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TIGO logoMillicom International Cellular S.A.(TIGO)Earnings, Financials & Key Ratios

TIGO•NASDAQ•Utilities
$84.74
$14.16B mkt cap·57.6× P/E·Price updated May 6, 2026
SectorCommunication ServicesIndustryTelecom ServicesSub-IndustryIntegrated Telecom and Media Groups
AboutMillicom International Cellular S.A. provides cable and mobile services in Latin America and Africa. The company offers mobile services, including mobile data and voice; short message service; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance. It also provides cable and other fixed services, including broadband, content, fixed voice, and pay-TV to residential consumers; and fixed, managed services, cloud and security solutions, and value-added services to small, medium, and large businesses, as well as governmental entities. As of December 31, 2021, the company served 44.9 million mobile customers; and 12.7 million cable homes. It markets its products and services under Tigo and Tigo Business brands. The company was founded in 1990 and is headquartered in Luxembourg.Show more
  • Revenue$5.8B+2.5%
  • EBITDA$2.58B+22.1%
  • Net Income$253M+408.5%
  • Free Cash Flow$1.13B+2722.5%
  • EBITDA Margin44.4%+19.1%
  • Net Margin4.36%+400.9%
  • ROE7.21%+411.2%
  • Interest Coverage2.35+116.2%
  • Debt/Equity1.89-15.7%
  • Net Debt/EBITDA2.36-28.6%
  • CapEx / Revenue13.25%-7.9%
  • CapEx Coverage2.17+44.5%
Analysis→Technical→

TIGO Key Insights

Millicom International Cellular S.A. (TIGO) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 27.5%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓Momentum leader: RS Rating 89 (top 11%)
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.2%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

TIGO Price & Volume

Millicom International Cellular S.A. (TIGO) stock price & volume — 10-year historical chart

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TIGO Growth Metrics

Millicom International Cellular S.A. (TIGO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-0.95%
5 Years6.01%
3 Years10.85%
TTM-4.39%

Profit CAGR

10 Years-20.84%
5 Years27.53%
3 Years-24.59%
TTM593.67%

EPS CAGR

10 Years-23.19%
5 Years20.35%
3 Years-25.72%
TTM611.86%

Return on Capital

10 Years6.38%
5 Years6.5%
3 Years8.73%
Last Year11.77%

TIGO Recent Earnings

Millicom International Cellular S.A. (TIGO) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 4/12 qtrs (33%)
Q1 2026Latest
Feb 26, 2026
EPS
$1.50
Est $1.05
+42.9%
Revenue
$1.7B
Est $1.6B
+5.5%
Q4 2025
Nov 6, 2025
EPS
$0.34
Est $0.63
-46.2%
Revenue
$1.4B
Est $1.4B
+1.3%
Q3 2025
Aug 7, 2025
EPS
$0.51
Est $0.54
-5.6%
Revenue
$1.4B
Est $1.4B
-2.7%
Q2 2025
May 8, 2025
EPS
$1.14
Est $0.91
+25.3%
Revenue
$1.4B
Est $1.5B
-5.3%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 26, 2026
$1.50vs $1.05+42.9%
$1.7Bvs $1.6B+5.5%
Q4 2025Nov 6, 2025
$0.34vs $0.63-46.2%
$1.4Bvs $1.4B+1.3%
Q3 2025Aug 7, 2025
$0.51vs $0.54-5.6%
$1.4Bvs $1.4B-2.7%
Q2 2025May 8, 2025
$1.14vs $0.91+25.3%
$1.4Bvs $1.5B-5.3%
Based on last 12 quarters of dataView full earnings history →

TIGO Peer Comparison

Millicom International Cellular S.A. (TIGO) competitors in Integrated Telecom and Media Groups — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AMX logoAMXAmérica Móvil, S.A.B. de C.V.Direct Competitor81.54B27.1018.181.82%8.78%18.61%2.14
TKC logoTKCTurkcell Iletisim Hizmetleri A.S.Direct Competitor5.7B6.5410.9655.6%7.36%7.28%0.56
LILA logoLILALiberty Latin America Ltd.Direct Competitor1.63B8.15-2.66-0.33%-13.76%-50.24%8.67
TEO logoTEOTelecom Argentina S.A.Direct Competitor5.29B12.297.29100.94%-3.26%-3.53%0.56
VIV logoVIVTelefônica Brasil S.A.Direct Competitor25.45B15.9323.277.19%10.36%8.98%0.30
T logoTAT&T Inc.Product Competitor178.43B25.558.402.71%16.92%16.85%1.35
VZ logoVZVerizon Communications Inc.Product Competitor200.09B47.4411.682.52%12.43%16.42%1.90
TMUS logoTMUST-Mobile US, Inc.Product Competitor209.04B193.1619.878.49%11.65%17.82%2.07

