Latest Ratios: P/E Ratio 7.1x · EV/EBITDA 3.8x · ROE 37.4%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.7B | $3.8B | $2.9B | $1.4B | $863M | $3.0B | $2.6B | $4.4B | $4.1B | $6.7B | $6.7B |
| Enterprise Value | $7.1B | $7.2B | $5.9B | $4.7B | $5.9B | $11.4B | $11.1B | $13.5B | $8.9B | $17.0B | $14.9B |
| P/E Ratio → | 7.08 | 7.01 | 7.00 | — | — | 4.47 | — | 7.11 | — | — | 12.23 |
| P/S Ratio | 0.82 | 0.84 | 0.73 | 0.38 | 0.23 | 0.78 | 0.76 | 0.55 | 0.45 | 0.71 | 0.76 |
| P/B Ratio | 2.33 | 2.31 | 2.31 | 1.31 | 1.13 | 2.00 | 2.61 | 1.99 | 1.47 | 1.71 | 1.11 |
| P/FCF | 5.83 | 5.98 | 5.55 | — | 0.96 | 2.55 | 4.58 | 3.24 | 7.20 | — | — |
| P/OCF | 2.67 | 2.74 | 2.53 | 0.67 | 0.34 | 1.14 | 1.08 | 1.50 | 1.62 | 2.70 | 3.54 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.61 | 1.48 | 1.26 | 1.58 | 2.96 | 3.18 | 1.68 | 0.97 | 1.80 | 1.68 |
| EV / EBITDA | 3.81 | 3.86 | 3.64 | 3.22 | 3.24 | 6.26 | 6.85 | 3.64 | 4.01 | 4.87 | 4.94 |
| EV / EBIT | 6.80 | 6.88 | 6.14 | 5.31 | 6.13 | 10.96 | 11.74 | 8.30 | 6.15 | 10.93 | 11.50 |
| EV / FCF | — | 11.39 | 11.30 | — | 6.59 | 9.67 | 19.17 | 9.90 | 15.57 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.8% | 69.8% | 87.1% | 88.1% | 87.3% | 87.4% | 87.0% | 77.1% | 76.7% | 77.4% | 77.7% |
| Operating Margin | 23.3% | 23.3% | 27.7% | 25.1% | 31.0% | 26.6% | 23.6% | 23.2% | 6.1% | 15.5% | 12.2% |
| Net Profit Margin | 12.1% | 12.1% | 10.4% | -68.4% | -4.3% | 17.5% | -10.0% | 7.7% | 6.4% | -5.3% | 26.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 37.4% | 37.4% | 35.7% | -275.1% | -14.3% | 53.5% | -21.6% | 24.9% | 17.4% | -10.1% | 46.9% |
| ROA | 6.3% | 6.3% | 5.1% | -21.7% | -1.0% | 4.4% | -2.3% | 4.1% | 3.5% | -2.5% | 8.4% |
| ROIC | 16.8% | 16.8% | 19.4% | 13.7% | 11.1% | 8.0% | 6.0% | 13.9% | 3.6% | 7.7% | 6.7% |
| ROCE | 20.5% | 20.5% | 24.5% | 12.3% | 10.6% | 9.4% | 8.1% | 18.7% | 4.5% | 9.9% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.15 | 3.15 | 3.73 | 4.81 | 10.66 | 7.07 | 9.93 | 4.66 | 2.83 | 2.96 | 1.84 |
| Debt / EBITDA | 2.77 | 2.77 | 2.89 | 3.57 | 4.46 | 5.84 | 6.23 | 2.79 | 3.56 | 3.33 | 3.68 |
| Net Debt / Equity | — | 2.09 | 2.39 | 3.04 | 6.61 | 5.58 | 8.31 | 4.10 | 1.71 | 2.63 | 1.35 |
| Net Debt / EBITDA | 1.84 | 1.84 | 1.85 | 2.25 | 2.77 | 4.61 | 5.21 | 2.45 | 2.15 | 2.95 | 2.71 |
| Debt / FCF | — | 5.41 | 5.75 | — | 5.63 | 7.12 | 14.59 | 6.66 | 8.37 | — | — |
| Interest Coverage | 1.92 | 1.92 | 1.95 | 1.65 | 1.66 | 1.76 | 1.66 | 1.86 | 1.76 | 1.67 | 1.56 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.91 | 0.91 | 0.80 | 0.88 | 0.86 | 1.24 | 0.65 | 0.43 | 0.71 | 0.85 | 0.69 |
| Quick Ratio | 0.90 | 0.90 | 0.80 | 0.87 | 0.84 | 1.21 | 0.62 | 0.40 | 0.67 | 0.83 | 0.67 |
| Cash Ratio | 0.50 | 0.50 | 0.56 | 0.65 | 0.69 | 0.53 | 0.40 | 0.23 | 0.43 | 0.53 | 0.48 |
| Asset Turnover | — | 0.49 | 0.50 | 0.45 | 0.25 | 0.24 | 0.24 | 0.50 | 0.64 | 0.49 | 0.42 |
| Inventory Turnover | 42.22 | 42.22 | 34.33 | 19.17 | 6.52 | 4.36 | 4.09 | 10.90 | 15.01 | 29.71 | 15.88 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 9.8% | 11.8% | 12.4% | 7.7% | 0.9% |
| Payout Ratio | — | — | — | — | — | — | — | 83.6% | 87.5% | — | 2.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.1% | 14.3% | 14.3% | — | — | 22.4% | — | 14.1% | — | — | 8.2% |
| FCF Yield | 17.1% | 16.7% | 18.0% | — | 104.4% | 39.2% | 21.8% | 30.9% | 13.9% | — | — |
| Buyback Yield | 2.9% | 2.8% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.9% | 2.8% | 0.3% | 0.0% | 0.0% | 0.0% | 9.8% | 11.8% | 12.4% | 7.7% | 0.9% |
| Shares Outstanding | — | $72M | $72M | $71M | $70M | $70M | $70M | $70M | $70M | $70M | $70M |
Geopolitical and currency volatility
Based on reported figures, VEON trades at a forward EV/EBITDA of 3.31x, which appears to reflect a significant risk premium compared to regional peers, suggesting that the market is heavily discounting the company's frontier market exposure and the ongoing geopolitical instability surrounding its Ukrainian operations.
