Millicom International Cellular S.A. (TIGO) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Millicom International Cellular S.A. (TIGO) stock price & volume — 10-year historical chart
Millicom International Cellular S.A. (TIGO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Millicom International Cellular S.A. (TIGO) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 26, 2026 | $1.50vs $1.05+42.9% | $1.7Bvs $1.6B+5.5% |
| Q4 2025 | Nov 6, 2025 | $0.34vs $0.63-46.2% | $1.4Bvs $1.4B+1.3% |
| Q3 2025 | Aug 7, 2025 | $0.51vs $0.54-5.6% | $1.4Bvs $1.4B-2.7% |
| Q2 2025 | May 8, 2025 | $1.14vs $0.91+25.3% | $1.4Bvs $1.5B-5.3% |
Millicom International Cellular S.A. (TIGO) competitors in Integrated Telecom and Media Groups — business model, growth, and fundamentals comparison
Millicom International Cellular S.A. (TIGO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Millicom International Cellular S.A. (TIGO) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4.11B | 4.08B | 3.95B | 4.34B | 4.17B | 4.26B | 5.62B | 5.66B | 5.8B | 5.59B |
| Revenue Growth % | -37.54% | -0.71% | -3.19% | 9.88% | -3.81% | 2.16% | 31.99% | 0.66% | 2.53% | -4.39% |
| Cost of Revenue | 2.06B | 2.5B | 2.42B | 2.8B | 2.86B | 2.79B | 1.51B | 3.46B | 1.42B | 1.59B |
| Gross Profit | 2.04B▲ 0% | 1.58B▼ 22.7% | 1.53B▼ 3.3% | 1.54B▲ 0.8% | 1.31B▼ 14.6% | 1.48B▲ 12.2% | 4.12B▲ 179.0% | 2.2B▼ 46.5% | 4.38B▲ 99.1% | 4.01B▲ 0% |
| Gross Margin % | 49.74% | 38.74% | 38.7% | 35.49% | 31.53% | 34.64% | 73.22% | 38.9% | 75.53% | 71.65% |
| Gross Profit Growth % | -41.62% | -22.67% | -3.29% | 0.79% | -14.55% | 12.24% | 179% | -46.53% | 99.09% | - |
| Operating Expenses | 1.66B | 1.14B | 1.12B | 1.11B | 1.07B | 1.07B | 3.2B | 1.43B | 3.04B | 2.55B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 1.26B | 1.28B | 1.21B | 1.53B | 1.45B | 1.52B | 2.28B | 2.11B | 2.58B | 2.67B |
| EBITDA Margin % | 30.62% | 31.33% | 30.71% | 35.29% | 34.72% | 35.63% | 40.52% | 37.29% | 44.4% | 47.68% |
| EBITDA Growth % | -41.89% | 1.59% | -5.09% | 26.24% | -5.36% | 4.83% | 50.13% | -7.37% | 22.07% | 10.76% |
| Depreciation & Amortization | 876M | 841M | 802M | 1.1B | 1.21B | 1.11B | 1.36B | 1.34B | 1.24B | 1.21B |
| D&A / Revenue % | 21.34% | 20.63% | 20.32% | 25.37% | 28.96% | 26.14% | 24.25% | 23.64% | 21.28% | 21.59% |
| Operating Income (EBIT) | 381M▲ 0% | 436M▲ 14.4% | 410M▼ 6.0% | 430M▲ 4.9% | 240M▼ 44.2% | 404M▲ 68.3% | 915M▲ 126.5% | 773M▼ 15.5% | 1.34B▲ 73.6% | 1.46B▲ 0% |
| Operating Margin % | 9.28% | 10.7% | 10.39% | 9.92% | 5.75% | 9.48% | 16.27% | 13.65% | 23.12% | 26.08% |
| Operating Income Growth % | -56.8% | 14.44% | -5.96% | 4.88% | -44.19% | 68.33% | 126.49% | -15.52% | 73.61% | - |
