VEON Ltd. (VEON)

Neutral

Institutional ownership roughly stable: -0.02% change quarter-over-quarter.

Data as of Q1 2026

$68.81▲ 0.44%

EOD close · as of 2026-09-17

Market Cap

$127.24B

Enterprise Value

$126.54B

P/E

215.3×

Revenue (FY)

—

Rev. growth

—

Gross margin

—

Net margin

—

ROIC

—

Debt / EBITDA

—

Revenue—

—

Net Income· FY2025$591.0M

Free Cash Flow—

—

✓ Strengths

No standout strengths flagged.

△ Watch

Nothing notable to watch.

⚠ Risks

No material risks flagged.

Deep analysis

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Not enough detail.

Returns

Why ROE is —

DuPont — the three levers

Net margin

—

profit / rev

Asset turns

—

rev / assets

Leverage

—

assets / equity

ROE

—

return on equity

Watch the leverage lever — a chunk of ROE comes from the balance sheet.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

—

Cash & Equivalents

$702.0M

Net Debt

—

Net debt / EBITDA—

Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

—

Op. income Δ

—

Op. leverage

—

Operating leverage needs meaningful revenue change.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

—

— · latest

—

Net margin

—

— · latest

—

ROIC

—

— · latest

—

Gross margin

—

— · latest

—

Debt / EBITDA

—

— · latest

—

Current ratio

—

— · latest

—

FCF margin

—

— · latest

—

Free cash flow

—

— · latest

—

Institutional ownership: 97 holders · 1% of shares · 87th percentile crowding — Institutional ownership roughly stable: -0.02% change quarter-over-quarter. (see the 13F tab)

A 30-second read on VEON: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.

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Financials

$68.81▲ 0.44%

EOD close · as of 2026-09-17

Market Cap

$127.24B

Enterprise Value

$126.54B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Not enough income-statement detail for a flow diagram.

No data reported for this breakdown.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Selling, General & Admin	$1.88B	$1.80B	$1.65B	$1.53B	$1.53B	$1.40B	$2.74B	$3.70B	$3.75B	$3.67B
Net Income	$591.0M	$487.0M	-$2.45B	-$9.0M	$801.0M	-$316.0M	$683.0M	$362.0M	-$534.0M	$2.42B

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

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VEON vs. Communication Services peers

Ranked against 192 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

VEON — · med 18.1× · best 0.4×

not enough peer data

—

P / S

VEON — · med 1.1× · best 0.0×

not enough peer data

—

EV / EBITDA

VEON — · med 13.5× · best -116.5×

not enough peer data

—

P / B

VEON — · med 2.0× · best 0.0×

not enough peer data

—

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

VEON — · med 2.3% · best 8107%

not enough peer data

—

ProfitabilityMargins vs the sector

Gross margin

VEON — · med 50.7% · best 1915%

not enough peer data

—

Operating margin

VEON — · med -0.4% · best 1445%

not enough peer data

—

Net margin

VEON — · med -2.1% · best 1394%

not enough peer data

—

FCF margin

VEON — · med 3.9% · best 385%

not enough peer data

—

Returns on capitalHow hard the capital works

Return on equity

VEON — · med 0.8% · best 1590%

not enough peer data

—

Return on invested capital

VEON — · med -1.1% · best 384%

not enough peer data

—

LeverageLess debt scores higher

Net debt / EBITDA

VEON — · med 2.9× · best -130.1×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

