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.
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Millicom International Cellular SA (TIGO) Altman Z-score
Millicom International Cellular SA's Altman Z-score for fiscal 2025 is 1.18, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.18 | (0.03) |
| FY2024 | 1.20 | 0.22 |
| FY2023 | 0.98 | 0.01 |
| FY2022 | 0.97 | 0.37 |
| FY2021 | 0.60 | (0.32) |
| FY2020 | 0.92 | (0.11) |
| FY2019 | 1.03 | (0.17) |
| FY2018 | 1.20 | (0.33) |
| FY2017 | 1.53 | 0.17 |
| FY2016 | 1.35 | (0.44) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.02) | — | −0.03 | |
| Retained earnings / total assets | 0.10 | — | 0.14 | |
| EBIT / total assets | 0.10 | — | 0.31 | |
| Market value of equity / total liabilities | 0.68 | — | 0.41 | |
| Sales / total assets | 0.34 | — | 0.34 | |
| Altman Z-score | Distress zone | 1.18 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 1.10 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TLK PT Telekomunikasi Indonesia, Tbk compare | 3.0× |
| SKM SK Telecom Co., Ltd. compare | 2.2× |
| TIMB TIM S.A. Sponsored ADR compare | 2.0× |
| KT KT Corporation compare | 1.7× |
| GSAT Globalstar, Inc. compare | 1.3× |
| TIGO Millicom International Cellular SA | 1.2× |
| TELFY Telefonica SA compare | 0.8× |
| CHTR Charter Communications, Inc. compare | 0.6× |
| VIV Telefonica Brasil S.A. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets