VEON Ltd (VEON) AI Stock Analysis

Headquartered in Amsterdam, the Netherlands, VEON Ltd. operates mobile and fixed-line telecommunications networks across countries including Russia, Pakistan, Algeria, Uzbekistan, Ukraine, Bangladesh, Kazakhstan, Kyrgyzstan, and Georgia. Operating under brands such as Beeline, Kyivstar, Jazz, Djezzy, and banglalink, the company offers voice, data, broadband internet, roaming, and mobile bundles to approximately 220 million customers. VEON also provides value-added services such as multimedia messaging, caller identification, mobile finance, and machine-to-machine solutions. In addition, it delivers tailored corporate solutions and sells telecommunications equipment and accessories.

Between FY2020 and FY2025, VEON posted a 5-year revenue CAGR of 5.1%. Annual revenue expanded from $3.85B in FY2021 to $4.47B in FY2025, recovering from flat 0.0% growth in FY2023 and a net loss of -$162.0M. Operating margin moved from 26.6% in FY2021 to 23.3% in FY2025, while gross margin declined from 87.4% to 69.8%. Net income rose to $541.1M in FY2025 with an EPS of $8.78. Over the trailing twelve months through June 30, 2026, revenue stood at $4.76B with an operating margin of 25.8%. In the latest quarter ended June 30, 2026, quarterly revenue grew 16.9% year-over-year, while quarterly earnings declined 78.9%.

As of June 30, 2026, VEON held $2.69B in cash and short-term investments against $5.85B in total debt, resulting in net debt of $3.16B. The company recorded total assets of $10.27B, shareholders' equity of $1.51B, a current ratio of 0.97, and a debt-to-equity ratio of 3.87. In FY2025, operating cash flow reached $1.38B and free cash flow was $630.6M. Capital allocation in FY2025 included $745.6M in capital expenditures and $106.8M directed to share buybacks.

At a last close of $83.20 on October 16, 2026, VEON has a market capitalization of $5.73B and an enterprise value of $8.01B. The stock trades at a trailing P/E of 105.3x, compared to 16.2x for the median of its US-listed Communication Services peers. Its forward P/E of 7.9x is lower than the peer median of 14.1x, and its EV/EBITDA of 4.4x sits below the peer median of 10.0x. Over the past year, VEON returned 51.4%, outpacing the S&P 500 (SPY) return of 16.8%, but its 5-year return of 45.3% trails the S&P 500 return of 83.0%.

Wall Street coverage consists of 4 Strong Buy ratings, with 0 Buy, 0 Hold, 0 Sell, and 0 Strong Sell ratings. The mean price target of $86.87 represents a 4.4% premium over the last close of $83.20. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $5.10B and EPS of $7.03, representing 40.8% EPS growth. Over the last four quarters, VEON beat EPS expectations twice. The company's next earnings date is November 6, 2026.

This page is an AI-written research summary of VEON Ltd (VEON). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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