Also trades as: VEON.AS (AMS) · $vol 0M

$87.83

+3.33 (+3.94%)

After Hours: $88.28 (+0.45, +0.51%)

Weekly Expected Move ±6.4%

$72 $78 $83 $88 $94

NASDAQ · Communication Services · Telecommunications Services · Tech Score Buy · Power 71 · $5.8B mcap · 17M float · 0.799% daily turnover · Short 39% of daily vol

Credit Risk of going bust: higher than 71% of companies Debt: 50.1% of company value Bonds: none of note held by US funds details ▾

If the stock fell to about $6.94 (down 92%), VEON Ltd. would be worth roughly what it owes.
Total debt $5.85B against a stock market value of $5.82B.
Distance to default 3.37 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $3.64B (short-term plus half of long-term), stock volatility 44.7%; Altman Z'' -0.23. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

Overview Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ESG Institutions ETF Exposure Dark Pool Short Interest

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

48.0 / 100

NoneWeakNarrowWide

Primary source: Intangible Assets · ROIC: 7.8% · 5Y Avg: 2.5%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. VEON shows a Weak competitive edge (48.0/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Intangible Assets. ROIC of 7.8% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

$85

Low

$98

Avg Target

$112

High

Based on 2 analysts since Jul 31, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 11Hold: 3Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$98.50

Analysts2

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-10-02	Cantor Fitzgerald	—	Initiated	$112	—	+51.5%	$73.92
2026-09-29	Northland Securities	Tim Savageaux	$70	$85	+15	+18.8%	$71.55
2026-06-09	Northland Securities	—	Initiated	$70	—	+42.8%	$49.01
2026-04-16	Redburn Partners	Max Findlay	Initiated	$74	—	+40.7%	$52.60

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

Oct 27, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. VEON receives an overall rating of C. Areas of concern: DCF (2/5), ROE (2/5), ROA (2/5), D/E (1/5), P/E (1/5), P/B (2/5).

Rating Change History

Date	From	To
2026-10-12	C+	C
2026-08-31	C	C+
2026-08-18	C+	C
2026-08-14	C	C+
2026-08-03	B	C
2026-07-25	B+	B
2026-07-22	B	B+
2026-07-14	B+	B
2026-07-06	B	B+
2026-05-18	B+	B

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 36 Grade C

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. VEON scores highest in Cash Flow (67/100) and lowest in Safety (15/100). A grade of C represents mixed fundamentals — strengths in some areas offset by weaknesses.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

0.60

Distress Zone

Piotroski F-Score

6/9

✓ ✓ ✗ ✓ ✓ ✓ ✗ ✗ ✓

Beneish M-Score

-2.86

Unlikely Manipulator

Ohlson O-Score

-5.62

Bankruptcy prob: 0.4%

Low Risk

Credit Rating

Score: 25.5/100

Trend: Deteriorating

Earnings Quality

75/100

OCF/NI: 27.95x

Accruals: -17.0%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. VEON scores 0.60, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. VEON scores 6/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. VEON's score of -2.86 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. VEON's implied 0.4% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. VEON receives an estimated rating of B (score: 25.5/100), with a deteriorating trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). VEON's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

128.89x

PEG

-1.35x

P/S

1.26x

P/B

4.04x

P/FCF

4.47x

P/OCF

2.24x

EV/EBITDA

4.12x

EV/Revenue

1.44x

EV/EBIT

8.38x

EV/FCF

8.29x

Earnings Yield

1.60%

FCF Yield

22.36%

Shareholder Yield

2.67%

Graham Number

$20.00

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 128.9x earnings, VEON is priced for high growth expectations. Graham's intrinsic value formula yields $20.00 per share, 322% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.165

NI / EBT

Interest Burden

0.436

EBT / EBIT

EBIT Margin

0.172

EBIT / Rev

Asset Turnover

0.510

Rev / Assets

Equity Multiplier

6.645

Assets / Equity

ROE

4.2%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. VEON's ROE of 4.2% is driven by financial leverage (equity multiplier: 6.64x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of 0.17 suggests the company retains less than 60% of pre-tax earnings after taxes.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$7.09

