Sunday 11 October 2026
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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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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
7 | 8 | 5 | 6 | 5 | 3 | 6 | 3 | 7 | 4 |
P/E ratio |
7.04 | 16.90 | 0.00 | 8.59 | 4.83 | 0.00 | 32.15 | 0.00 | 62.41 | 0.00 |
P/S ratio |
1.60 | 0.74 | 0.55 | 0.32 | 0.86 | 0.95 | 1.13 | 1.28 | 1.31 | 0.83 |
Altman Z-Score |
1.18 | 1.20 | 0.98 | 0.97 | 0.60 | 0.93 | 1.03 | 1.20 | 1.53 | 1.35 |
P/FCF ratio |
9.25 | 4.80 | 54.37 | 7.79 | 39.76 | 657.57 | 0.00 | 30.35 | 24.21 | 122.05 |
Altman Z″-Score (non-manufacturers) |
1.10 | 1.30 | 1.15 | 1.39 | (0.03) | 0.94 | 1.26 | 0.88 | 1.76 | 1.84 |
P/Operating CF |
19.48 | 9.44 | 7.81 | 4.36 | 8.31 | 13.33 | 18.13 | 21.81 | 20.33 | 14.92 |
Beneish M-Score |
(2.15) | (3.07) | (2.82) | (2.83) | (2.45) | (3.01) | (2.65) | (2.90) | (2.88) | (2.83) |
Dividend Safety Score |
42 | — | — | — | — | — | — | — | — | — |
P/B ratio |
2.57 | 1.20 | 0.90 | 0.50 | 1.34 | 1.74 | 1.82 | 1.80 | 1.62 | 1.01 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.30 | 2.64 | 1.70 |
EV/Sales |
2.50 | 1.61 | 1.58 | 1.34 | 2.42 | 2.01 | 2.11 | 2.26 | 2.05 | 1.59 |
EV/EBITDA |
4.99 | 3.63 | 4.14 | 3.30 | 5.68 | 5.08 | 5.43 | 6.08 | 6.03 | 4.62 |
EV/Operating CF |
8.40 | 5.83 | 7.33 | 5.86 | 10.78 | 10.23 | 11.44 | 11.28 | 10.18 | 7.43 |
EV/FCF |
14.51 | 10.47 | 157.28 | 32.29 | 112.00 | 1,400.41 | (111.71) | 53.81 | 37.94 | 233.12 |
Quick Ratio |
0.68 | 0.40 | 0.60 | 0.75 | 0.36 | 0.64 | 0.90 | 0.42 | 0.60 | 0.67 |
Current Ratio |
0.88 | 0.76 | 0.82 | 0.97 | 0.50 | 0.88 | 1.10 | 0.57 | 0.88 | 0.88 |
Net Debt/EBITDA |
1.81 | 1.96 | 2.71 | 2.51 | 3.66 | 2.69 | 2.54 | 2.65 | 2.18 | 2.20 |
Debt/Assets |
39.91% | 42.33% | 46.14% | 47.92% | 51.15% | 45.81% | 46.31% | 44.42% | 39.99% | 40.52% |
Debt/Equity |
1.90 | 1.63 | 1.94 | 1.87 | 2.83 | 2.50 | 2.23 | 1.64 | 1.15 | 1.16 |
Asset Turnover |
0.38 | 0.41 | 0.39 | 0.38 | 0.31 | 0.33 | 0.37 | 0.40 | 0.43 | 0.41 |
Operating CF/Net income |
1.32 | 6.34 | (14.91) | 7.25 | 1.62 | (2.39) | 5.38 | (79.20) | 9.53 | (27.44) |
Capex/Depreciation |
(0.57) | (0.58) | (0.87) | (0.77) | (0.72) | (0.67) | (0.79) | (0.75) | (0.68) | (0.91) |
Interest Coverage |
2.34 | 1.87 | 1.16 | 1.48 | 1.25 | 0.71 | 1.02 | 1.74 | 1.28 | 1.28 |
| 36.58% | 7.21% | (2.32%) | 5.55% | 23.53% | (13.89%) | 5.45% | (0.33%) | 2.59% | (0.90%) | |
| 8.49% | 1.79% | (0.57%) | 1.21% | 4.28% | (2.72%) | 1.28% | (0.10%) | 0.90% | (0.32%) | |
ROIC |
11.51% | 9.72% | 5.54% | 6.11% | 4.12% | 4.14% | 5.17% | 5.98% | 5.01% | 4.64% |
Return on Tangible Assets |
46.72% | 11.97% | (3.04%) | 6.03% | 51.48% | (14.02%) | 4.75% | (0.52%) | 3.27% | (1.13%) |
Average Days of Receivables |
44.47 | 31.38 | 36.17 | 31.80 | 43.60 | 39.12 | 41.25 | 41.72 | 43.43 | 43.39 |
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 |
30.21% | 32.99% | 36.09% | 33.61% | 36.28% | 36.08% | 36.99% | 40.95% | 39.08% | 40.46% |
Intangible Assets out of Total Assets |
0.45 | 0.50 | 0.54 | 0.52 | 0.50 | 0.27 | 0.25 | 0.23 | 0.13 | 0.14 |
Share Based Compensation of Revenue |
0.24% | 0.86% | 0.92% | 0.52% | 0.40% | 0.58% | 0.69% | 0.56% | 0.54% | 0.34% |
