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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%
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
Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 Dec '22 Dec '23 Dec '24 Dec '25
Piotroski F-Score
4 7 3 6 3 5 6 5 8 7
P/E ratio
0.00 62.41 0.00 32.15 0.00 4.83 8.59 0.00 16.90 7.04
P/S ratio
0.83 1.31 1.28 1.13 0.95 0.86 0.32 0.55 0.74 1.60
Altman Z-Score
1.35 1.53 1.20 1.03 0.93 0.60 0.97 0.98 1.20 1.18
P/FCF ratio
122.05 24.21 30.35 0.00 657.57 39.76 7.79 54.37 4.80 9.25
Altman Z″-Score (non-manufacturers)
1.84 1.76 0.88 1.26 0.94 (0.03) 1.39 1.15 1.30 1.10
P/Operating CF
14.92 20.33 21.81 18.13 13.33 8.31 4.36 7.81 9.44 19.48
Beneish M-Score
(2.83) (2.88) (2.90) (2.65) (3.01) (2.45) (2.83) (2.82) (3.07) (2.15)
Dividend Safety Score
— — — — — — — — — 42
P/B ratio
1.01 1.62 1.80 1.82 1.74 1.34 0.50 0.90 1.20 2.57
Price to Tangible BV
1.70 2.64 11.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EV/Sales
1.59 2.05 2.26 2.11 2.01 2.42 1.34 1.58 1.61 2.50
EV/EBITDA
4.62 6.03 6.08 5.43 5.08 5.68 3.30 4.14 3.63 4.99
EV/Operating CF
7.43 10.18 11.28 11.44 10.23 10.78 5.86 7.33 5.83 8.40
EV/FCF
233.12 37.94 53.81 (111.71) 1,400.41 112.00 32.29 157.28 10.47 14.51
Quick Ratio
0.67 0.60 0.42 0.90 0.64 0.36 0.75 0.60 0.40 0.68
Current Ratio
0.88 0.88 0.57 1.10 0.88 0.50 0.97 0.82 0.76 0.88
Net Debt/EBITDA
2.20 2.18 2.65 2.54 2.69 3.66 2.51 2.71 1.96 1.81
Debt/Assets
40.52% 39.99% 44.42% 46.31% 45.81% 51.15% 47.92% 46.14% 42.33% 39.91%
Debt/Equity
1.16 1.15 1.64 2.23 2.50 2.83 1.87 1.94 1.63 1.90
Asset Turnover
0.41 0.43 0.40 0.37 0.33 0.31 0.38 0.39 0.41 0.38
Operating CF/Net income
(27.44) 9.53 (79.20) 5.38 (2.39) 1.62 7.25 (14.91) 6.34 1.32
Capex/Depreciation
(0.91) (0.68) (0.75) (0.79) (0.67) (0.72) (0.77) (0.87) (0.58) (0.57)
Interest Coverage
1.28 1.28 1.74 1.02 0.71 1.25 1.48 1.16 1.87 2.34
ROE
(0.90%) 2.59% (0.33%) 5.45% (13.89%) 23.53% 5.55% (2.32%) 7.21% 36.58%
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%
Return on Tangible Assets
(1.13%) 3.27% (0.52%) 4.75% (14.02%) 51.48% 6.03% (3.04%) 11.97% 46.72%
Average Days of Receivables
43.39 43.43 41.72 41.25 39.12 43.60 31.80 36.17 31.38 44.47
Research and Development Expense of Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Selling, General and Administrative Expense of Revenue
40.46% 39.08% 40.95% 36.99% 36.08% 36.28% 33.61% 36.09% 32.99% 30.21%
Intangible Assets out of Total Assets
0.14 0.13 0.23 0.25 0.27 0.50 0.52 0.54 0.50 0.45
Share Based Compensation of Revenue
0.34% 0.54% 0.56% 0.69% 0.58% 0.40% 0.52% 0.92% 0.86% 0.24%
Graham Net Nets
(1.34) (0.82) (1.19) (1.55) (1.99) (2.77) (4.68) (2.95) (1.82) (1.15)