| Interest Expense | 352M | 352M | 362M | 552M | 609M | 489M | 617M | 711M | 571M | 4M |
| Interest Coverage | 1.08x | 1.24x | 1.13x | 0.78x | 0.39x | 0.83x | 1.48x | 1.09x | 2.35x | - |
| Interest / Revenue % | 8.57% | 8.64% | 9.17% | 12.73% | 14.6% | 11.48% | 10.97% | 12.56% | 9.84% | 0.07% |
| Non-Operating Income | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -2M |
| Pretax Income | 88M▲ 0% | 176M▲ 100.0% | 119M▼ 32.4% | 218M▲ 83.2% | -271M▼ 224.3% | 728M▲ 368.6% | 238M▼ 67.3% | 175M▼ 26.5% | 552M▲ 215.4% | 1.47B▲ 0% |
| Pretax Margin % | 2.14% | 4.32% | 3.02% | 5.03% | -6.5% | 17.09% | 4.23% | 3.09% | 9.51% | 26.33% |
| Income Tax | 179M | 158M | 112M | 121M | 102M | 158M | 222M | 424M | 281M | 324M |
| Effective Tax Rate % | 203.41% | 89.77% | 94.12% | 55.5% | -37.64% | 21.7% | 93.28% | 242.29% | 50.91% | 22% |
| Net Income | -45M▲ 0% | 47M▲ 204.4% | 19M▼ 59.6% | 75M▲ 294.7% | -344M▼ 558.7% | 590M▲ 271.5% | 57M▼ 90.3% | -82M▼ 243.9% | 253M▲ 408.5% | 1.1B▲ 0% |
| Net Margin % | -1.1% | 1.15% | 0.48% | 1.73% | -8.25% | 13.85% | 1.01% | -1.45% | 4.36% | 19.59% |
| Net Income Growth % | 91.95% | 204.44% | -59.57% | 294.74% | -558.67% | 271.51% | -90.34% | -243.86% | 408.54% | 593.67% |
| EPS (Diluted) | -0.35▲ 0% | 0.37▲ 204.0% | 0.15▼ 59.7% | 0.58▲ 293.3% | -2.67▼ 558.6% | 3.59▲ 234.4% | 0.41▼ 88.6% | -0.48▼ 217.2% | 1.47▲ 407.3% | 6.52▲ 0% |
| EPS Growth % | 91.94% | 204.05% | -59.74% | 293.31% | -558.58% | 234.39% | -88.62% | -217.23% | 407.27% | 611.86% |
| EPS (Basic) | -0.35 | 0.37 | 0.15 | 0.58 | -2.67 | 3.60 | 0.41 | -0.48 | 1.48 | - |
| Diluted Shares Outstanding | 127.81M | 127.87M | 128.39M | 128.83M | 128.87M | 164.47M | 139.69M | 171.4M | 172.56M | 168.1M |
Millicom International Cellular S.A. (TIGO) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 9.63B | 9.46B | 10.31B | 12.89B | 12.42B | 15.14B | 14.2B | 14.52B | 13.74B | 15.59B |
| Asset Growth % | -7.39% | -1.69% | 8.97% | 25.04% | -3.67% | 21.89% | -6.23% | 2.24% | -5.37% | 6.35% |
| PP&E (Net) | 3.06B | 2.88B | 3.07B | 3.91B | 3.65B | 4.41B | 3.87B | 4B | 3.64B | 4.62B |
| PP&E / Total Assets % | 31.75% | 30.44% | 29.78% | 30.33% | 29.38% | 29.11% | 27.26% | 27.57% | 26.48% | 29.62% |
| Total Current Assets | 1.67B | 1.82B | 1.53B | 2.66B | 2.31B | 2.25B | 2.06B | 1.92B | 2.38B | 3.1B |
| Cash & Equivalents | 646M | 619M | 528M | 1.16B | 875M | 895M | 1.04B | 775M | 699M | 1.71B |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 62M | 45M | 39M | 32M | 37M | 63M | 53M | 45M | 44M | 106M |
| Other Current Assets | 397M | 619M | 447M | 522M | 704M | 653M | 400M | 489M | 1.08B | 465M |
| Long-Term Investments | 3.28B | 3.21B | 3.04B | 2.82B | 2.67B | 618M | 590M | 576M | 561M | 2.23B |
| Goodwill | 615M | 599M | 1.08B | 1.71B | 1.66B | 4.1B | 4.06B | 4.11B | 4.09B | 0 |
