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) Beneish M-score
Millicom International Cellular SA's Beneish M-score for fiscal 2025 is −2.15; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.15 | 0.92 |
| FY2024 | −3.07 | (0.25) |
| FY2023 | −2.82 | 0.01 |
| FY2022 | −2.83 | (0.39) |
| FY2021 | −2.45 | 0.56 |
| FY2020 | −3.01 | (0.36) |
| FY2019 | −2.65 | 0.25 |
| FY2018 | −2.90 | (0.02) |
| FY2017 | −2.88 | (0.05) |
| FY2016 | −2.83 | 0.66 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.42 | — | 1.30 | |
| Gross margin index | 0.98 | — | 0.51 | |
| Asset quality index | 1.03 | — | 0.42 | |
| Sales growth index | 1.00 | — | 0.89 | |
| Depreciation index | 1.06 | — | 0.12 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.02) | — | −0.10 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Elevated | −2.15 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| GSAT Globalstar, Inc. compare | −3.9× |
| TIMB TIM S.A. Sponsored ADR compare | −3.3× |
| TLK PT Telekomunikasi Indonesia, Tbk compare | −3.2× |
| KT KT Corporation compare | −3.2× |
| TELFY Telefonica SA compare | −3.2× |
| VIV Telefonica Brasil S.A. compare | −3.0× |
| SKM SK Telecom Co., Ltd. compare | −3.0× |
| CHTR Charter Communications, Inc. compare | −2.6× |
| TIGO Millicom International Cellular SA | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI