VEON LTD (VEON) Fundamental Analysis & Valuation

NASDAQ:VEON • US91822M5022

54 USD
+0.82 (+1.54%)
Last: Mar 6, 2026, 08:00 PM
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This VEON fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

VEON gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 22 industry peers in the Wireless Telecommunication Services industry. While VEON belongs to the best of the industry regarding profitability, there are concerns on its financial health. A decent growth rate in combination with a cheap valuation! Better keep an eye on VEON.


Dividend Valuation Growth Profitability Health

8

1. VEON Profitability Analysis

1.1 Basic Checks

  • VEON had positive earnings in the past year.
  • In the past year VEON had a positive cash flow from operations.
  • In multiple years VEON reported negative net income over the last 5 years.
  • Each year in the past 5 years VEON had a positive operating cash flow.
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B -1B 2B -2B

1.2 Ratios

  • With a decent Return On Assets value of 7.31%, VEON is doing good in the industry, outperforming 77.27% of the companies in the same industry.
  • VEON has a better Return On Equity (46.60%) than 100.00% of its industry peers.
  • VEON has a Return On Invested Capital of 11.26%. This is amongst the best in the industry. VEON outperforms 81.82% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for VEON is above the industry average of 7.08%.
Industry RankSector Rank
ROA 7.31%
ROE 46.6%
ROIC 11.26%
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 -100 -200

1.3 Margins

  • VEON has a better Profit Margin (15.24%) than 86.36% of its industry peers.
  • VEON's Profit Margin has improved in the last couple of years.
  • VEON has a Operating Margin of 22.43%. This is in the better half of the industry: VEON outperforms 77.27% of its industry peers.
  • VEON's Operating Margin has been stable in the last couple of years.
  • The Gross Margin of VEON (88.24%) is better than 90.91% of its industry peers.
  • VEON's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 22.43%
PM (TTM) 15.24%
GM 88.24%
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50

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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. VEON Health Analysis

2.1 Basic Checks

  • VEON has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some 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.
  • VEON has a better debt/assets ratio than last year.
VEON Yearly Shares OutstandingVEON Yearly Shares OutstandingYearly Shares Outstanding 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

2.2 Solvency

  • Based on the Altman-Z score of 0.31, we must say that VEON is in the distress zone and has some risk of bankruptcy.
  • VEON has a worse Altman-Z score (0.31) than 63.64% of its industry peers.
  • VEON has a debt to FCF ratio of 4.13. This is a neutral value as VEON would need 4.13 years to pay back of all of its debts.
  • VEON has a Debt to FCF ratio of 4.13. This is in the better half of the industry: VEON outperforms 68.18% of its industry peers.
  • A Debt/Equity ratio of 2.92 is on the high side and indicates that VEON has dependencies on debt financing.
  • VEON has a Debt to Equity ratio of 2.92. This is amonst the worse of the industry: VEON underperforms 81.82% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.92
Debt/FCF 4.13
Altman-Z 0.31
ROIC/WACC1.36
WACC8.26%
VEON Yearly LT Debt VS Equity VS FCFVEON Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

2.3 Liquidity

  • VEON has a Current Ratio of 0.95. This is a bad value and indicates that VEON is not financially healthy enough and could expect problems in meeting its short term obligations.
  • The Current ratio of VEON (0.95) is comparable to the rest of the industry.
  • A Quick Ratio of 0.94 indicates that VEON may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.94, VEON is in line with its industry, outperforming 54.55% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.95
Quick Ratio 0.94
VEON Yearly Current Assets VS Current LiabilitesVEON Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. VEON Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 120.14% over the past year.
  • The Earnings Per Share has been decreasing by -8.57% on average over the past years.
  • Looking at the last year, VEON shows a small growth in Revenue. The Revenue has grown by 6.74% in the last year.
  • VEON shows a very negative growth in Revenue. Measured over the last years, the Revenue has been decreasing by -14.69% yearly.
EPS 1Y (TTM)120.14%
EPS 3Y-15.41%
EPS 5Y-8.57%
EPS Q2Q%-116%
Revenue 1Y (TTM)6.74%
Revenue growth 3Y1.32%
Revenue growth 5Y-14.69%
Sales Q2Q%7.52%

3.2 Future

  • The Earnings Per Share is expected to grow by 15.32% on average over the next years. This is quite good.
  • Based on estimates for the next years, VEON will show a small growth in Revenue. The Revenue will grow by 6.37% on average per year.
EPS Next Y80.74%
EPS Next 2Y22.58%
EPS Next 3Y22.03%
EPS Next 5Y15.32%
Revenue Next Year9.17%
Revenue Next 2Y8.24%
Revenue Next 3Y7.44%
Revenue Next 5Y6.37%

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

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Find the best growth stocksShow best growing peers

8

4. VEON Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 20.61 indicates a rather expensive valuation of VEON.
  • 63.64% of the companies in the same industry are more expensive than VEON, based on the Price/Earnings ratio.
  • VEON is valuated rather cheaply when we compare the Price/Earnings ratio to 26.29, which is the current average of the S&P500 Index.
  • VEON is valuated cheaply with a Price/Forward Earnings ratio of 6.90.
  • Based on the Price/Forward Earnings ratio, VEON is valued cheaper than 100.00% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of VEON to the average of the S&P500 Index (24.57), we can say VEON is valued rather cheaply.
Industry RankSector Rank
PE 20.61
Fwd PE 6.9
VEON Price Earnings VS Forward Price EarningsVEON Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

