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VEON Valuation Multiples
Discover revenue and EBITDA valuation multiples for VEON and similar public comparables like Hrvatski Telekom, freenet, Globe Telecom, PT XLSmart Telecom and more.
VEON Overview
About VEON
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.
Founded
2009
HQ
Employees
18.0K
Website
Sectors
Financials (LTM)
EV
$7B
VEON Financials
VEON reported last 12-month revenue of $4B and EBITDA of $2B.
In the same LTM period, VEON generated $4B in gross profit, $2B in EBITDA, and $586M in net income.
Revenue (LTM)
VEON P&L
In the most recent fiscal year, VEON reported revenue of $4B and EBITDA of $2B.
VEON expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $4B | XXX | $4B | XXX | XXX | XXX |
| Gross Profit | $4B | XXX | $3B | XXX | XXX | XXX |
| Gross Margin | 85% | XXX | 87% | XXX | XXX | XXX |
| EBITDA | $2B | XXX | $2B | XXX | XXX | XXX |
| EBITDA Margin | 45% | XXX | 48% | XXX | XXX | XXX |
| EBIT Margin | 30% | XXX | 28% | XXX | XXX | XXX |
| Net Profit | $586M | XXX | $417M | XXX | XXX | XXX |
| Net Margin | 13% | XXX | 10% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
VEON Stock Performance
VEON has current market cap of $4B, and enterprise value of $7B.
Market Cap Evolution
VEON's stock price is $53.05.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $7B | $4B | 0.0% | XXX | XXX | XXX | $6.05 |
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Start Free TrialVEON Valuation Multiples
VEON trades at 1.6x EV/Revenue multiple, and 3.6x EV/EBITDA.
EV / Revenue (LTM)
VEON Financial Valuation Multiples
As of March 10, 2026, VEON has market cap of $4B and EV of $7B.
Equity research analysts estimate VEON's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
VEON has a P/E ratio of 6.2x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $4B | XXX | $4B | XXX | XXX | XXX |
| EV (current) | $7B | XXX | $7B | XXX | XXX | XXX |
| EV/Revenue | 1.6x | XXX | 1.8x | XXX | XXX | XXX |
| EV/EBITDA | 3.6x | XXX | 3.7x | XXX | XXX | XXX |
| EV/EBIT | 5.4x | XXX | 6.4x | XXX | XXX | XXX |
| EV/Gross Profit | 1.9x | XXX | 2.0x | XXX | XXX | XXX |
| P/E | 6.2x | XXX | 8.8x | XXX | XXX | XXX |
| EV/FCF | 8.8x | XXX | 13.5x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified VEON Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
VEON Margins & Growth Rates
VEON's revenue in the last 12 month grew by 7%.
VEON's revenue per employee in the last FY averaged $0.2M.
VEON's rule of 40 is 51% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
VEON's rule of X is 62% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
VEON Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 7% | XXX | 9% | XXX | XXX | XXX |
| EBITDA Margin | 45% | XXX | 48% | XXX | XXX | XXX |
| EBITDA Growth | 9% | XXX | (0%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 51% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 62% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 43% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 63% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
VEON Public Comps
See public comps and valuation multiples for other Telecom Service Providers comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Hrvatski Telekom | XXX | XXX | XXX | XXX | XXX | XXX |
| freenet | XXX | XXX | XXX | XXX | XXX | XXX |
| Globe Telecom | XXX | XXX | XXX | XXX | XXX | XXX |
| PT XLSmart Telecom | XXX | XXX | XXX | XXX | XXX | XXX |
| Vodafone Qatar | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
VEON M&A Activity
VEON acquired XXX companies to date.
Last acquisition by VEON was on XXXXXXXX, XXXXX. VEON acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by VEON
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialVEON Investment Activity
VEON invested in XXX companies to date.
VEON made its latest investment on XXXXXXXX, XXXXX. VEON invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by VEON
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout VEON
| When was VEON founded? | VEON was founded in 2009. |
| Where is VEON headquartered? | VEON is headquartered in Pakistan. |
| How many employees does VEON have? | As of today, VEON has over 18K employees. |
| Who is the CEO of VEON? | VEON's CEO is Kaan Terzioglu. |
| Is VEON publicly listed? | Yes, VEON is a public company listed on Nasdaq. |
| What is the stock symbol of VEON? | VEON trades under VEON ticker. |
| When did VEON go public? | VEON went public in 2010. |
| Who are competitors of VEON? | VEON main competitors are Hrvatski Telekom, freenet, Globe Telecom, PT XLSmart Telecom. |
| What is the current market cap of VEON? | VEON's current market cap is $4B. |
| What is the current revenue of VEON? | VEON's last 12 months revenue is $4B. |
| What is the current revenue growth of VEON? | VEON revenue growth (NTM/LTM) is 7%. |
| What is the current EV/Revenue multiple of VEON? | Current revenue multiple of VEON is 1.6x. |
| Is VEON profitable? | Yes, VEON is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of VEON? | VEON's last 12 months EBITDA is $2B. |
| What is VEON's EBITDA margin? | VEON's last 12 months EBITDA margin is 45%. |
| What is the current EV/EBITDA multiple of VEON? | Current EBITDA multiple of VEON is 3.6x. |
| What is the current FCF of VEON? | VEON's last 12 months FCF is $815M. |
| What is VEON's FCF margin? | VEON's last 12 months FCF margin is 19%. |
| What is the current EV/FCF multiple of VEON? | Current FCF multiple of VEON is 8.8x. |
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