VEON Ltd (VEON) Key Metrics
VEON valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.73B
- Enterprise value
- $8.01B
- P/E (TTM)
- 105.3
- Forward P/E
- 7.9
- PEG ratio
- 2.23
- Price / sales
- 1.2
- Price / book
- 3.2
- EV / EBITDA
- 4.4
- Dividend yield
- —
- Beta
- 1.61
VEON key metrics, 2024–2025
Fiscal year ended December 31, 2025 · U.S. dollarsVEON valuation Price multiples at each fiscal year-end price.
VEON returns How much profit the business earns on the capital it uses.
VEON per-share figures Results divided by the shares outstanding at year-end.
VEON financial health Debt, liquidity and how easily interest is covered.
VEON efficiency & capital use Working capital cycle and where the cash goes.
VEON valuation history
VEON returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VEON debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VEON cash returned to shareholders
VEON price vs earnings per share
VEON key metrics
2024–2025| 2025 | 2024 | |
|---|---|---|
| Valuation | ||
| Market capitalization | $3.77B | $2.90B |
| Enterprise value | $7.18B | $5.55B |
| P/E ratio | 7.0 | 7.0 |
| Price / sales | 0.8 | 0.7 |
| Price / book | 2.8 | 2.6 |
| Price / free cash flow | 6.0 | 5.6 |
| Price / operating cash flow | 2.7 | 2.5 |
| EV / sales | 1.6 | 1.4 |
| EV / EBITDA | 3.3 | 3.3 |
| EV / free cash flow | 11.4 | 10.6 |
| Earnings yield | 14.3% | 14.3% |
| Free cash flow yield | 16.7% | 18.0% |
| Shareholder yield (dividends + buybacks) | 2.8% | 0.3% |
| Share price at fiscal year-end | $52.57 | $40.10 |
| Per share | ||
| Revenue per share | $62.35 | $55.27 |
| Earnings per share | $7.54 | $5.73 |
| Operating cash flow per share | $19.18 | $15.88 |
| Free cash flow per share | $8.79 | $7.22 |
| Cash per share | $24.13 | $28.24 |
| Book value per share | $18.67 | $15.17 |
| Tangible book value per share | −$8.47 | −$5.67 |
| Capex per share | $10.39 | $8.66 |
| Debt per share | $71.68 | $64.80 |
| Shares outstanding | 71.8M | 72.4M |
| Change in shares outstanding | −0.9% | — |
| Returns & profitability | ||
| Return on equity (ROE) | 44.4% | 37.8% |
| Return on invested capital (ROIC) | 18.5% | 20.5% |
| Return on assets (ROA) | 6.3% | 5.2% |
| Return on tangible assets | 7.4% | 6.4% |
| Free cash flow margin | 14.1% | 13.1% |
| Income quality (OCF / net income) | 2.54 | 2.77 |
| Financial health | ||
| Total debt | $5.14B | $4.69B |
| Cash & short-term investments | $1.73B | $2.05B |
| Net debt | $3.41B | $2.65B |
| Debt / equity | 3.84 | 4.27 |
| Debt / assets | 0.56 | 0.58 |
| Net debt / EBITDA | 1.58 | 1.56 |
| Current ratio | 0.91 | 0.80 |
| Quick ratio | 0.90 | 0.80 |
| Interest coverage | 1.9 | 2.2 |
| Working capital | −$318.9M | −$726.0M |
| Invested capital | $4.75B | $3.75B |
| Tangible asset value | −$314.0M | −$253.0M |
| Net current asset value | −$4.47B | −$3.88B |
| Graham number | $56.28 | $44.22 |
| Graham net-net per share | −$74.54 | −$59.31 |
| Capital allocation | ||
| Share buybacks (net) | $106.8M | $8.0M |
| Dividends + buybacks / free cash flow | 16.9% | 1.5% |
| Capex / revenue | 16.7% | 15.7% |
| Capex / operating cash flow | 54.2% | 54.5% |
| Capex / depreciation | 0.91 | 0.86 |
| Stock-based compensation / revenue | — | 0.3% |
| SG&A / revenue | 40.2% | 42.7% |
| Efficiency | ||
| Days sales outstanding | 49.6 | 52.1 |
| Days of inventory on hand | 6.3 | 10.6 |
| Days payables outstanding | 367.2 | 904.3 |
| Cash conversion cycle (days) | -311.2 | -841.6 |
| Receivables turnover | 7.36 | 7.00 |
| Payables turnover | 0.99 | 0.40 |
| Inventory turnover | 57.49 | 34.33 |
| Asset turnover | 0.52 | 0.50 |
| Average receivables | $607.9M | $572.0M |
| Average payables | $1.36B | $1.28B |
| Average inventory | $23.5M | $15.0M |
| Intangibles / total assets | 21.1% | 18.8% |
Computed from VEON's annual financial statements (latest annual report filed March 16, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
VEON valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), VEON traded at 7.0 times earnings. Based on the latest twelve months, the trailing P/E is 105.3 and the forward P/E is 7.9. VEON earned a return on equity of 44.4% and a return on invested capital of 18.5% in fiscal 2025. It ended the year with $5.1 billion of debt and $1.7 billion in cash and short-term investments, net debt of $3.4 billion. It returned $106.8 million to shareholders: $0 in dividends and $106.8 million in share buybacks, 17% of free cash flow.
See the VEON income statement, the VEON chart for price history, or the VEON stock overview for the latest quote and news.
VEON key metrics FAQ
What is VEON's P/E ratio?
VEON's trailing P/E ratio is 105.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 7.9. At the end of fiscal 2025 it was 7.0.
What is VEON's EV/EBITDA?
VEON's enterprise value was 3.3 times EBITDA at the end of fiscal 2025 (enterprise value $7.2 billion, EBITDA $2.2 billion); the current EV/EBITDA is 4.4.
What is VEON's return on equity?
VEON's return on equity (ROE) was 44.4% in fiscal 2025: net income of $541.1 million on average shareholders' equity of $1.2 billion.
What is VEON's ROIC?
VEON's return on invested capital was 18.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does VEON have?
VEON had total debt of $5.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 3.84 and $3.4 billion of net debt (1.58 times EBITDA).
Does VEON buy back its shares?
Yes. VEON spent $106.8 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.9% over the year, to 71.8M..
What is VEON's free cash flow yield?
VEON generated $630.6 million of free cash flow in fiscal 2025, a free cash flow yield of 16.7% on its market value at year-end ($3.8 billion).
What is VEON's current ratio?
VEON's current ratio was 0.91 at the end of fiscal 2025: current assets were 0.91 times current liabilities.