Price/Value

7.37x

Margin of Safety

-636.82%

Premium

636.82%

Assessment

Overvalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with VEON's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. VEON trades at a 637% premium to its adjusted intrinsic value of $7.09, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 128.9x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$87.83

Median 1Y

$75.65

5th Pctile

$26.39

95th Pctile

$217.21

Ann. Volatility

63.9%

Analyst Target

$98.50

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

18,938

+5.0% YoY

Revenue / Employee

$236,272

Rev: $4,474,522,961

Profit / Employee

$28,574

NI: $541,133,488

SGA / Employee

$109,838

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	2.2%	1.8%	1.5%	88.5%	-50.2%	6.6%	1.1%	92.6%	2.1%	-3.5%	-3.5%	-3.5%	-3.0%	42.4%	43.3%	88.8%	52.5%	43.6%	39.8%	4.2%	4.19%
ROA	2.7%	4.4%	2.8%	2.7%	-1.4%	0.2%	3.6%	4.1%	11.2%	-21.7%	-26.2%	-29.5%	-32.2%	5.1%	5.9%	12.5%	7.9%	6.2%	6.0%	0.6%	0.63%
ROIC	8.3%	12.4%	14.6%	10.1%	14.0%	22.2%	28.8%	30.6%	27.6%	17.2%	17.1%	16.3%	19.9%	20.5%	22.4%	31.8%	23.6%	22.7%	22.8%	7.8%	7.80%
ROCE	12.8%	13.7%	14.7%	11.9%	11.7%	10.6%	11.3%	10.7%	11.5%	18.9%	18.3%	21.7%	21.0%	21.8%	22.2%	19.1%	12.2%	11.8%	13.0%	12.7%	12.73%
Gross Margin	75.8%	75.7%	87.9%	87.5%	86.6%	87.2%	86.8%	88.0%	88.7%	88.8%	87.4%	88.2%	86.1%	86.9%	87.4%	90.4%	88.1%	68.9%	70.0%	86.5%	86.55%
Operating Margin	20.6%	20.3%	23.9%	23.5%	38.0%	55.4%	23.2%	26.4%	27.4%	23.4%	21.3%	27.1%	38.7%	23.0%	23.3%	75.4%	5.3%	27.0%	25.6%	25.7%	25.73%
Net Margin	7.2%	14.6%	-14.6%	14.2%	-57.5%	59.1%	38.8%	27.3%	47.4%	-3.7%	6.1%	6.6%	20.2%	8.1%	9.6%	54.7%	-11.7%	-2.6%	8.2%	9.6%	9.60%
EBITDA Margin	44.3%	45.8%	46.1%	48.6%	42.5%	56.3%	43.6%	45.3%	47.1%	32.8%	41.0%	44.8%	42.1%	40.9%	42.8%	47.8%	10.9%	34.4%	45.1%	46.6%	46.58%
FCF Margin	10.6%	11.7%	17.2%	19.2%	27.5%	51.2%	53.7%	58.9%	50.8%	43.6%	34.9%	27.4%	19.9%	13.1%	17.8%	14.7%	14.0%	14.0%	11.5%	17.3%	17.34%
OCF Margin	33.2%	33.9%	37.7%	43.7%	54.6%	68.1%	70.4%	67.2%	60.7%	57.1%	47.3%	39.3%	30.3%	28.7%	32.2%	30.2%	29.6%	30.7%	28.8%	34.6%	34.60%
ROE 3Y Avg	snapshot only																				-83.21%
ROE 5Y Avg	snapshot only																				-18.80%
ROA 3Y Avg	snapshot only																				-9.56%
ROIC 3Y Avg	snapshot only																				1.54%
ROIC Economic	snapshot only																				5.02%
Cash ROA	snapshot only																				16.09%
Cash ROIC	snapshot only																				35.33%
CROIC	snapshot only																				17.70%
NOPAT Margin	snapshot only																				7.64%
Pretax Margin	snapshot only																				7.48%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				46.37%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	8.77	4.28	2.95	1.78	-2.57	22.61	2.38	2.25	0.86	-0.58	-0.60	-0.61	-0.67	6.82	6.90	3.28	5.81	5.23	6.21	62.63	128.894
P/S Ratio	0.43	0.37	0.17	0.13	0.12	0.23	0.34	0.39	0.37	0.39	0.45	0.47	0.54	0.71	0.77	0.78	0.89	0.63	0.72	0.78	1.264
P/B Ratio	8.84	4.92	5.24	1.32	1.15	1.51	1.77	1.83	1.28	1.70	1.87	2.01	2.01	2.58	2.61	2.47	2.71	2.07	2.25	2.45	4.037
P/FCF	4.10	3.17	1.00	0.68	0.42	0.45	0.63	0.67	0.73	0.90	1.29	1.73	2.73	5.41	4.33	5.31	6.34	4.49	6.25	4.47	4.472
P/OCF	1.30	1.09	0.46	0.30	0.21	0.34	0.48	0.59	0.61	0.69	0.95	1.21	1.80	2.46	2.40	2.58	2.99	2.05	2.50	2.24	2.241
EV/EBITDA	3.67	3.25	2.97	3.98	4.15	3.20	2.48	2.63	2.15	2.75	2.91	2.95	3.04	3.24	3.28	3.52	4.61	4.16	4.11	4.12	4.123
EV/Revenue	1.52	1.44	1.32	1.82	1.90	1.55	1.19	1.24	1.03	1.16	1.21	1.23	1.23	1.37	1.40	1.53	1.62	1.40	1.43	1.44	1.438
EV/EBIT	8.54	7.10	6.25	7.94	8.05	5.27	4.14	4.43	3.52	4.88	5.19	5.13	5.27	5.69	5.71	6.08	9.70	9.06	8.43	8.38	8.379
EV/FCF	14.37	12.31	7.68	9.50	6.90	3.02	2.21	2.10	2.03	2.65	3.47	4.47	6.16	10.48	7.87	10.45	11.61	10.00	12.37	8.29	8.293
Earnings Yield	11.4%	23.4%	33.9%	56.1%	-38.9%	4.4%	42.0%	44.4%	1.2%	-1.7%	-1.7%	-1.6%	-1.5%	14.7%	14.5%	30.5%	17.2%	19.1%	16.1%	1.6%	1.60%
FCF Yield	24.4%	31.5%	1.0%	1.5%	2.4%	2.2%	1.6%	1.5%	1.4%	1.1%	77.6%	57.9%	36.7%	18.5%	23.1%	18.8%	15.8%	22.3%	16.0%	22.4%	22.36%
EV/OCF	snapshot only																				4.155
EV/Gross Profit	snapshot only																				1.835
Acquirers Multiple	snapshot only																				6.768
Shareholder Yield	snapshot only																				2.67%
Graham Number	snapshot only																				$20.00

