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VEONVEON Ltd.
$52.03$3.6B
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VEON logoVEON Ltd.(VEON)Earnings, Financials & Key Ratios

VEON•NASDAQ•Utilities
6.9× P/E·Price updated Jun 19, 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$4.47B+11.8%
  • EBITDA$1.86B+14.6%
  • Net Income$541M+30.4%
  • Free Cash Flow$631M+20.6%
  • EBITDA Margin41.55%+2.5%
  • Net Margin12.09%+16.7%
  • ROE37.44%+5.0%
  • Interest Coverage1.92-1.4%
  • Debt/Equity3.15-15.7%

VEON Key Insights

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

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9

✗Weaknesses

  • ✗High debt to equity ratio of 3.1x

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

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VEON Price & Volume

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

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VEON Growth Metrics

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

Revenue CAGR

10 Years-7.36%
5 Years5.14%
3 Years6.02%
TTM12.31%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM16.44%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM14.22%

Return on Capital

10 Years12.36%
5 Years15.48%
3 Years19.12%
Last Year20.48%

VEON Recent Earnings

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

Full history →
●Beat EPS 6/12 qtrs (67%)●Beat Revenue 6/12 qtrs (67%)
Q2 2026Latest
May 13, 2026
Metric
Actual
Est
EPS
$1.39+40.4%
$0.99
Rev
$1.2B+2.3%
$1.2B
Q2 2026
Mar 13, 2026
Metric
Actual
Est
EPS
$0.39-129.3%
$1.33
Rev
$1.2B+4.8%
$1.1B
Q4 2025
Nov 10, 2025
Metric
Actual
Est
EPS
$1.14-5.8%
$1.21
Rev
$1.1B-0.7%
$1.1B
Q3 2025
Aug 7, 2025
Metric
Actual
Est
EPS
$8.30+603.4%
$1.18
Rev
$1.1B-1.8%
$1.1B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 13, 2026
$1.39vs $0.99+40.4%
$1.2Bvs $1.2B+2.3%
Q2 2026Mar 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%
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
Institutional Holdings
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%-9.54%1.98
TKC logoTKCTurkcell Iletisim Hizmetleri A.S.Direct Competitor5.32B6.1112.71-96.34%7.85%7.54%0.61
VIV logoVIVTelefônica Brasil S.A.Direct Competitor20.12B12.5917.054.62%10.52%9.29%0.45
LILA logoLILALiberty Latin America Ltd.Direct Competitor960.97M4.80-1.57-0.33%-11.2%-45.66%8.67
T logoTAT&T Inc.Product Competitor153.71B22.017.242.71%16.92%16.85%1.35
VZ logoVZVerizon Communications Inc.Product Competitor191.36B45.3711.172.52%12.43%16.42%1.90
TMUS logoTMUST-Mobile US, Inc.Product Competitor196.6B181.6718.698.49%11.65%17.82%2.07
