VEON Ltd. (VEON) fundamental analysis — strengths, weaknesses & financial health based on data analysis
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VEON Ltd. (VEON) stock price & volume — 10-year historical chart
VEON Ltd. (VEON) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
VEON Ltd. (VEON) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 13, 2026 | $1.39vs $0.99+40.4% | $1.2Bvs $1.2B+2.3% |
| Q2 2026 | Mar 13, 2026 | $0.39vs $1.33-129.3% | $1.2Bvs $1.1B+4.8% |
| Q4 2025 | Nov 10, 2025 | $1.14vs $1.21-5.8% | $1.1Bvs $1.1B-0.7% |
| Q3 2025 | Aug 7, 2025 | $8.30vs $1.18+603.4% | $1.1Bvs $1.1B-1.8% |
VEON Ltd. (VEON) competitors in Mobile Network Operators — business model, growth, and fundamentals comparison
VEON Ltd. (VEON) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
VEON Ltd. (VEON) annual income statement — 10-year revenue, gross profit & net income history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Revenue | 9.47B | 9.09B | 8.05B | 3.48B | 3.85B | 3.75B | 3.7B | 4B | 4.47B | 4.59B |
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 | 2.14B | 2.12B | 1.84B | 454M | 484M | 476M | 441M | 515M | 1.35B | 966.35M |
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 | 5.87B | 6.42B | 4.34B | 2.21B | 2.34B | 2.12B | 2.33B | 2.38B | 2.08B | 2.12B |
Other Operating Expenses | - | - | - | - | - | - | - | - | - | - |
EBITDA | 3.5B | 2.21B | 3.71B | 1.61B | 1.82B | 1.83B | 1.45B | 1.62B | 1.86B | 2.32B |
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 | 2.03B | 1.66B | 1.84B | 792M | 799M | 671M | 516M | 513M | 815.77M | 817.03M |
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 | 935M | 816M | 876M | 569M | 591M | 583M | 531M | 495M | 544.18M | 4M |
Interest Coverage | 1.67x | 1.76x | 1.86x | 1.66x | 1.76x | 1.66x | 1.65x | 1.95x | 1.92x | - |
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 | 472M | 369M | 462M | 279M | 344M | 69M | 179M | 217M | 197.33M | 242.93M |
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 | -9.99 | 8.89 | -4.99 | 9.61 | -2.25 | -35.93 | 5.86 | 7.50 | - |
Diluted Shares Outstanding | 69.96M | 69.96M | 69.96M | 69.96M | 70.44M | 70.44M | 71.28M | 72.44M | 71.76M | 71.4M |
VEON Ltd. (VEON) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Assets | 19.52B | 14.1B | 16.06B | 14.55B | 15.92B | 15.08B | 8.22B | 8.04B | 9.21B | 9.6B |
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) | 6.1B | 4.93B | 7.34B | 6.88B | 6.72B | 2.85B | 2.9B | 3.02B | 3.76B | 3.82B |
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 | 3.94B | 3.11B | 2.5B | 2.85B | 5.42B | 3.98B | 3.16B | 2.9B | 3.11B | 3.12B |
Cash & Equivalents | 1.3B | 1.81B | 1.25B | 1.67B | 2.25B | 3.11B | 1.9B | 1.69B | 1.73B | 1.75B |
Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Inventory | 72M | 141M | 169M | 111M | 111M | 73M | 23M | 15M | 31.99M | 29M |
Other Current Assets | 238M | 196M | 151M | 133M | 2.02B | 54M | 60M | 218M | 704.88M | 215M |
Long-Term Investments | 1.96B | 58M | 235M | 305M | 99M | 71M | 53M | 65M | 143.97M | 740.95M |
Goodwill | 4.39B | 3.82B | 3.96B | 2.68B | 1.54B | 394M | 349M | 338M | 0 | 0 |
Intangible Assets | 2.17B | 1.85B | 1.73B | 1.47B | 1.7B | 1.57B | 1.27B | 1.17B | 1.55B | 1.89B |
Other Assets | 227M | 135M | 163M | 179M | 216M | 5.95B | 178M | 177M | 233.96M | 175M |
Total Liabilities | 15.59B | 11.32B | 13.84B | 13.54B | 14.42B | 14.32B | 7.15B | 6.78B | 7.58B | 7.74B |
Total Debt | 11.63B | 7.86B | 10.34B | 10.06B | 10.65B | 8.18B | 5.16B | 4.69B | 5.14B | 5.42B |
Net Debt | 10.32B | 4.76B | 9.09B | 8.42B | 8.39B | 5.07B | 3.25B | 3B | 3.41B | 3.67B |
Long-Term Debt | 10.36B | 6.56B | 7.76B | 8.83B | 9.4B | 5.34B | 3.46B | 3.03B | 4.04B | 4B |
Short-Term Borrowings | 1.27B | 1.29B | 2.58B | 1.25B | 1.24B | 2.84B | 1.69B | 1.67B | 1.1B | 1.42B |
Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Current Liabilities | 4.64B | 4.41B | 5.77B | 4.41B | 4.38B | 4.64B | 3.58B | 3.63B | 3.43B | 3.62B |
Accounts Payable | 1.54B | 1.43B | 1.85B | 1.95B | 2.03B | 1.09B | 1.2B | 1.28B | 1.44B | 1.49B |
Accrued Expenses | 173M | 197.93M | 197M | 168M | 153M | 82M | 84M | 80M | 0 | 0 |
Deferred Revenue | 374M | 350.88M | 225M | 216M | 212M | 159M | 144M | 129M | 0 | 0 |