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	1.17	1.24	0.70	0.93	0.78	0.86	0.80	2.31	0.97	0.88	0.86	0.78	0.79	0.80	0.80	0.88	0.95	0.91	0.86	0.97	0.968
Quick Ratio	1.14	1.21	0.68	0.91	0.76	0.84	0.79	2.30	0.97	0.87	0.85	0.77	0.78	0.80	0.79	0.88	0.94	0.90	0.85	0.96	0.959
Debt/Equity	26.22	18.17	44.18	21.29	24.75	14.38	9.00	7.24	4.55	6.01	4.62	4.76	4.05	4.27	3.90	3.76	3.72	3.84	3.69	3.87	3.868
Net Debt/Equity	22.18	14.18	35.07	17.14	17.78	8.70	4.45	3.92	2.29	3.29	3.16	3.19	2.53	2.41	2.13	2.39	2.25	2.55	2.21	2.09	2.091
Debt/Assets	0.66	0.67	0.69	0.71	0.76	0.54	0.44	0.44	0.39	0.63	0.57	0.59	0.58	0.58	0.57	0.58	0.58	0.56	0.56	0.57	0.570
Debt/EBITDA	3.10	3.09	3.25	4.59	5.43	4.50	3.59	3.31	2.73	3.31	2.67	2.71	2.71	2.78	2.70	2.72	3.45	3.46	3.40	3.51	3.514
Net Debt/EBITDA	2.62	2.41	2.58	3.70	3.90	2.72	1.78	1.80	1.37	1.81	1.83	1.81	1.70	1.57	1.47	1.73	2.09	2.29	2.03	1.90	1.900
Interest Coverage	2.21	2.28	2.15	2.07	1.60	1.60	1.56	1.51	1.92	1.65	1.67	1.85	1.88	1.95	2.06	2.10	1.40	1.29	1.40	1.38	1.381
Equity Multiplier	39.64	27.17	63.97	29.94	32.42	26.51	20.30	16.64	11.80	9.58	8.05	8.05	7.00	7.31	6.83	6.48	6.38	6.88	6.54	6.79	6.787
Cash Ratio	snapshot only																				0.702
Debt Service Coverage	snapshot only																				2.806
Cash to Debt	snapshot only																				0.459
FCF to Debt	snapshot only																				0.141
Defensive Interval	snapshot only																				454.2 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.55	0.51	0.48	0.37	0.32	0.24	0.26	0.24	0.26	0.32	0.35	0.38	0.39	0.49	0.53	0.53	0.52	0.51	0.51	0.51	0.510
Inventory Turnover	17.90	16.94	15.62	10.26	6.97	5.17	8.65	6.96	5.86	9.19	20.60	22.15	21.35	27.11	26.25	46.18	20.71	31.23	42.95	64.58	64.584
Receivables Turnover	12.85	12.74	10.84	8.12	6.85	6.68	6.77	5.86	6.15	8.62	8.12	8.14	8.21	9.27	8.21	8.21	7.92	8.38	11.45	11.28	11.276
Payables Turnover	1.06	0.95	0.86	0.64	0.47	0.31	0.35	0.32	0.33	0.39	0.42	0.44	0.47	0.42	0.42	0.42	0.42	0.54	0.68	0.68	0.678
DSO	28	29	34	45	53	55	54	62	59	42	45	45	44	39	44	44	46	44	32	32	32.4 days
DIO	20	22	23	36	52	71	42	52	62	40	18	16	17	13	14	8	18	12	8	6	5.7 days
DPO	343	386	426	574	779	1195	1052	1124	1104	946	877	828	775	877	871	859	878	676	536	539	538.7 days
Cash Conversion Cycle	-294	-336	-369	-493	-673	-1070	-956	-1010	-982	-864	-814	-766	-714	-825	-812	-807	-814	-621	-496	-501	-500.7 days
Fixed Asset Turnover	snapshot only																				1.216
Operating Cycle	snapshot only																				38.0 days
Cash Velocity	snapshot only																				1.776
Capital Intensity	snapshot only																				2.150

