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The company's financial stability is increasingly strained, as evidenced by a debt-to-equity ratio that climbed to 3.70 in 2026Q1 from 1.89 in 2024Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 20.75B | 17.25B | 13.74B | 14.52B | 14.2B | 15.14B | 12.42B | 12.89B | 10.31B | 9.46B | 9.63B | 10.39B | 13.42B | 8.77B | 7.95B | 7.28B | 7B | 5.99B | 5.22B | 4.41B | 3.32B | 2.56B | 2.05B | 1.52B | 1.2B | 1.87B | 2.12B | 1.64B | 1.62B | 1.27B | 1.06B |
| Asset Growth % | 93.98% | 25.6% | -5.37% | 2.24% | -6.23% | 21.89% | -3.67% | 25.04% | 8.97% | -1.69% | -7.39% | -22.53% | 52.95% | 10.3% | 9.23% | 4.1% | 16.76% | 14.75% | 18.28% | 32.91% | 29.74% | 25.09% | 34.36% | 26.58% | -35.69% | -11.86% | 29.47% | 1.25% | 27.34% | 19.59% | 123.64% |
| PP&E (Net) | 7.45B | 5.53B | 3.64B | 4B | 3.87B | 4.41B | 3.65B | 3.91B | 3.07B | 2.88B | 3.06B | 3.2B | 4.75B | 2.77B | 2.75B | 2.87B | 2.77B | 2.71B | 2.79B | 2.07B | 1.27B | 671.77M | 575.65M | 487.75M | 458.93M | 512.24M | 577.5M | 499.58M | 489.37M | 435.3M | 281.6M |
| PP&E / Total Assets % | 35.92% | 32.07% | 26.48% | 27.57% | 27.26% | 29.11% | 29.38% | 30.33% | 29.78% | 30.44% | 31.75% | 30.76% | 35.41% | 31.59% | 34.62% | 39.34% | 39.57% | 45.25% | 53.39% | 46.81% | 38.16% | 26.24% | 28.13% | 32.03% | 38.15% | 27.38% | 27.21% | 30.47% | 30.22% | 34.24% | 26.49% |
| Total Current Assets | 3.07B | 2.98B | 2.38B | 1.92B | 2.06B | 2.25B | 2.31B | 2.66B | 1.53B | 1.82B | 1.67B | 1.88B | 2.44B | 2.7B | 1.97B | 1.78B | 1.83B | 2.08B | 1.36B | 1.75B | 1.13B | 1.24B | 711.27M | 407.06M | 381.83M | 345.02M | 1.21B | 288.85M | 451.94M | 361M | 468.9M |
| Cash & Equivalents | 1.22B | 1.6B | 699M | 775M | 1.04B | 895M | 875M | 1.16B | 528M | 619M | 646M | 769M | 694M | 941M | 1.17B | 881M | 1.03B | 1.56B | 674.2M | 1.17B | 656.69M | 596.57M | 413.38M | 148.83M | 70.45M | 56.28M | 94.92M | 38.08M | 53.1M | 55.8M | 158.4M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 135M | 106M | 44M | 45M | 53M | 63M | 37M | 32M | 39M | 45M | 62M | 80M | 148M | 122M | 72M | 75M | 62.13M | 46.98M | 58.16M | 82.89M | 54.24M | 16.37M | 16.3M | 10.94M | 6.96M | 12.93M | 18.51M | 12.98M | 12.95M | 18.5M | 11.5M |
| Other Current Assets | 234M | 195M | 1.08B | 489M | 400M | 653M | 704M | 522M | 447M | 619M | 397M | 438M | 834M | 1.23B | 452M | 199M | 296.21M | 108.22M | 549.51M | 422.9M | 357.85M | 533.3M | 218.74M | 227.55M | 188.73M | 248.58M | 207.24M | 172.41M | 384.82M | 286.7M | 299M |
| Long-Term Investments | 2.34B | 583M | 561M | 576M | 590M | 618M | 2.67B | 2.82B | 3.04B | 3.21B | 3.28B | 3.58B | 274M | 122M | 193M | 63M | 18.12M | 872K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 4.09B | 4.11B | 4.06B | 4.1B | 1.66B | 1.71B | 1.08B | 599M | 615M | 644M | 3.07B | 1.42B | 1.51B | 0 | 0 | 547.99M | 507.3M | 183.86M | 196.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 8.72B | 7.84B | 2.81B | 3.68B | 3.3B | 3.46B | 1.74B | 1.51B | 1.3B | 666M | 744M | 769M | 2.44B | 1.12B | 911M | 2.17B | 2.28B | 1.04B | 483.06M | 283.64M | 286.6M | 373.25M | 317.97M | 85.61M | 84.02M | 237.83M | 290.96M | 346.02M | 352.1M | 0 | 0 |
| Other Assets | 502M | 151M | 97M | 97M | 107M | 126M | 199M | 110M | 130M | 113M | 103M | 101M | 115M | 83M | 130M | 87M | 67.72M | 139.57M | 64.84M | 31.09M | 440.14M | 268.26M | 435.44M | 537.31M | 254.32M | 772.06M | 41.79M | 577.4M | 325.39M | 215.6M | 312.7M |
