# VEON Ltd. ADS (VEON) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Communication Services / Diversified Telecommunication Services. Price $64.20, market value $4.4 billion.

## Valuation
- **P/E (trailing): 64.2×** (5-yr avg 154.0×, 3-yr avg 174.8×). VEON Ltd. ADS trades at 64.2× trailing earnings, well below its own five-year average of 154.0×: cheap by its own standards. The Communication Services median in the September 2026 study was 21.1×. Forward P/E is 7.8×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.26**. A PEG of 0.26 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 0.9×**. Each dollar of revenue is priced at 0.9×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 3.0×**. The shares trade at 3.0× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 3.2×**. Enterprise value is 3.2× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 5.0%**. Free cash flow equals 5.0% of the market value.
- **Earnings yield: 1.6%**. The inverse of the P/E: 1.6% of the price is earned each year.

## Profitability
- **Gross margin: 87.1%**. VEON Ltd. ADS keeps 87.1% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 24.0%**. 24.0% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 13.4%**. 13.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 36.2%**. 36.2% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 18.7%**. Return on all capital, debt included, is 18.7%: comfortably above what that capital costs.
- **Return on assets: 0.6%**. Each dollar of assets produces 0.6% of profit.

## Growth
- **Revenue growth (1 yr): 9.9%** (3-yr 5.4%/yr, 5-yr 4.8%/yr). Revenue grew 9.9% over the last year, against 4.8% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 30.4%**. Earnings per share rose 30.4%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Debt to equity: 1.92**. Debt is 1.92 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 0.8×**. It would take 0.8 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 1.8×**. Operating profit covers interest 1.8×, thin but manageable.

## Dividends
- **Dividend: none**. VEON Ltd. ADS does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): 11.0%** (YTD 22.1%, 3-mo 24.9%). The shares are up 11.0% over twelve months including dividends.
- **From 52-week high: -4.7%** (50.7% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 68**. An RSI of 68 is neutral.
- **Beta (1 yr): 1.10** (volatility 46%). Beta of 1.10 against the S&P 500: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=VEON · Page: https://foliofundamentals.com/stocks/veon

Not investment advice.