Growth (YoY)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	-3.6%	-0.2%	-8.1%	-20.8%	-37.1%	-51.8%	-47.0%	-39.3%	-24.3%	-1.5%	2.3%	6.5%	7.5%	8.3%	8.8%	7.3%	6.7%	10.2%	12.3%	15.1%	15.13%
Net Income	2.1%	2.9%	2.2%	2.1%	-1.6%	-94.4%	29.5%	44.9%	8.3%	-67.5%	-6.4%	-5.7%	-3.0%	1.2%	1.2%	1.3%	1.2%	28.1%	16.4%	-94.0%	-93.99%
EPS	2.3%	3.0%	2.3%	2.1%	-1.5%	-94.6%	29.2%	40.5%	8.3%	-64.1%	-6.4%	-5.7%	-3.0%	1.2%	1.2%	1.3%	1.2%	71.2%	14.3%	-94.1%	-94.06%
FCF	-3.1%	22.3%	1.0%	53.4%	63.9%	1.1%	65.4%	86.2%	39.5%	-16.1%	-33.6%	-50.4%	-57.8%	-67.6%	-44.4%	-42.7%	-25.2%	18.4%	-27.3%	36.2%	36.19%
EBITDA	-7.0%	5.9%	-2.2%	-10.4%	-30.5%	-47.2%	-43.0%	-37.7%	-20.4%	-14.3%	-11.3%	-6.1%	-10.0%	8.5%	11.9%	12.5%	-6.7%	-12.0%	-8.6%	-7.7%	-7.67%
Op. Income	95.2%	1.6%	1.6%	1.2%	-13.1%	-14.8%	-9.0%	1.6%	1.2%	-29.4%	-28.2%	-26.4%	-10.0%	19.5%	24.1%	75.9%	22.2%	29.5%	31.3%	-40.0%	-39.96%
OCF Growth	snapshot only																				32.09%
Asset Growth	snapshot only																				21.34%
Equity Growth	snapshot only																				15.85%
Debt Growth	snapshot only																				19.13%
Shares Change	snapshot only																				1.17%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	-5.5%	-5.0%	-8.2%	-12.6%	-18.1%	-24.8%	-25.3%	-24.5%	-22.9%	-22.0%	-20.7%	-20.0%	-20.0%	-19.9%	-16.1%	-11.5%	-4.6%	5.5%	7.7%	9.6%	9.57%
Revenue 5Y	-2.6%	-2.6%	-5.4%	-8.7%	-12.5%	-16.9%	-17.2%	-17.1%	-16.6%	-16.5%	-16.0%	-15.5%	-14.9%	-14.6%	-14.2%	-13.2%	-12.0%	-10.8%	-9.4%	-8.8%	-8.75%
EPS 3Y	16.3%	5.1%	-30.0%	-31.4%	—	-60.9%	31.6%	25.1%	—	—	—	—	—	-16.2%	4.2%	29.6%	—	1.6%	0.0%	-54.9%	-54.87%
EPS 5Y	-12.6%	-21.4%	-28.3%	-23.6%	—	—	—	—	43.2%	—	—	—	—	-8.4%	14.8%	24.8%	—	—	—	—	—
Net Income 3Y	13.2%	5.0%	-30.3%	-32.1%	—	-60.6%	30.5%	25.6%	—	—	—	—	—	-14.9%	4.3%	30.9%	—	1.4%	0.6%	-54.7%	-54.70%
Net Income 5Y	-14.4%	-22.0%	-28.3%	-23.9%	—	—	—	—	43.4%	—	—	—	—	-7.8%	14.2%	25.1%	—	—	—	—	—
EBITDA 3Y	1.1%	3.6%	-1.1%	-6.3%	-13.7%	-22.0%	-22.6%	-22.7%	-19.9%	-21.8%	-20.9%	-19.3%	-20.8%	-21.1%	-17.3%	-13.0%	-12.6%	-6.5%	-3.2%	-0.8%	-0.83%
EBITDA 5Y	-5.7%	2.5%	-0.4%	-3.6%	-8.3%	-11.7%	-12.2%	-12.3%	-10.6%	-12.8%	-13.3%	-13.6%	-14.4%	-15.1%	-14.4%	-13.4%	-15.5%	-14.5%	-12.7%	-11.4%	-11.43%
Gross Profit 3Y	-5.9%	-5.4%	-8.0%	-11.6%	-16.3%	-21.6%	-22.1%	-21.1%	-19.2%	-18.2%	-16.7%	-15.8%	-16.0%	-16.1%	-12.7%	-8.6%	-2.4%	3.9%	4.3%	5.8%	5.75%
Gross Profit 5Y	-3.0%	-3.1%	-5.5%	-8.2%	-11.5%	-14.9%	-15.2%	-15.1%	-14.4%	-14.1%	-13.6%	-13.1%	-12.7%	-12.5%	-12.0%	-10.8%	-9.4%	-9.2%	-8.8%	-8.1%	-8.13%
Op. Income 3Y	37.6%	40.7%	12.7%	6.4%	-13.1%	-13.3%	-7.7%	-4.5%	19.7%	15.8%	18.9%	18.5%	-7.5%	-10.4%	-6.8%	9.5%	3.6%	3.0%	5.4%	-8.1%	-8.07%
