Veon Ltd. key statistics and ratios

In fiscal 2025, Veon Ltd. had return on equity of 48.5%, an operating margin of 32.7% and debt equal to 234.6% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Veon Ltd.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%	—	—	—	—	—
Return on equity	−14.2%	49.1%	−10.8%	9.5%	27.9%	−45.5%	—	−1.6%	—	49.8%	48.5%
Return on assets	—	11.4%	−2.6%	2.0%	4.3%	−2.1%	5.3%	−0.1%	−21.0%	6.0%	6.9%
Asset turnover	—	0.42	0.47	0.51	0.50	0.23	0.25	0.24	0.32	0.49	0.51
Current ratio	—	0.69	0.85	0.70	0.43	0.65	0.81	—	—	—	—
Debt to equity	0.0%	176.0%	281.3%	—	613.3%	>999%	>999%	>999%	432.1%	304.6%	234.6%
Effective tax rate	—	—	—	—	44.3%	74.8%	74.1%	8.6%	32.0%	30.8%	24.7%
Capital spending as % of revenue	—	—	—	—	—	15.8%	18.2%	16.9%	14.4%	15.7%	16.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 0 checks passed · December 31, 2025

Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Veon Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Veon Ltd.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Veon Ltd.