NASDAQ : TIGO
Millicom International Cellular S.A. — Financial statements
Communication Services · Telecom Services · Luxembourg
Last price 79.9 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 13.40B
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Financial statements
Millicom International Cellular S.A. (TIGO) reported revenue of 7.25B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 7.25B | 5.82B | 5.80B | 5.66B | 5.62B | 4.26B |
| Cost of Revenue | 1.70B | 1.31B | 1.42B | 1.51B | 1.51B | 1.20B |
| Gross Profit | 5.55B | 4.51B | 4.38B | 4.15B | 4.12B | 3.06B |
| Selling, General & Admin | 2.18B | 1.74B | 1.80B | 1.96B | 1.89B | 1.55B |
| Amortization of Goodwill & Intangibles | 386.00M | 319.00M | 319.00M | 360.00M | 345.00M | 310.00M |
| Other Operating Expenses | 19.00M | -20.00M | -2.00M | -2.00M | -2.00M | -6.00M |
| Operating Expenses | 3.87B | 3.00B | 3.03B | 3.29B | 3.23B | 2.65B |
| Operating Income | 1.67B | 1.51B | 1.35B | 862.00M | 886.00M | 410.00M |
| Interest Expense | -762.00M | -589.00M | -571.00M | -594.00M | -558.00M | -442.00M |
| Interest & Investment Income | 47.00M | 28.00M | 38.00M | 12.00M | 18.00M | 8.00M |
| Earnings From Equity Investments | 72.00M | 103.00M | 54.00M | 39.00M | 32.00M | 170.00M |
| Currency Exchange Gain (Loss) | 118.00M | 71.00M | -43.00M | 31.00M | -84.00M | -42.00M |
| Other Non Operating Income (Expenses) | -317.00M | -227.00M | -126.00M | -95.00M | -46.00M | -73.00M |
| EBT Excluding Unusual Items | 832.00M | 896.00M | 703.00M | 255.00M | 248.00M | 31.00M |
| Merger & Restructuring Charges | -20.00M | -20.00M | -115.00M | -87.00M | ||
| Gain (Loss) on Sale of Investments | 5.00M | -6.00M | 673.00M | |||
| Gain (Loss) on Sale of Assets | 173.00M | 777.00M | 23.00M | 6.00M | 1.00M | 5.00M |
| Asset Writedown | -36.00M | -3.00M | -12.00M | -3.00M | -7.00M | -6.00M |
| Legal Settlements | -88.00M | |||||
| Other Unusual Items | 15.00M | 15.00M | 36.00M | 4.00M | 2.00M | 25.00M |
| Pretax Income | 964.00M | 1.67B | 552.00M | 175.00M | 238.00M | 728.00M |
| Income Tax Expense | 313.00M | 303.00M | 281.00M | 424.00M | 222.00M | 158.00M |
| Earnings From Continuing Operations | 651.00M | 1.36B | 271.00M | -249.00M | 16.00M | 570.00M |
| Earnings From Discontinued Operations | -4.00M | -3.00M | 4.00M | 113.00M | -28.00M | |
| Net Income to Company | 647.00M | 1.36B | 268.00M | -245.00M | 129.00M | 542.00M |
| Minority Interest in Earnings | 18.00M | -46.00M | -15.00M | 163.00M | 48.00M | 48.00M |
| Net Income | 665.00M | 1.32B | 253.00M | -82.00M | 177.00M | 590.00M |
| Net Income to Common | 665.00M | 1.32B | 253.00M | -82.00M | 177.00M | 590.00M |
| Shares Outstanding (Basic) | 167.28M | 167.56M | 171.31M | 171.40M | 139.05M | 101.13M |
| Shares Outstanding (Diluted) | 167.50M | 168.00M | 172.56M | 171.40M | 139.69M | 101.13M |
| EPS (Basic) | 3.98 | 7.85 | 1.48 | -0.48 | 1.27 | 5.83 |
| EPS (Diluted) | 3.97 | 7.83 | 1.46 | -0.48 | 1.27 | 5.83 |
| Free Cash Flow | 1.47B | 1.08B | 1.06B | 409.00M | 484.00M | 216.00M |
| Free Cash Flow Per Share | 8.75 | 6.45 | 6.16 | 2.39 | 3.46 | 2.14 |
| Dividend Per Share | 3.00 | 3.00 | 1.75 | |||
| Gross Margin | 76.55% | 77.47% | 75.53% | 73.38% | 73.22% | 71.91% |
| Operating Margin | 23.10% | 25.95% | 23.28% | 15.23% | 15.75% | 9.62% |
| Profit Margin | 9.18% | 22.62% | 4.36% | -1.45% | 3.15% | 13.85% |
| Free Cash Flow Margin | 20.23% | 18.63% | 18.32% | 7.22% | 8.61% | 5.07% |
| EBITDA | 3.10B | 2.54B | 2.38B | 2.20B | 2.23B | 1.52B |
| EBITDA Margin | 42.73% | 43.67% | 41.02% | 38.86% | 39.63% | 35.74% |
| D&A For EBITDA | 1.42B | 1.03B | 1.03B | 1.34B | 1.34B | 1.11B |
