Veon Ltd. is a US-listed company in the integrated telecommunication services industry. Its financial year ends in December.
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~$130
Valuation models combined (3)
Base case. Range ~$71–$170. Weighted average of 3 models (growth cash-flow model, price-to-earnings vs peers, forward price-to-sales vs peers), the growth cash-flow model counting double.
No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.
Veon Ltd. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $4.40bn, up 9.9% on a year earlier, faster than the 8.3% growth a quarter earlier. That growth ranks 4 of 16 among the integrated telecommunication services companies we cover. Operating margin widened to 32.7% from 26.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. Our valuation models combined value is $128 a share, against a share price of $82.54.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Where it stands out: operating margin of 32.7% ranks 2 of 15 integrated telecommunication services companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 9.9% (+1.6pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for VEON from the sources we follow. See filings →
We value Veon Ltd. as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$170 ~$110–$210 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$78 ~$89–$190 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$71 ~$92–$130 | Included, half weight |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$130 ~$71–$170 | 3 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Veon Ltd. with Integrated Telecommunication Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 6, 2026, before the open. Analysts expect revenue of $1.3bn and EPS of $1.72 (range $1.49 to $1.95) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | — | — | $5.1bn | +16% |
| Next | — | — | $5.6bn | +10% |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $1.59 | $1.48 | −7.1% |
| Mar 2026 | $1.30 | $1.41 | +8.1% |
| Dec 2025 | $1.87 | −$0.41 | −121.7% |
| Sept 2025 | $1.38 | −$0.47 | −133.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY15 Q4 | $9.6B |
| FY16 Q4 | $8.9B |
| FY17 Q4 | $9.5B |
| FY18 Q4 | $9.1B |
| FY19 Q4 | $8.1B |
| FY20 Q4 | $3.5B |
| FY21 Q4 | $3.9B |
| FY22 Q4 | $3.8B |
| FY23 Q4 | $3.7B |
| FY24 Q4 | $4B |
| FY25 Q4 | $4.4B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY16 Q4 | -7.5% |
| FY17 Q4 | 6.6% |
| FY18 Q4 | -4.1% |
| FY19 Q4 | -11.0% |
| FY20 Q4 | -57.0% |
| FY21 Q4 | 10.6% |
| FY22 Q4 | -2.5% |
| FY23 Q4 | -1.5% |
| FY24 Q4 | 8.3% |
| FY25 Q4 | 9.9% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY15 Q4 | 5.5% |
| FY16 Q4 | 12.2% |
| FY17 Q4 | 15.5% |
| FY18 Q4 | 6.1% |
| FY19 Q4 | 23.1% |
| FY20 Q4 | 23.6% |
| FY21 Q4 | 26.6% |
| FY22 Q4 | 31.0% |
| FY23 Q4 | 25.1% |
| FY24 Q4 | 27.7% |
| FY25 Q4 | 32.7% |
Each dollar Veon took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $4.4B | |
|---|---|---|
| Other operating costs | $3B | 67.3% of revenue |
| Operating income | $1.4B | 32.7% of revenue |
| Income tax | $194M | 4.4% of revenue |
| Interest and other | $654M | 14.9% of revenue |
| Net income | $591M | 13.4% of revenue |
| Fiscal year | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 9.6 | 8.9 | 9.5 | 9.1 | 8.1 | 3.5 | 3.9 | 3.8 | 3.7 | 4.0 | 4.4 |
| EBITDA | 2.6 | 3.0 | 3.5 | 2.4 | 3.7 | 1.6 | 1.8 | 1.9 | 1.7 | 1.8 | 2.2 |
| Operating income | 0.5 | 1.1 | 1.5 | 0.6 | 1.9 | 0.8 | 1.0 | 1.2 | 0.9 | 1.1 | 1.4 |
| Net income | −0.6 | 2.4 | −0.5 | 0.4 | 0.7 | −0.3 | 0.8 | −0.0 | −2.5 | 0.5 | 0.6 |
| Diluted EPS | — | — | — | — | $9.00 | — | — | — | −$36.00 | — | $7.50 |
| Growth (year on year) | |||||||||||
| Revenue | — | −7.5% | +6.6% | −4.1% | −11.0% | −57.0% | +10.6% | −2.5% | −1.5% | +8.3% | +9.9% |
| EBITDA | — | +16.6% | +15.7% | −31.7% | +55.4% | −58.1% | +17.3% | +6.5% | −14.3% | +10.5% | +21.9% |
| Operating income | — | +106.9% | +35.3% | −62.2% | +236.6% | −55.9% | +24.3% | +13.7% | −20.1% | +19.5% | +29.6% |
