Liquidity is under pressure as capital expenditure reached 54.5% of revenue in 2026Q1, contributing to a negative free cash flow margin of 23.3% for the same period.
| 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 |
|---|
| Cash from Operations | 2.1B | 1.83B | 1.67B | 1.22B | 1.28B | 956M | 821M | 1.04B | 792M | 820M | 878M | 1.65B | 1.46B | 1.21B | 1.58B | 1.61B | 785.37M | 455.97M | 1.12B | 1.11B | 477.46M | 407.17M | 303.24M | 184.36M | 74.67M | 103.97M | 121.07M | -24.08M | 68.4M | -3.6M | -1.7M |
| Operating CF Margin % | - | 31.5% | 28.76% | 21.6% | 22.83% | 22.44% | 19.68% | 23.94% | 20.07% | 20.12% | 21.39% | 25.12% | 22.83% | 27.56% | 32.92% | 35.58% | 20.03% | 13.52% | 35.62% | 42.25% | 30.29% | 44.12% | 33.05% | 28.49% | 12.34% | 16.13% | 21.21% | -4.36% | 15.27% | -1.04% | -0.79% |
| Operating CF Growth % | 100.45% | 9.83% | 36.47% | -4.75% | 34.31% | 16.44% | -20.91% | 31.06% | -3.41% | -6.61% | -46.82% | 13.24% | 20.5% | -23.66% | -1.64% | 105.19% | 72.24% | -59.37% | 0.97% | 132.78% | 17.26% | 34.27% | 64.48% | 146.9% | -28.18% | -14.12% | 602.78% | -135.2% | 2000% | -111.76% | 93.63% |
| Net Income | 1.23B | 1.32B | 256M | 179M | 354M | 732M | -283M | 92M | 90M | 226M | 84M | -153M | 3.06B | 387M | 897M | 1.07B | 1.65B | 850.79M | 704.21M | 539.44M | 168.95M | 10.04M | 68.24M | 178.82M | -278.2M | -138.05M | 355.39M | -26.09M | 54.2M | -111M | -18.1M |
| Depreciation & Amortization | 1.45B | 1.28B | 1.24B | 1.34B | 1.36B | 1.2B | 1.21B | 1.1B | 830M | 879M | 932M | 1.32B | 1.16B | 875M | 811M | 738.98M | 676.99M | 611.43M | 515.91M | 354.94M | 257.76M | 218.59M | 170.99M | 128.57M | 139.32M | 154.19M | 143.33M | 102.92M | 80M | 48.2M | 27.9M |
| Stock-Based Compensation | 0 | 0 | 0 | 52M | 29M | 17M | 24M | 0 | 22M | 24M | 14M | 19M | 22M | 17M | 22M | 17.26M | 30.72M | 10.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -1.47B | 0 | 0 | -505M | -644M | -515M | -640M | -755M | -492M | -413M | -406.76M | -1.5B | -1.03B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -546.51M | -626M | 276M | -223M | -312M | 557M | -126M | 17M | 421M | 396M | 351M | 1.04B | -2.08B | 385M | 184M | 176.24M | -74.93M | -65.58M | -159.49M | 171.13M | 23.36M | 89.05M | 49.59M | -184.16M | -139.32M | 57.8M | -506.61M | -137.22M | -192.7M | -800K | -53.3M |
| Working Capital Changes | -38.4M | -137M | -98M | -123M | -151M | -81M | -2M | -171M | -66M | -61M | 12M | 62M | 57M | 38M | 84M | 14.54M | 885K | 77.52M | 61.62M | 45.93M | 27.4M | 89.49M | 14.42M | 61.13M | 352.87M | 30.03M | 128.96M | 36.31M | 126.9M | 60M | 41.8M |
| Change in Receivables | -113.55M | -228M | 36M | -245M | -104M | -93M | -43M | 0 | -128M | 6M | 102M | 162M | 59M | 38M | -103M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -7.06M | -17M | 0 | 11M | 5M | 9M | -6M | 11M | 2M | 16M | 19M | 17M | -2M | -55M | -14M | -13.14M | -12.61M | 8.81M | 24.65M | -25.36M | -22.29M | 533K | -5.36M | -1.39M | 0 | 3.28M | -5.53M | -3.45M | 4.6M | -6.7M | -2.5M |
| Change in Payables | 101.21M | 89M | -92M | 0 | 0 | 6M | 0 | -61M | 69M | -82M | -109M | -117M | 0 | 0 | 0 | 0 | 44.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.36B | -473M | -670M | -1.12B | -1.1B | -2.7B | -495M | -1.74B | -1.2B | -367M | -552M | -1.41B | -276M | -2.02B | -1.11B | -672.48M | 58.8M | -161.07M | -1.9B | -846.51M | -567.44M | -443.66M | -187.15M | -95.59M | 139.58M | -167.07M | -188.11M | -136.56M | -114.1M | -206.1M | -461.8M |