Compare TIGO vs Peers

Millicom International Cellular S.A. (TIGO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AMX

Most directly comparable listed peer for TIGO.

Scale Benchmark

vs CSCO

Larger-name benchmark to compare TIGO against a more recognizable public peer.

Peer Set

Compare Top 5

vs AMX, TKC, LILA, TEO

TIGO Income Statement

Millicom International Cellular S.A. (TIGO) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Revenue4.11B4.08B3.95B4.34B4.17B4.26B5.62B5.66B5.8B5.59B
Revenue Growth %-37.54%-0.71%-3.19%9.88%-3.81%2.16%31.99%0.66%2.53%-4.39%
Cost of Revenue2.06B2.5B2.42B2.8B2.86B2.79B1.51B3.46B1.42B1.59B
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 Expenses1.66B1.14B1.12B1.11B1.07B1.07B3.2B1.43B3.04B2.55B
Other Operating Expenses----------
EBITDA1.26B1.28B1.21B1.53B1.45B1.52B2.28B2.11B2.58B2.67B
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 & Amortization876M841M802M1.1B1.21B1.11B1.36B1.34B1.24B1.21B
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 Expense352M352M362M552M609M489M617M711M571M4M
Interest Coverage1.08x1.24x1.13x0.78x0.39x0.83x1.48x1.09x2.35x-
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-1000K1000K-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 Tax179M158M112M121M102M158M222M424M281M324M
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)-0.350.370.150.58-2.673.600.41-0.481.48-
Diluted Shares Outstanding127.81M127.87M128.39M128.83M128.87M164.47M139.69M171.4M172.56M168.1M

TIGO Balance Sheet

Millicom International Cellular S.A. (TIGO) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Assets9.63B9.46B10.31B12.89B12.42B15.14B14.2B14.52B13.74B15.59B
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)3.06B2.88B3.07B3.91B3.65B4.41B3.87B4B3.64B4.62B
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 Assets1.67B1.82B1.53B2.66B2.31B2.25B2.06B1.92B2.38B3.1B
Cash & Equivalents646M619M528M1.16B875M895M1.04B775M699M1.71B
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory62M45M39M32M37M63M53M45M44M106M
Other Current Assets397M619M447M522M704M653M400M489M1.08B465M
Long-Term Investments3.28B3.21B3.04B2.82B2.67B618M590M576M561M2.23B
Goodwill615M599M1.08B1.71B1.66B4.1B4.06B4.11B4.09B0
Intangible Assets744M666M1.3B1.51B1.74B3.46B3.3B3.68B2.81B7.09B
Other Assets103M113M130M110M199M126M107M97M97M127M
Total Liabilities6.26B6.18B7.52B10.21B10.15B12.4B10.56B11.07B10.16B12.28B
Total Debt3.9B4.15B4.58B7.04B6.71B8.91B7.82B7.74B6.77B8.44B
Net Debt3.25B3.53B4.05B5.87B5.84B8.02B6.78B6.96B6.07B6.73B
Long-Term Debt3.53B3.6B3.77B5.79B5.58B5.9B6.62B6.48B5.53B5.82B
Short-Term Borrowings75M182M457M186M113M1.84B180M221M282M656M
Capital Lease Obligations295M365M353M1.09B1.02B1.17B1.02B1.04B954M6.29B
Total Current Liabilities1.9B2.07B2.68B2.42B2.61B4.49B2.12B2.33B3.12B3.35B
Accounts Payable297M288M282M289M334M347M400M390M300M400M
Accrued Expenses376M353M381M432M445M539M412M444M421M1.29B
Deferred Revenue260M243M334M314M368M416M241M309M266M87M
Other Current Liabilities156M243M399M416M418M420M76M213M909M2.08B
Deferred Taxes1000K1000K1000K1000K1000K1000K1000K1000K1000K551M
Other Liabilities466M25M400M670M801M755M787M1.24B545M1.01B
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 Equity3.17B3.1B2.54B2.41B2.06B2.58B3.6B3.53B3.63B3.34B
Minority Interest201M185M249M271M215M157M29M-84M-54M-33M
Common Stock638M153M153M153M153M153M258M258M258M253M
Additional Paid-in Capital485M484M482M480M478M476M1.08B1.08B1.06B1.04B
Retained Earnings3.21B3.04B2.52B2.37B2.02B2.61B2.87B2.7B2.88B2.83B
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 / Equity1.16x1.26x1.64x2.62x2.95x3.25x2.15x2.25x1.89x1.89x
Debt / Assets40.52%43.82%44.41%54.56%54.03%58.85%55.08%53.32%49.28%54.15%
Net Debt / EBITDA2.59x2.76x3.34x3.84x4.03x5.28x2.98x3.30x2.36x2.36x
Book Value per Share26.3525.6621.7420.8117.6516.6626.0120.120.7119.69

