18 years of historical data (2007–2024) · Communication Services · Telecommunications Services
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
VEON Ltd. trades at 9.8x earnings, 72% above its 5-year average of 5.7x, sitting at the 40th percentile of its historical range. Compared to the Communication Services sector median P/E of 14.8x, the stock trades at a discount of 33%. On a free-cash-flow basis, the stock trades at 7.4x P/FCF, 118% above the 5-year average of 3.4x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $2.9B | $1.4B | $863M | $3.0B | $2.6B | $4.4B | $4.1B | $6.7B | $6.7B | $5.7B |
| Enterprise Value | $6.9B | $5.9B | $4.7B | $5.9B | $11.4B | $11.1B | $13.5B | $8.9B | $17.0B | $14.9B | $11.9B |
| P/E Ratio → | 9.84 | 7.00 | — | — | 4.47 | — | 7.11 | — | — | 12.23 | — |
| P/S Ratio | 0.97 | 0.73 | 0.38 | 0.23 | 0.78 | 0.76 | 0.55 | 0.45 | 0.71 | 0.76 | 0.60 |
| P/B Ratio | 3.25 | 2.31 | 1.31 | 1.13 | 2.00 | 2.61 | 1.99 | 1.47 | 1.71 | 1.11 | 1.47 |
| P/FCF | 7.44 | 5.55 | — | 0.96 | 2.55 | 4.58 | 3.24 | 7.20 | — | — | — |
| P/OCF | 3.38 | 2.53 | 0.67 | 0.34 | 1.14 | 1.08 | 1.50 | 1.62 | 2.70 | 3.54 | 2.83 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
VEON Ltd.'s enterprise value stands at 4.2x EBITDA, 8% below its 5-year average of 4.6x. The Communication Services sector median is 7.4x, placing the stock at a 43% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.48 | 1.26 | 1.58 | 2.96 | 3.18 | 1.68 | 0.97 | 1.80 | 1.68 | 1.24 |
| EV / EBITDA | 4.25 | 3.64 | 3.22 | 3.24 | 6.26 | 6.85 | 3.64 | 4.01 | 4.87 | 4.94 | 4.60 |
| EV / EBIT | 6.21 | 6.14 | 5.31 | 6.13 | 10.96 | 11.74 | 8.30 | 6.15 | 10.93 | 11.50 | 14.74 |
| EV / FCF | — | 11.30 | — | 6.59 | 9.67 | 19.17 | 9.90 | 15.57 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
VEON Ltd. earns an operating margin of 27.7%. Operating margins have compressed from 31.0% to 27.7% over the past 3 years, signaling potential cost pressures or competitive headwinds. Return on equity of 35.7% is exceptionally high. ROIC of 19.4% represents solid returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.1% | 87.1% | 88.1% | 87.3% | 87.4% | 87.0% | 77.1% | 76.7% | 77.4% | 77.7% | 77.4% |
| Operating Margin | 27.7% | 27.7% | 25.1% | 31.0% | 26.6% | 23.6% | 23.2% | 6.1% | 15.5% | 12.2% | 5.5% |
| Net Profit Margin | 10.4% | 10.4% | -68.4% | -4.3% | 17.5% | -10.0% | 7.7% | 6.4% | -5.3% | 26.2% | -6.8% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 35.7% | 35.7% | -275.1% | -14.3% | 53.5% | -21.6% | 24.9% | 17.4% | -10.1% | 46.9% | -16.6% |
| ROA | 5.1% | 5.1% | -21.7% | -1.0% | 4.4% | -2.3% | 4.1% | 3.5% | -2.5% | 8.4% | -1.8% |
| ROIC | 19.4% | 19.4% | 13.7% | 11.1% | 8.0% | 6.0% | 13.9% | 3.6% | 7.7% | 6.7% | 2.3% |
| ROCE | 24.5% | 24.5% | 12.3% | 10.6% | 9.4% | 8.1% | 18.7% | 4.5% | 9.9% | 5.0% | 1.8% |
Solvency and debt-coverage ratios — lower is generally safer
VEON Ltd. carries a Debt/EBITDA ratio of 2.9x, which is moderately leveraged (19% below the sector average of 3.6x). Net debt stands at $3.0B ($4.7B total debt minus $1.7B cash). Interest coverage of just 2.2x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.73 | 3.73 | 4.81 | 10.66 | 7.07 | 9.93 | 4.66 | 2.83 | 2.96 | 1.84 | 2.51 |
| Debt / EBITDA | 2.89 | 2.89 | 3.57 | 4.46 | 5.84 | 6.23 | 2.79 | 3.56 | 3.33 | 3.68 | 3.78 |