| Capital Expenditures | -1.37B | -814M | -769M | -814M | -800M | -2.7B | -622M | -1.74B | -1.2B | -783M | -862M | -1.21B | -1.31B | -2.02B | -1B | -776.52M | -623.14M | -772.57M | -1.41B | -887.14M | -548.12M | -323.52M | -197.87M | -86.45M | 0 | -192.18M | -182.77M | -135.69M | -191.7M | -177.9M | -461.8M |
| CapEx % of Revenue | 21.3% | 13.99% | 13.25% | 14.38% | 14.22% | 63.44% | 14.91% | 40.11% | 30.39% | 19.21% | 21% | 18.34% | 20.54% | 46.01% | 20.79% | 17.14% | 15.9% | 22.91% | 44.65% | 33.72% | 34.78% | 35.06% | 21.57% | 13.36% | - | 29.81% | 32.02% | 24.56% | 42.8% | 51.21% | 214.19% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 289.78M | 21M | 31M | -276M | -184M | -81M | -90M | 22M | 273M | 416M | 163M | -156M | 815M | 286M | 63M | 21.17M | 673.13M | 664.58M | 39.54M | 40.63M | 3.7M | -62.12M | -18.33M | -10.27M | 139.58M | -46.17M | -31.73M | -20M | -38.3M | -88.3M | -296.8M |
| Cash from Financing | -45.01M | -485M | -1.07B | -377M | -1M | 1.78B | -598M | 1.35B | 341M | -464M | -441M | -84M | -1.37B | 576M | -164M | -1.11B | -1.33B | 124.14M | 285.79M | 244.91M | 147.54M | 221.4M | 149.84M | -11.64M | -199.78M | 22.58M | 124.66M | 147.85M | 47.8M | 108.6M | 583M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -5.47M | -119M | -99M | -5M | 717M | -50M | -10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -190M | -497M | -297M | 2.86M | 3.18M | 33.63M | 14.23M | 3.55M | 205.92M | -1.63M | 0 | 913K | 774K | -1.17M | 6.72M | -1.33M | 300K |
| Dividends Paid | -709M | -754M | 0 | 0 | 0 | 0 | 0 | -268M | -266M | -265M | -265M | -264M | -264M | -264M | -541M | -494M | -789M | 0 | -259.7M | 0 | -4.87M | -2M | -3.16M | -12.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -5.47M | -119M | -99M | -5M | 0 | -50M | -10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -190M | -498.27M | -300M | 0 | 0 | 0 | 0 | 0 | 0 | -1.63M | 0 | 0 | 0 | -7.84M | 0 | -9.6M | -1M |
| Other Financing | -133.93M | -3M | -205M | 75M | -4M | -7M | -5M | -120M | -1M | 0 | -68M | -308M | -410M | 126M | -60M | -27M | 338K | 0 | -22.32M | -18.29M | 11.31M | 15.16M | 0 | 0 | -199.78M | 0 | 20.67M | 142.97M | -567K | 52.65M | -20.4M |
| Net Change in Cash | 631M | 846M | -75M | -264M | 144M | 20M | -289M | 633M | -91M | -27M | -123M | 75M | -215M | -233M | 313M | -142.21M | -487.68M | 836.97M | -500.4M | 517.9M | 60.13M | 183.19M | 264.55M | 78.38M | 14.18M | -38.65M | 56.84M | -16.09M | -2.7M | -102.6M | 119.1M |
| Free Cash Flow | 767.3M | 1.18B | 1.13B | 40M | 212M | -1.75B | -3M | -701M | -407M | 37M | 16M | 446M | 146M | -810M | 584M | 834.93M | 162.23M | -316.6M | -284.46M | 224.29M | -70.66M | 83.64M | 105.37M | 97.91M | 74.67M | -88.21M | -61.7M | -159.77M | -123.3M | -181.5M | -463.5M |
| FCF Margin % | 11.94% | 20.33% | 19.45% | 0.71% | 3.77% | -41% | -0.07% | -16.17% | -10.31% | 0.91% | 0.39% | 6.79% | 2.29% | -18.45% | 12.13% | 18.43% | 4.14% | -9.39% | -9.03% | 8.53% | -4.48% | 9.06% | 11.48% | 15.13% | 12.34% | -13.68% | -10.81% | -28.92% | -27.53% | -52.25% | -214.98% |
| FCF Growth % | -29.84% | 4.78% | 2722.5% | -81.13% | 112.14% | -58133.33% | 99.57% | -72.24% | -1200% | 131.25% | -96.41% | 205.48% | 118.02% | -238.7% | -30.05% | 414.66% | 151.24% | -11.3% | -226.83% | 417.43% | -184.48% | -20.62% | 7.62% | 31.12% | 184.65% | -42.96% | 61.38% | -29.58% | 32.07% | 60.84% | -241.56% |
| FCF per Share | 4.58 | 7.04 | 6.54 | 0.23 | 1.52 | -10.62 | -0.02 | -5.44 | -3.17 | 0.29 | 0.13 | 3.50 | 1.15 | -6.37 | 4.52 | 6.28 | 1.17 | -2.29 | -2.06 | 1.63 | -0.55 | 0.66 | 0.92 | 0.95 | 1.24 | -1.06 | -0.73 | -1.93 | -1.49 | -2.21 | -5.73 |
