mar 13, 2026
EPS
$0.39
Est $1.33
-129.3%
Revenue
$1.2B
Est $1.1B
+4.8%
Q4 2025
Nov 10, 2025
EPS
$1.14
Est $1.21
-5.8%
Revenue
$1.1B
Est $1.1B
-0.7%
Q3 2025
Aug 7, 2025
EPS
$8.30
Est $1.18
+603.4%
Revenue
$1.1B
Est $1.1B
-1.8%
Q2 2025
May 15, 2025
EPS
$1.36
Est $0.83
+63.9%
Revenue
$1.0B
Est $1.0B
+0.5%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMar 13, 2026
$0.39vs $1.33-129.3%
$1.2Bvs $1.1B+4.8%
Q4 2025Nov 10, 2025
$1.14vs $1.21-5.8%
$1.1Bvs $1.1B-0.7%
Q3 2025Aug 7, 2025
$8.30vs $1.18+603.4%
$1.1Bvs $1.1B-1.8%
Q2 2025May 15, 2025
$1.36vs $0.83+63.9%
$1.0Bvs $1.0B+0.5%
Based on last 12 quarters of dataView full earnings history →

VEON Peer Comparison

VEON Ltd. (VEON) competitors in Mobile Network Operators — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
TEF logoTEFTelefónica, S.A.Direct Competitor24.41B4.33-65.091.63%-5.53%-9.92%25.14%1.98
TKC logoTKCTurkcell Iletisim Hizmetleri A.S.Direct Competitor5.59B6.4210.7655.6%7.36%7.28%10.34%0.56
VIV logoVIVTelefônica Brasil S.A.Direct Competitor25.88B16.2023.677.19%10.36%8.98%8.26%0.30
LILA logoLILALiberty Latin America Ltd.Direct Competitor1.62B8.11-2.65-0.33%-13.76%-50.24%18.85%8.67
T logoTAT&T Inc.Product Competitor181.06B25.938.532.71%16.92%16.85%10.74%1.35
VZ logoVZVerizon Communications Inc.Product Competitor199.66B47.3411.662.52%12.43%16.42%10.08%1.90
TMUS logoTMUST-Mobile US, Inc.Product Competitor210.32B194.3519.998.49%11.65%17.82%4.92%2.07
ERIC logoERICTelefonaktiebolaget LM Ericsson (publ)Supply Chain36.64B11.9313.73-14.22%12.07%29.04%8.45%0.42

Compare VEON vs Peers

VEON Ltd. (VEON) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs TEF

Most directly comparable listed peer for VEON.

Scale Benchmark

vs CSCO

Larger-name benchmark to compare VEON against a more recognizable public peer.

