(VEON) VEON - Overview

Sector: Communication Services | Industry: Telecom Services | Exchange: NASDAQ (USA) | Market Cap: 3.782m USD | Total Return: -1.2% in 12m

Mobile Services, Fixed Services, Digital Platforms
Total Rating 45
Safety 37
Buy Signal 0.33
Telecom Services
Industry Rotation: +3.6
Market Cap: 3.78B
Avg Turnover: 3.87M
Risk 3d forecast
Volatility60.0%
VaR 5th Pctl8.67%
VaR vs Median-15.8%
Reward TTM
Sharpe Ratio0.19
Rel. Str. IBD39.1
Rel. Str. Peer Group21.9
Character TTM
Beta0.484
Beta Downside0.052
Hurst Exponent0.411
Drawdowns 3y
Max DD32.15%
CAGR/Max DD1.33
CAGR/Mean DD4.53
EPS (Earnings per Share) EPS (Earnings per Share) of VEON over the last years for every Quarter: "2021-03": 1.75, "2021-06": 1.5, "2021-09": 2.25, "2021-12": 0.0509, "2022-03": -0.1, "2022-06": 0.04, "2022-09": -0.29, "2022-12": 0, "2023-03": 4.8905, "2023-06": 3.4804, "2023-09": 6.3791, "2023-12": -50.7556, "2024-03": 0.8115, "2024-06": 0.9625, "2024-09": 1.393, "2024-12": 1.0062, "2025-03": 1.5, "2025-06": 8.5, "2025-09": -1.91, "2025-12": -0.4065, "2026-03": 1.39,
EPS CAGR: 157.59%
EPS Trend: 3.2%
Last SUE: 0.02
Qual. Beats: 0
Revenue Revenue of VEON over the last years for every Quarter: 2021-03: 1830, 2021-06: 1902, 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: null,
Rev. CAGR: 5.50%
Rev. Trend: 83.1%
Last SUE: 0.33
Qual. Beats: 0

Warnings

Beneish M-Score -1.15 > -1.5 - likely earnings manipulation

Altman Z'' -1.08 < 1.0 - financial distress zone

Tailwinds

No distinct edge detected

Description: VEON VEON

VEON Ltd. is a telecommunications and digital services provider operating in Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan. The company offers a broad range of mobile and fixed-line telecommunication services, including voice, data, and value-added services. The telecommunications sector is characterized by high capital expenditure for network infrastructure development and maintenance.

VEONs business model extends beyond traditional telecommunications to include various digital services. These digital offerings span diverse categories such as mobile financial services, digital insurance, video streaming, ride-hailing, digital healthcare platforms, and AI-powered learning assistants. The digital services market is highly competitive, requiring continuous innovation and adaptation to consumer preferences.

The company utilizes multiple distribution channels, including direct sales, franchises, third-party retailers, and online platforms. VEON Ltd. was founded in 1992 and is headquartered in Dubai, UAE. For a deeper analysis of VEONs performance and market position, consider exploring ValueRays comprehensive data.

