VEON Ltd. (VEON) P/E Ratio History
Historical price-to-earnings valuation from 2010 to 2025
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Valuation Context
How does the current P/E compare to historical and market benchmarks?
P/E Ratio Analysis
As of February 26, 2026, VEON Ltd. (VEON) trades at a price-to-earnings ratio of 9.8x, with a stock price of $56.39 and trailing twelve-month earnings per share of $9.37.
The current P/E is 36% above its 5-year average of 7.2x. Over the past five years, VEON's P/E has ranged from a low of 1.1x to a high of 40.0x, placing the current valuation at the 90th percentile of its historical range.
Compared to the Communication Services sector median P/E of 14.8x, VEON trades at a 33% discount to its sector peers. The sector includes 112 companies with P/E ratios ranging from 0.5x to 194.9x.
Relative to the broader market, VEON trades at a notable discount to the S&P 500 median P/E of 25.9x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our VEON DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
Peer Comparison
P/E metrics vs. Mobile Network Operators peers
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
TMUST-Mobile US, Inc. | $242B | 22.5 | 0.76Best | +1% |
TIMBTIM S.A. | $13B | 15.7 | 0.85 | +20% |
VEONVEON Ltd. | $4B | 9.8 | - | +116% |
ADArray Digital Infrastructure, Inc. | $3B | 14.7 | 3.00 | +824%Best |
UZDArray Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 | $1B | 6.5 | 1.31 | +824%Best |
UZFArray Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 | $1B | 5.8 | 1.18 | +824%Best |
UZEArray Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 | $1B | 5.7Lowest | 1.17 | +824%Best |
Peers sorted by market capitalization. P/E below peers may indicate undervaluation or lower growth expectations. Consider PEG ratio for growth-adjusted comparison.
Historical P/E Data
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Date | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2025 Q3 | $54.43 | $9.15 | 5.9x | -42% | |
| FY2025 Q2 | Mon Jun 30 2025 00:00:00 GM | $46.07 | $14.01 | 3.3x | -68% |
| FY2025 Q1 | Sun Mar 30 2025 00:00:00 GM | $44.99 | $6.47 | 7.0x | -32% |
| FY2024 Q4 | $40.10 | $5.87 | 6.8x | -34% | |
| FY2023 Q3 | Sat Sep 30 2023 00:00:00 GM | $19.50 | $17.68 | 1.1x | -89% |
| FY2023 Q2 | Fri Jun 30 2023 00:00:00 GM | $20.44 | $3.99 | 5.1x | -50% |
| FY2023 Q1 | Fri Mar 31 2023 00:00:00 GM | $17.72 | $2.37 | 7.5x | -27% |
| FY2022 Q2 | $11.50 | $6.42 | 1.8x | -83% | |
| FY2022 Q1 | $17.00 | $5.91 | 2.9x | -72% | |
| FY2021 Q4 | Fri Dec 31 2021 00:00:00 GM | $42.75 | $9.68 | 4.4x | -57% |
| FY2021 Q3 | $52.00 | $5.53 | 9.4x | -8% | |
| FY2020 Q2 | $45.00 | $4.59 | 9.8x | -5% |
Average P/E for displayed period: 10.3x
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Start ComparisonFrequently Asked Questions
Is VEON stock overvalued or undervalued?
VEON trades at 9.8x P/E, above its 5-year average of 7.2x. The 90th percentile ranking indicates a premium to historical valuation.
How does VEON's valuation compare to peers?
VEON Ltd. P/E of 9.8x compares to sector median of 14.8x. The discount suggests lower growth expectations or higher risk.
What is VEON's PEG ratio?
VEON PEG ratio is N/A. Above 2.0 indicates premium valuation relative to growth rate. Historical P/E data spans 2010-2025.