Peer Set

Compare Top 5

vs TEF, TKC, VIV, LILA

VEON Income Statement

VEON Ltd. (VEON) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Revenue8.88B9.47B9.09B8.05B3.48B3.85B3.75B3.7B4B4.23B
Revenue Growth %-7.51%6.63%-4.1%-11.39%-56.75%10.57%-2.47%-1.52%8.27%6.74%
Cost of Revenue1.99B2.14B2.12B1.84B454M484M476M441M515M497M
Gross Profit
6.9B▲ 0%
7.33B▲ 6.3%
6.97B▼ 5.0%
6.21B▼ 10.9%
3.03B▼ 51.2%
3.37B▲ 11.2%
3.28B▼ 2.6%
3.26B▼ 0.7%
3.49B▲ 7.1%
3.73B▲ 0%
Gross Margin %77.66%77.42%76.71%77.12%86.96%87.43%87.32%88.07%87.14%88.24%
Gross Profit Growth %-7.23%6.3%-4.98%-10.92%-51.23%11.16%-2.58%-0.67%7.12%-
Operating Expenses5.82B5.87B6.42B4.34B2.21B2.34B2.12B2.33B2.38B2.38B
Other Operating Expenses----------
EBITDA3.02B3.5B2.21B3.71B1.61B1.82B1.83B1.45B1.62B2.13B
EBITDA Margin %33.99%36.89%24.31%46.08%46.38%47.32%48.84%39.08%40.53%50.4%
EBITDA Growth %16.56%15.73%-36.8%67.95%-56.47%12.82%0.66%-21.21%12.32%19.86%
Depreciation & Amortization1.94B2.03B1.66B1.84B792M799M671M516M513M782M
D&A / Revenue %21.79%21.41%18.21%22.92%22.75%20.75%17.87%13.95%12.81%18.5%
Operating Income (EBIT)
1.08B▲ 0%
1.47B▲ 35.3%
554M▼ 62.2%
1.86B▲ 236.6%
823M▼ 55.9%
1.02B▲ 24.3%
1.16B▲ 13.7%
929M▼ 20.1%
1.11B▲ 19.5%
1.35B▲ 0%
Operating Margin %12.2%15.48%6.1%23.16%23.64%26.57%30.97%25.12%27.72%31.9%
Operating Income Growth %106.87%35.33%-62.24%236.64%-55.87%24.3%13.69%-20.12%19.48%-
Interest Expense830M935M816M876M569M591M583M531M495M4M
Interest Coverage1.31x1.57x0.68x2.13x1.45x1.73x1.99x1.75x2.24x-
Interest / Revenue %9.34%9.87%8.98%10.88%16.34%15.35%15.53%14.36%12.36%0.09%
Non-Operating Income-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K-4M
Pretax Income
288M▲ 0%
328M▲ 13.9%
-248M▼ 175.6%
1.04B▲ 521.0%
373M▼ 64.3%
464M▲ 24.4%
802M▲ 72.8%
559M▼ 30.3%
704M▲ 25.9%
878M▲ 0%
Pretax Margin %3.24%3.46%-2.73%12.97%10.71%12.05%21.36%15.12%17.58%20.78%
Income Tax635M472M369M462M279M344M69M179M217M186M
Effective Tax Rate %220.49%143.9%-148.79%44.25%74.8%74.14%8.6%32.02%30.82%21.18%
Net Income
2.33B▲ 0%
-505M▼ 121.7%
582M▲ 215.2%
622.01M▲ 6.9%
-349M▼ 156.1%
674M▲ 293.1%
-162M▼ 124.0%
-2.53B▼ 1460.5%
415M▲ 116.4%
644M▲ 0%
Net Margin %26.2%-5.33%6.41%7.73%-10.02%17.51%-4.31%-68.36%10.36%15.24%
Net Income Growth %455.42%-121.69%215.25%6.87%-156.11%293.12%-124.04%-1460.49%116.42%119.91%
EPS (Diluted)
7.87▲ 0%
-7.24▼ 192.0%
-9.99▼ 38.0%
8.89▲ 189.0%
-4.99▼ 156.1%
9.57▲ 291.8%
-2.25▼ 123.5%
-36.00▼ 1500.0%
5.73▲ 115.9%
9.37▲ 0%
EPS Growth %185.45%-191.99%-37.98%188.99%-156.13%291.78%-123.51%-1500%115.92%119.87%
EPS (Basic)7.87-7.24-9.998.89-4.999.61-2.25-35.935.86-
Diluted Shares Outstanding69.96M69.96M69.96M69.96M69.96M70.44M70.44M71.28M72.44M68.76M

VEON Balance Sheet

VEON Ltd. (VEON) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Assets21.28B19.52B14.1B16.06B14.55B15.92B15.08B8.22B8.04B8.81B
Asset Growth %-37.12%-8.26%-27.76%13.88%-9.39%9.42%-5.26%-45.51%-2.21%44.27%
PP&E (Net)6.72B6.1B4.93B7.34B6.88B6.72B2.85B2.9B3.02B3.57B
PP&E / Total Assets %31.58%31.23%34.97%45.71%47.28%42.19%18.88%35.26%37.53%40.46%
Total Current Assets4.55B3.94B3.11B2.5B2.85B5.42B3.98B3.16B2.9B2.88B
Cash & Equivalents2.94B1.3B1.81B1.25B1.67B2.25B3.11B1.9B1.69B1.66B
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory125M72M141M169M111M111M73M23M15M24M
Other Current Assets32M238M196M151M133M2.02B54M60M218M232.98M
Long-Term Investments2.57B1.96B58M235M305M99M71M53M65M573.98M
Goodwill4.7B4.39B3.82B3.96B2.68B1.54B394M349M338M384.96M
Intangible Assets2.26B2.17B1.85B1.73B1.47B1.7B1.57B1.27B1.17B1.15B
Other Assets143M227M135M163M179M216M5.95B178M177M176.98M
Total Liabilities15.15B15.59B11.32B13.84B13.54B14.42B14.32B7.15B6.78B7.17B
Total Debt11.12B11.63B7.86B10.34B10.06B10.65B8.18B5.16B4.69B5.14B
Net Debt8.17B10.32B4.76B9.09B8.42B8.39B5.07B3.25B3B3.48B
Long-Term Debt8.07B10.36B6.56B7.76B8.83B9.4B5.34B3.46B3.03B4.03B
Short-Term Borrowings3.05B1.27B1.29B2.58B1.25B1.24B2.84B1.69B1.67B1.11B
Capital Lease Obligations0000000000
Total Current Liabilities6.56B4.64B4.41B5.77B4.41B4.38B4.64B3.58B3.63B3.04B
Accounts Payable1.74B1.54B1.43B1.85B1.95B2.03B1.09B1.2B1.28B1.26B
Accrued Expenses135.99M173M197.93M197M168M153M82M84M80M80M
Deferred Revenue552.94M374M350.88M225M216M212M159M144M129M0
Other Current Liabilities1.02B1.23B1.11B811.99M650M517M293M310M296M565.94M
Deferred Taxes1000K1000K1000K1000K1000K1000K1000K1000K1000K98M
Other Liabilities177.98M209M156.95M153M152M494M4.29B60M90M66.99M
Total Equity
6.04B▲ 0%
3.93B▼ 35.0%
2.78B▼ 29.2%
2.22B▼ 20.1%
1.01B▼ 54.4%
1.5B▲ 48.6%
767M▼ 49.0%
1.07B▲ 39.6%
1.26B▲ 17.4%
1.65B▲ 0%
Equity Growth %55.19%-35.02%-29.23%-20.12%-54.37%48.57%-49.04%39.63%17.37%101.36%
Shareholders Equity5.96B4.35B3.67B1.23B163M586M569M858M1.1B1.38B
Minority Interest82M-425M-891M994M850M919M198M213M158M264.97M
Common Stock2M2M2M2M2M2M2M2M2M2M
Additional Paid-in Capital12.75B12.75B12.75B12.75B12.75B12.75B12.75B12.75B12.75B12.75B
Retained Earnings-439M-1.49B-1.41B-1.33B-1.92B-1.25B-1.41B-3.94B-3.53B-2.97B
Accumulated OCI-6.36B-6.94B-7.67B-10.2B-10.67B-10.92B-10.78B-7.96B-8.13B-8.41B
Return on Assets (ROA)8.45%-2.48%3.46%4.12%-2.28%4.42%-1.04%-21.7%5.11%7.68%
Return on Equity (ROE)46.86%-10.13%17.36%24.89%-21.59%53.53%-14.26%-275.08%35.65%44.51%
Debt / Equity1.84x2.96x2.83x4.66x9.93x7.07x10.66x4.81x3.73x3.73x
Debt / Assets52.24%59.58%55.71%64.41%69.11%66.87%54.23%62.74%58.41%58.36%
Net Debt / EBITDA2.71x2.95x2.15x2.45x5.21x4.61x2.77x2.25x1.85x1.85x
Book Value per Share86.3856.1339.7231.7314.4821.3710.8915.0317.3523.95

VEON Cash Flow Statement

VEON Ltd. (VEON) cash flow — operating, investing & free cash flow history

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations1.9B2.48B2.52B2.95B2.44B2.64B2.56B2.11B1.15B1.15B
Operating CF Growth %-6.03%30.48%1.55%16.91%-17.13%7.98%-3.07%-17.44%-45.52%19.03%
Operating CF / Revenue %21.42%26.21%27.75%36.62%70.16%68.52%68.1%57.08%28.72%27.21%
Net Income-385.69M-115.38M-398.05M1.04B373M75M656M307M415M644M
Depreciation & Amortization1.97B2.03B1.84B1.95B792M799M778M735M728M788.59M
Deferred Taxes0000000000
Other Non-Cash Items576.51M485.58M758.01M53M1.28B1.86B1.19B821M-106M-342.56M
Working Capital Changes-252.73M78.26M322.85M-102M2M-96M-66M248M113M157.67M
Capital Expenditures-2.72B-3.29B-1.95B-1.58B-1.87B-1.46B-1.66B-2.24B-627M-658.96M
CapEx / Revenue %30.57%34.68%21.5%19.65%53.59%37.9%44.1%60.49%22.65%13.01%
CapEx / D&A1.38x1.61x1.06x0.81x2.36x1.83x2.13x3.04x1.25x0.70x
CapEx Coverage (OCF/CapEx)0.70x0.76x1.29x1.86x1.31x1.81x1.54x0.94x1.27x2.09x
Cash from Investing-2.72B-3.29B2B-1.87B-1.87B-1.46B-1.66B-2.24B-778M-507.36M
Acquisitions-312.61M-239.78M19.05M0-10M-279M24M0136M0
Purchase of Investments-88.3M-101.33M000-48M-14M-147M089M
Sale of Investments001000K000001000K1000K
Other Investing-639.44M-900.94M1.04B-291M-1.31B-274M-656M-1.32B-99M158.15M
Cash from Financing-122.81M-475.55M-3.93B-1.64B-103M-465M116M-1.15B-551M-98.41M
Dividends Paid-61.91M-519.7M-509.35M-520M-259M00000
Dividend Payout Ratio %2.66%-87.52%83.6%------
Debt Issuance (Net)1000K1000K-1000K-1000K1000K1000K1000K-1000K-1000K0
Stock Issued0000000000
Share Repurchases00000000-8M-5.96M
Other Financing-127.89M-447.46M-93.25M-838M-317M-569M-352M-241M-15M39.74M
Net Change in Cash
-671.76M▲ 0%
-1.63B▼ 142.3%
493.36M▲ 130.3%
-572M▼ 215.9%
423M▲ 174.0%
583M▲ 37.8%
855M▲ 46.7%
-1.21B▼ 240.9%
-213M▲ 82.3%
643.69M▲ 0%
Exchange Rate Effect1000K-1000K-1000K-1000K-1000K-1000K-1000K1000K-1000K-2M
Cash at Beginning3.61B2.94B1.31B1.81B1.24B1.67B2.25B3.11B1.9B1.28B
Cash at End2.94B1.31B1.81B1.24B1.66B2.25B3.11B1.9B1.69B1.66B
Free Cash Flow
-813M▲ 0%
-802.62M▲ 1.3%
568.5M▲ 170.8%
1.37B▲ 140.3%
577M▼ 57.8%
1.18B▲ 104.3%
901M▼ 23.6%
-126M▼ 114.0%
523M▲ 515.1%
590.46M▲ 0%
FCF Growth %-369.06%1.28%170.83%140.28%-57.76%104.33%-23.58%-113.98%515.08%201.45%
FCF Margin %-9.15%-8.47%6.26%16.97%16.57%30.62%23.99%-3.41%13.06%13.97%
FCF / Net Income %-34.92%158.93%97.68%219.61%-165.33%174.93%-556.17%4.98%126.02%91.69%

VEON Key Ratios

VEON Ltd. (VEON) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024TTM
Return on Equity (ROE)46.86%-10.13%17.36%24.89%-21.59%53.53%-14.26%-275.08%35.65%44.51%
EBITDA Margin33.99%36.89%24.31%46.08%46.38%47.32%48.84%39.08%40.53%50.4%
Net Debt / EBITDA2.71x2.95x2.15x2.45x5.21x4.61x2.77x2.25x1.85x1.85x
Interest Coverage1.31x1.57x0.68x2.13x1.45x1.73x1.99x1.75x2.24x-
CapEx / Revenue30.57%34.68%21.5%19.65%53.59%37.9%44.1%60.49%22.65%13.01%
Dividend Payout Ratio2.66%-87.52%83.6%-----0%
Debt / Equity1.84x2.96x2.83x4.66x9.93x7.07x10.66x4.81x3.73x3.73x
EPS Growth185.45%-191.99%-37.98%188.99%-156.13%291.78%-123.51%-1500%115.92%119.87%

VEON Frequently Asked Questions

VEON Ltd. (VEON) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

VEON Ltd. (VEON) reported $4.23B in revenue for fiscal year 2024. This represents a 41% decrease from $7.17B in 2007.

VEON Ltd. (VEON) grew revenue by 8.3% over the past year. This is steady growth.

Yes, VEON Ltd. (VEON) is profitable, generating $644.0M in net income for fiscal year 2024 (10.4% net margin).

Dividend & Returns

VEON Ltd. (VEON) has a return on equity (ROE) of 35.7%. This is excellent, indicating efficient use of shareholder capital.

VEON Ltd. (VEON) generated $590.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

VEON Ltd. (VEON) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.

Explore More VEON

VEON Ltd. (VEON) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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