Graham Number
0.00 25.00 0.00 29.90 0.00 53.14 29.90 0.00 26.36 61.85
Earnings Yield
(0.94%) 1.60% (0.20%) 3.11% (8.77%) 20.70% 11.65% (2.65%) 5.92% 14.20%
Free Cash Flow Yield
0.82% 4.13% 3.30% (1.68%) 0.15% 2.52% 12.84% 1.84% 20.82% 10.81%
Revenue per Share
40.91 40.60 39.15 42.87 41.00 33.14 40.45 33.03 33.88 34.73
Operating CF per Share
8.75 8.17 7.86 7.92 8.07 7.44 9.23 7.14 9.36 10.35
Capex per Share
(8.47) (5.98) (6.21) (8.73) (8.01) (6.72) (7.56) (6.80) (4.15) (4.36)
Free Cash Flow per Share
0.28 2.19 1.65 (0.81) 0.06 0.72 1.68 0.33 5.21 5.99
Cash per Share
7.88 7.61 6.81 16.71 12.13 8.54 7.88 4.85 4.41 9.56
Shareholders Equity per Share
33.57 32.68 27.70 26.50 22.35 21.31 26.13 20.10 20.86 21.61
Interest Debt per Share
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Book value per Share
33.57 32.68 27.70 26.50 22.35 21.31 26.13 20.10 20.86 21.61
Free Cash Flow
28.00 220.00 166.00 (82.00) 6.00 92.00 233.00 57.00 892.00 1,004.00
Working Capital
(232.00) (250.00) (1,148.00) 240.00 (301.00) (2,236.00) (54.00) (414.00) (733.00) (409.00)
Capital Expenditures
(850.00) (600.00) (626.00) (883.00) (815.00) (864.00) (1,051.00) (1,166.00) (711.00) (730.00)
Net Current Asset Value
(4,592.00) (4,365.00) (5,993.00) (7,558.00) (7,841.00) (10,150.00) (8,500.00) (9,156.00) (7,783.00) (10,650.00)
EV/EBIT
13.57 16.53 13.96 15.90 18.84 16.65 8.23 10.87 6.96 8.89
Capex to Sales
0.21 0.15 0.16 0.20 0.20 0.20 0.19 0.21 0.12 0.13
Price to Operating Income
7.10 10.55 7.87 8.47 8.85 5.91 1.99 3.76 3.19 5.66
Other line items
Depreciation/Fixed assets
0.30 0.31 0.27 0.38 0.44 0.35 0.46 0.43 0.43 0.40
Cash ROIC
0.35% 2.81% 2.06% (0.79%) 0.07% 0.79% 2.02% 0.52% 8.79% 8.29%
Accounts Receivable Turnover
8.12 8.38 8.43 9.22 8.90 8.91 11.26 10.77 10.95 9.63
Accounts Payable Turnover
2.31 4.12 3.95 4.21 3.74 3.51 4.03 0.00 0.00 0.00
Inventory Turnover
16.72 22.52 26.60 33.83 33.94 23.94 25.97 30.76 31.91 23.00
Average Days of Payables
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days of Inventory on Hand
19.06 13.63 12.74 9.73 11.53 19.21 12.85 10.90 11.31 19.49
Average Receivables
505.50 486.50 468.00 470.50 468.50 478.00 499.50 525.50 530.00 604.00
Average Payables
513.90 292.50 283.11 284.94 313.10 341.26 373.40 — — —
Average Inventory
71.00 53.50 42.00 35.50 34.50 50.00 58.00 49.00 44.50 57.00
Average Assets
10,011.00 9,545.50 9,888.50 11,604.00 12,658.50 13,781.50 14,669.50 14,357.00 14,126.50 15,495.00
Average Common Equity
3,548.50 3,324.50 3,036.00 2,736.00 2,477.00 2,507.00 3,187.00 3,539.50 3,510.00 3,597.50

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Columns are period end dates