VEON (VEON) AI Stock Analysis

• Market Cap: $3.37B
• Dividend Yield: N/A
• Average Volume (3M): 122.84K
• Price to Earnings (P/E): 7.0
• Beta (1Y): 0.75
• Revenue Growth: 6.42%
• EPS Growth: N/A
• Country: US
• Employees: 18,027
• Sector: Communication Services
• Sector Strength: 97
• Industry: Telecommunications Services
• EPS (TTM): -0.44
• Shares Outstanding: 69,153,800
• 10 Day Avg. Volume: 209,449
• 30 Day Avg. Volume: 122,839
• PEG Ratio: 0.25
• Price to Book (P/B): 2.82
• Price to Sales (P/S): 0.84
• P/FCF Ratio: 5.98
• Enterprise Value/Market Cap: 2.01
• Enterprise Value/Revenue: 1.54
• Enterprise Value/Gross Profit: 1.84
• Enterprise Value/Ebitda: 4.22
• 1Y Price Target: $75.00
• Price Target Upside: 69.26% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 7.1
• Revenue Forecast (FY): $4.65B

• Rating: 58 Neutral
• Price Target: $53.00 ▲(19.61% Upside)
• Action: Downgraded Date: 03/16/26
• Date: Action: Downgraded 03/16/26

The score is driven primarily by solid underlying operating performance and cash generation, but capped by high leverage and earnings volatility. Technical signals are weak (below major moving averages with negative MACD), and valuation is harder to assess due to a negative P/E. The latest earnings call was a positive offset due to raised EBITDA guidance and strong digital growth, despite notable one-time/non-cash charge impacts and ongoing market risks.

Positive Factors

Digital Revenue Growth

The significant growth in digital revenues indicates a successful expansion of VEON's digital ecosystem, enhancing long-term revenue streams and market position.

Asset-Light Strategy

The asset-light strategy reduces capital expenditure and operational risks, allowing VEON to focus on high-margin digital services and strategic partnerships.

Leadership Changes

Strategic leadership changes aim to drive digital transformation, enhancing VEON's ability to adapt and compete in evolving markets.

Negative Factors

High Leverage

Significant leverage could strain financial flexibility and increase risk, potentially impacting VEON's ability to invest in growth opportunities.

EPS Loss

The EPS loss highlights challenges in profitability, which could affect investor confidence and limit capital raising capabilities.

Geopolitical Risks

Geopolitical risks can disrupt operations and market access, posing long-term challenges to VEON's growth and stability.

VEON Business Overview & Revenue Model

Company Description

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com.

How the Company Makes Money

VEON primarily generates revenue by selling telecommunications services to consumers and businesses. Its core revenue stream is mobile service revenue, driven by recurring customer payments for wireless connectivity (including voice, messaging, and—most importantly—mobile data), typically through prepaid top-ups and postpaid subscription plans. Additional revenue is earned from mobile equipment and SIM-related sales (e.g., handsets and devices sold through retail/distribution channels) where applicable. VEON also monetizes its customer base and network through value-added and digital services in certain markets (for example, digital content, fintech-style services, or other app-based offerings), which can contribute revenue via subscriptions, transaction fees, commissions, or advertising, depending on the specific service and country. Enterprise/B2B connectivity and solutions can also contribute (e.g., business mobile plans and related services). Overall earnings are influenced by subscriber scale, average revenue per user (ARPU), data usage growth, network coverage/quality (which supports data monetization), pricing and competitive dynamics in each market, and local regulatory and macroeconomic conditions (including currency movements) that affect reported results. Information on specific current partnerships and their quantitative contribution is null.

VEON Financial Statement Overview

Summary

Operating performance and cash generation are solid (2025 revenue +5.9%, operating profit ~23% of revenue, EBITDA ~42%, free cash flow ~$631M). The main drag is balance-sheet risk from high leverage (debt ~$5.14B vs equity ~$1.34B) and historically volatile earnings.

Income Statement

Revenue has been steadily improving, rising from $4.00B in 2024 to $4.47B in 2025 (+5.9%), after a softer 2023. Operating profitability is strong and consistent with 2025 operating profit at ~23% of revenue and EBITDA at ~42%. Net profitability has also recovered to a solid ~12% in 2025, but results have been volatile over the cycle (notably large losses in 2022–2023), which keeps the score from being higher.

