Last 47 quarters of trend data · Communication Services · Telecommunications Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 10.09 | 7.46 | 8.33 | — | — | 1.35 | 7.98 | 8.72 | 2.58 | 6.76 | 7.41 | — | 0.76 | 1.44 | 0.91 | 1.07 | — | 1.48 | — | 2.51 | 5.78 |
| — | +450.4% | +4.4% | — | — | -79.9% | +7.6% | — | +237.4% | +370.6% | +718.0% | — | — | -3.1% | — | -57.3% | — | -81.5% | — | -97.3% | — | |
| P/S Ratio | 1.17 | 0.73 | 0.69 | 0.59 | 0.84 | 0.74 | 0.77 | 0.71 | 0.52 | 0.45 | 0.45 | 0.38 | 0.36 | 0.39 | 0.35 | 0.23 | 0.16 | 0.20 | 0.31 | 0.35 | 0.42 |
| — | -1.9% | -10.8% | -17.2% | +61.8% | +66.5% | +71.7% | +85.7% | +43.2% | +14.0% | +27.3% | +67.0% | +130.3% | +91.5% | +14.4% | -34.9% | -62.4% | -49.0% | -31.6% | +9.2% | +36.2% | |
| P/B Ratio | 3.32 | 1.93 | 1.77 | 1.70 | 2.27 | 2.16 | 2.27 | 2.25 | 1.69 | 1.63 | 1.48 | 1.36 | 1.08 | 1.45 | 1.35 | 1.12 | 0.83 | 0.50 | 1.03 | 1.92 | 2.62 |
| — | -10.7% | -21.9% | -24.5% | +34.6% | +32.5% | +53.6% | +65.7% | +56.8% | +12.3% | +9.3% | +21.4% | +30.3% | +190.0% | +30.9% | -41.6% | -68.5% | -79.9% | -63.9% | -24.5% | -2.2% | |
| P/FCF | 8.30 | 8.82 | 5.02 | 2.73 | 5.94 | — | 3.09 | 3.13 | 3.07 | — | 8.43 | — | 1.11 | 5.88 | 1.97 | 5.11 | 0.20 | — | 6.07 | 4.29 | 1.60 |
| — | — | +62.3% | -13.0% | +93.3% | — | -63.3% | — | +177.4% | — | +328.8% | — | +465.3% | — | -67.6% | +19.1% | -87.8% | — | -83.0% | -48.6% | +30.3% | |
| EV / EBITDA | 4.65 | 3.33 | 3.36 | 2.95 | 6.84 | 1.69 | 3.48 | 3.53 | 2.35 | 2.90 | 3.26 | 3.35 | 2.22 | 2.72 | 2.92 | 2.24 | 4.46 | 6.55 | 5.44 | 3.06 | 3.33 |
| — | +97.5% | -3.5% | -16.6% | +191.3% | -41.8% | +6.7% | +5.6% | +5.6% | +6.5% | +11.7% | +49.1% | -50.2% | -58.4% | -46.3% | -26.8% | +34.0% | +78.8% | +48.0% | -18.2% | -6.3% | |
| EV / EBIT | 8.29 | 5.02 | 5.22 | 7.70 | — | 5.29 | 6.31 | 6.49 | 5.34 | 4.74 | 6.22 | 6.40 | 3.84 | 5.02 | 5.53 | 3.82 | 12.14 | 10.25 | 9.17 | 6.47 | 7.07 |
| — | -5.3% | -17.4% | +18.7% | — | +11.7% | +1.5% | +1.3% | +38.9% | -5.5% | +12.5% | +67.4% | -68.3% | -51.0% | -39.7% | -40.9% | +71.8% | +24.4% | +13.6% | -44.5% | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.8% | 86.5% | 70.0% | 68.9% | 88.1% | 90.4% | 87.4% | 86.9% | 86.1% | 88.2% | 87.4% | 88.8% | 88.7% | 88.0% | 86.8% | 87.2% | 86.6% | 87.5% | 87.9% | 75.7% | 75.8% |
| — | -4.3% | -19.9% | -20.7% | +2.3% | +2.5% | +0.1% | -2.1% | -2.9% | +0.3% | +0.7% | +1.8% | +2.3% | +0.6% | -1.3% | +15.2% | +14.4% | +16.1% | +14.7% | +0.8% | -0.1% | |
| Operating Margin | 23.3% | 25.7% | 25.6% | 27.0% | 5.3% | 75.4% | 23.3% | 23.0% | 38.7% | 27.1% | 21.3% | 23.4% | 27.4% | 26.4% | 23.2% | 55.4% | 38.0% | 23.5% | 23.9% | 20.3% | 20.6% |
| — | -65.9% | +10.1% | +17.1% | -86.3% | +178.7% | +9.2% | -1.5% | +41.1% | +2.5% | -8.0% | -57.7% | -28.0% | +12.4% | -2.8% | +172.5% | +84.7% | +26.0% | +21.6% | +52.1% | +193.0% | |
| Net Margin | 12.1% | 9.6% | 8.2% | -2.6% | -11.7% | 54.7% | 9.6% | 8.1% | 20.2% | 6.6% | 6.1% | -374.5% | 47.4% | 27.3% | 38.8% | 59.1% | -57.5% | 14.2% | -14.6% | 14.6% | 7.2% |
| — | -82.5% | -14.6% | -132.6% | -158.3% | +726.7% | +59.5% | +102.2% | -57.5% | -75.7% | -84.4% | -733.6% | +182.5% | +92.1% | +366.4% | +305.6% | -894.6% | +170.3% | -305.0% | +4060.8% | +121.2% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 37.4% | 6.4% | 5.7% | -1.9% | -8.3% | 41.3% | 7.5% | 6.4% | 17.4% | 6.0% | 5.2% | -304.8% | 39.7% | 26.2% | 40.7% | 76.8% | -45.7% | 10.0% | -10.6% | 21.5% | 11.6% |
