VEON Stock Analysis: VEON | NASDAQ

Telecom Services | NASDAQ, USA | Market Cap: 5.262m USD | 12M Return: 54.9% | US91822M5022 | Charts, Fundamentals & Technical Analysis

Wireless Telecom, Mobile Banking, Streaming Media, Digital Health
Total Rating 55
Safety 63
Buy Signal 1.60
Telecom Services
Industry Rotation: -2.4
Market Cap: 5.26B
Avg Turnover: 13.7M
Risk 3d forecast
Volatility38.3%
VaR 5th Pctl5.63%
VaR vs Median-8.86%
Reward TTM
Sharpe Ratio1.10
Rel. Str. IBD94.2
Rel. Str. Peer Group91.7
Character TTM
Beta0.745
Beta Downside0.279
Hurst Exponent0.482
Drawdowns 3y
Max DD32.15%
CAGR/Max DD2.01
CAGR/Mean DD7.37
EPS (Earnings per Share) EPS (Earnings per Share) of VEON over the last years for every Quarter: "2021-09": 2.28, "2021-12": 0.0509, "2022-03": 2.41, "2022-06": 0.04, "2022-09": -0.29, "2022-12": 0, "2023-03": 4.8905, "2023-06": 3.4752, "2023-09": 6.3791, "2023-12": -50.7556, "2024-03": 0.8115, "2024-06": 0.9625, "2024-09": 1.39, "2024-12": 1.01, "2025-03": 1.36, "2025-06": 8.3, "2025-09": -0.47, "2025-12": -0.4065, "2026-03": 1.41, "2026-06": 1.69,
Last SUE: 0.03
Qual. Beats: 0
Revenue Revenue of VEON over the last years for every Quarter: 2021-09: 2005, 2021-12: 2052, 2022-03: 968, 2022-06: 957, 2022-09: 891, 2022-12: 940, 2023-03: 884, 2023-06: 916, 2023-09: 945, 2023-12: 953, 2024-03: 942, 2024-06: 1027, 2024-09: 1037, 2024-12: 998, 2025-03: 1026, 2025-06: 1087, 2025-09: 1115, 2025-12: 1183.063619, 2026-03: 1206.340136, 2026-06: 1271,
Rev. CAGR: 9.56%
Rev. Trend: 98.2%
Last SUE: 0.12
Qual. Beats: 0

Warnings

P/E Ratio 96.7
Altman Z'' In Financial Distress Zone

Tailwinds

Supp Ema8
Supp Ema20
Rs Leader
Idiosyncratic Leader
Confidence
Tailwind

Seasonality 11.7 years of data

Jan +4.7% 35
Feb -0.8% 7
Mar -3.7% 20
Apr +3.6% 46
May -0.8% 15
Jun +0.6% 5
Jul +2.9% 19
Aug +0.0% 5
Sep -6.1% 28
Oct -1.1% 14
Nov +4.4% 40
Dec -2.9% 27

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: VEON VEON

VEON Ltd. is a Dubai-headquartered telecommunications and digital services provider operating across five emerging markets: Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan. The company offers a wide range of services, including prepaid and postpaid mobile subscriptions, mobile financial services, fixed-line telecommunications via fiber optic networks, 2G, 3G, and 4G/LTE wireless internet, and cross-border transmission services.

VEON has expanded well beyond traditional telecom into a diverse digital ecosystem, offering products such as video streaming (Tamasha, Toffee, Kyivstar TV), ride-hailing (Uklon), digital healthcare (Helsi, ApnaClinic, Hambi Davo), neobanking (Simply), music streaming (Hitter, riitm), cloud services (Garaj, BCloud), and various super-apps. The company distributes these offerings through multiple channels, including direct sales, franchises, third-party retailers, and online platforms.

Originally founded in 1992 as VimpelCom Ltd., the company rebranded to VEON Ltd. in March 2017 and trades on NASDAQ as a mid-cap stock in the Communication Services sector. Its focus on emerging markets in Eurasia and its heavy investment in localized digital services distinguish it from telecom operators concentrated in developed regions.

Headlines to Watch Out For
  • Pakistan ARPU growth drives emerging markets revenue
  • Ukraine reconstruction boosts Kyivstar subscriber recovery
  • Digital services expansion lifts higher margin data revenue
Piotroski VR-10 (Strict) 3.5
Net Income: 59.1m TTM > 0 and > 6% of Revenue
FCF/TA: 0.08 > 0.02 and ΔFCF/TA 9.98 > 1.0
NWC/Revenue: -2.60% < 20% (prev -8.38%; Δ 5.78% < -1%)
CFO/TA 0.16 > 3% & CFO 1.65b > Net Income 59.1m
Net Debt (3.16b) to EBITDA (1.67b): 1.90 < 3
Current Ratio: 0.97 > 1.5 & < 3
Outstanding Shares: last quarter (70.9m) vs 12m ago 1.17% < -2%
Gross Margin: 78.36% > 18% (prev 87.58%; Δ -9.22% > 0.5%)
Asset Turnover: 50.99% > 50% (prev 49.01%; Δ 1.97% > 0%)
Interest Coverage Ratio: 1.38 > 6 (EBIT TTM 819.5m / Interest Expense TTM 593.6m)
Altman Z'' -0.18
A: -0.01 (Total Current Assets 3.71b - Total Current Liabilities 3.83b) / Total Assets 10.3b
B: -0.27 (Retained Earnings -2.78b / Total Assets 10.3b)
C: 0.09 (EBIT TTM 819.5m / Avg Total Assets 9.37b)
D: 0.18 (Book Value of Equity 1.51b / Total Liabilities 8.35b)
Altman-Z'' = -0.18 = B
Beneish M -2.72
DSRI: 1.19 (Receivables 705.0m/516.0m, Revenue 4.78b/4.15b)
GMI: 1.12 (GM 87.58% / 78.36%)
AQI: 0.92 (AQ_t 0.26 / AQ_t-1 0.28)
SGI: 1.15 (Revenue 4.78b / 4.15b)
TATA: -0.16 (NI 59.1m - CFO 1.65b) / TA 10.3b)
Beneish M = -2.72 (Cap -4..+1) = A
What is the price of VEON shares?

