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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. In the quarter to June 2026, revenue grew 59.4%, EPS fell 84.0%, free cash flow grew 66.1% and total debt rose 47.9%, each against the same quarter a year earlier. Revenue growth for five consecutive years.

79.87 8.08 −9.19%

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Market cap: $14.7B
P/E: 20.1×
Fwd P/E: 23.8×
Dividend yield: 2.82%
F-score: 7/9
Altman Z: 1.18
Beneish M: −2.15
Dividend safety: 42/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 8.27

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	4	2	—	—	—	—

Insider Ownership 52.26%

Capital & Financial Ratios $m

Market Cap 14,740.00

Revenue 7,248.00

Net Income 959.00

Free Cash Flow 1,234.00

Net Debt 7,851.00

Current Ratio 0.53

Debt/Equity 3.51

P/E ratio 20.07

Fwd P/E 23.80

P/S ratio 1.85

P/B ratio 5.37

Past 5Y EPS Growth —

This Y EPS Growth (48.12%)

Next Y EPS Growth 49.52%

Next Y revenue growth 50.58%

Next 5Y EPS Growth (1.69%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 47.68%

10-year low 10-year high

P/S against its own 10 years 93.76%

10-year low 10-year high

P/B against its own 10 years 97.38%

10-year low 10-year high

EV/Sales against its own 10 years 94.31%

10-year low 10-year high

EV/FCF against its own 10 years 16.35%

10-year low 10-year high

Dividends

Payout Ratio 0.57

Annual Dividend Rate 2.25

Annual Dividend Yield 2.82%

	total	individual payouts
2028	Powerpack
2027	3.54	0.75 0.75
2026	3.44	0.75 1.25 0.75 0.75
2025	3.74	1.00 0.75 0.75 0.75
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	2.07	1.04 1.04
2018	2.64	1.32 1.32
2017	2.64	2.64
2016	2.64	2.64

predictions special payouts not included in total or ratios

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%)

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.

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	5.84
’20	(1.21)	(1.14)	(0.50)	(0.55)	(3.40)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	30.42	33.52	41.81	40.83	20.15	26.18	10.22	12.91	15.55	23.61	Analyst estimates 2026–2028 Powerpack
	High	50.27	58.49	59.24	74.71	49.42	46.18	29.66	21.15	28.75	56.27
People
People	Employees	17,985	18,802	20,403	22,000	21,419	20,687	19,446	16,527	14,000	15,000
	Revenue/emp, $m	0.23	0.22	0.19	0.20	0.19	0.21	0.29	0.34	0.41	0.39
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
	Gross margin, %	71.08	70.44	71.69	72.30	71.93	71.91	73.22	73.38	75.53	77.47
	EBT	88	176	119	218	(271)	728	238	175	552	1,665
	EBT margin, %	2.14	4.32	3.02	5.03	(6.50)	17.09	4.23	3.09	9.51	28.61
	Net income	83	227	90	277	(283)	731	354	179	549	1,665
	Depreciation	932	879	830	1,111	1,208	1,196	1,364	1,338	1,234	1,280
Per share, $
Per share, $	Revenue	40.91	40.60	39.15	42.87	41.00	33.14	40.45	33.03	33.88	34.73
	Earnings	(0.32)	0.85	(0.10)	1.48	(3.81)	5.84	1.27	(0.48)	1.47	7.86
	Cash flow	8.75	8.17	7.86	7.92	8.07	7.44	9.23	7.14	9.36	10.35
	Capex	(8.47)	(5.98)	(6.21)	(8.73)	(8.01)	(6.72)	(7.56)	(6.80)	(4.15)	(4.36)
	Free cash flow	0.28	2.19	1.65	(0.81)	0.06	0.72	1.68	0.33	5.21	5.99
	Book value	33.57	32.68	27.70	26.50	22.35	21.31	26.13	20.10	20.86	21.61
	Shares, m	100	100	101	101	102	129	139	171	171	168
Valuation, ×
Valuation, ×	P/E	0.00	62.41	0.00	32.15	0.00	4.83	8.59	0.00	16.90	7.04
	P/S	0.83	1.31	1.28	1.13	0.95	0.86	0.32	0.55	0.74	1.60
	P/B	1.01	1.62	1.80	1.82	1.74	1.34	0.50	0.90	1.20	2.57
	EV/Sales	1.59	2.05	2.26	2.11	2.01	2.42	1.34	1.58	1.61	2.50
	EV/FCF	233.12	37.94	53.81	(111.71)	1,400.41	112.00	32.29	157.28	10.47	14.51
Cash, $m
Cash, $m	Operating cash flow	878	820	792	801	821	956	1,284	1,223	1,603	1,734
	Capex	(850)	(600)	(626)	(883)	(815)	(864)	(1,051)	(1,166)	(711)	(730)
	Free cash flow	28	220	166	(82)	6	92	233	57	892	1,004
Balance, $m
Balance, $m	Working capital	(232)	(250)	(1,148)	240	(301)	(2,236)	(54)	(414)	(733)	(409)
	Total debt	3,901	3,785	4,581	5,972	5,691	7,744	6,804	6,697	5,815	6,885
	Net debt	3,110	3,021	3,895	4,282	4,457	6,646	5,708	5,866	5,059	5,283
	Shareholders’ equity	3,368	3,281	2,792	2,680	2,274	2,740	3,634	3,445	3,574	3,621
Returns, %
Returns, %	ROA	(0.32)	0.90	(0.10)	1.28	(2.72)	4.28	1.21	(0.57)	1.79	8.49
	ROIC	4.64	5.01	5.98	5.17	4.14	4.12	6.11	5.54	9.72	11.51
	ROE	(0.90)	2.59	(0.33)	5.45	(13.89)	23.53	5.55	(2.32)	7.21	36.58