| Total Liabilities | 17.58B | 13.63B | 10.16B | 11.07B | 10.56B | 12.4B | 10.15B | 10.21B | 7.52B | 6.18B | 6.26B | 6.67B | 9.69B | 6.69B | 5.62B | 4.84B | 4.61B | 3.68B | 3.57B | 3.05B | 2.74B | 2.23B | 1.77B | 1.58B | 1.47B | 1.79B | 1.77B | 1.34B | 1.33B | 1.16B | 914.4M |
| Total Debt | 11.72B | 9.47B | 6.77B | 7.74B | 7.82B | 8.91B | 6.71B | 7.04B | 4.58B | 4.15B | 3.9B | 4.01B | 4.83B | 4.16B | 3.26B | 2.44B | 2.35B | 2.35B | 2.16B | 1.83B | 1.49B | 1.23B | 1.11B | 1.28B | 1.23B | 1.46B | 1.45B | 1.13B | 1.08B | 993.1M | 812.3M |
| Net Debt | 10.51B | 7.87B | 6.07B | 6.96B | 6.78B | 8.02B | 5.84B | 5.87B | 4.05B | 3.53B | 3.25B | 3.24B | 4.13B | 3.22B | 2.08B | 1.56B | 1.33B | 785.66M | 1.48B | 659.69M | 836.96M | 636.06M | 701.03M | 1.13B | 1.16B | 1.4B | 1.36B | 1.09B | 1.03B | 937.3M | 653.9M |
| Long-Term Debt | 7.39B | 6.56B | 5.53B | 6.48B | 6.62B | 5.9B | 5.58B | 5.79B | 3.77B | 3.6B | 3.53B | 3.46B | 4.21B | 3.24B | 2.14B | 1.68B | 1.8B | 1.91B | 1.66B | 945.21M | 1.36B | 820.92M | 1.03B | 1.14B | 1.07B | 1.3B | 1.08B | 950.42M | 912.01M | 870.8M | 719.5M |
| Short-Term Borrowings | 1.56B | 622M | 282M | 221M | 180M | 1.84B | 113M | 186M | 457M | 182M | 75M | 212M | 352M | 407M | 611M | 603M | 555.46M | 433.99M | 496.54M | 889.09M | 134.66M | 411.7M | 88.51M | 132.66M | 156.67M | 153.9M | 370.48M | 178.12M | 177.79M | 122.3M | 92.8M |
| Capital Lease Obligations | 9.05B | 2.29B | 954M | 1.04B | 1.02B | 1.17B | 1.02B | 1.09B | 353M | 365M | 295M | 336M | 366M | 279M | 232M | 156M | -18.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 5.03B | 3.39B | 3.12B | 2.33B | 2.12B | 4.49B | 2.61B | 2.42B | 2.68B | 2.07B | 1.9B | 2.46B | 4.57B | 2.83B | 2.98B | 2.7B | 2.51B | 1.57B | 1.76B | 2B | 901.85M | 909.01M | 505.88M | 403.41M | 375.86M | 469.19M | 651.03M | 357.05M | 383.16M | 262M | 172M |
| Accounts Payable | 724M | 491M | 300M | 390M | 400M | 347M | 334M | 289M | 282M | 288M | 297M | 334M | 386M | 239M | 232M | 224M | 202.71M | 194.69M | 240.58M | 238.25M | 428.3M | 210.54M | 173.97M | 112.76M | 91.29M | 109.74M | 126.35M | 77.71M | 81.14M | 70.3M | 38.5M |
| Accrued Expenses | 456M | 4M | 421M | 444M | 412M | 539M | 445M | 432M | 381M | 353M | 376M | 425M | 500M | 369M | 306M | 264M | 228.36M | 173.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 211M | 250M | 266M | 309M | 241M | 416M | 368M | 314M | 334M | 243M | 260M | 259M | 318M | 155M | 154M | 174M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.36B | 1.46B | 909M | 213M | 76M | 420M | 418M | 416M | 399M | 243M | 156M | 168M | 2.38B | 915M | 864M | 813M | 1.07B | 130.14M | 214.2M | 874.93M | 338.89M | 286.77M | 243.4M | 157.99M | 127.9M | 205.55M | 154.2M | 101.21M | 124.24M | 69.4M | 40.7M |
| Deferred Taxes | 635M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 2.16B | 1.24B | 545M | 1.24B | 787M | 755M | 801M | 670M | 400M | 25M | 466M | 347M | 342M | 133M | 66M | 71M | 98.02M | 131.72M | 70.01M | 55.6M | 443.39M | 450.71M | 194.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 3.17B | 3.62B | 3.57B | 3.44B | 3.63B | 2.74B | 2.27B | 2.68B | 2.79B | 3.28B | 3.37B | 3.69B | 3.75B | 2.08B | 2.34B | 2.45B | 3.16B | 2.31B | 1.65B | 1.37B | 582.39M | 333.55M | 282.39M | -58.61M | -282.15M | 79.16M | 348.86M | 372.27M | 287.7M | 112.7M | 148.8M |