Balance Sheet

Leverage remains the key constraint: 2025 debt is ~$5.14B versus equity of ~$1.34B (about 3.8x), still high for balance-sheet flexibility even though it is improved from very elevated levels earlier in the period. Equity has rebuilt and 2025 profitability implies a strong return on equity (~40%), but that figure is amplified by leverage and follows years of weak/negative equity returns, leaving the balance sheet more risk-sensitive than peers if conditions tighten.

Cash Flow

Cash generation is solid: 2025 operating cash flow was ~$1.38B and free cash flow was ~$631M, with free cash flow growth rebounding positive versus 2024. Cash conversion is decent, but not perfect—free cash flow is under half of net income in both 2024 and 2025, and operating cash flow relative to debt is moderate (~0.40 in 2025), indicating leverage still matters for financing flexibility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.47B	4.00B	3.70B	3.75B	3.85B
Gross Profit	3.12B	3.49B	3.26B	3.28B	3.37B
EBITDA	1.86B	1.48B	1.39B	1.64B	1.84B
Net Income	541.13M	415.00M	-2.53B	-162.00M	674.00M
Balance Sheet
Total Assets	9.21B	8.04B	8.22B	15.08B	15.92B
Cash, Cash Equivalents and Short-Term Investments	1.73B	2.05B	2.33B	3.23B	2.34B
Total Debt	5.14B	4.69B	5.16B	8.18B	10.65B
Total Liabilities	7.58B	6.78B	7.15B	14.32B	14.42B
Stockholders Equity	1.34B	1.10B	858.00M	569.00M	586.00M
Cash Flow
Free Cash Flow	630.64M	523.00M	1.58B	1.92B	1.94B
Operating Cash Flow	1.38B	1.15B	2.11B	2.56B	2.64B
Investing Cash Flow	-804.58M	-778.00M	-2.24B	-1.66B	-1.46B
Financing Cash Flow	-557.41M	-551.00M	-1.15B	116.00M	-465.00M

VEON Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 44.31
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VEON, the sentiment is Negative. The current price of 44.31 is below the 20-day moving average (MA) of 52.34, below the 50-day MA of 53.30, and below the 200-day MA of 51.72, indicating a bearish trend. The MACD of -1.31 indicates Positive momentum. The RSI at 41.93 is Neutral, neither overbought nor oversold. The STOCH value of 38.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VEON.

VEON Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TKC	72 Outperform	$5.34B	10.60	7.24%	5.57%	19.02%	9.26%
PHI	64 Neutral	$4.68B	9.02	24.66%	7.78%	0.59%	8.86%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
TEO	60 Neutral	$5.21B	-36.64	-2.67%	0.40%	15.38%	-292.52%
AD	60 Neutral	$4.04B	15.83	8.13%	42.91%	-25.64%	―
VEON	58 Neutral	$3.37B	6.97	40.63%	―	6.42%	―
TDS	56 Neutral	$4.57B	-757.27	-0.13%	0.39%	-22.79%	79.90%

VEON Corporate Events

VEON Files 2025 Annual Report on Form 20-F With U.S. SEC

On March 16, 2026, VEON Ltd. announced it had filed its Annual Report on Form 20-F for the financial year ended December 31, 2025 with the U.S. Securities and Exchange Commission, following completion of an audit of its 2025 financial statements by independent auditor UHY LLP under PCAOB standards. The 2025 Form 20-F, which is now accessible via the SEC’s website and VEON’s own site, and available in hard copy on request to investors, marks an important step in maintaining the company’s U.S. listing compliance and transparency for shareholders monitoring its performance and governance.

The most recent analyst rating on (VEON) stock is a Hold with a $51.00 price target. To see the full list of analyst forecasts on VEON stock, see the VEON Stock Forecast page.

VEON Posts Record 2025 Digital Growth as Profits Surge and Buybacks Expand

On March 13, 2026, VEON reported strong fourth-quarter and full-year 2025 results, driven by rapid expansion of its digital and financial services businesses. Fourth-quarter revenue rose 17.4% year-on-year to USD 1.17 billion and EBITDA grew 29.1%, while digital revenues surged 84.1% to represent 20.1% of group revenue, and full-year 2025 revenue and EBITDA increased 9.9% and 18.8% respectively, with digital contributing USD 759 million and a 17.3% revenue share.

