VEON Ltd. (VEON) Financial Ratios
19 years of historical data (2007–2025) · Communication Services · Telecommunications Services
EV/EBITDA
↓
3.77
-7% vs avg
5yr avg: 4.05
30Y Low3.2·High12.2
P/FCF
↑
5.71
↑+52% vs avg
5yr avg: 3.76
30Y Low1.0·High29.5
P/B Ratio
↑
2.29
↑+26% vs avg
5yr avg: 1.81
30Y Low0.9·High7.4
ROE
↓
37.4%
↓+215% vs avg
5yr avg: -32.5%
30Y Low-275%·High54%
Debt/EBITDA
↓
2.77
↓-29% vs avg
5yr avg: 3.91
30Y Low0.8·High6.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VEON Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
VEON Ltd. trades at 6.9x earnings, 13% above its 5-year average of 6.2x, sitting at the 18th percentile of its historical range. Compared to the Communication Services sector median P/E of 15.3x, the stock trades at a discount of 55%. On a free-cash-flow basis, the stock trades at 5.7x P/FCF, 52% above the 5-year average of 3.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $3.8B | $2.9B | $1.4B | $863M | $3.0B | $2.6B | $4.4B | $4.1B | $6.7B | $6.7B |
| Enterprise Value | $7.0B | $7.2B | $5.9B | $4.7B | $5.9B | $11.4B | $11.1B | $13.5B | $8.9B | $17.0B | $14.9B |
| P/E Ratio → | 6.94 | 7.01 | 7.00 | — | — | 4.47 | — | 7.11 | — | — | 12.23 |
| P/S Ratio | 0.81 | 0.84 | 0.73 | 0.38 | 0.23 | 0.78 | 0.76 | 0.55 | 0.45 | 0.71 | 0.76 |
| P/B Ratio | 2.29 | 2.31 | 2.31 | 1.31 | 1.13 | 2.00 | 2.61 | 1.99 | 1.47 | 1.71 | 1.11 |
| P/FCF | 5.71 | 5.98 | 5.55 | — | 0.96 | 2.55 | 4.58 | 3.24 | 7.20 | — | — |
| P/OCF | 2.62 | 2.74 | 2.53 | 0.67 | 0.34 | 1.14 | 1.08 | 1.50 | 1.62 | 2.70 | 3.54 |
P/E links to full P/E history page with 30-year chart
VEON EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
VEON Ltd.'s enterprise value stands at 3.8x EBITDA, 7% below its 5-year average of 4.0x. The Communication Services sector median is 9.6x, placing the stock at a 61% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.61 | 1.48 | 1.26 | 1.58 | 2.96 | 3.18 | 1.68 | 0.97 | 1.80 | 1.68 |
| EV / EBITDA | 3.77 | 3.86 | 3.64 | 3.22 | 3.24 | 6.26 | 6.85 | 3.64 | 4.01 | 4.87 | 4.94 |
| EV / EBIT | 6.72 | 6.88 | 6.14 | 5.31 | 6.13 | 10.96 | 11.74 | 8.30 | 6.15 | 10.93 | 11.50 |
| EV / FCF | — | 11.39 | 11.30 | — | 6.59 | 9.67 | 19.17 | 9.90 | 15.57 | — | — |
VEON Profitability
Margins and return-on-capital ratios measuring operating efficiency
VEON Ltd. earns an operating margin of 23.3%, significantly above the Communication Services sector average of 1.6%. Operating margins have compressed from 25.1% to 23.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. Return on equity of 37.4% is exceptionally high. ROIC of 16.8% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.8% | 69.8% | 87.1% | 88.1% | 87.3% | 87.4% | 87.0% | 77.1% | 76.7% | 77.4% | 77.7% |
| Operating Margin | 23.3% | 23.3% | 27.7% | 25.1% | 31.0% | 26.6% | 23.6% | 23.2% | 6.1% | 15.5% | 12.2% |
| Net Profit Margin | 12.1% | 12.1% | 10.4% | -68.4% | -4.3% | 17.5% | -10.0% | 7.7% | 6.4% | -5.3% | 26.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 37.4% | 37.4% | 35.7% | -275.1% | -14.3% | 53.5% | -21.6% | 24.9% | 17.4% | -10.1% | 46.9% |
| ROA | 6.3% | 6.3% | 5.1% | -21.7% | -1.0% | 4.4% | -2.3% | 4.1% | 3.5% | -2.5% | 8.4% |
| ROIC | 16.8% | 16.8% | 19.4% | 13.7% | 11.1% | 8.0% | 6.0% | 13.9% | 3.6% | 7.7% | 6.7% |
| ROCE | 20.5% | 20.5% | 24.5% | 12.3% | 10.6% | 9.4% | 8.1% | 18.7% | 4.5% | 9.9% | 5.0% |
VEON Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
VEON Ltd. carries a Debt/EBITDA ratio of 2.8x, which is moderately leveraged (23% below the sector average of 3.6x). Net debt stands at $3.4B ($5.1B total debt minus $1.7B cash). Interest coverage of just 1.9x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.15 | 3.15 | 3.73 | 4.81 | 10.66 | 7.07 | 9.93 | 4.66 | 2.83 | 2.96 | 1.84 |
| Debt / EBITDA | 2.77 | 2.77 | 2.89 | 3.57 | 4.46 | 5.84 | 6.23 | 2.79 | 3.56 | 3.33 | 3.68 |