| FCF Conversion (FCF/Net Income) | 0.62x | 1.39x | 6.60x | -14.91x | 22.53x | 1.62x | -2.39x | 13.84x | 41.68x | 17.45x | -19.51x | -2.95x | 0.56x | 5.24x | 3.12x | 1.81x | 0.48x | 0.81x | 2.17x | 2.53x | 1.95x | 39.62x | 4.60x | 1.03x | -0.27x | -0.75x | 0.34x | 0.92x | 1.26x | 0.03x | 0.09x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High USD debt exposure
As reported in financial statements, TIGO's OCF/NI ratio has exhibited extreme volatility, ranging from a negative 6.18x in 2023Q4 to a massive 13.60x in 2024Q4, suggesting that net income is a poor proxy for the company's actual ability to generate recurring operational cash flow.
The persistent gap between net income and operating cash flow indicates that non-cash items and accounting adjustments frequently obscure the underlying cash-generating capacity of the business. Investors should monitor whether this divergence stems from aggressive capitalization policies or the inherent volatility of currency translation impacts on reported earnings.
Based on TIGO's reported figures, free cash flow margins have swung wildly from a negative 23.3% in 2026Q1 to a positive 61.9% in 2025Q2, highlighting a lack of predictability in the company's ability to retain cash after funding its capital-intensive infrastructure requirements.
This erratic FCF trajectory suggests that the company's cash generation is highly sensitive to the timing of large-scale capital projects and potential asset divestitures. The inability to maintain consistent positive free cash flow may indicate that the current business model requires excessive reinvestment to sustain its competitive position.
According to recent SEC filings, TIGO's capital expenditure as a percentage of revenue reached a staggering 54.5% in 2026Q1, reflecting a significant escalation in spending that appears to be outpacing the company's ability to fund growth through internal operations alone.
The high and fluctuating capital intensity suggests that the company is in a constant state of network expansion or upgrade, which may be necessary to defend its market share against regional competitors. Such elevated spending levels warrant further investigation into whether these investments are yielding the expected returns on invested capital.
As highlighted in the quarterly data, working capital changes have fluctuated between a $203M outflow in 2024Q1 and a $49M inflow in 2024Q2, indicating that the company's cash conversion cycle is subject to significant and unpredictable swings that complicate liquidity planning.
These shifts in working capital suggest potential inefficiencies in managing receivables or inventory, which may be exacerbated by the company's exposure to volatile emerging market environments. The lack of a stable working capital trend may indicate that the company is struggling to optimize its cash conversion cycle effectively.
Quick answers to the most common questions about buying TIGO stock.
Millicom International Cellular S.A. (TIGO) generated $1.83B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Millicom International Cellular S.A. (TIGO) generated $1.18B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Millicom International Cellular S.A. (TIGO) spent $814.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Millicom International Cellular S.A. (TIGO) returned $754.0M to shareholders via cash dividends and spent $119.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.