Latest Ratios: P/E Ratio 11.3x · EV/EBITDA 7.8x · ROE 36.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.8B | $9.3B | $4.3B | $3.1B | $1.8B | $4.7B | $5.0B | $6.2B | $8.2B | $8.6B | $5.4B |
| Enterprise Value | $22.7B | $17.2B | $10.4B | $10.1B | $8.5B | $12.7B | $10.8B | $12.1B | $12.2B | $12.1B | $8.7B |
| P/E Ratio → | 11.28 | 7.08 | 17.01 | — | 30.95 | 7.93 | — | 82.86 | 430.14 | 183.38 | — |
| P/S Ratio | 2.54 | 1.60 | 0.74 | 0.54 | 0.31 | 1.10 | 1.20 | 1.43 | 2.07 | 2.11 | 1.32 |
| P/B Ratio | 4.10 | 2.57 | 1.21 | 0.90 | 0.49 | 1.71 | 2.20 | 2.32 | 2.93 | 2.63 | 1.61 |
| P/FCF | 12.51 | 7.88 | 3.82 | 77.13 | 8.32 | — | — | — | — | 232.96 | 338.29 |
| P/OCF | 8.07 | 5.08 | 2.59 | 2.52 | 1.37 | 4.89 | 6.09 | 5.99 | 10.32 | 10.51 | 6.16 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.95 | 1.79 | 1.78 | 1.52 | 2.98 | 2.60 | 2.79 | 3.10 | 2.98 | 2.11 |
| EV / EBITDA | 7.77 | 5.89 | 4.03 | 4.76 | 3.75 | 8.36 | 7.48 | 7.90 | 10.09 | 9.51 | 6.90 |
| EV / EBIT | 13.83 | 11.17 | 9.25 | 11.87 | 10.74 | 12.13 | 64.49 | 19.15 | 26.40 | 25.68 | 23.18 |
| EV / FCF | — | 14.53 | 9.20 | 251.25 | 40.31 | — | — | — | — | 328.31 | 541.72 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.5% | 77.5% | 75.5% | 38.9% | 73.2% | 34.6% | 31.5% | 35.5% | 38.7% | 38.7% | 49.7% |
| Operating Margin | 28.2% | 28.2% | 23.1% | 13.7% | 16.3% | 9.5% | 5.8% | 9.9% | 10.4% | 10.7% | 9.3% |
| Net Profit Margin | 22.6% | 22.6% | 4.4% | -1.4% | 1.0% | 13.8% | -8.2% | 1.7% | 0.5% | 1.2% | -1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 36.6% | 36.6% | 7.2% | -2.3% | 1.8% | 23.5% | -13.9% | 2.7% | 0.6% | 1.4% | -1.3% |
| ROA | 8.5% | 8.5% | 1.8% | -0.6% | 0.4% | 4.3% | -2.7% | 0.6% | 0.2% | 0.5% | -0.4% |
| ROIC | 11.6% | 11.6% | 10.0% | 5.6% | 6.5% | 3.2% | 2.2% | 4.2% | 4.5% | 4.9% | 4.2% |
| ROCE | 13.4% | 13.4% | 11.8% | 6.4% | 8.1% | 3.9% | 2.4% | 4.7% | 5.5% | 5.8% | 4.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.62 | 2.62 | 1.89 | 2.25 | 2.15 | 3.25 | 2.95 | 2.62 | 1.64 | 1.26 | 1.16 |
| Debt / EBITDA | 3.24 | 3.24 | 2.63 | 3.67 | 3.43 | 5.87 | 4.63 | 4.60 | 3.78 | 3.25 | 3.10 |
| Net Debt / Equity | — | 2.17 | 1.70 | 2.02 | 1.87 | 2.93 | 2.57 | 2.19 | 1.45 | 1.08 | 0.97 |
| Net Debt / EBITDA | 2.70 | 2.70 | 2.36 | 3.30 | 2.98 | 5.28 | 4.03 | 3.84 | 3.34 | 2.76 | 2.59 |
| Debt / FCF | — | 6.65 | 5.38 | 174.13 | 31.99 | — | — | — | — | 95.35 | 203.44 |
| Interest Coverage | 2.19 | 2.19 | 1.57 | 1.19 | 1.29 | 2.14 | 0.28 | 1.14 | 1.28 | 1.34 | 1.06 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.88 | 0.88 | 0.76 | 0.82 | 0.97 | 0.50 | 0.89 | 1.10 | 0.57 | 0.88 | 0.88 |
| Quick Ratio | 0.85 | 0.85 | 0.75 | 0.80 | 0.95 | 0.49 | 0.87 | 1.09 | 0.56 | 0.86 | 0.85 |
| Cash Ratio | 0.47 | 0.47 | 0.22 | 0.33 | 0.49 | 0.20 | 0.40 | 0.64 | 0.20 | 0.30 | 0.34 |
| Asset Turnover | — | 0.34 | 0.42 | 0.39 | 0.40 | 0.28 | 0.34 | 0.34 | 0.38 | 0.43 | 0.43 |
| Inventory Turnover | 12.37 | 12.37 | 32.27 | 76.87 | 28.42 | 44.21 | 77.19 | 87.41 | 62.03 | 55.49 | 33.27 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.1% | 8.1% | — | — | — | — | — | 4.3% | 3.3% | 3.1% | 4.9% |
| Payout Ratio | 57.3% | 57.3% | — | — | — | — | — | 357.3% | 1400.0% | 563.8% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.9% | 14.1% | 5.9% | — | 3.2% | 12.6% | — | 1.2% | 0.2% | 0.5% | — |
| FCF Yield | 8.0% | 12.7% | 26.2% | 1.3% | 12.0% | — | — | — | — | 0.4% | 0.3% |
| Buyback Yield | 0.8% | 1.3% | 2.3% | 0.2% | 0.0% | 1.1% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.9% | 9.4% | 2.3% | 0.2% | 0.0% | 1.1% | 0.2% | 4.3% | 3.3% | 3.1% | 4.9% |
| Shares Outstanding | — | $168M | $173M | $171M | $140M | $164M | $129M | $129M | $128M | $128M | $128M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TIGO stock.