| Net Debt / Equity | — | 2.39 | 3.04 | 6.61 | 5.58 | 8.31 | 4.10 | 1.71 | 2.63 | 1.35 | 1.59 |
| Net Debt / EBITDA | 1.85 | 1.85 | 2.25 | 2.77 | 4.61 | 5.21 | 2.45 | 2.15 | 2.95 | 2.71 | 2.38 |
| Debt / FCF | — | 5.75 | — | 5.63 | 7.12 | 14.59 | 6.66 | 8.37 | — | — | — |
| Interest Coverage | 2.24 | 2.24 | 1.75 | 1.99 | 1.73 | 1.45 | 2.13 | 0.68 | 1.57 | 1.31 | 0.63 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.80x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.7B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.86x to 0.80x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.80 | 0.80 | 0.88 | 0.86 | 1.24 | 0.65 | 0.43 | 0.71 | 0.85 | 0.69 | 3.71 |
| Quick Ratio | 0.80 | 0.80 | 0.87 | 0.84 | 1.21 | 0.62 | 0.40 | 0.67 | 0.83 | 0.67 | 3.69 |
| Cash Ratio | 0.56 | 0.56 | 0.65 | 0.69 | 0.53 | 0.40 | 0.23 | 0.43 | 0.53 | 0.48 | 0.72 |
| Asset Turnover | — | 0.50 | 0.45 | 0.25 | 0.24 | 0.24 | 0.50 | 0.64 | 0.49 | 0.42 | 0.28 |
| Inventory Turnover | 34.33 | 34.33 | 19.17 | 6.52 | 4.36 | 4.09 | 10.90 | 15.01 | 29.71 | 15.88 | 20.85 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
VEON Ltd. returns 0.2% to shareholders annually primarily through share buybacks. The earnings yield of 10.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 9.8% | 11.8% | 12.4% | 7.7% | 0.9% | 1.1% |
| Payout Ratio | — | — | — | — | — | — | 83.6% | 87.5% | — | 2.7% | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.2% | 14.3% | — | — | 22.4% | — | 14.1% | — | — | 8.2% | — |
| FCF Yield | 13.4% | 18.0% | — | 104.4% | 39.2% | 21.8% | 30.9% | 13.9% | — | — | — |
| Buyback Yield | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% | 9.8% | 11.8% | 12.4% | 7.7% | 0.9% | 1.1% |
| Shares Outstanding | — | $72M | $71M | $70M | $70M | $70M | $70M | $70M | $70M | $70M | $70M |
Compare VEON with 6 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| VEONYou | $4B | 9.8 | 4.2 | 7.4 | 87.1% | 27.7% | 35.7% | 19.4% | 2.9 |
| TMUS | $242B | 22.5 | 11.1 | 23.4 | — | 20.7% | 18.2% | 8.0% | 3.7 |
| TIMB | $13B | 15.7 | 7.2 | 7.6 | 53.9% | 25.0% | 17.1% | 13.2% | 1.5 |
| AD | $3B | 14.7 | — | 1.0 | 21.6% | -30.2% | 8.1% | -0.6% | — |
| UZD | $1B | 6.5 | — | 0.4 | 21.6% | -30.2% | 8.1% | -0.6% | — |
| UZF | $1B | 5.8 | — | 0.4 | 21.6% | -30.2% | 8.1% | -0.6% | — |
| UZE | $1B | 5.7 | — | 0.4 | 21.6% | -30.2% | 8.1% | -0.6% | — |
| Communication Services Median | — | 14.8 | 7.4 | 10.0 | 50.8% | -0.5% | 2.6% | 1.6% | 3.6 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 18 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorSee our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationSee how VEON stacks up against sector leader T-Mobile US, Inc..
Start ComparisonVEON Ltd.'s current P/E ratio is 9.8x. The historical average is 12.5x. This places it at the 40th percentile of its historical range.
VEON Ltd.'s current EV/EBITDA is 4.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.3x.
VEON Ltd.'s return on equity (ROE) is 35.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -5.0%.
Based on historical data, VEON Ltd. is trading at a P/E of 9.8x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
VEON Ltd. has 87.1% gross margin and 27.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
VEON Ltd.'s Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.