Other Current Liabilities | 1.23B | 1.11B | 811.99M | 650M | 517M | 293M | 310M | 296M | 799.86M | 610.99M |
Deferred Taxes | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 143.99M |
Other Liabilities | 209M | 156.95M | 153M | 152M | 494M | 4.29B | 60M | 90M | 64.99M | 62M |
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 | 4.35B | 3.67B | 1.23B | 163M | 586M | 569M | 858M | 1.1B | 1.34B | 1.47B |
Minority Interest | -425M | -891M | 994M | 850M | 919M | 198M | 213M | 158M | 293.95M | 395M |
Common Stock | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 0 | 2M |
Additional Paid-in Capital | 12.75B | 12.75B | 12.75B | 12.75B | 12.75B | 12.75B | 12.75B | 12.75B | 0 | 12.75B |
Retained Earnings | -1.49B | -1.41B | -1.33B | -1.92B | -1.25B | -1.41B | -3.94B | -3.53B | 0 | -2.9B |
Accumulated OCI | -6.94B | -7.67B | -10.2B | -10.67B | -10.92B | -10.78B | -7.96B | -8.13B | 0 | -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 | 2.96x | 2.83x | 4.66x | 9.93x | 7.07x | 10.66x | 4.81x | 3.73x | 3.15x | 2.91x |
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 | 2.95x | 2.15x | 2.45x | 5.21x | 4.61x | 2.77x | 2.25x | 1.85x | 1.84x | 1.58x |
Book Value per Share | 56.13 | 39.72 | 31.73 | 14.48 | 21.37 | 10.89 | 15.03 | 17.35 | 22.77 | 26.09 |
VEON Ltd. (VEON) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 2.48B | 2.52B | 2.95B | 2.44B | 2.64B | 2.56B | 2.11B | 1.15B | 1.38B | 1.32B |
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 | -398.05M | 1.04B | 373M | 75M | 656M | 307M | 415M | 541.13M | 532.12M |
Depreciation & Amortization | 2.03B | 1.84B | 1.95B | 792M | 799M | 778M | 735M | 728M | 815.77M | 817.03M |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | 485.58M | 758.01M | 53M | 1.28B | 1.86B | 1.19B | 821M | -106M | -59M | -71.27M |
Working Capital Changes | 78.26M | 322.85M | -102M | 2M | -96M | -66M | 248M | 113M | 78.32M | 46.63M |
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 | 1.61x | 1.06x | 0.81x | 2.36x | 1.83x | 2.13x | 3.04x | 1.25x | 1.18x | 0.99x |
CapEx Coverage (OCF/CapEx) | 0.76x | 1.29x | 1.86x | 1.31x | 1.81x | 1.54x | 0.94x | 1.27x | 1.43x | 1.63x |
Cash from Investing | -3.29B | 2B | -1.87B | -1.87B | -1.46B | -1.66B | -2.24B | -778M | -804.58M | -740.74M |
Acquisitions | -239.78M | 19.05M | 0 | -10M | -279M | 24M | 0 | 136M | 299.05M | 88.63M |
Purchase of Investments | -101.33M | 0 | 0 | 0 | -48M | -14M | -147M | 0 | 0 | 0 |
Sale of Investments | 0 | 2.9B | 0 | 0 | 0 | 0 | 0 | 92M | 0 | 0 |
Other Investing | -900.94M | 1.04B | -291M | -1.31B | -274M | -656M | -1.32B | -99M | -138.33M | -16.57M |
Cash from Financing | -475.55M | -3.93B | -1.64B | -103M | -465M | 116M | -1.15B | -551M | -557.41M | -614.42M |
Dividends Paid | -519.7M | -509.35M | -520M | -259M | 0 | 0 | 0 | 0 | 0 | 0 |
Dividend Payout Ratio % | - | 87.52% | 83.6% | - | - | - | - | - | - | - |
Debt Issuance (Net) | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 0 |
Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 134.27M | -172.77K |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -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 | -162M | 66M | -34M | 28.75M | 10M |
Cash at Beginning | 2.94B | 1.31B | 1.81B | 1.24B | 1.67B | 2.25B | 3.11B | 1.9B | 1.69B | 1.73B |
Cash at End | 1.31B | 1.81B | 1.24B | 1.66B | 2.25B | 3.11B | 1.9B | 1.69B | 1.73B | 1.75B |
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 Ltd. (VEON) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
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 | 2.95x | 2.15x | 2.45x | 5.21x | 4.61x | 2.77x | 2.25x | 1.85x | 1.84x | 1.58x |
Interest Coverage | 1.67x | 1.76x | 1.86x | 1.66x | 1.76x | 1.66x | 1.65x | 1.95x | 1.92x | - |
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 | 2.96x | 2.83x | 4.66x | 9.93x | 7.07x | 10.66x | 4.81x | 3.73x | 3.15x | 2.91x |
EPS Growth | -191.99% | -37.98% | 188.99% | -156.13% | 291.78% | -123.51% | -1500% | 115.92% | 30.89% | 14.22% |
VEON Ltd. (VEON) stock FAQ — growth, dividends, profitability & financials explained
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).
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.
VEON Ltd. (VEON) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.