Millicom International Cellular S.A.'s current P/E ratio is 11.3x. The historical average is 32.9x. This places it at the 32th percentile of its historical range.
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 12.6x.
Millicom International Cellular S.A.'s return on equity (ROE) is 36.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 15.5%.
Based on historical data, Millicom International Cellular S.A. is trading at a P/E of 11.3x. This is at the 32th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Millicom International Cellular S.A.'s current dividend yield is 5.08% with a payout ratio of 57.3%.
Millicom International Cellular S.A. has 77.5% gross margin and 28.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Millicom International Cellular S.A.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Leverage and FX exposure
Discount Anchored to Frontier Risk
TIGO trades at 11.3x trailing earnings versus América Móvil's 15.5x, per reported figures, with a 5.1% dividend yield that appears to compensate for elevated political and FX risk.
The P/E discount to AMX likely reflects the market's pricing of Colombian competition and currency volatility rather than a fundamental earnings gap, as TIGO's ROE of 36.6% (2025Q2) exceeds AMX's 20.4%. The forward P/E of 23.1x suggests the market expects a sharp earnings recovery from the depressed 2026 levels, which may be optimistic given the competitive pressures. The 5.1% dividend yield, while attractive, is only partially covered by operating cash flow in low quarters, as seen in 2025Q4 when OCF covered dividends just 1.4x.
ROE Volatility Masks Regulatory Recovery
Quarterly ROE swung from 19.7% in 2025Q2 to 3.8% in 2026Q2, per reported data, suggesting that one-off gains and FX losses, not regulatory lag, drive the volatility in earned returns.
The 2025Q2 ROE spike appears tied to a one-time gain (net margin of 49.3%), while the 2026 quarters reflect more normalized operations with ROE below 4%. This pattern indicates that TIGO's earned ROE is not a stable indicator of regulatory constructiveness, but rather a function of non-operating items. Investors should focus on the operating margin trend, which has held near 20-28%, as a better gauge of cost recovery in the absence of a formal rate case mechanism.
Margin Stability Masks D&A Absorption
Operating margin improved to 22.5% in 2026Q2 from 20.0% a year earlier, per the income statement, but rising D&A from fiber and 5G CAPEX is absorbing a growing share of revenue.
The margin improvement appears driven by revenue mix and cost discipline rather than pricing power, given the competitive intensity in Colombia. However, D&A rose to $519M in 2026Q2 from $305M in 2024Q2, indicating that the capital-intensive buildout is not yet translating into bottom-line growth. This suggests that cost recovery from new investments is lagging, and investors should monitor whether EBITDA growth can outpace depreciation in coming quarters.
Leverage Tests Credit Headroom
Debt-to-capital rose to 0.83 in 2026Q2 from 0.65 in 2024Q4, per the balance sheet, while interest coverage fell to 1.68x, indicating reduced financial flexibility.
The rising leverage is driven by debt-funded CAPEX and equity erosion, with total debt at $11.9B against $2.5B equity. Interest coverage of 1.68x in 2026Q2 is thin, and with USD-denominated debt, a rising rate environment could further pressure earnings. The FFO/debt ratio of 3.46% is well below investment-grade thresholds, suggesting that TIGO may face refinancing challenges if credit markets tighten.
Payout Coverage Thins at Peaks
Dividend payout spiked to 132.5% of earnings in 2025Q4, per reported figures, while OCF-to-dividend coverage fell to 1.4x, indicating that payouts are not fully covered during low-cash quarters.
The dividend yield of 5.1% is a key return driver, but the payout ratio has been volatile, swinging from 18.5% in 2025Q2 to 132.5% in 2025Q4. This suggests that dividends are not consistently funded by operating cash flow, and the company may be relying on external capital or balance sheet cash to maintain payouts. Given the CAPEX program, investors should monitor whether dividend coverage improves as the fiber buildout matures.
Valuation Discount vs. LatAm Peers
TIGO's EV/EBITDA of 7.79x sits between AMX's 5.86x and LILA's 7.18x, per peer data, but its P/E of 11.3x is below AMX's 15.5x, reflecting a frontier-market risk discount.
The EV/EBITDA multiple appears reasonable given TIGO's higher operating margin (28.2% vs. AMX's 20.4% in 2025Q4), but the P/E discount suggests the market is pricing in higher risk from Colombian competition and FX volatility. TIGO's dividend yield of 5.1% is the highest among peers, which may attract income investors but also signals a higher risk premium. The negative ROE at LILA and TEO highlights the regional volatility, and TIGO's relative stability may justify a premium to those names, though not to AMX.
Misapplied P/E Ignores FX Distortion
Comparing TIGO's P/E to industrial or even telecom peers obscures the impact of FX translation and one-off gains, per reported data, which can distort trailing earnings.
The trailing P/E of 11.3x is based on net income that includes significant one-off gains (e.g., 2025Q2's 49.3% net margin) and FX losses, making it an unreliable valuation anchor. A more appropriate metric is EV/EBITDA, which is less sensitive to non-cash items and capital structure, or a normalized P/E that adjusts for these distortions. Investors should also consider the dividend yield relative to local currency bond yields, as TIGO's 5.1% yield may not fully compensate for currency depreciation risk in markets like Colombia.