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VEON LTD (VEON) Stock Fundamental Analysis

NASDAQ:VEON - US91822M5022 - ADR

58.7 USD
+0.41 (+0.7%)
Last: 8/22/2025, 8:00:02 PM
Fundamental Rating

5

VEON gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 21 industry peers in the Wireless Telecommunication Services industry. VEON has an excellent profitability rating, but there are concerns on its financial health. VEON is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

VEON had positive earnings in the past year.
VEON had a positive operating cash flow in the past year.
In multiple years VEON reported negative net income over the last 5 years.
VEON had a positive operating cash flow in each of the past 5 years.
VEON Yearly Net Income VS EBIT VS OCF VS FCFVEON Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B -1B 2B -2B

1.2 Ratios

The Return On Assets of VEON (5.54%) is better than 72.73% of its industry peers.
VEON has a Return On Equity of 37.86%. This is amongst the best in the industry. VEON outperforms 100.00% of its industry peers.
VEON's Return On Invested Capital of 15.24% is amongst the best of the industry. VEON outperforms 100.00% of its industry peers.
VEON had an Average Return On Invested Capital over the past 3 years of 11.44%. This is significantly above the industry average of 6.31%.
The 3 year average ROIC (11.44%) for VEON is below the current ROIC(15.24%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 5.54%
ROE 37.86%
ROIC 15.24%
ROA(3y)-8.89%
ROA(5y)-4.97%
ROE(3y)-96.72%
ROE(5y)-77.85%
ROIC(3y)11.44%
ROIC(5y)10.01%
VEON Yearly ROA, ROE, ROICVEON Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 -100 -200

1.3 Margins

VEON has a Profit Margin of 11.18%. This is in the better half of the industry: VEON outperforms 72.73% of its industry peers.
VEON's Profit Margin has improved in the last couple of years.
VEON's Operating Margin of 24.51% is amongst the best of the industry. VEON outperforms 90.91% of its industry peers.
VEON's Operating Margin has been stable in the last couple of years.
The Gross Margin of VEON (87.16%) is better than 95.45% of its industry peers.
In the last couple of years the Gross Margin of VEON has grown nicely.
Industry RankSector Rank
OM 24.51%
PM (TTM) 11.18%
GM 87.16%
OM growth 3Y-3.83%
OM growth 5Y-0.35%
PM growth 3Y-16.1%
PM growth 5Y8.09%
GM growth 3Y-0.11%
GM growth 5Y2.49%
VEON Yearly Profit, Operating, Gross MarginsVEON Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50

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3

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), VEON is creating value.
Compared to 1 year ago, VEON has more shares outstanding
The number of shares outstanding for VEON has been increased compared to 5 years ago.
Compared to 1 year ago, VEON has an improved debt to assets ratio.
VEON Yearly Shares OutstandingVEON Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M
VEON Yearly Total Debt VS Total AssetsVEON Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.2 Solvency

VEON has an Altman-Z score of 0.22. This is a bad value and indicates that VEON is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of VEON (0.22) is worse than 77.27% of its industry peers.
VEON has a debt to FCF ratio of 3.59. This is a good value and a sign of high solvency as VEON would need 3.59 years to pay back of all of its debts.
VEON's Debt to FCF ratio of 3.59 is amongst the best of the industry. VEON outperforms 81.82% of its industry peers.
VEON has a Debt/Equity ratio of 2.49. This is a high value indicating a heavy dependency on external financing.
Looking at the Debt to Equity ratio, with a value of 2.49, VEON is doing worse than 72.73% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 2.49
Debt/FCF 3.59
Altman-Z 0.22
ROIC/WACC1.86
WACC8.2%
VEON Yearly LT Debt VS Equity VS FCFVEON Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B 8B 10B

2.3 Liquidity

A Current Ratio of 0.80 indicates that VEON may have some problems paying its short term obligations.
VEON has a Current ratio of 0.80. This is amonst the worse of the industry: VEON underperforms 86.36% of its industry peers.
VEON has a Quick Ratio of 0.80. This is a bad value and indicates that VEON is not financially healthy enough and could expect problems in meeting its short term obligations.
VEON has a worse Quick ratio (0.79) than 86.36% of its industry peers.
Industry RankSector Rank
Current Ratio 0.8
Quick Ratio 0.79
VEON Yearly Current Assets VS Current LiabilitesVEON Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

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4

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 458.82% over the past year.
The Earnings Per Share has been growing by 28.61% on average over the past years. This is a very strong growth
VEON shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -17.74%.
VEON shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -5.40% yearly.
EPS 1Y (TTM)458.82%
EPS 3YN/A
EPS 5Y28.61%
EPS Q2Q%N/A
Revenue 1Y (TTM)-17.74%
Revenue growth 3Y-8.36%
Revenue growth 5Y-5.4%
Sales Q2Q%5.84%

3.2 Future

VEON is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 41.71% yearly.
VEON is expected to show a very negative growth in Revenue. In the coming years, the Revenue will decrease by -11.49% yearly.
EPS Next Y757.61%
EPS Next 2Y-41.75%
EPS Next 3Y67.22%
EPS Next 5Y41.71%
Revenue Next Year2.47%
Revenue Next 2Y3.67%
Revenue Next 3Y-23.28%
Revenue Next 5Y-11.49%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
VEON Yearly Revenue VS EstimatesVEON Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 5B 10B 15B
VEON Yearly EPS VS EstimatesVEON Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2 4 6 8 10