| Intangible Assets | 744M | 666M | 1.3B | 1.51B | 1.74B | 3.46B | 3.3B | 3.68B | 2.81B | 7.09B |
| Other Assets | 103M | 113M | 130M | 110M | 199M | 126M | 107M | 97M | 97M | 127M |
| Total Liabilities | 6.26B | 6.18B | 7.52B | 10.21B | 10.15B | 12.4B | 10.56B | 11.07B | 10.16B | 12.28B |
| Total Debt | 3.9B | 4.15B | 4.58B | 7.04B | 6.71B | 8.91B | 7.82B | 7.74B | 6.77B | 8.44B |
| Net Debt | 3.25B | 3.53B | 4.05B | 5.87B | 5.84B | 8.02B | 6.78B | 6.96B | 6.07B | 6.73B |
| Long-Term Debt | 3.53B | 3.6B | 3.77B | 5.79B | 5.58B | 5.9B | 6.62B | 6.48B | 5.53B | 5.82B |
| Short-Term Borrowings | 75M | 182M | 457M | 186M | 113M | 1.84B | 180M | 221M | 282M | 656M |
| Capital Lease Obligations | 295M | 365M | 353M | 1.09B | 1.02B | 1.17B | 1.02B | 1.04B | 954M | 6.29B |
| Total Current Liabilities | 1.9B | 2.07B | 2.68B | 2.42B | 2.61B | 4.49B | 2.12B | 2.33B | 3.12B | 3.35B |
| Accounts Payable | 297M | 288M | 282M | 289M | 334M | 347M | 400M | 390M | 300M | 400M |
| Accrued Expenses | 376M | 353M | 381M | 432M | 445M | 539M | 412M | 444M | 421M | 1.29B |
| Deferred Revenue | 260M | 243M | 334M | 314M | 368M | 416M | 241M | 309M | 266M | 87M |
| Other Current Liabilities | 156M | 243M | 399M | 416M | 418M | 420M | 76M | 213M | 909M | 2.08B |
| Deferred Taxes | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 551M |
| Other Liabilities | 466M | 25M | 400M | 670M | 801M | 755M | 787M | 1.24B | 545M | 1.01B |
| Total Equity | 3.37B▲ 0% | 3.28B▼ 2.6% | 2.79B▼ 14.9% | 2.68B▼ 3.9% | 2.27B▼ 15.2% | 2.74B▲ 20.5% | 3.63B▲ 32.6% | 3.44B▼ 5.2% | 3.57B▲ 3.7% | 3.31B▲ 0% |
| Equity Growth % | -8.75% | -2.58% | -14.93% | -3.94% | -15.18% | 20.49% | 32.63% | -5.2% | 3.74% | -14.51% |
| Shareholders Equity | 3.17B | 3.1B | 2.54B | 2.41B | 2.06B | 2.58B | 3.6B | 3.53B | 3.63B | 3.34B |
| Minority Interest | 201M | 185M | 249M | 271M | 215M | 157M | 29M | -84M | -54M | -33M |
| Common Stock | 638M | 153M | 153M | 153M | 153M | 153M | 258M | 258M | 258M | 253M |
| Additional Paid-in Capital | 485M | 484M | 482M | 480M | 478M | 476M | 1.08B | 1.08B | 1.06B | 1.04B |
| Retained Earnings | 3.21B | 3.04B | 2.52B | 2.37B | 2.02B | 2.61B | 2.87B | 2.7B | 2.88B | 2.83B |
| Accumulated OCI | -562M | -470M | -538M | -544M | -562M | -594M | -559M | -500M | -531M | -730M |
| Return on Assets (ROA) | -0.45% | 0.49% | 0.19% | 0.65% | -2.72% | 4.28% | 0.39% | -0.57% | 1.79% | 7.03% |
| Return on Equity (ROE) | -1.27% | 1.41% | 0.63% | 2.74% | -13.88% | 23.53% | 1.79% | -2.32% | 7.21% | 33.11% |
| Debt / Equity | 1.16x | 1.26x | 1.64x | 2.62x | 2.95x | 3.25x | 2.15x | 2.25x | 1.89x | 1.89x |
| Debt / Assets | 40.52% | 43.82% | 44.41% | 54.56% | 54.03% | 58.85% | 55.08% | 53.32% | 49.28% | 54.15% |