The company coupled these results with balance sheet strengthening and active capital returns, including equity free cash flow after leases and licenses of USD 624 million, net debt to EBITDA reduced to 1.09x, and execution of a USD 100 million buyback alongside a second ongoing program. Strategic moves in 2025 and early 2026 — such as the Kyivstar secondary offering, acquisitions in Ukraine including Tabletki.ua, spectrum wins for Jazz in Pakistan, settlement of historic shareholder claims with Dhabi Group, index inclusions and a listing upgrade on Nasdaq — underline VEON’s shift toward a diversified digital operator model and aim to reinforce its market positioning ahead of its targeted mid‑single‑digit to low‑teens revenue and EBITDA growth in 2026.

The most recent analyst rating on (VEON) stock is a Buy with a $75.00 price target. To see the full list of analyst forecasts on VEON stock, see the VEON Stock Forecast page.

VEON’s Kyivstar Buys Tabletki.ua for $160 Million to Boost Digital Healthcare in Ukraine

On February 10, 2026, VEON’s Ukrainian subsidiary Kyivstar completed the acquisition of 100% of Tabletki.ua, one of Ukraine’s most widely used digital platforms for finding, comparing and reserving medicines, in a deal valued at USD 160 million payable in local currency. Tabletki.ua, which partners with over 14,000 pharmacies and handled an average 14 million reservations a month in 2025, recorded gross merchandise value of UAH 57.3 billion in the 12 months to September 30, 2025.

The acquisition deepens Kyivstar’s push into digital healthcare and broadens its consumer ecosystem, complementing its earlier Helsi deal and sitting alongside services like Kyivstar TV, Uklon and the MyKyivstar super-app. Based on unaudited accounts, Tabletki.ua generated last‑twelve‑month EBITDA of USD 24 million and net profit of USD 20 million, implying a price-to-earnings multiple of 8x, which underscores VEON’s strategic bet on scalable, profitable e‑health platforms in Ukraine’s recovering digital economy.

The most recent analyst rating on (VEON) stock is a Buy with a $75.00 price target. To see the full list of analyst forecasts on VEON stock, see the VEON Stock Forecast page.

VEON Prices Secondary Kyivstar Share Offering in $10.50-a-Share Deal

On January 29, 2026, VEON announced that Kyivstar Group Ltd., its Nasdaq-listed Ukrainian affiliate, had priced a secondary public offering of 12.1 million common shares held by VEON Amsterdam B.V. and 400,000 shares held by other shareholders at USD 10.50 per share. The underwriters were granted a 30‑day option to purchase up to an additional 1.875 million shares, and the offering, which does not involve Kyivstar issuing new shares, is expected to close on February 2, 2026, subject to customary conditions. The transaction, following the SEC’s declaration of effectiveness for Kyivstar’s Form F‑1 registration statement on January 29, 2026, represents a further step in building liquidity and broadening the shareholder base of Ukraine’s leading digital operator while allowing VEON and other owners to partially monetize their holdings without diluting the company’s capital structure.

The most recent analyst rating on (VEON) stock is a Buy with a $75.00 price target. To see the full list of analyst forecasts on VEON stock, see the VEON Stock Forecast page.

VEON Moves Ahead With Kyivstar U.S. Offering as Preliminary 2025 Results Show Strong Growth

On January 28, 2026, VEON Ltd. reported that its wholly owned subsidiary VEON Amsterdam B.V., together with other selling shareholders, is pursuing a public offering of common shares in Kyivstar Group Ltd. via a Form F-1 registration filed with the U.S. Securities and Exchange Commission. As part of this process, Kyivstar disclosed preliminary, unaudited estimates for the year ended December 31, 2025, indicating robust year-on-year revenue and adjusted EBITDA growth in the 24%-26% range in U.S. dollar terms and a capex intensity of 29%-31%. Although these figures remain subject to audit and final closing procedures, the filing underscores Kyivstar’s strong operational trajectory in Ukraine and highlights VEON’s efforts to crystallize value from its Ukrainian business, a key asset whose performance is closely watched by investors amid the country’s challenging macroeconomic and geopolitical environment.

The most recent analyst rating on (VEON) stock is a Buy with a $75.00 price target. To see the full list of analyst forecasts on VEON stock, see the VEON Stock Forecast page.