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6

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 9.62, which indicates a very decent valuation of VEON.
Based on the Price/Earnings ratio, VEON is valued cheaply inside the industry as 90.91% of the companies are valued more expensively.
The average S&P500 Price/Earnings ratio is at 27.24. VEON is valued rather cheaply when compared to this.
Based on the Price/Forward Earnings ratio of 182.09, the valuation of VEON can be described as expensive.
Compared to the rest of the industry, the Price/Forward Earnings ratio of VEON indicates a rather expensive valuation: VEON more expensive than 81.82% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.81, VEON is valued quite expensively.
Industry RankSector Rank
PE 9.62
Fwd PE 182.09
VEON Price Earnings VS Forward Price EarningsVEON Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100 150

4.2 Price Multiples

VEON's Price/Free Cash Flow ratio is rather cheap when compared to the industry. VEON is cheaper than 95.45% of the companies in the same industry.
Industry RankSector Rank
P/FCF 3.17
EV/EBITDA N/A
VEON Per share dataVEON EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The excellent profitability rating of VEON may justify a higher PE ratio.
VEON's earnings are expected to grow with 67.22% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.01
PEG (5Y)0.34
EPS Next 2Y-41.75%
EPS Next 3Y67.22%

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0

5. Dividend

5.1 Amount

No dividends for VEON!.
Industry RankSector Rank
Dividend Yield N/A

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VEON LTD

NASDAQ:VEON (8/22/2025, 8:00:02 PM)

58.7

+0.41 (+0.7%)

Chartmill FA Rating
GICS SectorCommunication Services
GICS IndustryGroupTelecommunication Services
GICS IndustryWireless Telecommunication Services
Earnings (Last)08-07 2025-08-07/bmo
Earnings (Next)11-13 2025-11-13
Inst Owners25.47%
Inst Owner Change-3.54%
Ins Owners0.06%
Ins Owner ChangeN/A
Market Cap4.15B
Analysts82.5
Price Target64.71 (10.24%)
Short Float %0.5%
Short Ratio1.39
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)42.71%
Min EPS beat(2)24.78%
Max EPS beat(2)60.64%
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)-0.44%
Min Revenue beat(2)-1.87%
Max Revenue beat(2)0.98%
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)6.26%
PT rev (3m)11.35%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-9.52%
EPS NY rev (1m)6.89%
EPS NY rev (3m)7.69%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.29%
Revenue NY rev (1m)2.75%
Revenue NY rev (3m)4.03%
Valuation
Industry RankSector Rank
PE 9.62
Fwd PE 182.09
P/S 1.01
P/FCF 3.17
P/OCF 3.18
P/B 3.44
P/tB N/A
EV/EBITDA N/A
EPS(TTM)6.1
EY10.39%
EPS(NY)0.32
Fwd EY0.55%
FCF(TTM)18.53
FCFY31.56%
OCF(TTM)18.48
OCFY31.49%
SpS57.86
BVpS17.08
TBVpS-3.82
PEG (NY)0.01
PEG (5Y)0.34
Profitability
Industry RankSector Rank
ROA 5.54%
ROE 37.86%
ROCE 22.22%
ROIC 15.24%
ROICexc 28.88%
ROICexgc 76.18%
OM 24.51%
PM (TTM) 11.18%
GM 87.16%
FCFM 32.02%
ROA(3y)-8.89%
ROA(5y)-4.97%
ROE(3y)-96.72%
ROE(5y)-77.85%
ROIC(3y)11.44%
ROIC(5y)10.01%
ROICexc(3y)19.88%
ROICexc(5y)15.79%
ROICexgc(3y)51.88%
ROICexgc(5y)38.09%
ROCE(3y)16.68%
ROCE(5y)14.59%
ROICexcg growth 3Y65.7%
ROICexcg growth 5Y3.7%
ROICexc growth 3Y46.24%
ROICexc growth 5Y7.89%
OM growth 3Y-3.83%
OM growth 5Y-0.35%
PM growth 3Y-16.1%
PM growth 5Y8.09%
GM growth 3Y-0.11%
GM growth 5Y2.49%
F-Score5
Asset Turnover0.5
Health
Industry RankSector Rank
Debt/Equity 2.49
Debt/FCF 3.59
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 250
Cash Conversion N/A
Profit Quality 286.43%
Current Ratio 0.8
Quick Ratio 0.79
Altman-Z 0.22
F-Score5
WACC8.2%
ROIC/WACC1.86
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)458.82%
EPS 3YN/A
EPS 5Y28.61%
EPS Q2Q%N/A
EPS Next Y757.61%
EPS Next 2Y-41.75%
EPS Next 3Y67.22%
EPS Next 5Y41.71%
Revenue 1Y (TTM)-17.74%
Revenue growth 3Y-8.36%
Revenue growth 5Y-5.4%
Sales Q2Q%5.84%
Revenue Next Year2.47%
Revenue Next 2Y3.67%
Revenue Next 3Y-23.28%
Revenue Next 5Y-11.49%
EBIT growth 1Y14.51%
EBIT growth 3Y-2.56%
EBIT growth 5Y-14.99%
EBIT Next Year65.19%
EBIT Next 3Y26.31%
EBIT Next 5Y19.09%
FCF growth 1Y-7.29%
FCF growth 3Y-13.93%
FCF growth 5Y-2.16%
OCF growth 1Y-45.65%
OCF growth 3Y-24.51%
OCF growth 5Y-17.38%