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) Piotroski F-score
Millicom International Cellular SA's Piotroski F-score for fiscal 2025 is 7 out of 9: 7 of nine tests of profitability, leverage and efficiency passed, down from 8 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 7 | (1.00) |
| FY2024 | 8 | 3.00 |
| FY2023 | 5 | (1.00) |
| FY2022 | 6 | 1.00 |
| FY2021 | 5 | 2.00 |
| FY2020 | 3 | (3.00) |
| FY2019 | 6 | 3.00 |
| FY2018 | 3 | (4.00) |
| FY2017 | 7 | 3.00 |
| FY2016 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 8.49% | 1.79% | Pass | 1 |
| Positive operating cash flow | 1.73b | 1.60b | Pass | 1 |
| Rising return on assets | 8.49% | 1.79% | Pass | 1 |
| Cash flow above net income | 418.00m | 1.35b | Pass | 1 |
| Falling long-term leverage | 0.42 | 0.39 | Fail | 0 |
| Rising current ratio | 0.88 | 0.76 | Pass | 1 |
| No new shares issued | 167,563,000 | 171,313,000 | Pass | 1 |
| Rising gross margin | 77.47% | 75.53% | Pass | 1 |
| Rising asset turnover | 0.38 | 0.41 | Fail | 0 |
| Piotroski F-score | Strong — most fundamentals improved | 7 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| KT KT Corporation compare | 8 |
| VIV Telefonica Brasil S.A. compare | 7 |
| TIGO Millicom International Cellular SA | 7 |
| TIMB TIM S.A. Sponsored ADR compare | 7 |
| CHTR Charter Communications, Inc. compare | 6 |
| SKM SK Telecom Co., Ltd. compare | 6 |
| TLK PT Telekomunikasi Indonesia, Tbk compare | 5 |
| TELFY Telefonica SA compare | 4 |
| GSAT Globalstar, Inc. compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover