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Telecom group operating mobile networks in Pakistan, Ukraine, Kazakhstan, Uzbekistan and other CIS/emerging markets.
Telecom group operating mobile networks in Pakistan, Ukraine, Kazakhstan, Uzbekistan and other CIS/emerging markets.
Charges prepaid and monthly-plan subscribers for voice and data in local currencies, so exchange rates and country regulation matter as much as customer growth. The group sold its large Russian business in 2023 and is now built around Pakistan, Ukraine, Bangladesh and Central Asia.
Moat: narrow (scale, regulatory licence, brand). Leading or co-leading market shares and scarce mobile spectrum licences in each country, despite geopolitical/regulatory risk.
Headquarters: Dubai, UAE · Founded: 1992 · Employees: 18,938
Size VEON Ltd. Sponsored ADR (VEON) is a United States Communication Services company (Wireless Telecommunications) with a market value of $4.95B, the 1194th largest of 3,117 United States companies the cockpit tracks. Shares closed at $77.57 on 6 Nov 2026.
Performance Over six months the shares gained 56.7%, against -17.6% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 14.6% over the last twelve months (peer median +3.4%); the operating margin is 23.0% (peer median 13.1%).
Valuation It trades at 11.2× forward earnings against a peer median of 20.3× (4th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is -9%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.9 points above its cost of capital (8.9% WACC).
Credit VEON Ltd. Sponsored ADR has 2 bonds outstanding ($1.40B), rated BB- by the agencies and trading like B at a weighted spread of 335 bp.
Short interest Short interest is 0.3% of the free float (15 Oct 2026).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.77B | $4.47B | $3.98B | $3.72B | $3.88B |
| Revenue growth | — | +12% | +7% | -4% | — |
| Gross profit | $3.31B | $3.12B | $2.75B | $2.54B | $2.59B |
| EBITDA | $1.94B | $1.86B | $1.68B | $1.62B | $1.82B |
| Net income | $59.5M | $541M | $413M | $1.22B | $579M |
| Free cash flow | $880M | $631M | $520M | $1.59B | $1.99B |
| Capital expenditure | $1.01B | $965M | $902M | $770M | $1.04B |
| Total debt | $5.85B | $5.14B | $4.69B | $5.16B | $8.18B |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| VEON Ltd. Sponsored ADR VEON | $4.95B | +57% | +15% | 23% | 11.2× | -4.8% |
| Telenor TEL.OL | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% |
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.
| Measure | VEON | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.7% | -2.0% | 10th highest of 21 |
| 6-month return | +56.7% | -17.6% | highest of 20 |
| Distance from 52-week high | -12.8% | -30.2% | 5th highest of 21 |
| Revenue growth (TTM) | +14.6% | +3.4% | 5th highest of 21 |
| Operating margin | 23.0% | 13.1% | 6th highest of 21 |
| Forward P/E | 11.2× | 20.3× | 4th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -4.8% | 2.6% | 5th least demanding of 16 |
| Growth delivered (Del g) | -9.1% | +4.7% | lowest of 15 |
| Hurdle (Req g minus delivered) | +4.3 pp | -4.7 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | +6.9 pp | +0.5 pp | 6th highest of 21 |
| EV / EBITDA | 4.4× | 7.5× | 4th cheapest of 18 |
| Net debt / EBITDA | 1.6× | 1.5× | 10th least indebted of 19 |
| Bond spread | 335 bp | 145 bp | widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 11.2× | -4.8% | -9.1% |
| Orange Polska OPL.WA | Poland | $5.53B | +7% | +5% | 9% | 19.4× | 13.2% | +2.7% |
| TPG Telecom TPG.AX | Australia | $5.58B | +1% | -5% | 8% | 34.8× | 8.1% | +3.0% |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% | +8.1% |
| Elisa ELISA.HE | Finland | $6.11B | -17% | 0% | 20% | 14.3× | -2.7% | +3.6% |
| Sunrise Communications SUNN.SW | Switzerland | $3.92B | +2% | -1% | 3% | n/a | 21.2% | n/a |
| Telephone and Data Systems TDS | United States | $3.54B | -29% | -74% | -3% | 92.2× | n/a | n/a |
| Guangzhou Haige Communications 002465.SZ | China | $3.43B | -38% | +1% | -16% | n/a | n/a | n/a |
| TIM S.A. Sponsored ADR TIMB | United States | $8.61B | -24% | +14% | 25% | 9.4× | -12.4% | +7.3% |
| Bharti Hexacom BHARTIHEXA.NS | India | $8.84B | +10% | +8% | 29% | 36.6× | 33.4% | +15.2% |
| Array Digital Infrastructure AD | United States | $2.59B | -46% | -94% | 1% | 27.6× | n/a | n/a |
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR TLK | United States | $10.3B | -35% | -3% | 24% | 9.5× | -16.1% | -1.1% |
| Globalstar GSAT | United States | $10.9B | +3% | +8% | 5% | n/a | n/a | n/a |
| Digi Spain Telecom, S.A. Unipersonal DIGIS.MC | Spain | $2.16B | n/a | +19% | 6% | n/a | n/a | n/a |
| SKTelecom 017670.KS | South Korea | $12.1B | -18% | +2% | 10% | 12.3× | -9.8% | +1.2% |
| Far Eastone Telecommunications 4904.TW | Taiwan | $12.2B | +17% | +10% | 15% | 26.1× | 3.8% | +6.8% |
| Okinawa Cellular Telephone 9436.T | Japan | $1.90B | -3% | +5% | 24% | 21.2× | -3.7% | +3.1% |
| Airtel Africa AAF.L | United Kingdom | $13.5B | -33% | +27% | 34% | 14.6× | -1.2% | +10.0% |
| Telecom Italia TIT.MI | Italy | $13.6B | -20% | 0% | 11% | 31.8× | 5.3% | -2.8% |
| Millicom International Cellular TIGO | United States | $13.9B | +3% | +29% | 23% | 22.9× | 3.6% | +6.9% |
| TELUS T.TO | Canada | $14.5B | -27% | -1% | 15% | 17.5× | 2.6% | +5.8% |
VEON Ltd. Sponsored ADR has 2 bonds outstanding with $1.40B face value. The agencies rate it BB-; its bonds trade like B. Weighted yield 8.03%, a spread of 335 bp over government bonds.