  • 100.00% of the companies in the same industry are more expensive than VEON, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 3.06
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

  • VEON's 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 22.03% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.26
PEG (5Y)N/A
EPS Next 2Y22.58%
EPS Next 3Y22.03%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. VEON Dividend Analysis

5.1 Amount

  • VEON does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

More info and screens

Find the best dividend stocksShow peers with best dividend

VEON Fundamentals: All Metrics, Ratios and Statistics

VEON LTD

NASDAQ:VEON (3/6/2026, 8:00:02 PM)

54

+0.82 (+1.54%)

Chartmill FA Rating
GICS IndustryGroupTelecommunication Services
GICS IndustryWireless Telecommunication Services
Earnings (Last)11-10
Earnings (Next)03-13
Inst Owners26.57%
Inst Owner Change2.27%
Ins Owners0.06%
Ins Owner ChangeN/A
Market Cap3.82B
Revenue(TTM)4.23B
Net Income(TTM)644.00M
Analysts82.5
Price Target72.27 (33.83%)
Short Float %7.22%
Short Ratio2.77
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)28.57%
Min EPS beat(2)-21.57%
Max EPS beat(2)78.71%
EPS beat(4)3
Avg EPS beat(4)35.64%
Min EPS beat(4)-21.57%
Max EPS beat(4)78.71%
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)2.06%
Min Revenue beat(2)0%
Max Revenue beat(2)4.12%
Revenue beat(4)2
Avg Revenue beat(4)0.81%
Min Revenue beat(4)-1.87%
Max Revenue beat(4)4.12%
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)0%
PT rev (3m)9.61%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-2.36%
EPS NY rev (1m)-1.39%
EPS NY rev (3m)-14.83%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.35%
Revenue NY rev (1m)-0.11%
Revenue NY rev (3m)0.75%
Valuation
Industry RankSector Rank
PE 20.61
Fwd PE 6.9
P/S 0.9
P/FCF 3.06
P/OCF 3.08
P/B 2.76
P/tB N/A
EV/EBITDA N/A
EPS(TTM)2.62
EY4.85%
EPS(NY)7.83
Fwd EY14.49%
FCF(TTM)17.64
FCFY32.66%
OCF(TTM)17.55
OCFY32.5%
SpS59.81
BVpS19.56
TBVpS-2.17
PEG (NY)0.26
PEG (5Y)N/A
Graham Number33.96
Profitability
Industry RankSector Rank
ROA 7.31%
ROE 46.6%
ROCE 16.42%
ROIC 11.26%
ROICexc 17.35%
ROICexgc 29.39%
OM 22.43%
PM (TTM) 15.24%
GM 88.24%
FCFM 29.48%
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%
ROICexgc growth 3Y65.7%
ROICexgc 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-Score6
Asset Turnover0.48
Health
Industry RankSector Rank
Debt/Equity 2.92
Debt/FCF 4.13
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 250
Cash Conversion N/A
Profit Quality 193.48%
Current Ratio 0.95
Quick Ratio 0.94
Altman-Z 0.31
F-Score6
WACC8.26%
ROIC/WACC1.36
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)120.14%
EPS 3Y-15.41%
EPS 5Y-8.57%
EPS Q2Q%-116%
EPS Next Y80.74%
EPS Next 2Y22.58%
EPS Next 3Y22.03%
EPS Next 5Y15.32%
Revenue 1Y (TTM)6.74%
Revenue growth 3Y1.32%
Revenue growth 5Y-14.69%
Sales Q2Q%7.52%
Revenue Next Year9.17%
Revenue Next 2Y8.24%
Revenue Next 3Y7.44%
Revenue Next 5Y6.37%
EBIT growth 1Y2.82%
EBIT growth 3Y-2.56%
EBIT growth 5Y-14.99%
EBIT Next Year76.74%
EBIT Next 3Y28.06%
EBIT Next 5Y18.96%
FCF growth 1Y-25.92%
FCF growth 3Y-13.93%
FCF growth 5Y-2.16%
OCF growth 1Y-26.89%
OCF growth 3Y-24.51%
OCF growth 5Y-17.38%

VEON LTD / VEON FAQ

Can you provide the ChartMill fundamental rating for VEON LTD?

ChartMill assigns a fundamental rating of 5 / 10 to VEON.


What is the valuation status of VEON LTD (VEON) stock?

ChartMill assigns a valuation rating of 8 / 10 to VEON LTD (VEON). This can be considered as Undervalued.


What is the profitability of VEON stock?

VEON LTD (VEON) has a profitability rating of 8 / 10.


What is the valuation of VEON LTD based on its PE and PB ratios?

The Price/Earnings (PE) ratio for VEON LTD (VEON) is 20.61 and the Price/Book (PB) ratio is 2.76.


What is the expected EPS growth for VEON LTD (VEON) stock?

The Earnings per Share (EPS) of VEON LTD (VEON) is expected to grow by 80.74% in the next year.