As of October 09, 2026, the stock is trading at USD 77.07 with a total of 103,202 shares traded. Over the past week, the price has changed by +4.26%, over one month by +18.88%, over three months by +43.39% and over the past year by +54.91%.

Current recommended Stop Loss: 73.80 (which is 4.2% or 1.2 ATR below the current price).

Is VEON a buy, sell or hold?

VEON has received a consensus analysts rating of 5.00. Therefore, it is recommended to buy VEON.

  • StrongBuy: 5
  • Buy: 0
  • Hold: 0
  • Sell: 0
  • StrongSell: 0

What are the forecasts/targets for the VEON price?
Analysts Target Price 86.9 12.7%
VEON (VEON) - Fundamental Data Overview as of 08 October 2026
Market Cap USD = 5.26b (5.26b USD * 1.0 USD.USD)
P/E Trailing = 96.7215
P/E Forward = 7.9239
P/S = 1.1059
P/B = 3.2023
P/EG = 2.2274
Revenue TTM = 4.78b USD
EBIT TTM = 819.5m USD
EBITDA TTM = 1.67b USD
Long Term Debt = 4.42b USD (estimated: total debt 5.85b - short term 1.44b)
Short Term Debt = 1.44b USD (from shortTermDebt, last quarter)
Debt = 5.85b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.16b USD (calculated: Debt 5.85b - CCE 2.69b)
Enterprise Value = 8.43b USD (5.26b + Debt 5.85b - CCE 2.69b)
Interest Coverage Ratio = 1.38 (Ebit TTM 819.5m / Interest Expense TTM 593.6m)
EV/FCF = 10.18x (Enterprise Value 8.43b / FCF TTM 828.0m)
FCF Yield = 9.83% (FCF TTM 828.0m / Enterprise Value 8.43b)
FCF Margin = 17.34% (FCF TTM 828.0m / Revenue TTM 4.78b)
Net Margin = 1.24% (Net Income TTM 59.1m / Revenue TTM 4.78b)
Gross Margin = 78.36% ((Revenue TTM 4.78b - Cost of Revenue TTM 1.03b) / Revenue TTM)
Gross Margin QoQ = 86.55% (prev 70.02%)
Tobins Q-Ratio = 0.82 (Enterprise Value 8.43b / Total Assets 10.3b)
Interest Expense / Debt = 10.14% (Interest Expense 593.6m / Debt 5.85b)
Taxrate = 30.0% (60.0m / 200.0m)
NOPAT = 573.7m (EBIT 819.5m * (1 - 30.00%))
Current Ratio = 0.97 (Total Current Assets 3.71b / Total Current Liabilities 3.83b)
Debt / Equity = 3.87 (Debt 5.85b / totalStockholderEquity, last quarter 1.51b)
Debt / EBITDA = 1.90 (Net Debt 3.16b / EBITDA 1.67b)
Debt / FCF = 3.82 (Net Debt 3.16b / FCF TTM 828.0m)
Total Stockholder Equity = 1.43b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.63% (Net Income 59.1m / Total Assets 10.3b)
RoE = 4.15% (Net Income TTM 59.1m / Total Stockholder Equity 1.43b)
RoCE = 14.03% (EBIT 819.5m / Capital Employed (Equity 1.43b + L.T.Debt 4.42b))
RoIC = 7.51% (NOPAT 573.7m / Invested Capital 7.64b)
WACC = 7.81% (E(5.26b)/V(11.1b) * Re(8.60%) + D(5.85b)/V(11.1b) * Rd(10.14%) * (1-Tc(0.30)))
Discount Rate = 8.60% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -15.52 | Cagr: 319.9%
[DCF] Terminal Value 75.44% ; FCFF base≈828.0m ; Y1≈831.4m ; Y5≈880.7m
[DCF] Fair Price = 153.0 (EV 13.7b - Net Debt 3.16b = Equity 10.5b / Shares 68.9m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.03 | # QB: 0
Revenue Correlation: 98.19 | Revenue CAGR: 9.56% | SUE: 0.12 | # QB: 0
EPS current Quarter (2026-09-30): EPS=1.72 | Chg30d=+7.17% | Revisions=+25% | Analysts=2
EPS current Year (2026-12-31): EPS=7.03 | Chg30d=+3.57% | Revisions=+40% | GrowthEPS=+40.8% | GrowthRev=+16.0%
EPS next Year (2027-12-31): EPS=8.39 | Chg30d=+1.49% | Revisions=+40% | GrowthEPS=+19.4% | GrowthRev=+8.1%
[Analyst] Revisions Ratio: +62% (up=5, down=0)