VEON 97 · med 130 · best 4,874

44th pct

Institutional ownership

VEON 0.9% · med 39.9% · best 122%

18th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
GOOGAlphabet Inc.	$4.15T	31.8×	27.8×	10.3×	15.1%	59.7%	32.8%	31.8%	28.5%	0.3×	4,874
METAMeta Platforms, Inc.	$1.72T	29.1×	17.1×	8.6×	22.2%	82.0%	30.1%	27.8%	21.9%	0.6×	4,839
AMXAMERICA MOVIL SAB DE C…	$1.40T	—	—	—	—	—	—	—	—	—	318
CHTChunghwa Telecom Co., …	$354.7B	—	—	—	—	—	—	—	—	—	206
NFLXNetflix, Inc.	$318.0B	29.8×	23.7×	7.0×	15.9%	48.5%	24.3%	41.3%	26.7%	1.1×	3,458
CCZComcast Holdings Corp.	$239.2B	12.0×	6.4×	1.9×	-0.0%	—	16.2%	20.6%	19.4%	0.2×	1
VZVerizon Communications…	$204.2B	11.9×	4.2×	1.5×	2.5%	—	12.4%	16.2%	16.2%	0.0×	3,122
DISThe Walt Disney Compan…	$200.2B	15.4×	10.3×	2.1×	3.4%	—	13.1%	11.3%	8.2%	1.8×	2,883
TMUST-MOBILE US INC	$184.2B	17.1×	8.3×	2.1×	8.5%	—	12.4%	18.6%	7.6%	2.7×	1,648
TAT&T Inc.	$182.0B	8.3×	6.8×	1.4×	2.7%	—	17.5%	17.4%	8.1%	3.2×	2,848
VEONVEON Ltd.	$127.2B	—	—	—	—	—	—	—	—	—	97
DASHDoorDash, Inc.	$83.1B	91.3×	53.5×	6.1×	27.9%	—	6.8%	9.3%	9.3%	—	973
WBDWarner Bros. Discovery…	$70.0B	97.4×	15.3×	1.9×	-5.1%	—	1.9%	2.0%	1.1%	5.1×	1,259
EAElectronic Arts Inc.	$52.6B	59.7×	36.1×	7.0×	0.9%	79.0%	11.8%	13.1%	13.1%	—	998
LYVLive Nation Entertainm…	$39.6B	—	25.1×	1.6×	8.8%	—	2.0%	183%	5.9%	5.0×	779
TTWOTake-Two Interactive S…	$39.0B	—	424.4×	5.9×	18.2%	57.2%	-4.5%	-8.5%	-4.9%	26.7×	1,011
TWLOTwilio Inc.	$37.5B	1172.6×	107.1×	7.4×	13.7%	48.9%	0.7%	0.4%	0.4%	2.8×	776
RDDTReddit, Inc.	$28.5B	58.3×	60.1×	12.9×	69.4%	91.2%	24.1%	18.1%	18.1%	—	765
FOXFox Corporation	$26.9B	11.9×	—	1.6×	16.6%	—	14.1%	19.2%	12.4%	—	505
OMCOmnicom Group Inc.	$24.6B	—	57.5×	1.4×	10.1%	8.5%	-0.3%	-0.5%	-0.3%	15.8×	1,083
ROKURoku, Inc.	$22.8B	261.1×	530.2×	4.8×	15.2%	43.8%	1.9%	3.3%	3.3%	—	665
FWONALIBERTY MEDIA CORP DEL	$21.5B	—	39.5×	4.8×	22.7%	—	12.4%	7.2%	4.3%	7.9×	283
NWSNews Corporation	$18.9B	16.1×	—	2.2×	2.4%	—	14.0%	13.4%	11.0%	—	304
CHTRCharter Communications…	$18.0B	3.7×	5.3×	0.3×	-0.6%	—	9.1%	31.1%	4.5%	4.5×	760
TKOTKO Group Holdings, In…	$15.3B	83.8×	13.8×	3.2×	-3.1%	—	4.1%	5.2%	2.6%	2.9×	616

Peers = companies sharing VEON's sector (Communication Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

Loading peer comparison...

VEON Ltd. (VEON)

✓ Strengths

△ Watch

⚠ Risks

Deep analysis

What backs the price

How a revenue dollar becomes profit

Why ROE is —

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Quality & Risk

Piotroski F-Score

Altman Z-Score

Beneish M-Score

Earnings quality

Solvency

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Debt & Leverage

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -85%

VEON vs. Communication Services peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Reverse DCF — what growth does the price assume?

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -85%

Ownership Map

VEON vs. Communication Services peers

Where it ranks

Peer table

Financials

Revenue → Profit Flow

Quality & Risk

Piotroski F-Score

Altman Z-Score

Beneish M-Score

Earnings quality

Solvency

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Debt & Leverage

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

✓ Strengths

△ Watch

⚠ Risks

Deep analysis

What backs the price

How a revenue dollar becomes profit

Why ROE is —

Debt structure