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Millicom International Cellular SA

TIGO Communication Services Telecom Services

Millicom International Cellular SA’s revenue for fiscal 2025 (year ended December 2025) was $5.8 billion, roughly unchanged from fiscal 2024.

Revenue
+59.4%
EPS
−84.0%
Free cash flow
+66.1%
Total debt
+47.9%

Quarter to June 2026, against a year earlier

77.38 2.19 −2.75%
Market cap
$13.3B
P/E
19.4×
Fwd P/E
23.4×
Dividend yield
2.91%
F-score
7/9
Altman Z
1.18
Beneish M
−2.15
Dividend safety
42/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 8.27
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 4 2 — — — — —
Insider Ownership 49.96%

Capital & Financial Ratios $m

Size
Market Cap 13,330.00
Revenue ttm 7,248.00
Net income ttm 959.00
Free cash flow ttm 1,234.00
Net debt Q 7,851.00
Valuation
P/E 19.44
Forward P/E 23.40
Price / sales 1.79
Forward P/S Powerpack
Price / FCF 10.52
Price / book 5.21
Financial health
Current ratio Q 0.53 (below 1: weak)
Debt / equity Q 3.51 (above 2: weak)
Interest coverage Q 1.58
Growth
Revenue growth Q +59.40% (above 0%: growing)
Operating income growth Q +30.51% (above 0%: growing)
EPS, this year −48.22% (below 0%: weak)
EPS, next year A +50.04% (at or above 15%: strong)
Revenue, next year A +50.56% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A −1.63% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.9×, against a ten-year median of 2.0×; over the ten years it ranged from 1.0× in 2016 to 3.4× in 2026.
P/E against its own 10 years 46.89%
10-year low 10-year high
P/S against its own 10 years 92.69%
10-year low 10-year high
P/B against its own 10 years 96.81%
10-year low 10-year high
EV/Sales against its own 10 years 93.61%
10-year low 10-year high
EV/FCF against its own 10 years 15.25%
10-year low 10-year high

Dividends

Yield
2.91%
Annual rate
2.25
Payout ratio
56.8%
Growth, 2016–19
−7.73%/yr
  1. 2.64 ’16
  2. 2.64 ’17 +0%
  3. 2.64 ’18 +0%
  4. 2.07 ’19 −21%
  5. 3.74 ’25e +80%
  6. 3.63 ’26e −3%
  7. 3.73 ’27e +3%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 831 756 1,602 891
Receivables 561 499 709 1,007
Inventory 45 44 70 101
Other 479 1,082 603 746
1,915 2,380 2,983 2,747
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt 221 282 329 1,095
Other 992 1,833 1,598 1,984
2,329 3,113 3,392 5,182

Compound Annual Growth %

10y 5y 3y
Sales (1.21%) 6.89% 1.14%
Cash Flow 0.49% 16.13% 10.53%
Earnings 0.00% 0.00% 95.18%
Book Value (0.29%) 9.75% (0.12%)