Headlines to Watch Out For
  • Emerging market subscriber growth drives mobile service revenue
  • Digital services expansion boosts non-core revenue streams
  • Currency fluctuations in operating regions impact profitability
  • Regulatory changes in Pakistan and Ukraine pose operational risks
  • Infrastructure investment costs pressure free cash flow
Piotroski VR‑10 (Strict) 6.5
Net Income: 531.7m TTM > 0 and > 6% of Revenue
FCF/TA: 0.07 > 0.02 and ΔFCF/TA 9.80 > 1.0
NWC/Revenue: -7.23% < 20% (prev -19.21%; Δ 11.98% < -1%)
CFO/TA 0.15 > 3% & CFO 1.35b > Net Income 531.7m
Net Debt (3.41b) to EBITDA (1.61b): 2.12 < 3
Current Ratio: 0.91 > 1.5 & < 3
Outstanding Shares: last quarter (52.9m) vs 12m ago -97.01% < -2%
Gross Margin: 83.37% > 18% (prev 0.86%; Δ 8.25k% > 0.5%)
Asset Turnover: 51.14% > 50% (prev 49.83%; Δ 1.32% > 0%)
Interest Coverage Ratio: 1.52 > 6 (EBITDA TTM 1.61b / Interest Expense TTM 528.2m)
Altman Z'' -1.08
A: -0.03 (Total Current Assets 3.11b - Total Current Liabilities 3.43b) / Total Assets 9.21b
B: -0.33 (Retained Earnings -3.00b / Total Assets 9.21b)
C: 0.09 (EBIT TTM 801.3m / Avg Total Assets 8.62b)
D: -0.40 (Book Value of Equity -3.00b / Total Liabilities 7.58b)
Altman-Z'' Score: -1.08 = CCC
Beneish M -1.15
DSRI: 3.30 (Receivables 643.9m/177.0m, Revenue 4.41b/4.00b)
GMI: 1.03 (GM 83.37% / 85.81%)
AQI: 0.96 (AQ_t 0.25 / AQ_t-1 0.27)
SGI: 1.10 (Revenue 4.41b / 4.00b)
TATA: -0.09 (NI 531.7m - CFO 1.35b) / TA 9.21b)
Beneish M-Score: -1.15 (Cap -4..+1) = D
What is the price of VEON shares? As of May 16, 2026, the stock is trading at USD 54.29 with a total of 103,120 shares traded.
Over the past week, the price has changed by +9.68%, over one month by +3.19%, over three months by +3.41% and over the past year by -1.15%.
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: 2
  • Buy: 0
  • Hold: 0
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the VEON price?
Analysts Target Price 82.8 52.5%
VEON (VEON) - Fundamental Data Overview as of 15 May 2026
P/E Trailing = 7.3333
P/E Forward = 11.4811
P/S = 0.8269
P/B = 2.5403
P/EG = 2.2274
Revenue TTM = 4.41b USD
EBIT TTM = 801.3m USD
EBITDA TTM = 1.61b USD
Long Term Debt = 4.04b USD (estimated: total debt 5.14b - short term 1.10b)
Short Term Debt = 1.10b USD (from shortTermDebt, last quarter)
Debt = 5.14b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.41b USD (from netDebt column, last quarter)
Enterprise Value = 7.19b USD (3.78b + Debt 5.14b - CCE 1.73b)
Interest Coverage Ratio = 1.52 (Ebit TTM 801.3m / Interest Expense TTM 528.2m)
EV/FCF = 11.62x (Enterprise Value 7.19b / FCF TTM 619.3m)
FCF Yield = 8.61% (FCF TTM 619.3m / Enterprise Value 7.19b)
FCF Margin = 14.04% (FCF TTM 619.3m / Revenue TTM 4.41b)
Net Margin = 12.05% (Net Income TTM 531.7m / Revenue TTM 4.41b)
Gross Margin = 83.37% ((Revenue TTM 4.41b - Cost of Revenue TTM 733.7m) / Revenue TTM)
Gross Margin QoQ = 68.92% (prev 88.07%)
Tobins Q-Ratio = 0.78 (Enterprise Value 7.19b / Total Assets 9.21b)
Interest Expense / Debt = 2.81% (Interest Expense 144.5m / Debt 5.14b)
Taxrate = 24.71% (197.3m / 798.5m)
NOPAT = 603.2m (EBIT 801.3m * (1 - 24.71%))
Current Ratio = 0.91 (Total Current Assets 3.11b / Total Current Liabilities 3.43b)
Debt / Equity = 3.84 (Debt 5.14b / totalStockholderEquity, last quarter 1.34b)
Debt / EBITDA = 2.12 (Net Debt 3.41b / EBITDA 1.61b)
Debt / FCF = 5.51 (Net Debt 3.41b / FCF TTM 619.3m)
Total Stockholder Equity = 1.31b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.16% (Net Income 531.7m / Total Assets 9.21b)
RoE = 40.63% (Net Income TTM 531.7m / Total Stockholder Equity 1.31b)
RoCE = 14.97% (EBIT 801.3m / Capital Employed (Equity 1.31b + L.T.Debt 4.04b))
RoIC = 47.37% (NOPAT 603.2m / Invested Capital 1.27b)
WACC = 4.48% (E(3.78b)/V(8.93b) * Re(7.69%) + D(5.14b)/V(8.93b) * Rd(2.81%) * (1-Tc(0.25)))
Discount Rate = 7.69% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares Correlation 3-Years: -33.33 | Cagr: -15.44%
[DCF] Terminal Value 88.44% ; FCFF base≈619.3m ; Y1≈764.0m ; Y5≈1.30b
[DCF] Fair Price = 500.3 (EV 37.81b - Net Debt 3.41b = Equity 34.40b / Shares 68.8m; r=6.0% [WACC]; 5y FCF grow 25.0% → 3.0% )
EPS Correlation: 3.17 | EPS CAGR: 157.6% | SUE: 0.02 | # QB: 0
Revenue Correlation: 83.06 | Revenue CAGR: 5.50% | SUE: 0.33 | # QB: 0
EPS current Quarter (2026-06-30): EPS=1.93 | Chg30d=+0.00% | Revisions=N/A | Analysts=1
EPS next Quarter (2026-09-30): EPS=2.14 | Chg30d=+2.88% | Revisions=+20% | Analysts=1
EPS current Year (2026-12-31): EPS=7.34 | Chg30d=-6.99% | Revisions=-20% | GrowthEPS=+47.2% | GrowthRev=+10.8%
EPS next Year (2027-12-31): EPS=9.21 | Chg30d=-0.34% | Revisions=+0% | GrowthEPS=+25.4% | GrowthRev=+7.3%
[Analyst] Revisions Ratio: +20%