VEON Ltd (VEON)
NASDAQ:VEON
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VEON
(NASDAQ:VEON)
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Rating:62Neutral
Price Target:
$49.00
▲(10.58% Upside)
Action:ReiteratedDate:04/01/26
The score is primarily supported by strong operating profitability and solid free-cash-flow generation, plus a constructive earnings call with growth guidance and ongoing buybacks. These positives are tempered by elevated leverage and historical earnings volatility, while technicals remain weak (below major moving averages with negative MACD), partially offset by a low P/E valuation.
Positive Factors
Cash generation & margins
VEON’s 2025 operating margins and strong free cash flow reflect durable, network-driven cash generation. Consistent telecom subscription economics plus improved OCF (~$1.38B) support capex, digital investment, buybacks and deleveraging, increasing financial flexibility over the medium term.
Negative Factors
High leverage
VEON’s still‑elevated debt relative to equity increases sensitivity to macro shocks, FX moves and earnings volatility. High leverage constrains strategic optionality, raises refinancing costs in stressed markets, and amplifies downside in slower growth scenarios despite improved profitability in 2025.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & margins
VEON’s 2025 operating margins and strong free cash flow reflect durable, network-driven cash generation. Consistent telecom subscription economics plus improved OCF (~$1.38B) support capex, digital investment, buybacks and deleveraging, increasing financial flexibility over the medium term.
Read all positive factors
VEON (VEON) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.49B
Dividend YieldN/A
Average Volume (3M)126.20K
Price to Earnings (P/E)7.0
Beta (1Y)0.82
Revenue Growth6.42%
EPS GrowthN/A
CountryUS
Employees18,027
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)-0.44
Shares Outstanding68,767,470
10 Day Avg. Volume71,279
30 Day Avg. Volume126,204
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)2.82
Price to Sales (P/S)0.84
P/FCF Ratio5.98
Enterprise Value/Market Cap1.98
Enterprise Value/Revenue1.57
Enterprise Value/Gross Profit1.88
Enterprise Value/Ebitda4.30
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)7.1
Revenue Forecast (FY)$4.65B
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 techno...
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, an...
VEON Earnings Call Summary
Earnings Call Date:Mar 13, 2026
(Q4-2025)
| Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call presents a strong operational and financial performance with robust revenue and EBITDA growth, meaningful digital revenue acceleration and improving balance sheet metrics. Management highlighted several strategic wins (digital profitability, Kyivstar listing, asset-light actions, Starlink partnership, Pakistan spectrum acquisition) and set a constructive FY2026 outlook. Remaining risks include potential margin compression implied by guidance, inflationary pressures in operating markets, upcoming bond maturities/refinancing needs, regulatory timing on acquisitions, and geopolitical/currency exposures. Overall, positives (sizable growth, digital scale/profitability, improved leverage, capital return policy) materially outweigh the manageable execution and macro risks.Positive Updates
Strong Revenue Growth
Group revenue of $4.4 billion in FY2025, up 9.9% year-on-year in U.S. dollars (approximately 11% on a like-for-like basis). Q4 revenue growth of 17% in U.S. dollars year-on-year.
Negative Updates
Guidance Indicates Potential Margin Compression
FY2026 guidance implies revenue growth (9%–12%) outpacing EBITDA growth (7%–10%), suggesting potential margin compression in 2026 relative to the 350 bps margin expansion reported in 2025.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Group revenue of $4.4 billion in FY2025, up 9.9% year-on-year in U.S. dollars (approximately 11% on a like-for-like basis). Q4 revenue growth of 17% in U.S. dollars year-on-year.
Read all positive updates
Company Guidance
VEON guided to 2026 U.S. dollar revenue growth of 9–12% and EBITDA growth of 7–10%, expects CapEx intensity (excluding Ukraine) to decline to 14–16%, and reiterated a policy to repurchase at least $100 million of shares annually (with repurchased shares to be cancelled). Management also targets a minimum double‑digit free‑cash‑flow‑to‑revenue ratio going forward, keeps a net‑debt‑excluding‑leases anchor of 1.5x EBITDA (currently 1.09x), plans to address the 2027 bond before it matures, and noted year‑end 2025 context of $1.73 billion cash and $2.01 billion EBITDA.VEON Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
42
Neutral
Cash Flow
71
Positive
| 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
Neutral
44.31
Price Trends
51.79
Negative
52.04
Negative
52.01
Negative
Market Momentum
-0.63
Negative
53.49
Neutral
86.56
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VEON, the sentiment is Neutral. The current price of 44.31 is below the 20-day moving average (MA) of 48.66, below the 50-day MA of 51.79, and below the 200-day MA of 52.01, indicating a neutral trend. The MACD of -0.63 indicates Negative momentum. The RSI at 53.49 is Neutral, neither overbought nor oversold. The STOCH value of 86.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VEON.
VEON Risk Analysis
VEON disclosed 54 risk factors in its most recent earnings report. VEON reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
VEON Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $5.73B | 10.60 | 7.24% | 5.57% | 19.02% | 9.26% | |
64 Neutral | $4.65B | 9.02 | 24.66% | 7.78% | 0.59% | 8.86% | |
62 Neutral | $3.49B | 6.97 | 40.63% | ― | 6.42% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | $5.26B | -36.64 | -2.67% | 0.40% | 15.38% | -292.52% | |
56 Neutral | $4.87B | -757.27 | -0.13% | 0.39% | -22.79% | 79.90% | |
52 Neutral | $4.27B | 15.83 | 8.13% | 42.91% | -25.64% | ― |
* Communication Services Sector Average
VEON
VEON
50.80
9.74
23.72%
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VEON Corporate Events
VEON Sets May 11, 2026 AGM, Backs Full Board Slate Amid Digital Growth
Mar 31, 2026
On March 31, 2026, VEON announced that its 2026 Annual General Meeting of Shareholders will be held on May 11, 2026, at 12:00 Gulf Standard Time, with March 31, 2026 set as the record date for voting eligibility. The Board’s Nomination Commi...
VEON Files 2025 Annual Report on Form 20-F With U.S. SEC
Mar 16, 2026
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 b...
VEON Posts Record 2025 Digital Growth as Profits Surge and Buybacks Expand
Mar 13, 2026
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%...
VEON’s Kyivstar Buys Tabletki.ua for $160 Million to Boost Digital Healthcare in Ukraine
Feb 11, 2026
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 16...
VEON Prices Secondary Kyivstar Share Offering in $10.50-a-Share Deal
Jan 30, 2026
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 ...
VEON Moves Ahead With Kyivstar U.S. Offering as Preliminary 2025 Results Show Strong Growth
Jan 28, 2026
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 th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.