VEON Ltd. ADS/$VEON
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Capital at risk
About VEON Ltd. ADS
VEON Ltd is a United Arab Emirates-based digital operator providing connectivity and Internet services to corporations and individuals. The company offers mobile and fixed-line telecommunications services through a range of traditional and broadband mobile technologies. The company's reportable segments consist of the following five segments: Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan. It provides its services under the Beeline, Kyivstar, Banglalink, and Jazz brands. It generates the majority of its revenue from Pakistan. Its telecommunications and digital services include voice, fixed broadband, data and cloud services.
- Ticker
- $VEON
- Sector
- Communication
- Primary listing
- NASDAQ
- Employees
- 18,938
- Headquarters
- Dubai, United Arab Emirates
- Website
- www.veon.com
VEON Ltd. ADS Metrics
BasicAdvanced
$4.7B
80.77
$0.85
1.63
-
Price and volume
Market cap
$4.7B
Beta
1.63
52-week high
$71.10
52-week low
$42.60
Average daily volume
127K
Financial strength
Current ratio
0.968
Quick ratio
0.803
Long term debt to equity
2.299
Total debt to equity
3.047
Interest coverage (TTM)
2.11%
Profitability
EBITDA (TTM)
1,849.5
Gross margin (TTM)
87.07%
Net profit margin (TTM)
1.24%
Operating margin (TTM)
26.90%
Effective tax rate (TTM)
64.04%
Revenue per employee (TTM)
$250,000
Management effectiveness
Return on assets (TTM)
8.54%
Return on equity (TTM)
7.49%
Valuation
Price to earnings (TTM)
80.774
Price to revenue (TTM)
1.002
Price to book
3.12
Price to tangible book (TTM)
-12.74
Price to free cash flow (TTM)
7.423
Free cash flow yield (TTM)
13.47%
Free cash flow per share (TTM)
9.245
Growth
Revenue change (TTM)
14.71%
Earnings per share change (TTM)
-93.71%
3-year revenue growth (CAGR)
9.44%
10-year revenue growth (CAGR)
-6.06%
3-year earnings per share growth (CAGR)
-45.93%
10-year earnings per share growth (CAGR)
-20.99%
Bulls say / Bears say
VEON delivered strong operating momentum in 2Q26, with revenue up 17.0%, digital revenue up 53.6% to $342 million, and management raising 2026 revenue-growth guidance to 15%–18% and EBITDA-growth guidance to 9%–12%. (VEON)
Cash generation is improving: 1H26 equity free cash flow after leases and licenses reached $320 million, up 47.5% year over year, supporting ongoing buybacks and a plan to purchase and cancel at least $100 million of shares and ADSs annually. (VEON)
The capital structure has been proactively managed: VEON closed a $1.4 billion bond offering in June 2026 to refinance substantially all of its 2027 maturities ahead of schedule, reducing near-term refinancing pressure. (SEC)
Reported earnings quality weakened sharply: 2Q26 profit fell 77.0% year over year to $140 million and diluted EPS declined 79.6%, even though comparisons were distorted by the prior-year Pakistan tower-sale gain and other one-offs. (SEC)
Growth is uneven across the portfolio: 2Q26 EBITDA declined 10.9% in Kazakhstan and 44.1% in Bangladesh, offsetting stronger performance in Pakistan and Ukraine. (SEC)
Investment and balance-sheet demands remain material: 1H26 cash capex rose to $477 million from $424 million, while VEON’s $1.4 billion bond refinancing and $1.819 billion of reported net debt leave the company exposed to funding costs and emerging-market execution risk. (SEC)
Data summarised monthly by Lightyear AI. Last updated on 10 Sept 2026.
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