TIGO Cash Flow Statement

Millicom International Cellular S.A. (TIGO) cash flow — operating, investing & free cash flow history

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations878M820M792M1.04B821M956M1.28B1.22B1.67B1.67B
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 Income84M226M90M92M-283M732M354M179M256M1.1B
Depreciation & Amortization932M879M830M1.1B1.21B1.2B1.36B1.34B1.24B1.21B
Deferred Taxes-515M-644M-505M00-1.47B0000
Other Non-Cash Items351M396M421M17M-126M557M-312M-223M276M-453.82M
Working Capital Changes12M-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&A0.92x0.89x1.44x1.58x0.51x2.26x0.59x0.61x0.62x0.20x
CapEx Coverage (OCF/CapEx)1.02x1.05x0.66x0.60x1.32x0.35x1.61x1.50x2.17x6.79x
Cash from Investing-552M-367M-1.2B-1.74B-495M-2.7B-1.1B-1.12B-670M-146.98M
Acquisitions147M179M-777M-879M217M-1.81B-131M063M4M
Purchase of Investments00-63M00-70M0-26M00
Sale of Investments001000K1000K01000K1000K01000K-121.57K
Other Investing163M416M273M22M-90M-81M-184M-276M31M27.13M
Cash from Financing-441M-464M341M1.35B-598M1.78B-1M-377M-1.07B-717.31M
Dividends Paid-265M-265M-266M-268M000000
Dividend Payout Ratio %-563.83%1400%357.33%------
Debt Issuance (Net)-1000K-1000K1000K1000K-1000K1000K-1000K-1000K-1000K0
Stock Issued000000717M000
Share Repurchases0000-10M-50M0-5M-99M-156.42M
Other Financing-68M0-1M-120M-5M-7M-4M75M-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-1000K1000K-1000K-1000K-1000K-1000K-1000K1000K-1000K-2.59M
Cash at Beginning769M646M619M686M1.16B875M895M1.04B831M1.33B
Cash at End646M619M528M1.32B875M895M1.04B775M756M1.71B
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%

TIGO Key Ratios

Millicom International Cellular S.A. (TIGO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024TTM
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 Margin30.62%31.33%30.71%35.29%34.72%35.63%40.52%37.29%44.4%47.68%
Net Debt / EBITDA2.59x2.76x3.34x3.84x4.03x5.28x2.98x3.30x2.36x2.36x
Interest Coverage1.08x1.24x1.13x0.78x0.39x0.83x1.48x1.09x2.35x-
CapEx / Revenue21%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 / Equity1.16x1.26x1.64x2.62x2.95x3.25x2.15x2.25x1.89x1.89x
EPS Growth91.94%204.05%-59.74%293.31%-558.58%234.39%-88.62%-217.23%407.27%611.86%

TIGO Frequently Asked Questions

Millicom International Cellular S.A. (TIGO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

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).

Dividend & Returns

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.

Industry Metrics

Millicom International Cellular S.A. (TIGO) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.

Explore More TIGO

Millicom International Cellular S.A. (TIGO) financial analysis — history, returns, DCA and operating performance tools

Full TIGO Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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