Graham Net Nets |
(1.15) | (1.82) | (2.95) | (4.68) | (2.77) | (1.99) | (1.55) | (1.19) | (0.82) | (1.34) |
Graham Number |
61.85 | 26.36 | 0.00 | 29.90 | 53.14 | 0.00 | 29.90 | 0.00 | 25.00 | 0.00 |
Earnings Yield |
14.20% | 5.92% | (2.65%) | 11.65% | 20.70% | (8.77%) | 3.11% | (0.20%) | 1.60% | (0.94%) |
Free Cash Flow Yield |
10.81% | 20.82% | 1.84% | 12.84% | 2.52% | 0.15% | (1.68%) | 3.30% | 4.13% | 0.82% |
Revenue per Share |
34.73 | 33.88 | 33.03 | 40.45 | 33.14 | 41.00 | 42.87 | 39.15 | 40.60 | 40.91 |
Operating CF per Share |
10.35 | 9.36 | 7.14 | 9.23 | 7.44 | 8.07 | 7.92 | 7.86 | 8.17 | 8.75 |
Capex per Share |
(4.36) | (4.15) | (6.80) | (7.56) | (6.72) | (8.01) | (8.73) | (6.21) | (5.98) | (8.47) |
Free Cash Flow per Share |
5.99 | 5.21 | 0.33 | 1.68 | 0.72 | 0.06 | (0.81) | 1.65 | 2.19 | 0.28 |
Cash per Share |
9.56 | 4.41 | 4.85 | 7.88 | 8.54 | 12.13 | 16.71 | 6.81 | 7.61 | 7.88 |
Shareholders Equity per Share |
21.61 | 20.86 | 20.10 | 26.13 | 21.31 | 22.35 | 26.50 | 27.70 | 32.68 | 33.57 |
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 |
21.61 | 20.86 | 20.10 | 26.13 | 21.31 | 22.35 | 26.50 | 27.70 | 32.68 | 33.57 |
Free Cash Flow |
1,004.00 | 892.00 | 57.00 | 233.00 | 92.00 | 6.00 | (82.00) | 166.00 | 220.00 | 28.00 |
Working Capital |
(409.00) | (733.00) | (414.00) | (54.00) | (2,236.00) | (301.00) | 240.00 | (1,148.00) | (250.00) | (232.00) |
Capital Expenditures |
(730.00) | (711.00) | (1,166.00) | (1,051.00) | (864.00) | (815.00) | (883.00) | (626.00) | (600.00) | (850.00) |
Net Current Asset Value |
(10,650.00) | (7,783.00) | (9,156.00) | (8,500.00) | (10,150.00) | (7,841.00) | (7,558.00) | (5,993.00) | (4,365.00) | (4,592.00) |
EV/EBIT |
8.89 | 6.96 | 10.87 | 8.23 | 16.65 | 18.84 | 15.90 | 13.96 | 16.53 | 13.57 |
Capex to Sales |
0.13 | 0.12 | 0.21 | 0.19 | 0.20 | 0.20 | 0.20 | 0.16 | 0.15 | 0.21 |
Price to Operating Income |
5.66 | 3.19 | 3.76 | 1.99 | 5.91 | 8.85 | 8.47 | 7.87 | 10.55 | 7.10 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.40 | 0.43 | 0.43 | 0.46 | 0.35 | 0.44 | 0.38 | 0.27 | 0.31 | 0.30 |
Cash ROIC |
8.29% | 8.79% | 0.52% | 2.02% | 0.79% | 0.07% | (0.79%) | 2.06% | 2.81% | 0.35% |
Accounts Receivable Turnover |
9.63 | 10.95 | 10.77 | 11.26 | 8.91 | 8.90 | 9.22 | 8.43 | 8.38 | 8.12 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 4.03 | 3.51 | 3.74 | 4.21 | 3.95 | 4.12 | 2.31 |
Inventory Turnover |
23.00 | 31.91 | 30.76 | 25.97 | 23.94 | 33.94 | 33.83 | 26.60 | 22.52 | 16.72 |
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 |
19.49 | 11.31 | 10.90 | 12.85 | 19.21 | 11.53 | 9.73 | 12.74 | 13.63 | 19.06 |
Average Receivables |
604.00 | 530.00 | 525.50 | 499.50 | 478.00 | 468.50 | 470.50 | 468.00 | 486.50 | 505.50 |
Average Payables |
— | — | — | 373.40 | 341.26 | 313.10 | 284.94 | 283.11 | 292.50 | 513.90 |
Average Inventory |
57.00 | 44.50 | 49.00 | 58.00 | 50.00 | 34.50 | 35.50 | 42.00 | 53.50 | 71.00 |
Average Assets |
15,495.00 | 14,126.50 | 14,357.00 | 14,669.50 | 13,781.50 | 12,658.50 | 11,604.00 | 9,888.50 | 9,545.50 | 10,011.00 |
Average Common Equity |
3,597.50 | 3,510.00 | 3,539.50 | 3,187.00 | 2,507.00 | 2,477.00 | 2,736.00 | 3,036.00 | 3,324.50 | 3,548.50 |
Columns are period end dates