Op. Income 5Y	3.8%	7.3%	4.7%	0.9%	-2.4%	-2.2%	-2.7%	-2.3%	18.0%	10.9%	-1.3%	-2.1%	-9.8%	-11.3%	-6.9%	2.4%	13.6%	19.2%	22.3%	11.9%	11.91%
FCF 3Y	29.3%	17.0%	7.6%	-0.5%	1.6%	15.0%	24.3%	41.6%	30.4%	29.5%	30.5%	12.3%	-1.2%	-16.8%	-15.2%	-19.1%	-23.9%	-31.5%	-35.5%	-27.1%	-27.12%
FCF 5Y	5.8%	32.6%	3.7%	20.0%	32.0%	34.3%	39.9%	29.0%	37.7%	23.3%	6.5%	-1.9%	-9.2%	-16.2%	-6.7%	-4.2%	-6.9%	-3.6%	-2.1%	2.0%	2.03%
OCF 3Y	2.8%	1.6%	-0.1%	-1.9%	-3.1%	-4.6%	-2.3%	-0.9%	-4.1%	-4.8%	-9.7%	-15.7%	-22.5%	-24.2%	-20.4%	-21.8%	-22.2%	-19.1%	-20.0%	-12.2%	-12.17%
OCF 5Y	1.9%	7.1%	-0.6%	0.1%	1.7%	0.6%	-0.1%	-1.4%	-1.1%	-3.4%	-7.5%	-11.3%	-16.3%	-17.2%	-13.8%	-13.0%	-13.2%	-11.1%	-11.3%	-8.2%	-8.22%
Assets 3Y	-2.9%	4.1%	-4.5%	2.3%	0.4%	-2.1%	-0.5%	-4.1%	-1.4%	-17.3%	-20.2%	-20.8%	-20.7%	-20.4%	-17.2%	-21.8%	-17.8%	-15.2%	-12.3%	-7.6%	-7.59%
Assets 5Y	-16.2%	-5.6%	-6.7%	-3.4%	-4.8%	-5.0%	-5.4%	-5.7%	-5.2%	-10.2%	-15.3%	-15.0%	-13.7%	-12.9%	-10.6%	-10.5%	-7.6%	-8.7%	-7.7%	-7.0%	-6.99%
Equity 3Y	-54.1%	-45.7%	-61.4%	-47.1%	-26.6%	-22.6%	8.9%	-1.2%	—	74.0%	44.7%	31.5%	41.4%	23.3%	74.5%	30.3%	41.4%	33.0%	27.9%	24.6%	24.61%
Book Value 3Y	-52.8%	-45.7%	-61.2%	-46.6%	-26.7%	-23.2%	9.8%	-1.6%	—	69.3%	47.4%	28.9%	37.1%	21.5%	74.4%	28.9%	42.3%	46.2%	27.2%	24.1%	24.15%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Growth Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.59	0.64	0.79	0.85	0.78	0.71	0.81	0.88	0.87	0.81	0.88	0.92	0.88	0.78	0.81	0.80	0.72	0.52	0.45	0.40	0.401
Earnings Stability	0.43	0.17	0.21	0.18	0.55	0.04	0.05	0.02	0.15	0.50	0.49	0.50	0.21	0.13	0.07	0.03	0.02	0.00	0.00	0.00	0.000
Margin Stability	0.99	0.99	0.99	0.98	0.97	0.94	0.94	0.94	0.94	0.92	0.93	0.93	0.93	0.93	0.93	0.94	0.94	0.94	0.93	0.93	0.929
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.50	0.50	0.50	0.50	0.00	0.00	1.00	1.00	0.50	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	0.00	0.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.20	0.20	0.20	0.20	0.20	0.50	0.50	0.50	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.50	0.50	0.50	0.500
Earnings Smoothness	—	—	—	—	—	0.00	0.74	0.63	—	—	—	—	—	—	—	—	—	0.75	0.85	0.00	0.000
ROE Trend	—	1.97	2.11	1.02	—	0.56	0.41	0.92	1.22	-3.55	-4.38	-4.07	-3.55	1.82	1.56	1.99	1.23	1.68	1.73	1.31	1.307
Gross Margin Trend	-0.01	-0.01	0.01	0.03	0.06	0.11	0.10	0.10	0.09	0.06	0.06	0.05	0.03	-0.01	-0.00	0.00	0.01	-0.04	-0.09	-0.10	-0.096
FCF Margin Trend	-0.02	-0.00	0.07	0.10	0.17	0.41	0.41	0.44	0.32	0.12	-0.01	-0.12	-0.19	-0.34	-0.26	-0.29	-0.21	-0.14	-0.15	-0.04	-0.037
Sustainable Growth Rate	2.2%	1.8%	1.5%	88.5%	—	6.6%	1.1%	92.6%	2.1%	—	—	—	—	42.4%	43.3%	88.8%	52.5%	43.6%	39.8%	4.2%	4.19%
Internal Growth Rate	2.8%	4.6%	2.9%	2.8%	—	0.2%	3.8%	4.3%	12.6%	—	—	—	—	5.4%	6.3%	14.2%	8.6%	6.6%	6.3%	0.6%	0.64%