ERIC logoERICTelefonaktiebolaget LM Ericsson (publ)Supply Chain34.95B11.3813.52-14.22%12.07%29.04%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
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
9.47B9.09B8.05B3.48B3.85B3.75B3.7B4B4.47B4.59B
Revenue Growth %
6.63%-4.1%-11.39%-56.75%10.57%-2.47%-1.52%8.27%11.75%12.31%
Cost of Revenue
2.14B2.12B1.84B454M484M476M441M515M1.35B966.35M
Gross Profit
7.33B▲ 0%
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%
3.12B▼ 10.5%
3.63B▲ 0%
Gross Margin %
77.42%76.71%77.12%86.96%87.43%87.32%88.07%87.14%69.81%78.95%
Gross Profit Growth %
6.3%-4.98%-10.92%-51.23%11.16%-2.58%-0.67%7.12%-10.47%-
Operating Expenses
5.87B6.42B4.34B2.21B2.34B2.12B2.33B2.38B2.08B2.12B
Other Operating Expenses
----------
EBITDA
3.5B2.21B3.71B1.61B1.82B1.83B1.45B1.62B1.86B2.32B
EBITDA Margin %
36.89%24.31%46.08%46.38%47.32%48.84%39.08%40.53%41.55%50.63%
EBITDA Growth %
15.73%-36.8%67.95%-56.47%12.82%0.66%-21.21%12.32%14.56%23%
Depreciation & Amortization
2.03B1.66B1.84B792M799M671M516M513M815.77M817.03M
D&A / Revenue %
21.41%18.21%22.92%22.75%20.75%17.87%13.95%12.81%18.23%17.79%
Operating Income (EBIT)
1.47B▲ 0%
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%
1.04B▼ 6.0%
1.51B▲ 0%
Operating Margin %
15.48%6.1%23.16%23.64%26.57%30.97%25.12%27.72%23.32%32.84%
Operating Income Growth %
35.33%-62.24%236.64%-55.87%24.3%13.69%-20.12%19.48%-5.98%-
Interest Expense
935M816M876M569M591M583M531M495M544.18M4M
Interest Coverage
1.67x1.76x1.86x1.66x1.76x1.66x1.65x1.95x1.92x-
Interest / Revenue %
9.87%8.98%10.88%16.34%15.35%15.53%14.36%12.36%12.16%0.09%
Non-Operating Income
-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K-4M
Pretax Income
328M▲ 0%
-248M▼ 175.6%
1.04B▲ 521.0%
373M▼ 64.3%
464M▲ 24.4%
802M▲ 72.8%
559M▼ 30.3%
704M▲ 25.9%
798.48M▲ 13.4%
839.39M▲ 0%
Pretax Margin %
3.46%-2.73%12.97%10.71%12.05%21.36%15.12%17.58%17.84%18.28%
Income Tax
472M369M462M279M344M69M179M217M197.33M242.93M
Effective Tax Rate %
143.9%-148.79%44.25%74.8%74.14%8.6%32.02%30.82%24.71%28.94%
Net Income
-505M▲ 0%
582M▲ 215.2%
622.01M▲ 6.9%
-349M▼ 156.1%
674M▲ 293.1%
-162M▼ 124.0%
-2.53B▼ 1460.5%
415M▲ 116.4%
541.13M▲ 30.4%
532.12M▲ 0%
Net Margin %
-5.33%6.41%7.73%-10.02%17.51%-4.31%-68.36%10.36%12.09%11.59%
Net Income Growth %
-121.69%215.25%6.87%-156.11%293.12%-124.04%-1460.49%116.42%30.39%16.44%
EPS (Diluted)
-7.24▲ 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%
7.50▲ 30.9%
7.45▲ 0%
EPS Growth %
-191.99%-37.98%188.99%-156.13%291.78%-123.51%-1500%115.92%30.89%14.22%
EPS (Basic)
-7.24-9.998.89-4.999.61-2.25-35.935.867.50-
Diluted Shares Outstanding
69.96M69.96M69.96M69.96M70.44M70.44M71.28M72.44M71.76M71.4M