| Net Debt / EBITDA | 2.59x | 2.76x | 3.34x | 3.84x | 4.03x | 5.28x | 2.98x | 3.30x | 2.36x | 2.36x |
| Book Value per Share | 26.35 | 25.66 | 21.74 | 20.81 | 17.65 | 16.66 | 26.01 | 20.1 | 20.71 | 19.69 |
Millicom International Cellular S.A. (TIGO) cash flow — operating, investing & free cash flow history
| Line item | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 878M | 820M | 792M | 1.04B | 821M | 956M | 1.28B | 1.22B | 1.67B | 1.67B |
| Operating CF Growth % | -46.82% | -6.61% | -3.41% | 31.06% | -20.91% | 16.44% | 34.31% | -4.75% | 36.47% | 79.71% |
| Operating CF / Revenue % | 21.39% | 20.12% | 20.07% | 23.94% | 19.68% | 22.44% | 22.83% | 21.6% | 28.76% | 29.84% |
| Net Income | 84M | 226M | 90M | 92M | -283M | 732M | 354M | 179M | 256M | 1.1B |
| Depreciation & Amortization | 932M | 879M | 830M | 1.1B | 1.21B | 1.2B | 1.36B | 1.34B | 1.24B | 1.21B |
| Deferred Taxes | -515M | -644M | -505M | 0 | 0 | -1.47B | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 351M | 396M | 421M | 17M | -126M | 557M | -312M | -223M | 276M | -453.82M |
| Working Capital Changes | 12M | -61M | -66M | -171M | -2M | -81M | -151M | -123M | -98M | -48.75M |
| Capital Expenditures | -862M | -783M | -1.2B | -1.74B | -824M | -2.7B | -1.07B | -1.18B | -540M | -102.41M |
| CapEx / Revenue % | 21% | 19.21% | 30.39% | 40.11% | 14.91% | 63.44% | 14.22% | 14.38% | 13.25% | 4.39% |
| CapEx / D&A | 0.92x | 0.89x | 1.44x | 1.58x | 0.51x | 2.26x | 0.59x | 0.61x | 0.62x | 0.20x |
| CapEx Coverage (OCF/CapEx) | 1.02x | 1.05x | 0.66x | 0.60x | 1.32x | 0.35x | 1.61x | 1.50x | 2.17x | 6.79x |
| Cash from Investing | -552M | -367M | -1.2B | -1.74B | -495M | -2.7B | -1.1B | -1.12B | -670M | -146.98M |
| Acquisitions | 147M | 179M | -777M | -879M | 217M | -1.81B | -131M | 0 | 63M | 4M |
| Purchase of Investments | 0 | 0 | -63M | 0 | 0 | -70M | 0 | -26M | 0 | 0 |
| Sale of Investments | 0 | 0 | 1000K | 1000K | 0 | 1000K | 1000K | 0 | 1000K | -121.57K |
| Other Investing | 163M | 416M | 273M | 22M | -90M | -81M | -184M | -276M | 31M | 27.13M |
| Cash from Financing | -441M | -464M | 341M | 1.35B | -598M | 1.78B | -1M | -377M | -1.07B | -717.31M |
| Dividends Paid | -265M | -265M | -266M | -268M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | 563.83% | 1400% | 357.33% | - | - | - | - | - | - |
| Debt Issuance (Net) | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 717M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -10M | -50M | 0 | -5M | -99M | -156.42M |
| Other Financing | -68M | 0 | -1M | -120M | -5M | -7M | -4M | 75M | -205M | -631.27M |
| Net Change in Cash | -123M▲ 0% | -27M▲ 78.0% | -91M▼ 237.0% | 633M▲ 795.6% | -289M▼ 145.7% | 20M▲ 106.9% | 144M▲ 620.0% | -264M▼ 283.3% | -75M▲ 71.6% | 855M▲ 0% |
