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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

	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Piotroski F-Score Full definition →	7	8	5	6	5	3	6	3	7	4
P/E ratio Full definition →	7.04	16.90	0.00	8.59	4.83	0.00	32.15	0.00	62.41	0.00
P/S ratio Full definition →	1.60	0.74	0.55	0.32	0.86	0.95	1.13	1.28	1.31	0.83
Altman Z-Score Full definition →	1.18	1.20	0.98	0.97	0.60	0.93	1.03	1.20	1.53	1.35
P/FCF ratio Full definition →	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) Full definition →	1.10	1.30	1.15	1.39	(0.03)	0.94	1.26	0.88	1.76	1.84
P/Operating CF Full definition →	19.48	9.44	7.81	4.36	8.31	13.33	18.13	21.81	20.33	14.92
Beneish M-Score Full definition →	(2.15)	(3.07)	(2.82)	(2.83)	(2.45)	(3.01)	(2.65)	(2.90)	(2.88)	(2.83)
Dividend Safety Score Full definition →	42	—	—	—	—	—	—	—	—	—
P/B ratio Full definition →	2.57	1.20	0.90	0.50	1.34	1.74	1.82	1.80	1.62	1.01
Price to Tangible BV Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.30	2.64	1.70
EV/Sales Full definition →	2.50	1.61	1.58	1.34	2.42	2.01	2.11	2.26	2.05	1.59
EV/EBITDA Full definition →	4.99	3.63	4.14	3.30	5.68	5.08	5.43	6.08	6.03	4.62
EV/Operating CF Full definition →	8.40	5.83	7.33	5.86	10.78	10.23	11.44	11.28	10.18	7.43
EV/FCF Full definition →	14.51	10.47	157.28	32.29	112.00	1,400.41	(111.71)	53.81	37.94	233.12
Quick Ratio Full definition →	0.68	0.40	0.60	0.75	0.36	0.64	0.90	0.42	0.60	0.67
Current Ratio Full definition →	0.88	0.76	0.82	0.97	0.50	0.88	1.10	0.57	0.88	0.88
Net Debt/EBITDA Full definition →	1.81	1.96	2.71	2.51	3.66	2.69	2.54	2.65	2.18	2.20
Debt/Assets Full definition →	39.91%	42.33%	46.14%	47.92%	51.15%	45.81%	46.31%	44.42%	39.99%	40.52%
Debt/Equity Full definition →	1.90	1.63	1.94	1.87	2.83	2.50	2.23	1.64	1.15	1.16
Asset Turnover Full definition →	0.38	0.41	0.39	0.38	0.31	0.33	0.37	0.40	0.43	0.41
Operating CF/Net income Full definition →	1.32	6.34	(14.91)	7.25	1.62	(2.39)	5.38	(79.20)	9.53	(27.44)
Capex/Depreciation Full definition →	(0.57)	(0.58)	(0.87)	(0.77)	(0.72)	(0.67)	(0.79)	(0.75)	(0.68)	(0.91)
Interest Coverage Full definition →	2.34	1.87	1.16	1.48	1.25	0.71	1.02	1.74	1.28	1.28
ROE Full definition →	36.58%	7.21%	(2.32%)	5.55%	23.53%	(13.89%)	5.45%	(0.33%)	2.59%	(0.90%)
ROA Full definition →	8.49%	1.79%	(0.57%)	1.21%	4.28%	(2.72%)	1.28%	(0.10%)	0.90%	(0.32%)
ROIC Full definition →	11.51%	9.72%	5.54%	6.11%	4.12%	4.14%	5.17%	5.98%	5.01%	4.64%
Return on Tangible Assets Full definition →	46.72%	11.97%	(3.04%)	6.03%	51.48%	(14.02%)	4.75%	(0.52%)	3.27%	(1.13%)
Average Days of Receivables Full definition →	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 Full definition →	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 Full definition →	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 Full definition →	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 Full definition →	0.24%	0.86%	0.92%	0.52%	0.40%	0.58%	0.69%	0.56%	0.54%	0.34%
Graham Net Nets Full definition →	(1.15)	(1.82)	(2.95)	(4.68)	(2.77)	(1.99)	(1.55)	(1.19)	(0.82)	(1.34)
Graham Number Full definition →	61.85	26.36	0.00	29.90	53.14	0.00	29.90	0.00	25.00	0.00
Earnings Yield Full definition →	14.20%	5.92%	(2.65%)	11.65%	20.70%	(8.77%)	3.11%	(0.20%)	1.60%	(0.94%)
Free Cash Flow Yield Full definition →	10.81%	20.82%	1.84%	12.84%	2.52%	0.15%	(1.68%)	3.30%	4.13%	0.82%
Revenue per Share Full definition →	34.73	33.88	33.03	40.45	33.14	41.00	42.87	39.15	40.60	40.91
Operating CF per Share Full definition →	10.35	9.36	7.14	9.23	7.44	8.07	7.92	7.86	8.17	8.75
Capex per Share Full definition →	(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 Full definition →	5.99	5.21	0.33	1.68	0.72	0.06	(0.81)	1.65	2.19	0.28
Cash per Share Full definition →	9.56	4.41	4.85	7.88	8.54	12.13	16.71	6.81	7.61	7.88
Shareholders Equity per Share Full definition →	21.61	20.86	20.10	26.13	21.31	22.35	26.50	27.70	32.68	33.57
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	21.61	20.86	20.10	26.13	21.31	22.35	26.50	27.70	32.68	33.57
Free Cash Flow Full definition →	1,004.00	892.00	57.00	233.00	92.00	6.00	(82.00)	166.00	220.00	28.00
Working Capital Full definition →	(409.00)	(733.00)	(414.00)	(54.00)	(2,236.00)	(301.00)	240.00	(1,148.00)	(250.00)	(232.00)
Capital Expenditures Full definition →	(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 Full definition →	(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 Full definition →	8.89	6.96	10.87	8.23	16.65	18.84	15.90	13.96	16.53	13.57
Capex to Sales Full definition →	0.13	0.12	0.21	0.19	0.20	0.20	0.20	0.16	0.15	0.21
Price to Operating Income Full definition →	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 Full definition →	0.40	0.43	0.43	0.46	0.35	0.44	0.38	0.27	0.31	0.30
Cash ROIC Full definition →	8.29%	8.79%	0.52%	2.02%	0.79%	0.07%	(0.79%)	2.06%	2.81%	0.35%
Accounts Receivable Turnover Full definition →	9.63	10.95	10.77	11.26	8.91	8.90	9.22	8.43	8.38	8.12
Accounts Payable Turnover Full definition →	0.00	0.00	0.00	4.03	3.51	3.74	4.21	3.95	4.12	2.31
Inventory Turnover Full definition →	23.00	31.91	30.76	25.97	23.94	33.94	33.83	26.60	22.52	16.72
Average Days of Payables Full definition →	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 Full definition →	19.49	11.31	10.90	12.85	19.21	11.53	9.73	12.74	13.63	19.06
Average Receivables Full definition →	604.00	530.00	525.50	499.50	478.00	468.50	470.50	468.00	486.50	505.50
Average Payables Full definition →	—	—	—	373.40	341.26	313.10	284.94	283.11	292.50	513.90
Average Inventory Full definition →	57.00	44.50	49.00	58.00	50.00	34.50	35.50	42.00	53.50	71.00
Average Assets Full definition →	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 Full definition →	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

Fold the line items

Columns are period end dates

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