VEON Balance Sheet

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
19.52B14.1B16.06B14.55B15.92B15.08B8.22B8.04B9.21B9.6B
Asset Growth %
-8.26%-27.76%13.88%-9.39%9.42%-5.26%-45.51%-2.21%14.65%64.12%
PP&E (Net)
6.1B4.93B7.34B6.88B6.72B2.85B2.9B3.02B3.76B3.82B
PP&E / Total Assets %
31.23%34.97%45.71%47.28%42.19%18.88%35.26%37.53%40.77%39.83%
Total Current Assets
3.94B3.11B2.5B2.85B5.42B3.98B3.16B2.9B3.11B3.12B
Cash & Equivalents
1.3B1.81B1.25B1.67B2.25B3.11B1.9B1.69B1.73B1.75B
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory
72M141M169M111M111M73M23M15M31.99M29M
Other Current Assets
238M196M151M133M2.02B54M60M218M704.88M215M
Long-Term Investments
1.96B58M235M305M99M71M53M65M143.97M740.95M
Goodwill
4.39B3.82B3.96B2.68B1.54B394M349M338M00
Intangible Assets
2.17B1.85B1.73B1.47B1.7B1.57B1.27B1.17B1.55B1.89B
Other Assets
227M135M163M179M216M5.95B178M177M233.96M175M
Total Liabilities
15.59B11.32B13.84B13.54B14.42B14.32B7.15B6.78B7.58B7.74B
Total Debt
11.63B7.86B10.34B10.06B10.65B8.18B5.16B4.69B5.14B5.42B
Net Debt
10.32B4.76B9.09B8.42B8.39B5.07B3.25B3B3.41B3.67B
Long-Term Debt
10.36B6.56B7.76B8.83B9.4B5.34B3.46B3.03B4.04B4B
Short-Term Borrowings
1.27B1.29B2.58B1.25B1.24B2.84B1.69B1.67B1.1B1.42B
Capital Lease Obligations
0000000000
Total Current Liabilities
4.64B4.41B5.77B4.41B4.38B4.64B3.58B3.63B3.43B3.62B
Accounts Payable
1.54B1.43B1.85B1.95B2.03B1.09B1.2B1.28B1.44B1.49B
Accrued Expenses
173M197.93M197M168M153M82M84M80M00
Deferred Revenue
374M350.88M225M216M212M159M144M129M00
Other Current Liabilities
1.23B1.11B811.99M650M517M293M310M296M799.86M610.99M
Deferred Taxes
1000K1000K1000K1000K1000K1000K1000K1000K1000K143.99M
Other Liabilities
209M156.95M153M152M494M4.29B60M90M64.99M62M
Total Equity
3.93B▲ 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%
1.63B▲ 30.0%
1.86B▲ 0%
Equity Growth %
-35.02%-29.23%-20.12%-54.37%48.57%-49.04%39.63%17.37%29.97%126.43%
Shareholders Equity
4.35B3.67B1.23B163M586M569M858M1.1B1.34B1.47B
Minority Interest
-425M-891M994M850M919M198M213M158M293.95M395M
Common Stock
2M2M2M2M2M2M2M2M02M
Additional Paid-in Capital
12.75B12.75B12.75B12.75B12.75B12.75B12.75B12.75B012.75B
Retained Earnings
-1.49B-1.41B-1.33B-1.92B-1.25B-1.41B-3.94B-3.53B0-2.9B
Accumulated OCI
-6.94B-7.67B-10.2B-10.67B-10.92B-10.78B-7.96B-8.13B0-8.39B
Return on Assets (ROA)
-2.48%3.46%4.12%-2.28%4.42%-1.04%-21.7%5.11%6.27%5.9%
Return on Equity (ROE)
-10.13%17.36%24.89%-21.59%53.53%-14.26%-275.08%35.65%37.44%32.06%
Debt / Equity
2.96x2.83x4.66x9.93x7.07x10.66x4.81x3.73x3.15x2.91x
Debt / Assets
59.58%55.71%64.41%69.11%66.87%54.23%62.74%58.41%55.83%56.48%
Net Debt / EBITDA
2.95x2.15x2.45x5.21x4.61x2.77x2.25x1.85x1.84x1.58x
Book Value per Share
56.1339.7231.7314.4821.3710.8915.0317.3522.7726.09

VEON Cash Flow Statement

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
2.48B2.52B2.95B2.44B2.64B2.56B2.11B1.15B1.38B1.32B
Operating CF Growth %
30.48%1.55%16.91%-17.13%7.98%-3.07%-17.44%-45.52%19.67%-10.86%
Operating CF / Revenue %
26.21%27.75%36.62%70.16%68.52%68.1%57.08%28.72%30.76%28.85%
Net Income
-115.38M-398.05M1.04B373M75M656M307M415M541.13M532.12M
Depreciation & Amortization
2.03B1.84B1.95B792M799M778M735M728M815.77M817.03M
Deferred Taxes
0000000000
Other Non-Cash Items
485.58M758.01M53M1.28B1.86B1.19B821M-106M-59M-71.27M
Working Capital Changes
78.26M322.85M-102M2M-96M-66M248M113M78.32M46.63M
Capital Expenditures
-3.29B-1.95B-1.58B-1.87B-1.46B-1.66B-2.24B-627M-745.58M-794.91M
CapEx / Revenue %
34.68%21.5%19.65%53.59%37.9%44.1%60.49%22.65%21.57%17.7%
CapEx / D&A
1.61x1.06x0.81x2.36x1.83x2.13x3.04x1.25x1.18x0.99x
CapEx Coverage (OCF/CapEx)
0.76x1.29x1.86x1.31x1.81x1.54x0.94x1.27x1.43x1.63x
Cash from Investing
-3.29B2B-1.87B-1.87B-1.46B-1.66B-2.24B-778M-804.58M-740.74M
Acquisitions
-239.78M19.05M0-10M-279M24M0136M299.05M88.63M
Purchase of Investments
-101.33M000-48M-14M-147M000
Sale of Investments
02.9B0000092M00
Other Investing
-900.94M1.04B-291M-1.31B-274M-656M-1.32B-99M-138.33M-16.57M
Cash from Financing
-475.55M-3.93B-1.64B-103M-465M116M-1.15B-551M-557.41M-614.42M
Dividends Paid
-519.7M-509.35M-520M-259M000000
Dividend Payout Ratio %
-87.52%83.6%-------
Debt Issuance (Net)
1000K-1000K-1000K1000K1000K1000K-1000K-1000K-1000K0
Stock Issued
00000000134.27M-172.77K
Share Repurchases
0000000-8M-106.8M-108.89M
Other Financing
-447.46M-93.25M-838M-317M-569M-352M-241M-15M-254.29M-305.67M
Net Change in Cash
-1.63B▲ 0%
493.36M▲ 130.3%
-572M▼ 215.9%
423M▲ 174.0%
583M▲ 37.8%
855M▲ 46.7%
-1.21B▼ 240.9%
-213M▲ 82.3%
42.99M▲ 120.2%
-22.25M▲ 0%
Exchange Rate Effect
-349.51M-104.22M-8M-51M-131M-162M66M-34M28.75M10M
Cash at Beginning
2.94B1.31B1.81B1.24B1.67B2.25B3.11B1.9B1.69B1.73B
Cash at End
1.31B1.81B1.24B1.66B2.25B3.11B1.9B1.69B1.73B1.75B
Free Cash Flow
-802.62M▲ 0%
568.5M▲ 170.8%
1.37B▲ 140.3%
577M▼ 57.8%
1.18B▲ 104.3%
901M▼ 23.6%
-126M▼ 114.0%
523M▲ 515.1%
630.64M▲ 20.6%
529.02M▲ 0%
FCF Growth %
1.28%170.83%140.28%-57.76%104.33%-23.58%-113.98%515.08%20.58%3.32%
FCF Margin %
-8.47%6.26%16.97%16.57%30.62%23.99%-3.41%13.06%14.09%11.52%
FCF / Net Income %
158.93%97.68%219.61%-165.33%174.93%-556.17%4.98%126.02%116.54%99.42%

VEON Key Ratios

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

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)
-10.13%17.36%24.89%-21.59%53.53%-14.26%-275.08%35.65%37.44%32.06%
EBITDA Margin
36.89%24.31%46.08%46.38%47.32%48.84%39.08%40.53%41.55%50.63%
Net Debt / EBITDA
2.95x2.15x2.45x5.21x4.61x2.77x2.25x1.85x1.84x1.58x
Interest Coverage
1.67x1.76x1.86x1.66x1.76x1.66x1.65x1.95x1.92x-
CapEx / Revenue
34.68%21.5%19.65%53.59%37.9%44.1%60.49%22.65%21.57%17.7%
Dividend Payout Ratio
-87.52%83.6%------0%
Debt / Equity
2.96x2.83x4.66x9.93x7.07x10.66x4.81x3.73x3.15x2.91x
EPS Growth
-191.99%-37.98%188.99%-156.13%291.78%-123.51%-1500%115.92%30.89%14.22%
Related:VEON Dividend History·VEON Revenue History·VEON Price History·VEON P/E History·VEON Financial Ratios·VEON Institutional Holders

VEON Frequently Asked Questions

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

Growth & Financials

VEON Ltd. (VEON) reported $4.59B in revenue for fiscal year 2025. This represents a 36% decrease from $7.17B in 2007.

VEON Ltd. (VEON) grew revenue by 11.8% over the past year. This is steady growth.

Yes, VEON Ltd. (VEON) is profitable, generating $532.1M in net income for fiscal year 2025 (12.1% net margin).

Dividend & Returns

VEON Ltd. (VEON) has a return on equity (ROE) of 37.4%. This is excellent, indicating efficient use of shareholder capital.

VEON Ltd. (VEON) generated $529.0M in free cash flow for fiscal year 2025. 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.

What if you invested $1,000 in VEON back in 2007?

Total return calculator · dividends reinvested · 19+ years of data

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How much would $100/month in VEON be worth today?

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