| Exchange Rate Effect | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -2.59M |
| Cash at Beginning | 769M | 646M | 619M | 686M | 1.16B | 875M | 895M | 1.04B | 831M | 1.33B |
| Cash at End | 646M | 619M | 528M | 1.32B | 875M | 895M | 1.04B | 775M | 756M | 1.71B |
| Free Cash Flow | 16M▲ 0% | 37M▲ 131.3% | -407M▼ 1200.0% | -701M▼ 72.2% | -3M▲ 99.6% | -1.75B▼ 58133.3% | 212M▲ 112.1% | 40M▼ 81.1% | 1.13B▲ 2722.5% | 1.7B▲ 0% |
| FCF Growth % | -96.41% | 131.25% | -1200% | -72.24% | 99.57% | -58133.33% | 112.14% | -81.13% | 2722.5% | 108.83% |
| FCF Margin % | 0.39% | 0.91% | -10.31% | -16.17% | -0.07% | -41% | 3.77% | 0.71% | 19.45% | 30.37% |
| FCF / Net Income % | -35.56% | 78.72% | -2142.11% | -934.67% | 0.87% | -296.1% | 371.93% | -48.78% | 446.25% | 155.02% |
Millicom International Cellular S.A. (TIGO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -1.27% | 1.41% | 0.63% | 2.74% | -13.88% | 23.53% | 1.79% | -2.32% | 7.21% | 33.11% |
| EBITDA Margin | 30.62% | 31.33% | 30.71% | 35.29% | 34.72% | 35.63% | 40.52% | 37.29% | 44.4% | 47.68% |
| Net Debt / EBITDA | 2.59x | 2.76x | 3.34x | 3.84x | 4.03x | 5.28x | 2.98x | 3.30x | 2.36x | 2.36x |
| Interest Coverage | 1.08x | 1.24x | 1.13x | 0.78x | 0.39x | 0.83x | 1.48x | 1.09x | 2.35x | - |
| CapEx / Revenue | 21% | 19.21% | 30.39% | 40.11% | 14.91% | 63.44% | 14.22% | 14.38% | 13.25% | 4.39% |
| Dividend Payout Ratio | - | 563.83% | 1400% | 357.33% | - | - | - | - | - | 0% |
| Debt / Equity | 1.16x | 1.26x | 1.64x | 2.62x | 2.95x | 3.25x | 2.15x | 2.25x | 1.89x | 1.89x |
| EPS Growth | 91.94% | 204.05% | -59.74% | 293.31% | -558.58% | 234.39% | -88.62% | -217.23% | 407.27% | 611.86% |
Millicom International Cellular S.A. (TIGO) stock FAQ — growth, dividends, profitability & financials explained
Millicom International Cellular S.A. (TIGO) reported $5.59B in revenue for fiscal year 2024. This represents a 4157% increase from $131.4M in 1995.
Millicom International Cellular S.A. (TIGO) grew revenue by 2.5% over the past year. Growth has been modest.
Yes, Millicom International Cellular S.A. (TIGO) is profitable, generating $1.10B in net income for fiscal year 2024 (4.4% net margin).
Millicom International Cellular S.A. (TIGO) has a return on equity (ROE) of 7.2%. This is below average, suggesting room for improvement.
Millicom International Cellular S.A. (TIGO) generated $1.70B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Millicom International Cellular S.A. (TIGO) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.
Millicom International Cellular S.A. (TIGO) financial analysis — history, returns, DCA and operating performance tools
Analyst verdict, bull/bear case, risk factors and peer comparison
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates