VEON LTD (VEON) Stock Fundamental Analysis

USA • Nasdaq • NASDAQ:VEON • US91822M5022

52.97 USD
-0.1 (-0.19%)
Last: Feb 4, 2026, 08:00 PM
Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to VEON. VEON was compared to 22 industry peers in the Wireless Telecommunication Services industry. While VEON has a great profitability rating, there are quite some concerns on its financial health. VEON scores decently on growth, while it is valued quite cheap. This could make an interesting combination.


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

  • In the past year VEON was profitable.
  • VEON had a positive operating cash flow in the past year.
  • In multiple years VEON reported negative net income over the last 5 years.
  • In the past 5 years VEON always reported a positive cash flow from operatings.
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 an excellent Return On Assets value of 7.31%, VEON belongs to the best of the industry, outperforming 86.36% of the companies in the same industry.
  • The Return On Equity of VEON (46.60%) is better than 100.00% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 11.26%, VEON belongs to the top of the industry, outperforming 86.36% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for VEON is above the industry average of 6.60%.
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

  • The Profit Margin of VEON (15.24%) is better than 90.91% of its industry peers.
  • In the last couple of years the Profit Margin of VEON has grown nicely.
  • VEON's Operating Margin of 22.43% is fine compared to the rest of the industry. VEON outperforms 77.27% of its industry peers.
  • VEON's Operating Margin has been stable in the last couple of years.
  • Looking at the Gross Margin, with a value of 88.24%, VEON belongs to the top of the industry, outperforming 95.45% of the companies in the same industry.
  • 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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2

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), VEON 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

  • VEON has an Altman-Z score of 0.31. This is a bad value and indicates that VEON is not financially healthy and even has some risk of bankruptcy.
  • VEON has a worse Altman-Z score (0.31) than 68.18% of its industry peers.
  • The Debt to FCF ratio of VEON is 4.13, which is a neutral value as it means it would take VEON, 4.13 years of fcf income to pay off 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.
  • The Debt to Equity ratio of VEON (2.92) is worse than 81.82% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.92
Debt/FCF 4.13
Altman-Z 0.31
ROIC/WACC1.28
WACC8.81%
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

  • A Current Ratio of 0.95 indicates that VEON may have some problems paying its short term obligations.
  • VEON's Current ratio of 0.95 is in line compared to the rest of the industry. VEON outperforms 59.09% of its industry peers.
  • VEON has a Quick 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.
  • VEON's Quick ratio of 0.94 is in line compared to the rest of the industry. VEON outperforms 59.09% of its industry peers.
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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4

3. Growth

3.1 Past

  • The Earnings Per Share has grown by an impressive 120.14% over the past year.
  • VEON shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -8.57% yearly.
  • The Revenue has been growing slightly by 6.74% in the past year.
  • The Revenue for VEON have been decreasing by -14.69% on average. This is quite bad
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 15.44% 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 6.47% on average per year.
EPS Next Y83.29%
EPS Next 2Y22.79%
EPS Next 3Y22.25%
EPS Next 5Y15.44%
Revenue Next Year9.29%
Revenue Next 2Y8.6%
Revenue Next 3Y7.56%
Revenue Next 5Y6.47%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
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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7

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 20.22, the valuation of VEON can be described as rather expensive.
  • Compared to the rest of the industry, the Price/Earnings ratio of VEON is on the same level as its industry peers.
  • The average S&P500 Price/Earnings ratio is at 28.25. VEON is valued slightly cheaper when compared to this.
  • With a Price/Forward Earnings ratio of 6.74, the valuation of VEON can be described as very cheap.
  • Based on the Price/Forward Earnings ratio, VEON is valued cheaper than 100.00% of the companies in the same industry.
  • VEON's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.50.
Industry RankSector Rank
PE 20.22
Fwd PE 6.74
VEON Price Earnings VS Forward Price EarningsVEON Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Price/Free Cash Flow ratio, VEON is valued cheaper than 100.00% of the companies in the same industry.
Industry RankSector Rank
P/FCF 3
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.
  • A more expensive valuation may be justified as VEON's earnings are expected to grow with 22.25% in the coming years.
PEG (NY)0.24
PEG (5Y)N/A
EPS Next 2Y22.79%
EPS Next 3Y22.25%

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0

5. Dividend

5.1 Amount

  • No dividends for VEON!.
Industry RankSector Rank
Dividend Yield 0%

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VEON LTD

NASDAQ:VEON (2/4/2026, 8:00:03 PM)

52.97

-0.1 (-0.19%)

Chartmill FA Rating
GICS IndustryGroupTelecommunication Services
GICS IndustryWireless Telecommunication Services
Earnings (Last)11-10
Earnings (Next)03-16
Inst Owners26.04%
Inst Owner Change1.07%
Ins Owners0.06%
Ins Owner ChangeN/A
Market Cap3.74B
Revenue(TTM)4.23B
Net Income(TTM)644.00M
Analysts82.5
Price Target72.27 (36.44%)
Short Float %8.74%
Short Ratio2.86
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)0.07%
PT rev (3m)9.61%
EPS NQ rev (1m)0%
EPS NQ rev (3m)3.33%
EPS NY rev (1m)8.21%
EPS NY rev (3m)33.52%
Revenue NQ rev (1m)0.09%
Revenue NQ rev (3m)0.53%
Revenue NY rev (1m)0.7%
Revenue NY rev (3m)0.61%
Valuation
Industry RankSector Rank
PE 20.22
Fwd PE 6.74
P/S 0.89
P/FCF 3
P/OCF 3.02
P/B 2.71
P/tB N/A
EV/EBITDA N/A
EPS(TTM)2.62
EY4.95%
EPS(NY)7.85
Fwd EY14.83%
FCF(TTM)17.64
FCFY33.29%
OCF(TTM)17.55
OCFY33.13%
SpS59.81
BVpS19.56
TBVpS-2.17
PEG (NY)0.24
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
WACC8.81%
ROIC/WACC1.28
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 Y83.29%
EPS Next 2Y22.79%
EPS Next 3Y22.25%
EPS Next 5Y15.44%
Revenue 1Y (TTM)6.74%
Revenue growth 3Y1.32%
Revenue growth 5Y-14.69%
Sales Q2Q%7.52%
Revenue Next Year9.29%
Revenue Next 2Y8.6%
Revenue Next 3Y7.56%
Revenue Next 5Y6.47%
EBIT growth 1Y2.82%
EBIT growth 3Y-2.56%
EBIT growth 5Y-14.99%
EBIT Next Year76.83%
EBIT Next 3Y28.9%
EBIT Next 5Y19.07%
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 7 / 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 20.22 and the Price/Book (PB) ratio is 2.71.


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 83.29% in the next year.