| Equity Growth % | -18.01% | 1.29% | 3.74% | -5.2% | 32.63% | 20.49% | -15.18% | -3.94% | -14.93% | -2.58% | -8.75% | -1.49% | 80.06% | -10.92% | -4.5% | -22.57% | 36.75% | 39.83% | 20.74% | 134.95% | 74.6% | 18.12% | 581.83% | 79.23% | -456.45% | -77.31% | -6.29% | 29.4% | 155.28% | -24.26% | -11.16% |
| Shareholders Equity | 3.14B | 3.64B | 3.63B | 3.53B | 3.6B | 2.58B | 2.06B | 2.41B | 2.54B | 3.1B | 3.17B | 3.48B | 2.34B | 1.93B | 2.02B | 2.25B | 3.11B | 2.38B | 1.68B | 1.29B | 504.87M | 299.37M | 239.04M | -85.18M | -307.45M | 68.89M | 341.19M | 367.98M | 287.7M | 112.7M | 148.8M |
| Minority Interest | 32M | -20M | -54M | -84M | 29M | 157M | 215M | 271M | 249M | 185M | 201M | 214M | 1.41B | 152M | 312M | 192M | 45.55M | -73.67M | -25.84M | 80.43M | 77.51M | 34.18M | 43.35M | 26.57M | 25.3M | 10.26M | 7.67M | 4.29M | 0 | 0 | 0 |
| Common Stock | 253M | 253M | 258M | 258M | 258M | 153M | 153M | 153M | 153M | 153M | 638M | 639M | 639M | 640M | 642M | 663M | 681.56M | 660.55M | 642.54M | 153.64M | 151.03M | 465.16M | 513.78M | 239.88M | 281.99M | 281.99M | 278.99M | 278.22M | 272.75M | 0 | 0 |
| Additional Paid-in Capital | 1.03B | 1.04B | 1.06B | 1.08B | 1.08B | 476M | 478M | 480M | 482M | 484M | 485M | 0 | 0 | 487.39M | 489M | 0 | 517.98M | 497.58M | 0 | 263.71M | 221.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 2.89B | 3.09B | 2.88B | 2.7B | 2.87B | 2.61B | 2.02B | 2.37B | 2.52B | 3.04B | 3.21B | 3.51B | 4.76B | 2.38B | 2.45B | 925M | 1.65B | 850.79M | 1.08B | 825M | 129.38M | -151.78M | -276.61M | -446.11M | -57.72M | 80.33M | -226.44M | -152.68M | -180.6M | -69.7M | -51.6M |
| Accumulated OCI | -1B | -689M | -531M | -500M | -559M | -594M | -562M | -544M | -538M | -470M | -562M | -531M | -2.9B | -922M | -870M | 0 | 1.13B | 937.4M | -1.27B | -740.01M | -668.74M | -525.34M | -616.43M | -545.86M | -360.24M | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 7.18% | 8.49% | 1.79% | -0.57% | 0.39% | 4.28% | -2.72% | 0.65% | 0.19% | 0.49% | -0.45% | -4.69% | 23.61% | 2.76% | 6.67% | 12.45% | 25% | 10.02% | 10.74% | 11.34% | 8.32% | 0.45% | 3.69% | 13.12% | -18.1% | -6.91% | 18.89% | -1.6% | 3.75% | -9.51% | -2.35% |
| Return on Equity (ROE) | 36.24% | 36.59% | 7.21% | -2.32% | 1.79% | 23.53% | -13.88% | 2.74% | 0.63% | 1.41% | -1.27% | -15.03% | 89.91% | 10.46% | 21.25% | 31.71% | 59.36% | 28.36% | 34.27% | 44.96% | 53.44% | 3.34% | 58.89% | - | - | -64.51% | 98.56% | -7.91% | 27.07% | -84.89% | -11.44% |
| Debt / Equity | 3.70x | 2.62x | 1.89x | 2.25x | 2.15x | 3.25x | 2.95x | 2.62x | 1.64x | 1.26x | 1.16x | 1.09x | 1.29x | 2.00x | 1.40x | 1.00x | 0.74x | 1.02x | 1.31x | 1.34x | 2.56x | 3.70x | 3.95x | - | - | 18.39x | 4.16x | 3.03x | 3.76x | 8.81x | 5.46x |
| Debt / Assets | 56.51% | 54.89% | 49.28% | 53.32% | 55.08% | 58.85% | 54.03% | 54.56% | 44.41% | 43.82% | 40.52% | 38.58% | 35.99% | 47.4% | 40.97% | 33.48% | 33.62% | 39.17% | 41.34% | 41.56% | 44.98% | 48.16% | 54.46% | 83.84% | 102.12% | 77.82% | 68.4% | 68.84% | 66.82% | 78.1% | 76.4% |
| Net Debt / EBITDA | 3.44x | 2.70x | 2.36x | 3.30x | 2.98x | 5.28x | 4.03x | 3.84x | 3.34x | 2.76x | 2.59x | 1.50x | 1.97x | 2.27x | 1.04x | 0.76x | 0.75x | 0.53x | 1.10x | 0.65x | 1.21x | 1.33x | 1.65x | 3.90x | 7.82x | 6.60x | 14.64x | 10.01x | 8.06x | 9.89x | 10.67x |
| Book Value per Share | 18.92 | 21.54 | 20.71 | 20.1 | 26.01 | 16.66 | 17.65 | 20.81 | 21.74 | 25.66 | 26.35 | 28.93 | 29.41 | 16.36 | 18.08 | 18.41 | 22.88 | 16.68 | 11.94 | 9.94 | 4.51 | 2.62 | 2.45 | -0.57 | -4.7 | 0.95 | 4.15 | 4.51 | 3.47 | 1.37 | 1.84 |
