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← CockpitCompetitor Analysis › KYIV Kyivstar Group Ltd.Open in the cockpit ↗

Kyivstar Group Ltd.KYIVCompetitor analysis, valuation and peers

United States · USD·Financials›Financial Conglomerates

Ukraine's largest mobile and fixed telecom operator, majority owned by VEON, recently listed on Nasdaq.

Momentum neutral 52
Mkt cap
$2.96B
US dollars, full cap
Free float
16%
of shares outstanding
$/day
$7.99M
20-day average traded
Fwd P/E
9.0×
forward earnings
ROIC−WACC
n/a
WACC 9.3%
Hurdle
n/a
no reverse DCF
Close · USD$12.78
1D-1.4%
1W-1.2%
1M+4.8%
3M-3.0%
6M-3.8%
YTD-1.5%
1Y-4.6%
ATR %3.9%
Beta1.59
52w lowhigh22.8% off high

What Kyivstar does

Ukraine's largest mobile and fixed telecom operator, majority owned by VEON, recently listed on Nasdaq.

Earns subscription and usage charges from mobile customers, many on prepaid plans, with fixed-line and business services alongside. VEON, the Amsterdam-based group, holds a majority, and the company operates under wartime conditions in Ukraine with revenue in the local currency.

Products and services

  • Mobile voice/data services
  • Fixed broadband/enterprise services
  • Digital/fintech services

Customers

  • Ukrainian consumers
  • Enterprise/government customers

Where it sits in the supply chain

  • Financials/Communication services
  • Mobile/fixed telecom services
  • Consumer and enterprise connectivity in…

What could go right

  • Post-war reconstruction/network investment
  • Digital services (fintech, media) growth

What could go wrong

  • Ongoing war-related infrastructure/operational risk
  • Ukrainian macroeconomic instability

Moat: narrow (scale, brand, installed base). Largest network and subscriber base in Ukraine, though wartime infrastructure risk is significant.

Headquarters: Kyiv, Ukraine · Founded: 1994 · Employees: 5,183

Named competitors

  • Vodafone Ukraine private or unlisted
  • lifecell private or unlisted

Kyivstar at a glance

Size Kyivstar (KYIV) is a United States Financials company (Financial Conglomerates) with a market value of $2.96B, the 1566th largest of 3,117 United States companies the cockpit tracks. Shares closed at $12.78 on 6 Nov 2026.

Performance Over six months the shares fell 3.8%, against +8.9% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.

Growth Revenue grew 25.9% over the last twelve months (peer median +18.3%); the operating margin is 36.2% (peer median 22.6%).

Valuation It trades at 9.0× forward earnings against a peer median of 15.0× (4th cheapest of 16).

Short interest Short interest is 0.8% of the free float (15 Oct 2026).

Relative performance

9010011011 May 202611 Aug 20266 Nov 2026Peer median 109KYIV 92
Six months, rebased to 100: Kyivstar against the median of its 20 peers (local-currency closes).

Kyivstar financials

Reported figures in USD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue$1.28B$1.16B$919M$0$0
Revenue growth—+26%———
Gross profit$904M$829M$656M$0$0
EBITDA$696M$641M$514M-$377,630-$19,380
Net income$163M$124M$283M-$377,628-$19,385
Free cash flown/a$311M$268M$0$0
Capital expenditure$125M$333M$248M$0$0
Total debt$544M$516M$894M$189,659$93,149

Quarterly statements and history in the cockpit →

Kyivstar competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-20%0%+20%-20%0%ROKO-BASSTGBDC600032BIONPURRBUREFMONC3396MFKINV-ACGEOSTOR-BINDIGRIDTIPAIILZEGMAINOBDC8YZKYIV6-month return →1-month return →
Up and to the right = strong over both horizons. Kyivstar is the large dot.

Fundamentals: revenue growth against valuation

0%+200%+400%+600%0×2,500×5,000×7,500×ROKO-BASSTGBDCBIONKINV-ATIPKYIVRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Kyivstar is the large dot.

Kyivstar competitors and peer comparison

How Kyivstar compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Kyivstar against its 20 peers (data as of 6 Nov 2026)
MeasureKYIVPeer medianRank in peer set
1-month return+4.8%+4.5%10th highest of 21
6-month return-3.8%+8.9%5th lowest of 21
Distance from 52-week high-22.8%-12.1%6th lowest of 21
Revenue growth (TTM)+25.9%+18.3%8th highest of 18
Operating margin36.2%22.6%9th highest of 19
Forward P/E9.0×15.0×4th cheapest of 16

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Kyivstar KYIVUnited States$2.96B-4%+26%36%9.0×n/an/a
Roko ROKO-B.STSweden$2.97B+14%+20%18%25.6×n/an/a
Strive ASSTUnited States$2.73B+35%+650%-14,416%4.2×n/an/a
Golub Capital BDC GBDCUnited States$3.31B-3%-9%60%9.9×n/an/a
Zhejiang Provincial New Energy Investment 600032.SSChina$2.59B-27%-6%27%n/an/an/a
BB Biotech BION.SWSwitzerland$3.45B+13%+125%491%20.0×n/an/a
Hyperliquid Strategies PURRUnited States$2.45B+104%n/a-60%24.0×n/an/a
Bure Equity BURE.STSweden$2.30B+12%-3%2,018%n/an/an/a
Financiere Moncey FMONC.PAFrance$2.19B-21%n/an/an/an/an/a
Legend 3396.HKHong Kong$4.03B+34%+27%4%4.8×n/an/a
Wendel MF.PAFrance$4.14B0%-13%12%29.9×n/an/a
Kinnevik KINV-A.STSweden$2.04B+27%+675%-9,423%7,720.0×n/an/a
Georgia Capital CGEO.LUnited Kingdom$2.03B+20%n/an/an/an/an/a
Storskogen STOR-B.STSweden$1.97B+25%+2%6%11.6×n/an/a
IndiGrid Infrastructure Trust INDIGRID.NSIndia$1.72B-1%+52%41%21.4×n/an/a
Tamburi Investment Partners TIP.MIItaly$1.72B+5%+353%-539%14.0×n/an/a
Authum Investment & Infrastucture AIIL.NSIndia$5.14B+16%-23%79%n/an/an/a
Zegona Communications ZEG.LUnited Kingdom$5.17B-5%+55%8%46.4×n/an/a
Main Street Capital MAINUnited States$5.33B+6%+3%91%15.0×n/an/a
Blue Owl Capital OBDCUnited States$5.39B-4%+1%54%8.2×n/an/a
Yangzijiang Maritime Development 8YZ.SISingapore$1.59B-14%+18%74%12.4×n/an/a

Questions

Who are Kyivstar's main competitors?
Named competitors: Vodafone Ukraine (private or unlisted), lifecell (private or unlisted). The cockpit's measured peer set (industry) also includes Roko (ROKO-B.ST), Strive (ASST), Golub Capital BDC (GBDC), Zhejiang Provincial New Energy Investment (600032.SS), BB Biotech (BION.SW), Hyperliquid Strategies (PURR).
Is Kyivstar expensive compared with its peers?
On forward p/e it trades at 9.0× against a peer median of 15.0×, 4th cheapest of 16 in its peer set.
How has Kyivstar stock performed?
Over six months to 6 Nov 2026 the shares returned -3.8% against +8.9% for the median peer; over one year -4.6%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.