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.54 Actual 0.64

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.55 0.34 Miss by 0.21
Dec 2025 1.05 1.50 Beat by 0.45
Mar 2026 0.89 0.97 Beat by 0.08
Jun 2026 0.54 0.64 Beat by 0.10
Sep 2026 1.08 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.65 0.65 — — —
’25 1.14 4.05 1.16 1.50 7.83
’24 0.54 0.46 0.30 0.18 1.46
’23 0.02 (0.13) 0.00 (0.36) (0.47)
’22 0.23 1.13 (0.18) 0.33 1.27
’21 0.41 (0.98) 0.05 6.41 4.57
’20 (1.21) (1.14) (0.50) (0.55) (3.40)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,985 2,179 — — —
’25 1,368 1,367 1,420 1,664 5,819
’24 1,487 1,458 1,431 1,428 5,804
’23 1,369 1,393 1,424 1,475 5,661
’22 1,408 1,447 1,388 1,381 5,624
’21 999 1,001 1,006 1,255 4,261
’20 1,088 970 1,026 1,087 4,171
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 590 711 — — —
’25 348 446 463 477 1,734
’24 240 476 433 454 1,603
’23 201 278 347 397 1,223
’22 268 291 309 416 1,284
’21 87 193 236 440 956
’20 106 218 201 296 821
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 269 397 — — —
’25 197 239 271 297 1,004
’24 29 300 298 265 892
’23 (141) 6 245 (53) 57
’22 (38) 24 29 218 233
’21 (146) 9 48 181 92
’20 (164) 21 33 116 6
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,105 4,076 3,946 4,336 4,171 4,261 5,624 5,661 5,804 5,819 7,248 +4.0% 8,761 9,148 9,445 +17.5%
Gross margin, % 71.08 70.44 71.69 72.30 71.93 71.91 73.22 73.38 75.53 77.47 76.53 +6.4 pt
EBT 88 176 119 218 (271) 728 238 175 552 1,665 964 +38.6%
EBT margin, % 2.14 4.32 3.02 5.03 (6.50) 17.09 4.23 3.09 9.51 28.61 13.30 +26.5 pt
Net income 83 227 90 277 (283) 731 354 179 549 1,665 959 +39.5%
Per share, $
Per share, $ Revenue 40.91 40.60 39.15 42.87 32.43 33.14 40.45 33.03 33.88 34.73 43.22 (1.8%)
Earnings (0.32) 0.85 (0.10) 1.48 (2.68) 4.59 1.27 (0.48) 1.47 7.86 3.98 n/m
Cash flow 8.75 8.17 7.86 7.92 6.38 7.44 9.23 7.14 9.36 10.35 13.36 +1.9%
Capex (8.47) (5.98) (6.21) (8.73) (6.34) (6.72) (7.56) (6.80) (4.15) (4.36) (6.00) (7.1%)
Free cash flow 0.28 2.19 1.65 (0.81) 0.05 0.72 1.68 0.33 5.21 5.99 7.36 +40.6%
Book value 33.57 32.68 27.70 26.50 17.68 21.31 26.13 20.10 20.86 21.61 14.87 (4.8%)
Shares, m 100 100 101 101 129 129 139 171 171 168 167 +5.9%
Valuation, ×
Valuation, × P/E 0.00 79.49 0.00 32.15 0.00 4.83 8.59 0.00 16.90 7.04 19.44 14.9
P/S 1.06 1.66 1.63 1.13 0.95 0.86 0.32 0.55 0.74 1.60 1.79 1.0
P/B 1.29 2.07 2.30 1.82 1.74 1.34 0.50 0.90 1.20 2.57 5.21 1.6
EV/Sales 1.82 2.41 2.61 2.11 2.01 2.42 1.34 1.58 1.61 2.50 2.87 2.0
EV/FCF 266.56 44.56 62.12 (111.71) 1,400.41 112.00 32.29 157.28 10.47 14.51 16.88 198.8
Cash, $m
Cash, $m Operating cash flow 878 820 792 801 821 956 1,284 1,223 1,603 1,734 2,241 +7.9%
Capex (850) (600) (626) (883) (815) (864) (1,051) (1,166) (711) (730) (1,007) (1.7%)
Free cash flow 28 220 166 (82) 6 92 233 57 892 1,004 1,234 +48.8%
Balance, $m
Balance, $m Working capital (232) (250) (1,148) 240 (301) (2,236) (54) (414) (733) (409) (2,435) +6.5%
Net debt 3,110 3,021 3,895 4,282 4,457 6,646 5,708 5,866 5,059 5,283 7,851 +6.1%
Shareholders’ equity 3,368 3,281 2,792 2,680 2,274 2,740 3,634 3,445 3,574 3,621 2,493 +0.8%
Returns, %
Returns, % ROA (0.32) 0.90 (0.10) 1.28 (2.72) 4.28 1.21 (0.57) 1.79 8.49 3.73 +8.8 pt
ROIC 4.64 5.01 5.98 5.17 4.14 4.12 6.11 5.54 9.72 11.51 10.52 +6.9 pt
ROE (0.90) 2.59 (0.33) 5.45 (13.89) 23.53 5.55 (2.32) 7.21 36.58 22.20 +37.5 pt
People
People Employees 17,985 18,802 20,403 22,000 21,419 20,687 19,446 16,527 14,000 15,000 — (2.0%)
Revenue/emp, $m 0.23 0.22 0.19 0.20 0.19 0.21 0.29 0.34 0.41 0.39 — +6.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Millicom International Cellular SA vs peers in Telecom Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TELFY Telefonica SA $21.5B — (loss-making) 10.8× −5.45% (below 0%: shrinking) n/m −124.79% (below 0%: shrinking) 28.59% 10.79% Compare
CHTR Charter Communications, Inc. $19.6B 3.0× 2.8× −1.74% (below 0%: shrinking) +14.35% (above 0%: growing) +45.18% (above 0%: growing) 39.27% 22.65% Compare
VIV Telefonica Brasil S.A. $18.0B 29.2× 13.0× +20.64% (above 0%: growing) +33.01% (above 0%: growing) +3.07% (above 0%: growing) 45.54% 16.48% Compare
TIGO Millicom International Cellular SA $13.3B 19.4× 23.4× +59.40% (above 0%: growing) −83.95% (below 0%: shrinking) +66.11% (above 0%: growing) 75.26% 21.20%
SKM SK Telecom Co., Ltd. $11.5B 24.1× — +0.47% (above 0%: growing) +406.25% (above 0%: growing) −29.63% (below 0%: shrinking) 89.10% 12.99% Compare
TLK PT Telekomunikasi Indonesia, Tbk $11.0B 7.9× — −8.61% (below 0%: shrinking) +5,809.09% (above 0%: growing) +3.00% (above 0%: growing) 100.00% 24.01% Compare
GSAT Globalstar, Inc. $10.7B — (loss-making) — (loss-making) −3.54% (below 0%: shrinking) n/m −20.48% (below 0%: shrinking) 58.32% (7.37%) Compare
TIMB TIM S.A. Sponsored ADR $8.5B 10.5× 13.0× +18.33% (above 0%: growing) +14.29% (above 0%: growing) +17.75% (above 0%: growing) 55.35% 24.42% Compare
KT KT Corporation $8.2B 9.3× — −10.06% (below 0%: shrinking) −39.60% (below 0%: shrinking) −46.85% (below 0%: shrinking) 9.71% 9.71% Compare
Median of peers $11.3B 9.9× 11.9× −2.64% +23.68% −8.74% 50.45% 14.73%

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Millicom International Cellular SA (TIGO) Latest News

19 Oct

Impact 3 · · Simply Wall St.

17 Sep

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31 Aug

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7 Aug

Impact 3 · · MarketBeat transcript

6 Aug

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15 May

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13 May

Impact 4 · · Benzinga transcript
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12 May

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27 Apr

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24 Mar

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20 Mar

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27 Feb

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26 Feb

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stockrow.com/TIGO · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com