| — | -84.4% | -24.0% | -129.8% | -147.8% | +587.2% | +45.2% | +102.1% | -56.1% | -77.1% | -87.3% | -496.8% | +186.8% | +161.7% | +483.3% | +257.4% | -494.4% | +19.0% | -188.2% | +2732.8% | +123.7% | |
| ROA | 6.3% | 1.2% | 1.1% | -0.3% | -1.5% | 7.1% | 1.2% | 1.0% | 2.8% | 0.9% | 0.7% | -34.3% | 3.5% | 1.8% | 2.3% | 3.6% | -3.1% | 0.8% | -0.9% | 1.9% | 1.0% |
| — | -82.8% | -13.1% | -133.3% | -153.8% | +664.4% | +65.2% | +103.0% | -19.5% | -49.2% | -68.5% | -1056.3% | +214.7% | +117.4% | +352.7% | +85.7% | -413.4% | +22.7% | -202.8% | +3719.4% | +121.9% | |
| ROIC | 16.8% | 4.4% | 4.4% | 4.7% | 0.9% | 13.0% | 4.2% | 3.9% | 6.5% | 4.6% | 3.4% | 4.1% | 4.8% | 4.3% | 3.1% | 5.1% | 2.4% | 1.6% | 1.8% | 3.2% | 3.1% |
| — | -66.1% | +5.0% | +20.8% | -86.8% | +183.5% | +22.0% | -4.5% | +35.8% | +6.0% | +11.7% | -19.8% | +101.9% | +169.7% | +69.1% | +59.5% | -24.1% | -40.8% | -35.9% | +45.9% | +201.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.15 | 3.05 | 2.91 | 3.15 | 3.12 | 3.28 | 3.39 | 3.73 | 3.40 | 3.86 | 3.66 | 4.81 | 3.81 | 5.73 | 6.87 | 10.66 | 17.85 | 8.05 | 8.72 | 7.07 | 7.78 |
| — | -7.2% | -14.1% | -15.7% | -8.2% | -14.9% | -7.3% | -22.4% | -10.8% | -32.7% | -46.8% | -54.9% | -78.6% | -28.8% | -21.2% | +50.8% | +129.5% | -0.7% | +3.3% | -28.7% | -29.4% | |
| Debt / EBITDA | 2.77 | 10.60 | 10.44 | 9.79 | 19.48 | 4.84 | 10.76 | 11.37 | 7.45 | 9.47 | 10.83 | 14.65 | 10.87 | 13.29 | 16.34 | 12.38 | 23.06 | 29.88 | 23.60 | 11.57 | 11.23 |
| — | +119.3% | -3.0% | -13.8% | +161.7% | -49.0% | -0.6% | -22.4% | -31.5% | -28.7% | -33.7% | +18.3% | -52.9% | -55.5% | -30.8% | +7.0% | +105.4% | +142.2% | +95.4% | -15.7% | -11.1% | |
| Current Ratio | 0.91 | 0.97 | 0.86 | 0.91 | 0.95 | 0.88 | 0.80 | 0.80 | 0.79 | 0.78 | 0.86 | 0.88 | 0.97 | 2.31 | 0.80 | 0.86 | 0.78 | 0.93 | 0.70 | 1.24 | 1.17 |
| — | +9.5% | +8.1% | +13.4% | +19.9% | +13.5% | -7.2% | -9.2% | -18.8% | -66.3% | +7.4% | +2.8% | +24.4% | +148.7% | +13.4% | -30.7% | -32.8% | +66.3% | +17.7% | +91.2% | +156.2% | |
| Quick Ratio | 0.90 | 0.96 | 0.85 | 0.90 | 0.94 | 0.88 | 0.79 | 0.80 | 0.78 | 0.77 | 0.85 | 0.87 | 0.97 | 2.30 | 0.79 | 0.84 | 0.76 | 0.91 | 0.68 | 1.21 | 1.14 |
| — | +8.5% | +7.7% | +12.8% | +20.1% | +14.5% | -6.6% | -9.0% | -19.0% | -66.5% | +6.7% | +4.0% | +27.0% | +153.2% | +16.2% | -30.5% | -33.2% | +71.4% | +19.5% | +94.9% | +161.8% | |
| Interest Coverage | 2.47 | 2.20 | 2.22 | 1.39 | -0.63 | 2.51 | 1.96 | 1.83 | 2.08 | 2.39 | 1.53 | 1.55 | 1.95 | 1.65 | 1.46 | 2.59 | 0.80 | 1.89 | 1.65 | 2.38 | 2.24 |
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Includes 30+ ratios · 47 years · Updated daily
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Quick answers to the most common questions about buying VEON stock.
VEON Ltd.'s current P/E is 10.1x. The average P/E over the last 2 quarters is 7.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
VEON Ltd.'s current operating margin is 23.3%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking VEON Ltd.'s business trajectory between earnings reports.