Millicom International Cellular S.A. (TIGO) Financial Ratios
30 years of historical data (1995–2024) · Communication Services · Telecommunications Services
EV/EBITDA
↓
7.85
↑+38% vs avg
5yr avg: 5.68
30Y Low3.7·High45.5
P/FCF
↓
12.54
↓-58% vs avg
5yr avg: 29.76
30Y Low1.1·High81.4
P/B Ratio
↓
4.09
↑+215% vs avg
5yr avg: 1.30
30Y Low0.5·High20.5
ROE
↑
7.2%
↓+121% vs avg
5yr avg: 3.3%
30Y Low-85%·High99%
Debt/EBITDA
↓
2.63
↓-35% vs avg
5yr avg: 4.05
30Y Low1.2·High15.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TIGO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Millicom International Cellular S.A. trades at 57.6x earnings, 209% above its 5-year average of 18.6x, sitting at the 89th percentile of its historical range. Compared to the Communication Services sector median P/E of 15.5x, the stock trades at a premium of 271%. On a free-cash-flow basis, the stock trades at 12.5x P/FCF, 58% below the 5-year average of 29.8x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.2B | $4.3B | $3.1B | $1.8B | $4.7B | $5.0B | $6.2B | $8.2B | $8.6B | $5.4B | $7.4B |
| Enterprise Value | $20.2B | $10.4B | $10.1B | $8.5B | $12.7B | $10.8B | $12.1B | $12.2B | $12.1B | $8.7B | $10.6B |
| P/E Ratio → | 57.65 | 17.01 | — | 30.95 | 7.93 | — | 82.86 | 430.14 | 183.38 | — | — |
| P/S Ratio | 2.44 | 0.74 | 0.54 | 0.31 | 1.10 | 1.20 | 1.43 | 2.07 | 2.11 | 1.32 | 1.12 |
| P/B Ratio | 4.09 | 1.21 | 0.90 | 0.49 | 1.71 | 2.20 | 2.32 | 2.93 | 2.63 | 1.61 | 1.99 |
| P/FCF | 12.54 | 3.82 | 77.13 | 8.32 | — | — | — | — | 232.96 | 338.29 | 16.51 |
| P/OCF | 8.48 | 2.59 | 2.52 | 1.37 | 4.89 | 6.09 | 5.99 | 10.32 | 10.51 | 6.16 | 4.46 |
P/E links to full P/E history page with 30-year chart
TIGO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Millicom International Cellular S.A.'s enterprise value stands at 7.8x EBITDA, 38% above its 5-year average of 5.7x. The Communication Services sector median is 8.7x, placing the stock at a 10% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.79 | 1.78 | 1.52 | 2.98 | 2.60 | 2.79 | 3.10 | 2.98 | 2.11 | 1.61 |
| EV / EBITDA | 7.85 | 4.03 | 4.76 | 3.75 | 8.36 | 7.48 | 7.90 | 10.09 | 9.51 | 6.90 | 4.90 |
| EV / EBIT | 15.07 | 9.25 | 11.87 | 10.74 | 12.13 | 64.49 | 19.15 | 26.40 | 25.68 | 23.18 | 43.81 |
| EV / FCF | — | 9.20 | 251.25 | 40.31 | — | — | — | — | 328.31 | 541.72 | 23.77 |
TIGO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Millicom International Cellular S.A. earns an operating margin of 23.1%. Operating margins have expanded from 16.3% to 23.1% over the past 3 years, signaling improving operational efficiency. ROE of 7.2% is modest. ROIC of 10.0% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.5% | 75.5% | 38.9% | 73.2% | 34.6% | 31.5% | 35.5% | 38.7% | 38.7% | 49.7% | 53.2% |
| Operating Margin | 23.1% | 23.1% | 13.7% | 16.3% | 9.5% | 5.8% | 9.9% | 10.4% | 10.7% | 9.3% | 13.4% |
| Net Profit Margin | 4.4% | 4.4% | -1.4% | 1.0% | 13.8% | -8.2% | 1.7% | 0.5% | 1.2% | -1.1% | -8.5% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.2% | 7.2% | -2.3% | 1.8% | 23.5% | -13.9% | 2.7% | 0.6% | 1.4% | -1.3% | -15.0% |
| ROA | 1.8% | 1.8% | -0.6% | 0.4% | 4.3% | -2.7% | 0.6% | 0.2% | 0.5% | -0.4% | -4.7% |
| ROIC | 10.0% | 10.0% | 5.6% | 6.5% | 3.2% | 2.2% | 4.2% | 4.5% | 4.9% | 4.2% | 8.9% |
| ROCE | 11.8% | 11.8% | 6.4% | 8.1% | 3.9% | 2.4% | 4.7% | 5.5% | 5.8% | 4.9% | 10.5% |
TIGO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Millicom International Cellular S.A. carries a Debt/EBITDA ratio of 2.6x, which is moderately leveraged (23% below the sector average of 3.4x). Net debt stands at $6.1B ($6.8B total debt minus $699M cash). Interest coverage of just 2.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.89 | 1.89 | 2.25 | 2.15 | 3.25 | 2.95 | 2.62 | 1.64 | 1.26 | 1.16 | 1.09 |
| Debt / EBITDA | 2.63 | 2.63 | 3.67 | 3.43 | 5.87 | 4.63 | 4.60 | 3.78 | 3.25 | 3.10 | 1.85 |
| Net Debt / Equity | — | 1.70 | 2.02 | 1.87 | 2.93 | 2.57 | 2.19 | 1.45 | 1.08 | 0.97 | 0.88 |