Cash Flow Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	6.73	3.92	6.48	5.95	-12.19	67.29	4.95	3.83	1.40	-0.84	-0.63	-0.51	-0.37	2.77	2.88	1.27	1.94	2.55	2.49	27.95	27.951
FCF/OCF	0.32	0.34	0.46	0.44	0.50	0.75	0.76	0.88	0.84	0.76	0.74	0.70	0.66	0.45	0.55	0.49	0.47	0.46	0.40	0.50	0.501
FCF/Net Income	snapshot only																				14.006
OCF/EBITDA	snapshot only																				0.992
CapEx/Revenue	22.6%	22.2%	20.5%	24.5%	27.0%	16.9%	16.8%	8.3%	9.9%	13.5%	12.5%	11.9%	10.3%	15.7%	14.4%	15.5%	15.6%	16.7%	17.3%	17.3%	17.25%
CapEx/Depreciation	snapshot only																				0.974
Accruals Ratio	-0.16	-0.13	-0.15	-0.13	-0.19	-0.16	-0.14	-0.12	-0.05	-0.40	-0.43	-0.44	-0.44	-0.09	-0.11	-0.03	-0.07	-0.10	-0.09	-0.17	-0.170
Sloan Accruals	snapshot only																				-0.066
Cash Flow Adequacy	snapshot only																				2.006
Earnings Quality Score	snapshot only																				0.750