High USD debt exposure
According to recent financial disclosures, TIGO's total assets surged to $20.7B in 2026Q1 from $13.7B in 2024Q4, yet this expansion has been primarily funded by debt rather than retained earnings, signaling a deteriorating quality of the company's overall financial trajectory and long-term solvency profile.
The rapid growth in the asset base appears disconnected from internal capital generation, suggesting that the company is relying heavily on external financing to maintain its infrastructure footprint. Investors should monitor whether this asset inflation translates into sustainable revenue growth or if it merely reflects aggressive capital deployment in increasingly competitive markets.
Based on reported figures, TIGO's debt-to-equity ratio climbed to 3.70 in 2026Q1, a significant increase from 1.89 in 2024Q4, which indicates that the company's reliance on debt financing is intensifying at a rate that may outpace its ability to service interest obligations.
The sharp rise in leverage suggests that the company is increasingly vulnerable to interest rate volatility and currency fluctuations, particularly given its USD-denominated debt structure. This trend warrants further investigation into the company's refinancing schedule and its ability to maintain covenant compliance in a high-rate environment.
As reported in quarterly filings, TIGO's current ratio dropped to 0.61 in 2026Q1, falling well below the 0.97 level observed in 2024Q3, which suggests that the company's short-term liquidity buffer is insufficient to cover its immediate operational and debt-related obligations without external support.
A current ratio consistently below 1.0 indicates that the company is operating with a structural liquidity deficit, forcing a reliance on continuous refinancing or cash flow from operations to meet short-term liabilities. This tight liquidity position appears to leave little room for error in the event of unexpected operational shocks or market-wide credit tightening.
Based on the provided balance sheet data, goodwill has expanded to $8.7B as of 2026Q1, representing a substantial portion of total assets that may be subject to future impairment charges if the underlying regional business units fail to meet their projected performance targets.
The significant concentration of intangible assets suggests that the company's book value is highly sensitive to management's assumptions regarding future cash flows and market growth in its core LatAm territories. Investors should be wary that any sustained competitive pressure or regulatory shift could necessitate a material write-down, further eroding the already thin equity base.
Quick answers to the most common questions about buying TIGO stock.
As of 2025, Millicom International Cellular S.A. (TIGO) had total assets of $17.25B including $2.98B in current assets.
Millicom International Cellular S.A. (TIGO) carries total debt of $9.47B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Millicom International Cellular S.A. (TIGO) has total shareholders' equity (book value) of $3.64B ($21.54 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Millicom International Cellular S.A. (TIGO) reported a current ratio of 0.88x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.