| Net income | — | — | −122.1% | — | +88.7% | −146.3% | — | −101.1% | — | — | +21.4% |
| Margins | |||||||||||
| EBITDA margin | 27.0% | 34.0% | 36.9% | 26.3% | 45.9% | 44.6% | 47.3% | 51.7% | 45.0% | 45.9% | 50.9% |
| Operating margin | 5.5% | 12.2% | 15.5% | 6.1% | 23.1% | 23.6% | 26.6% | 31.0% | 25.1% | 27.7% | 32.7% |
| Net margin | −5.8% | 27.2% | −5.6% | 4.0% | 8.4% | −9.1% | 20.8% | −0.2% | −66.3% | 12.2% | 13.4% |
| Free-cash-flow margin | — | — | — | — | — | 54.4% | — | — | — | — | — |
| Cash flow | |||||||||||
| Cash from operations | 2.0 | 1.9 | 2.5 | 2.5 | 2.9 | 2.4 | — | — | — | — | — |
| Capital spending | — | — | — | — | — | 0.6 | 0.7 | 0.6 | 0.5 | 0.6 | 0.7 |
| Free cash flow | — | — | — | — | — | 1.9 | — | — | — | — | — |
| Balance sheet | |||||||||||
| Cash | 3.6 | 2.9 | 1.3 | 1.8 | 1.3 | 1.7 | 2.3 | 3.1 | 1.9 | 1.7 | 1.7 |
| Total debt | 0.0 | 10.5 | 11.1 | — | 7.5 | 7.7 | 7.6 | 6.7 | 3.7 | 3.3 | 3.1 |
| Net debt (negative = net cash) | −3.6 | 7.5 | 9.8 | −1.8 | 6.3 | 6.0 | 5.3 | 3.6 | 1.8 | 1.7 | 1.4 |
| Diluted shares | 70m | 70m | 70m | 70m | 70m | 70m | 71m | 70m | 71m | 72m | 72m |
| Returned to shareholders | |||||||||||
| Buybacks | — | — | — | — | — | — | — | 0.0 | 0.0 | 0.0 | 0.1 |
| Total returned | — | — | — | — | — | — | — | 0.0 | 0.0 | 0.0 | 0.1 |
| Last 12 months unless stated | VEON | TIMB | TIGO | CHT | TU | IDT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $4.4bn | $4.8bn | $5.8bn | $7.6bn | $14.7bn | $1.3bn | $4.6bn |
| Revenue growth, last 12 months | 9.9% | 0.5% | 0.3% | 5.9% | −1.4% | 5.4% | 3.3% |
| Gross margin | — | 53.9% | 77.5% | 36.8% | 88.3% | 38.3% | 61.2% |
| Operating margin | 32.7% | 23.8% | 28.2% | 20.6% | 11.5% | 9.3% | 20.3% |
| Operating margin, 3-year average | 24.9% | — | 19.6% | 20.8% | 16.6% | 7.6% | 16.7% |
| Net margin | 13.4% | 16.2% | 22.6% | 16.4% | 5.4% | 6.7% | 10.5% |
| Cash from operations / revenue | 70.2% | 50.5% | 29.8% | 32.8% | 23.7% | 7.0% | 28.5% |
| Free-cash-flow margin | 54.4% | 33.4% | 18.6% | 21.1% | 10.4% | 5.2% | 13.9% |
| Free-cash-flow margin, 3-year average | — | — | 9.3% | 19.7% | 9.4% | 6.3% | 10.2% |
| Stock pay / revenue | — | 0.1% | 0.2% | — | 0.7% | 0.8% | 0.8% |
| Change in share count | −0.9% | −0.2% | −2.6% | 0.0% | 2.8% | −1.1% | 0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 9.9% | 3.5% | 4 of 16 |
| Change in growth rate Growth | +1.6pp | +0.9pp | 5 of 16 |
| Operating margin Profitability | 32.7% | 20.3% | 2 of 15 |
| Net margin Profitability | 13.4% | 10.7% | 6 of 16 |
| Change in share count Balance sheet | -0.9% | 0.0% | 5 of 15 |
| Days sales outstanding Balance sheet | 50 days | 33 days | 9 of 12 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Lingotto Investment Management LLP | $275M | 5.3M | 33.3% | ▼ 12.9% |
| Shah Capital Management | $244M | 4.7M | 29.6% | ▼ 4.6% |
| Solus Alternative Asset Management LP | $46.3M | 887K | 5.6% | 0.0% |
| Wellington Management Group LLP | $40.7M | 779K | 4.9% | ▼ 18.4% |
| Morgan Stanley | $39M | 748K | 4.7% | ▼ 2.6% |
| Panview Capital Ltd | $32.9M | 631K | 4.0% | ▲ 13.1% |
| Vr Advisory Services Ltd | $31.4M | 601K | 3.8% | ▲ 52.7% |
| Pictet Asset Management Holding SA | $14.8M | 284K | 1.8% | ▲ 75.7% |
| Mackenzie Financial Corp | $14.3M | 274K | 1.7% | ▲ 81.9% |
| Two Sigma Investments, LP | $10.1M | 194K | 1.2% | ▼ 13.6% |
| Gabelli Funds LLC | $6.6M | 126K | 0.8% | 0.0% |
| Jpmorgan Chase & Co | $5.9M | 113K | 0.7% | ▲ 244.4% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Veon Ltd.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Fabela Augie K Ii Director | August 7, 2026 | Buy | 5,000 | $56.02 | $280,100 |
| Fabela Augie K Ii Director | August 6, 2026 | Buy | 13,826 | $56.05 | $774,947 |
| Fabela Augie K Ii Director | August 6, 2026 | Buy | 1,174 | $55.30 | $64,922 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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