Dividends & Buybacks

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payout Ratio	0.0%	0.0%	0.0%	0.0%	—	0.0%	0.0%	0.0%	0.0%	—	—	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
FCF Payout Ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Total Payout Ratio	0.0%	0.0%	0.0%	0.0%	—	0.0%	0.0%	0.0%	0.0%	—	—	—	—	1.9%	7.0%	7.7%	0.9%	19.7%	20.5%	1.7%	1.67%
Div. Increase Streak	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	1.0%	2.4%	0.2%	3.8%	3.3%	2.7%	2.67%
Net Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	1.0%	2.4%	0.2%	3.8%	3.3%	2.7%	2.67%
Total Shareholder Return	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	1.0%	2.4%	0.2%	3.8%	3.3%	2.7%	2.67%

DuPont Factors

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.49	0.74	0.44	0.54	-0.31	0.04	0.63	0.71	1.69	-4.52	-4.38	-5.03	-4.58	0.59	0.64	0.78	0.73	0.68	0.63	0.17	0.165
Interest Burden (EBT/EBIT)	0.56	0.58	0.62	0.59	0.62	0.91	0.78	0.88	0.88	0.64	0.73	0.65	0.77	0.73	0.71	1.20	1.24	1.15	1.08	0.44	0.436
EBIT Margin	0.18	0.20	0.21	0.23	0.24	0.29	0.29	0.28	0.29	0.24	0.23	0.24	0.23	0.24	0.25	0.25	0.17	0.15	0.17	0.17	0.172
Asset Turnover	0.55	0.51	0.48	0.37	0.32	0.24	0.26	0.24	0.26	0.32	0.35	0.38	0.39	0.49	0.53	0.53	0.52	0.51	0.51	0.51	0.510
Equity Multiplier	79.47	40.68	54.91	32.71	35.57	26.84	30.98	22.36	18.29	16.33	13.40	12.01	9.40	8.31	7.35	7.12	6.65	7.07	6.67	6.64	6.645

