Millicom International Cellular S.A.

Telecom Services

TIGOStrained8 of 11 basics passed

$79.99

-9.06%

Market cap $13.4B

$79.99

-9.06%

Market cap $13.4B

Millicom offers wireless and fixed-line telecom services primarily in smaller, less developed countries in Latin America.

It is a $13.4B communication services company. Revenue grew 0.3% over the last year, it keeps 23¢ of every dollar of sales as profit, and its net debt equals ~7.7 years of free cash flow. It trades at 20.0× earnings.

Website: millicom.com
Employees: 15 000
Sector: Communication Services

Moved -6.2% on Oct 9, 20262.8σ — unusual for this stock

Share price · 3 years

$15.77 → $79.99+407.2%

price only — dividends excluded

Key facts · FY2025

Revenue: total sales; $5.82B
Profit: keeps 23¢ of every $1 sold; $1.32B
Free cash flow: cash left after running the business; $1.47B
Net debt: debt minus cash on hand; $11.2B
P/E: years of profit in the price; 20.0
EPS: earnings per share, FY2025; $7.85
Dividend: pays out 138% of profit · 63% of FCF; 6.91%
Shares: shares outstanding; 167.7M
Volatility: beta vs the market — under 1 swings less; 0.94

Revenue, last 5 years

52-week range

Low $45.81$79.99High $104.31

Today's price is 58% of the way from the year's low to its high.

Valuation vs own history

P/E

10.1×

65%

P/S

2.3×

10%

EV/EBITDA

16.3×

35%

P/B

5.3×

10%

FCF yield

11.0%

18%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Standing in Communication Services

Size$13.4Btop 64%
Revenue growth+1%top 68%
Net margin9%top 32%
Return on equity21%top 9%
P/E20.0×top 47%
Dividend yield6.91%top 7%

Ranked against 23 Communication Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, growth, profitability and quality; Health lags behind.

Valuation95

P/E vs own history35th pct · 20/25
FCF yield10.9% · 25/25
P/S1.8x · 25/25
EV/EBITDA6.9x · 25/25

Growth82

Revenue CAGR8.1% · 12/25
Net income CAGR22.2% · 25/25
EPS CAGR ~5Y22.8% · 25/25
Fwd implied growth24.2% · 20/25

Profitability82

ROIC9.6% · 12/25
ROE21.2% · 20/25
Net margin22.6% · 25/25
Operating margin25.9% · 25/25

Health21

Altman Z0.98 · 3/25
Current ratio0.53 · 0/25
Interest coverage5.2x · 18/25
Net cash / debtD/A 54% · 0/25

Quality85

Piotroski F5/9 · 15/25
Beneish M-2.78 · 25/25
FCF conversion111% · 25/25
Margin stabilityσ 5.9% · 20/25

Moat55

ROIC >12% years0/5 yrs · 0/25
Median gross margin73.4% · 25/25
FCF-positive years5/5 yrs · 25/25
Worst-year net marginworst -1.4% · 5/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$1.32B net income
FY2021Financial
First recorded profitable year
$590M net income
FY2021Financial
Revenue already above $1B
$4.26B in first reported year
FY2021Financial
Positive free cash flow every year since
5-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$21 890 today — price return only

$5.8B revenue in FY2025

Positive free cash flow 5 years in a row

15 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (76.6%)
Strongly profitable — 22.6% net margin
Strong cash conversion — FCF is 25.2% of revenue
Interest covered 5.2× by operating earnings

Watch-outs

Altman Z-Score 0.98 — elevated financial-distress risk
Net debt would take ~7.7 years of free cash flow to repay
Loss-making in 1 of the recent years
Net debt equals ~7.7 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+0.3% YoY
Profitable — makes more than it spends$1.32B FY2025
Profit growing — earnings are higher than last year+83.2% YoY
Generates cash — cash left after running and investing$1.47B FY2025
Debt under control — could handle its obligations~7.7y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$13.4B market cap
Not printing shares — share count not ballooning — you keep your slice-1.9% shares over ~5y
Proven track record — years of profitability behind it4/5 profitable years
Financially stable — balance sheet not near distressAltman Z 1.0 — distress
Pays a dividend — returns cash to shareholdersyield 6.91%
Valuation not extreme — price not wildly above earningsP/E 20.0

Peer comparisonMillicom International Cellular S.A. vs 6 largest communication services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
TIGO this company	$13.4B	20.0	+0.3%	22.6%	Strained
VZ Verizon Communications	$173.7B	10.6	+1.4%	11.6%	Strained
TMUS T-Mobile US, Inc.	$159.6B	15.1	+9.7%	11.5%	Strained
T AT&T Inc.	$152.3B	7.1	+2.6%	16.9%	Strained
WBD Warner Bros. Discovery, Inc. Series A	$77.6B	106.6	-6.1%	-8.8%	Strained
CMCSA Comcast Corp	$73.4B	6.5	+0.6%	9.0%	Strained
ECHO EchoStar Corporation	$27.7B	—	-5.2%	-38.7%	Mixed

Head-to-head: TIGO vs VZ · TIGO vs TMUS · TIGO vs T

References

What covering analysts publish about the company — information only, not a recommendation.

Hold 8Sell 2Strong sell 3

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $5.82B · net income $1.32B (FY2025)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (FY2025)

$5.82B

YoY 0.3%

Net income (FY2025)

$1.32B

Margin 22.6%

Gross margin

76.6%

Operating margin

25.9%

P/E ratio

20.0

Dividend yield

6.91%

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	4.3	5.6	5.7	5.8	5.8
Gross profit	3.1	4.1	4.2	4.4	4.5
Operating income (EBIT)	0.4	0.9	0.9	1.4	1.5
Net income	0.6	0.2	-0.1	0.3	1.3
EPS (diluted)	3.45	1.03	-0.48	1.51	7.85

Cash flowFree cash flow $1.47B · operating cash flow $2.24B (FY2025)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (FY2025)

$1.47B

Margin 25.2%

Operating cash flow (FY2025)

$2.24B

FY basis

FCF margin

25.2%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	1.3	1.2	1.6	1.7	2.2
Capital expenditure	-0.8	-0.8	-0.5	-0.7	-0.8
Free cash flow	0.5	0.4	1.1	1.1	1.5
FCF margin	11.4%	7.3%	18.8%	18.7%	25.2%

Balance sheetAssets $20.7B · net debt $11.2B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $20.7B of assets is financed

88%

Liabilities $18.2B — borrowed moneyEquity $2.49B — owners' stake

Cash vs debt

Total debt $12.1B − cash $861M = net debt $11.2B

Cash on hand covers 7% of debt.

Altman Z-Score

0.98

Distress zone

Debt repayment

7.7 yrs

Years of free cash flow to clear net debt

Interest coverage

5.2x

EBIT ÷ interest expense

ROE

21.2%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	1.0	0.8	0.7	1.6	0.9
Total assets	14.2	14.5	13.7	17.3	20.7
Total liabilities	10.6	11.1	10.2	13.6	18.2
Total debt	7.9	7.8	6.8	9.5	12.1
Equity	3.6	3.4	3.6	3.6	2.5
Net debt	6.8	7.0	6.1	7.9	11.2

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of TIGO on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $79.99 · market cap $13.4B.