VEON Ltd
Research VEON Ltd (VEON) on Bullrun: valuation model: 15.3% overvalued, market cap USD 5.32B, P/E 10.0. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerVEON
- ExchangeNASDAQ
- CountryUnited Arab Emirates
- SectorCommunication Services
- IndustryTelecom Services
- CurrencyUSD
- Valuation signal15.3% overvalued
- Market capUSD 5.32B
- P/E10.0
- Financial periodQ2 2026
- RevenueUSD 1.27B
- Net incomeUSD 122.00M
- Free cash flowUSD 251.00M
- Gross margin86.5%
Valuation Snapshot
Bullrun's latest valuation model marks VEON Ltd as 15.3% overvalued; latest market cap is USD 5.32B; P/E is 10.0.
Peer valuation comparison
Latest P/E is 9.97x versus a Communication Services sector median of 16.16x (38.3% below).
Latest P/E is 9.97x versus a United Arab Emirates median of 17.67x (43.6% below).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 4.40B | USD 532.00M | USD 404.00M | 88.0% | 7.5 | USD 1.73B | USD 5.15B | USD 1.34B |
| FY2024 | USD 4.00B | USD 415.00M | USD 243.00M | 87.1% | 5.73 | USD 1.69B | USD 4.69B | USD 1.10B |
| FY2023 | USD 3.70B | -USD 2.53B | USD 1.35B | 88.1% | -35.93 | USD 1.90B | USD 5.16B | USD 858.00M |
| FY2022 | USD 3.76B | -USD 162.00M | USD 1.55B | 87.3% | -4.52 | USD 3.11B | USD 8.18B | USD 569.00M |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-10-09 | USD 5.32B | 10.0 | n/a | n/a |
| 2025 | 2025-12-31 | USD 3.69B | 6.8 | n/a | n/a |
| 2024 | 2024-12-31 | USD 2.83B | 6.9 | n/a | n/a |
| 2023 | 2023-12-29 | USD 1.38B | 1.3 | n/a | n/a |
| 2022 | 2022-12-30 | USD 858.38M | n/a | n/a | n/a |
| 2021 | 2021-12-31 | USD 3.00B | 4.5 | n/a | n/a |
About VEON Ltd
VEON Ltd. provides telecommunications and digital services in Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan. The company offers mobile telecommunications services under prepaid and postpaid subscriptions, including value-added and call completion services, national and international roaming services, wireless Internet access, mobile financial services, and mobile bundles; fixed-line telecommunications using fiber optic networks; cross-border transmission services;
Related stock research
Other Communication Services stocks
Frequently asked questions
Is VEON Ltd overvalued or undervalued?
Bullrun's valuation model currently marks VEON Ltd as 15.3% overvalued.
What is VEON Ltd's market cap?
VEON Ltd's market capitalization is USD 5.32B.
What is VEON Ltd's P/E ratio?
VEON Ltd's price-to-earnings (P/E) ratio is 10.0.
What does VEON Ltd do?
VEON Ltd. provides telecommunications and digital services in Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan. The company offers mobile telecommunications services under prepaid and postpaid subscriptions, including value-added and call completion services, national and international roaming services, wireless Internet access, mobile financial services, and mobile bundles; fixed-line telecommunications using fiber optic networks; cross-border transmission services; prepaid scratch cards and electronic recharge options; mobile services on 2G, 3G, and 4G/LTE networks; cloud.