Per Share

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$5.93	$9.99	$5.76	$6.46	$-3.11	$0.54	$7.44	$9.07	$22.73	$-34.20	$-40.06	$-42.40	$-45.73	$5.88	$6.52	$14.04	$9.37	$10.06	$7.45	$0.83	$0.83
Book Value/Share	$5.88	$8.68	$3.24	$8.69	$6.98	$8.11	$9.99	$11.15	$15.18	$11.61	$12.86	$12.89	$15.14	$15.56	$17.22	$18.63	$20.10	$25.35	$20.56	$21.33	$27.57
Tangible Book/Share	$-42.98	$-39.39	$-32.80	$-36.69	$-37.60	$-19.83	$-14.41	$-12.52	$-7.72	$-10.29	$-9.64	$-8.53	$-5.80	$-5.82	$-3.87	$-3.52	$-2.22	$-3.95	$-5.97	$-5.23	$-5.23
Revenue/Share	$120.04	$115.44	$99.01	$87.97	$69.47	$53.54	$52.34	$51.76	$52.46	$50.02	$53.47	$54.73	$55.97	$56.70	$58.32	$59.17	$61.46	$83.45	$64.31	$67.34	$68.53
FCF/Share	$12.69	$13.47	$17.04	$16.90	$19.14	$27.42	$28.10	$30.50	$26.64	$21.82	$18.64	$15.02	$11.15	$7.41	$10.39	$8.67	$8.59	$11.72	$7.41	$11.68	$11.88
OCF/Share	$39.88	$39.11	$37.30	$38.41	$37.92	$36.46	$36.87	$34.78	$31.85	$28.56	$25.30	$21.51	$16.94	$16.28	$18.77	$17.85	$18.18	$25.63	$18.55	$23.30	$23.72
Cash/Share	$23.74	$34.65	$29.56	$36.06	$48.69	$46.01	$45.41	$36.99	$34.29	$31.59	$18.72	$20.28	$22.97	$28.97	$30.40	$25.48	$29.49	$32.76	$30.57	$37.92	$38.59
EBITDA/Share	$49.76	$51.04	$44.05	$40.28	$31.81	$25.93	$25.06	$24.35	$25.26	$21.07	$22.20	$22.70	$22.56	$23.95	$24.88	$25.73	$21.66	$28.15	$22.32	$23.49	$23.49
Debt/Share	$154.18	$157.78	$143.34	$185.01	$172.75	$116.63	$89.93	$80.70	$69.00	$69.74	$59.35	$61.41	$61.26	$66.47	$67.09	$70.09	$74.80	$97.32	$75.95	$82.53	$82.53
Net Debt/Share	$130.44	$123.13	$113.79	$148.96	$124.06	$70.62	$44.51	$43.72	$34.72	$38.16	$40.63	$41.13	$38.28	$37.50	$36.69	$44.61	$45.31	$64.56	$45.38	$44.61	$44.61

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.601
Altman Z-Prime	snapshot only																				0.041
Piotroski F-Score	7	8	7	6	3	5	6	7	7	5	5	4	3	7	8	8	7	8	7	6	6
Beneish M-Score	-3.04	-3.03	-2.76	-2.49	-2.45	-2.91	-3.27	-3.74	-2.64	-5.68	-5.81	-5.26	-5.61	-2.99	-2.96	-2.65	-2.70	-2.63	-2.48	-2.86	-2.855
Ohlson O-Score	snapshot only																				-5.619
Net-Net WC	snapshot only																				$-65.47
EVA	snapshot only																				$-102991823.76

Credit

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				B
Credit Score	30.51	30.66	25.90	25.91	20.81	27.02	35.39	39.48	37.92	35.13	38.03	28.38	26.62	27.15	29.51	32.29	24.42	25.54	23.78	25.47	25.472
Credit Grade	snapshot only																				15
Credit Trend	snapshot only																				-6.818
Implied Spread (bps)	snapshot only																				750.000
Industry Credit Rank	snapshot only																				17
Sector Credit Rank	snapshot only																				18

VEON NASDAQ

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Workforce & Productivity

Scaling Efficiency

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