Millicom International Cellular S.A. (TIGO) Financial Ratios
30 years of historical data (1996–2025) · Communication Services · Telecommunications Services
EV/EBITDA
↓
7.54
↑+41% vs avg
5yr avg: 5.36
30Y Low3.7·High45.5
P/FCF
↓
11.95
↓-51% vs avg
5yr avg: 24.29
30Y Low1.1·High81.4
P/B Ratio
↑
3.92
↑+185% vs avg
5yr avg: 1.37
30Y Low0.5·High20.5
ROE
↑
36.6%
↓+174% vs avg
5yr avg: 13.4%
30Y Low-85%·High99%
Debt/EBITDA
↓
3.24
↓-14% vs avg
5yr avg: 3.77
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 10.8x earnings, 32% below its 5-year average of 15.7x, sitting at the 32nd percentile of its historical range. Compared to the Communication Services sector median P/E of 15.3x, the stock trades at a discount of 30%. On a free-cash-flow basis, the stock trades at 12.0x P/FCF, 51% below the 5-year average of 24.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.1B | $9.3B | $4.3B | $3.1B | $1.8B | $4.7B | $5.0B | $6.2B | $8.2B | $8.6B | $5.4B |
| Enterprise Value | $22.0B | $17.2B | $10.4B | $10.1B | $8.5B | $12.7B | $10.8B | $12.1B | $12.2B | $12.1B | $8.7B |
| P/E Ratio → | 10.78 | 7.08 | 17.01 | — | 30.95 | 7.93 | — | 82.86 | 430.14 | 183.38 | — |
| P/S Ratio | 2.43 | 1.60 | 0.74 | 0.54 | 0.31 | 1.10 | 1.20 | 1.43 | 2.07 | 2.11 | 1.32 |
| P/B Ratio | 3.92 | 2.57 | 1.21 | 0.90 | 0.49 | 1.71 | 2.20 | 2.32 | 2.93 | 2.63 | 1.61 |
| P/FCF | 11.95 | 7.88 | 3.82 | 77.13 | 8.32 | — | — | — | — | 232.96 | 338.29 |
| P/OCF | 7.72 | 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
TIGO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Millicom International Cellular S.A.'s enterprise value stands at 7.5x EBITDA, 41% above its 5-year average of 5.4x. The Communication Services sector median is 9.6x, placing the stock at a 22% discount on an enterprise-value basis.
| 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 | 7.54 | 5.89 | 4.03 | 4.76 | 3.75 | 8.36 | 7.48 | 7.90 | 10.09 | 9.51 | 6.90 |
| EV / EBIT | 13.43 | 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 |
TIGO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Millicom International Cellular S.A. earns an operating margin of 28.2%, significantly above the Communication Services sector average of 1.6%. Operating margins have expanded from 13.7% to 28.2% over the past 3 years, signaling improving operational efficiency. Return on equity of 36.6% is exceptionally high. ROIC of 11.6% represents solid returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
TIGO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Millicom International Cellular S.A. carries a Debt/EBITDA ratio of 3.2x, which is moderately leveraged (10% below the sector average of 3.6x). Net debt stands at $7.9B ($9.5B total debt minus $1.6B cash).
| 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 | — | — | 1.97 | 1.19 | 1.29 | 2.14 | 0.28 | 1.14 | 1.28 | 1.34 | 1.06 |
TIGO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.88x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.6B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.82x to 0.88x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
TIGO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Millicom International Cellular S.A. returns 6.2% to shareholders annually — split between a 5.3% dividend yield and 0.8% buyback yield. A payout ratio of 57.3% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 9.3% (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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.3% | 8.1% | — | — | — | — | — | 4.3% | 3.3% | 3.1% | 4.9% |
| Payout Ratio | 57.3% | 57.3% | — | — | — | — | — | 357.3% | 1400.0% | 563.8% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.3% | 14.1% | 5.9% | — | 3.2% | 12.6% | — | 1.2% | 0.2% | 0.5% | — |
| FCF Yield | 8.4% | 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 | 6.2% | 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 |
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 | 10.8 | 7.5 | 12.0 | 77.5% | 28.2% | 36.6% | 11.6% | 3.2 |
 AMX | $80B | 17.8 | 6.4 | 11.4 | 42.9% | 21.0% | 18.1% | 11.2% | 2.6 |
 TKC | $5B | 12.7 | 94.0 | 10.5 | 28.7% | 17.0% | 0.5% | 0.7% | 1.4 |
 LILA | $961M | -1.6 | 6.3 | 3.1 | 67.5% | 16.2% | -45.5% | 5.6% | 5.7 |
 TEO | $6B | -51.0 | 4.3 | — | 75.4% | 10.3% | -2.7% | 6.8% | 1.5 |
 VIV | $20B | 17.2 | 5.4 | 9.4 | 40.4% | 15.2% | 8.7% | 7.6% | 1.3 |
 T | $154B | 7.2 | 6.9 | 7.9 | 79.8% | 19.2% | 17.6% | 6.7% | 3.9 |
 VZ | $191B | 11.2 | 7.8 | 9.5 | 45.6% | 21.2% | 16.6% | 8.0% | 4.2 |
 TMUS | $197B | 18.7 | 9.7 | 19.0 | 47.6% | 21.2% | 18.2% | 8.1% | 3.8 |
 TU | $18B | 22.7 | 8.5 | 10.9 | 33.8% | 11.5% | 6.7% | 3.9% | 4.9 |
 ERIC | $35B | 13.6 | 8.9 | 11.8 | 48.1% | 13.8% | 26.3% | 22.3% | 1.2 |
| Communication Services Median | — | 15.3 | 9.6 | 11.4 | 48.5% | 1.6% | 2.0% | 2.6% | 3.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into TIGO consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
TIGO — 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 10.8x. The historical average is 32.9x. This places it at the 32th 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 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.6x.
What is Millicom International Cellular S.A.'s ROE?
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%.
Is TIGO stock overvalued?
Based on historical data, Millicom International Cellular S.A. is trading at a P/E of 10.8x. This is at the 32th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Millicom International Cellular S.A.'s dividend yield?
Millicom International Cellular S.A.'s current dividend yield is 5.31% with a payout ratio of 57.3%.
What are Millicom International Cellular S.A.'s profit margins?
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.
How much debt does Millicom International Cellular S.A. have?
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.