The current P/E of 6.89x and EV/EBITDA of 3.76x suggest that investors are pricing the company as a distressed utility rather than a growing digital services provider. This valuation gap may indicate that the market remains skeptical of the company's ability to successfully monetize its digital ecosystem, or it may simply be an overreaction to the volatility inherent in its geographic footprint.
According to recent quarterly data, VEON's ROIC has fluctuated significantly, peaking at 13.0% in 2025Q2 before retreating to 4.4% in 2026Q1, which indicates that the company is struggling to maintain a consistent return on its heavy infrastructure investments amidst persistent macroeconomic headwinds in its operating markets.
The volatility in ROIC suggests that capital allocation is frequently disrupted by external factors such as currency devaluation and regulatory shifts. Investors should monitor whether the company can stabilize these returns as it pivots toward lower-capex digital services, as current levels remain insufficient to consistently exceed the cost of capital in such high-risk jurisdictions.
As reported in financial statements, VEON's cash conversion cycle remains deeply negative, reaching -324 days in 2026Q1, which primarily reflects the company's ability to leverage its supplier base through extended payables rather than an inherent improvement in the underlying efficiency of its core telecommunications operations.
While a negative CCC is often a sign of strength in retail, in this context, it appears to be a structural feature of the telecom business model where payables are stretched to manage liquidity. The extreme variance in DPO, which reached 1185 days in 2025Q2, warrants further investigation into whether this is sustainable or if it creates future refinancing risks.
Based on the latest quarterly filings, VEON's debt-to-EBITDA ratio of 10.44x in 2026Q1 highlights a precarious leverage position, suggesting that the company's ability to service its debt is highly sensitive to even minor fluctuations in operating income or adverse currency movements in its primary markets.
The interest coverage ratio of 2.05x indicates that the company is operating with a thin margin of safety, leaving little room for error in a rising interest rate environment. Investors should be wary of the company's reliance on debt to fund its digital transition, as any further deterioration in EBITDA could quickly lead to covenant pressure.
The most commonly misapplied metric for VEON is the standard EV/EBITDA multiple, which obscures the company's transition into a digital services provider by treating it as a legacy infrastructure play, thereby ignoring the potential value of its high-growth fintech and digital ecosystem assets.
Using traditional telecom multiples fails to account for the different capital intensity and growth profiles of the digital services segment, which should theoretically command a higher valuation. Analysts should instead consider a sum-of-the-parts approach that separates the connectivity business from the digital platform to avoid systemic undervaluation of the company's long-term strategic pivot.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying VEON stock.
VEON Ltd.'s current P/E ratio is 7.1x. The historical average is 12.0x. This places it at the 36th percentile of its historical range.
VEON Ltd.'s current EV/EBITDA is 3.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.2x.
VEON Ltd.'s return on equity (ROE) is 37.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -2.7%.
Based on historical data, VEON Ltd. is trading at a P/E of 7.1x. This is at the 36th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
VEON Ltd. has 69.8% gross margin and 23.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
VEON Ltd.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.