| Net Debt / Equity | — | 2.09 | 2.39 | 3.04 | 6.61 | 5.58 | 8.31 | 4.10 | 1.71 | 2.63 | 1.35 |
| Net Debt / EBITDA | 1.84 | 1.84 | 1.85 | 2.25 | 2.77 | 4.61 | 5.21 | 2.45 | 2.15 | 2.95 | 2.71 |
| Debt / FCF | — | 5.41 | 5.75 | — | 5.63 | 7.12 | 14.59 | 6.66 | 8.37 | — | — |
| Interest Coverage | 1.92 | 1.92 | 1.95 | 1.65 | 1.66 | 1.76 | 1.66 | 1.86 | 1.76 | 1.67 | 1.56 |
VEON Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.91x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.7B cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.91 | 0.91 | 0.80 | 0.88 | 0.86 | 1.24 | 0.65 | 0.43 | 0.71 | 0.85 | 0.69 |
| Quick Ratio | 0.90 | 0.90 | 0.80 | 0.87 | 0.84 | 1.21 | 0.62 | 0.40 | 0.67 | 0.83 | 0.67 |
| Cash Ratio | 0.50 | 0.50 | 0.56 | 0.65 | 0.69 | 0.53 | 0.40 | 0.23 | 0.43 | 0.53 | 0.48 |
| Asset Turnover | — | 0.49 | 0.50 | 0.45 | 0.25 | 0.24 | 0.24 | 0.50 | 0.64 | 0.49 | 0.42 |
| Inventory Turnover | 42.22 | 42.22 | 34.33 | 19.17 | 6.52 | 4.36 | 4.09 | 10.90 | 15.01 | 29.71 | 15.88 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
VEON Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
VEON Ltd. returns 3.0% to shareholders annually primarily through share buybacks. The earnings yield of 14.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 9.8% | 11.8% | 12.4% | 7.7% | 0.9% |
| Payout Ratio | — | — | — | — | — | — | — | 83.6% | 87.5% | — | 2.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.4% | 14.3% | 14.3% | — | — | 22.4% | — | 14.1% | — | — | 8.2% |
| FCF Yield | 17.5% | 16.7% | 18.0% | — | 104.4% | 39.2% | 21.8% | 30.9% | 13.9% | — | — |
| Buyback Yield | 3.0% | 2.8% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.0% | 2.8% | 0.3% | 0.0% | 0.0% | 0.0% | 9.8% | 11.8% | 12.4% | 7.7% | 0.9% |
| Shares Outstanding | — | $72M | $72M | $71M | $70M | $70M | $70M | $70M | $70M | $70M | $70M |
Peer Comparison
Compare VEON with 10 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 | 6.9 | 3.8 | 5.7 | 69.8% | 23.3% | 37.4% | 16.8% | 2.8 |
 TEF | $24B | -65.1 | 5.2 | 4.0 | 69.6% | 5.8% | -0.2% | 2.9% | 4.0 |
 TKC | $5B | 12.7 | 94.0 | 10.5 | 28.7% | 17.0% | 0.5% | 0.7% | 1.4 |
 VIV | $20B | 17.2 | 5.4 | 9.4 | 40.4% | 15.2% | 8.7% | 7.6% | 1.3 |
 LILA | $961M | -1.6 | 6.3 | 3.1 | 67.5% | 16.2% | -45.5% | 5.6% | 5.7 |
 T | $154B | 7.2 | 6.9 | 7.9 | 79.8% | 19.2% | 17.6% | 6.7% | 3.9 |
 VZ | $191B | 11.2 | 7.8 | 9.5 | 45.6% | 21.2% | 16.6% | 8.0% | 4.2 |
 TMUS | $197B | 18.7 | 9.7 | 19.0 | 47.6% | 21.2% | 18.2% | 8.1% | 3.8 |
 ERIC | $35B | 13.6 | 8.9 | 11.8 | 48.1% | 13.8% | 26.3% | 22.3% | 1.2 |
 NOK | $77B | 106.9 | 35.3 | 47.8 | 43.5% | 3.9% | 3.1% | 3.0% | 2.7 |
 CSCO | $471B | 46.9 | 33.6 | 35.5 | 64.9% | 20.8% | 22.1% | 13.0% | 1.9 |
| Communication Services Median | — | 15.3 | 9.6 | 11.4 | 48.5% | 1.6% | 2.0% | 2.6% | 3.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 19 years · Updated daily
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VEON — Frequently Asked Questions
Quick answers to the most common questions about buying VEON stock.
What is VEON Ltd.'s P/E ratio?
VEON Ltd.'s current P/E ratio is 6.9x. The historical average is 12.0x. This places it at the 18th percentile of its historical range.
What is VEON Ltd.'s EV/EBITDA?
VEON Ltd.'s current EV/EBITDA is 3.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.2x.
What is VEON Ltd.'s ROE?
VEON Ltd.'s return on equity (ROE) is 37.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -2.7%.
Is VEON stock overvalued?
Based on historical data, VEON Ltd. is trading at a P/E of 6.9x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are VEON Ltd.'s profit margins?
VEON Ltd. has 69.8% gross margin and 23.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does VEON Ltd. have?
VEON Ltd.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.