| Net Debt / EBITDA | 2.36 | 2.36 | 3.30 | 2.98 | 5.28 | 4.03 | 3.84 | 3.34 | 2.76 | 2.59 | 1.50 |
| Debt / FCF | — | 5.38 | 174.13 | 31.99 | — | — | — | — | 95.35 | 203.44 | 7.27 |
| Interest Coverage | 2.35 | 2.35 | 1.09 | 1.48 | 0.83 | 0.39 | 0.78 | 1.13 | 1.24 | 1.08 | 2.08 |
TIGO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.76x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.97x to 0.76x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.76 | 0.76 | 0.82 | 0.97 | 0.50 | 0.89 | 1.10 | 0.57 | 0.88 | 0.88 | 0.77 |
| Quick Ratio | 0.75 | 0.75 | 0.80 | 0.95 | 0.49 | 0.87 | 1.09 | 0.56 | 0.86 | 0.85 | 0.73 |
| Cash Ratio | 0.22 | 0.22 | 0.33 | 0.49 | 0.20 | 0.40 | 0.64 | 0.20 | 0.30 | 0.34 | 0.31 |
| Asset Turnover | — | 0.42 | 0.39 | 0.40 | 0.28 | 0.34 | 0.34 | 0.38 | 0.43 | 0.43 | 0.63 |
| Inventory Turnover | 32.27 | 32.27 | 76.87 | 28.42 | 44.21 | 77.19 | 87.41 | 62.03 | 55.49 | 33.27 | 38.42 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
TIGO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Millicom International Cellular S.A. returns 0.7% to shareholders annually primarily through share buybacks. The earnings yield of 1.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 4.3% | 3.3% | 3.1% | 4.9% | 3.6% |
| Payout Ratio | — | — | — | — | — | — | 357.3% | 1400.0% | 563.8% | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 5.9% | — | 3.2% | 12.6% | — | 1.2% | 0.2% | 0.5% | — | — |
| FCF Yield | 8.0% | 26.2% | 1.3% | 12.0% | — | — | — | — | 0.4% | 0.3% | 6.1% |
| Buyback Yield | 0.7% | 2.3% | 0.2% | 0.0% | 1.1% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.7% | 2.3% | 0.2% | 0.0% | 1.1% | 0.2% | 4.3% | 3.3% | 3.1% | 4.9% | 3.6% |
| Shares Outstanding | — | $173M | $171M | $140M | $164M | $129M | $129M | $128M | $128M | $128M | $128M |
Peer Comparison
Compare TIGO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TIGOYou | $14B | 57.6 | 7.8 | 12.5 | 75.5% | 23.1% | 7.2% | 10.0% | 2.6 |
 AMX | $82B | 18.2 | 6.5 | 11.7 | 42.9% | 21.0% | 18.1% | 11.2% | 2.6 |
 TKC | $6B | 11.0 | 4.8 | 9.9 | 24.7% | 21.1% | 12.9% | 11.8% | 1.7 |
 LILA | $2B | -2.7 | 6.7 | 5.3 | 57.7% | 16.2% | -45.5% | 5.6% | 5.7 |
 TEO | $5B | 7.3 | 8.7 | 17.7 | 73.3% | -3.5% | 19.4% | -1.2% | 2.7 |
 VIV | $25B | 23.3 | 6.1 | 11.9 | 43.9% | 15.5% | 8.0% | 7.8% | 0.9 |
 T | $178B | 8.4 | 7.4 | 9.2 | 79.8% | 19.2% | 17.6% | 6.7% | 3.9 |
 VZ | $200B | 11.7 | 8.0 | 9.9 | 45.6% | 21.2% | 16.6% | 8.0% | 4.2 |
 TMUS | $209B | 19.9 | 10.1 | 20.2 | 47.6% | 21.2% | 18.2% | 8.1% | 3.8 |
 TU | $20B | 24.2 | 8.7 | 11.6 | 33.8% | 11.5% | 6.7% | 3.9% | 4.9 |
 ERIC | $37B | 13.8 | 9.0 | 11.9 | 48.1% | 13.8% | 26.3% | 22.3% | 1.2 |
| Communication Services Median | — | 15.5 | 8.7 | 11.6 | 49.1% | 0.9% | 2.2% | 3.3% | 3.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonTIGO — Frequently Asked Questions
Quick answers to the most common questions about buying TIGO stock.
What is Millicom International Cellular S.A.'s P/E ratio?
Millicom International Cellular S.A.'s current P/E ratio is 57.6x. The historical average is 34.3x. This places it at the 89th percentile of its historical range.
What is Millicom International Cellular S.A.'s EV/EBITDA?
Millicom International Cellular S.A.'s current EV/EBITDA is 7.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.8x.
What is Millicom International Cellular S.A.'s ROE?
Millicom International Cellular S.A.'s return on equity (ROE) is 7.2%. The historical average is 13.5%.
Is TIGO stock overvalued?
Based on historical data, Millicom International Cellular S.A. is trading at a P/E of 57.6x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Millicom International Cellular S.A.'s profit margins?
Millicom International Cellular S.A. has 75.5% gross margin and 23.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Millicom International Cellular S.A. have?
Millicom International Cellular S.A.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.