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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)	10.6×	−5.45% (below 0%: shrinking)	n/m	−124.79% (below 0%: shrinking)	28.59%	10.79%	Compare
VIV Telefonica Brasil S.A.	$20.2B	24.3×	13.4×	+20.64% (above 0%: growing)	+33.01% (above 0%: growing)	+3.07% (above 0%: growing)	45.54%	16.48%	Compare
CHTR Charter Communications, Inc.	$19.3B	2.7×	3.2×	−1.74% (below 0%: shrinking)	+14.35% (above 0%: growing)	+45.18% (above 0%: growing)	39.27%	22.65%	Compare
TIGO Millicom International Cellular SA	$14.7B	20.1×	23.8×	+59.40% (above 0%: growing)	−83.95% (below 0%: shrinking)	+66.11% (above 0%: growing)	75.26%	21.20%
SKM SK Telecom Co., Ltd.	$12.9B	27.3×	—	+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	$12.7B	9.4×	—	−8.61% (below 0%: shrinking)	+5,809.09% (above 0%: growing)	+3.00% (above 0%: growing)	100.00%	24.01%	Compare
GSAT Globalstar, Inc.	$10.8B	— (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	$8.9B	10.6×	13.4×	+18.33% (above 0%: growing)	+14.29% (above 0%: growing)	+17.75% (above 0%: growing)	55.35%	24.42%	Compare
KT KT Corporation	$8.9B	9.8×	—	−10.06% (below 0%: shrinking)	−39.60% (below 0%: shrinking)	−46.85% (below 0%: shrinking)	9.71%	9.71%	Compare
Median of peers	$12.8B	10.2×	12.0×	−2.64%	+23.68%	−8.74%	50.45%	14.73%

All 55 Telecom Services stocks →

Millicom International Cellular SA (TIGO) key facts

Millicom International Cellular SA (TIGO) is a Telecom Services company in the Communication Services sector, listed on Nasdaq.
Millicom International Cellular SA’s revenue for fiscal 2025 (year ended December 2025) was $5.8 billion, roughly unchanged from fiscal 2024.
As of October 9, 2026, TIGO traded at $79.87, a market capitalization of $14.7 billion.
Millicom International Cellular SA pays an annual dividend of $2.25 per share, a yield of 2.82%, with a payout ratio of 56.8%.
Return on equity was 36.6% and debt-to-equity 3.51.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 1.18 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.