| EBIT | 1.67B | 1.51B | 1.35B | 862.00M | 886.00M | 410.00M |
| EBIT Margin | 23.10% | 25.95% | 23.28% | 15.23% | 15.75% | 9.62% |
| Effective Tax Rate | 32.47% | 18.20% | 50.91% | 242.29% | 93.28% | 21.70% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 861.00M | 1.55B | 699.00M | 775.00M | 1.04B | 895.00M |
| Cash & Short-Term Investments | 861.00M | 1.55B | 699.00M | 775.00M | 1.04B | 895.00M |
| Accounts Receivable | 785.00M | 615.00M | 467.00M | 525.00M | 456.00M | 474.00M |
| Other Receivables | 565.00M | 354.00M | 211.00M | 216.00M | 126.00M | 146.00M |
| Receivables | 1.35B | 969.00M | 678.00M | 741.00M | 582.00M | 620.00M |
| Inventory | 101.00M | 70.00M | 44.00M | 45.00M | 53.00M | 63.00M |
| Prepaid Expenses | 157.00M | 110.00M | 94.00M | 82.00M | 117.00M | 166.00M |
| Restricted Cash | 30.00M | 50.00M | 57.00M | 56.00M | 57.00M | 203.00M |
| Other Current Assets | 304.00M | 233.00M | 809.00M | 217.00M | 217.00M | 304.00M |
| Total Current Assets | 2.80B | 2.98B | 2.38B | 1.92B | 2.06B | 2.25B |
| Property, Plant & Equipment | 7.56B | 5.57B | 3.64B | 4.00B | 3.87B | 4.41B |
| Long-Term Investments | 615.00M | 583.00M | 561.00M | 576.00M | 609.00M | 639.00M |
| Goodwill | 4.26B | 4.09B | 4.11B | 4.06B | 4.10B | |
| Other Intangible Assets | 8.79B | 3.53B | 2.81B | 3.68B | 3.30B | 3.46B |
| Long-Term Deferred Tax Assets | 356.00M | 167.00M | 153.00M | 141.00M | 204.00M | 180.00M |
| Long-Term Deferred Charges | 43.00M | 26.00M | 12.00M | 12.00M | 10.00M | 8.00M |
| Other Long-Term Assets | 504.00M | 123.00M | 83.00M | 83.00M | 76.00M | 99.00M |
| Total Assets | 20.68B | 17.25B | 13.74B | 14.52B | 14.20B | 15.14B |
| Accounts Payable | 988.00M | 603.00M | 405.00M | 452.00M | 458.00M | 421.00M |
| Accrued Expenses | 807.00M | 591.00M | 472.00M | 516.00M | 473.00M | 627.00M |
| Short-Term Debt | 187.00M | 144.00M | 189.00M | 119.00M | 1.83B | |
| Current Portion of Long-Term Debt | 1.16B | 156.00M | 138.00M | 32.00M | 61.00M | 12.00M |
| Current Portion of Leases | 352.00M | 293.00M | 156.00M | 189.00M | 163.00M | 171.00M |
| Current Income Taxes Payable | 134.00M | 142.00M | 122.00M | 93.00M | 86.00M | 128.00M |
| Current Unearned Revenue | 206.00M | 250.00M | 216.00M | 252.00M | 181.00M | 207.00M |
| Other Current Liabilities | 1.53B | 1.17B | 1.46B | 606.00M | 578.00M | 1.09B |
| Total Current Liabilities | 5.18B | 3.39B | 3.11B | 2.33B | 2.12B | 4.49B |
| Long-Term Debt | 7.77B | 6.57B | 5.59B | 6.52B | 6.68B | 5.91B |
| Long-Term Leases | 2.81B | 2.29B | 798.00M | 854.00M | 853.00M | 996.00M |
| Long-Term Unearned Revenue | 13.00M | 23.00M | 31.00M | 32.00M | 46.00M | |
| Long-Term Deferred Tax Liabilities | 239.00M | 149.00M | 149.00M | 140.00M | 148.00M | 214.00M |
| Other Long-Term Liabilities | 2.19B | 1.22B | 487.00M | 1.20B | 735.00M | 753.00M |
| Total Liabilities | 18.19B | 13.63B | 10.16B | 11.07B | 10.56B | 12.40B |
| Common Stock | 253.00M | 253.00M | 258.00M | 258.00M | 258.00M | 153.00M |
| Additional Paid-In Capital | 1.03B | 1.04B | 1.06B | 1.08B | 1.08B | 475.00M |
| Retained Earnings | 2.27B | 3.12B | 2.91B | 2.72B | 2.88B | 2.62B |
| Treasury Stock | -35.00M | -52.00M | -43.00M | -8.00M | -47.00M | -60.00M |
| Comprehensive Income & Other | -1.06B | -715.00M | -559.00M | -518.00M | -575.00M | -610.00M |
| Total Common Equity | 2.46B | 3.64B | 3.63B | 3.53B | 3.60B | 2.58B |
| Minority Interest | 38.00M | -20.00M | -54.00M | -84.00M | 29.00M | 157.00M |
| Shareholders' Equity | 2.49B | 3.62B | 3.57B | 3.44B | 3.63B | 2.74B |
| Total Liabilities & Equity | 20.68B | 17.25B | 13.74B | 14.52B | 14.20B | 15.14B |
| Total Debt | 12.10B | 9.49B | 6.83B | 7.79B | 7.87B | 8.91B |
| Net Cash (Debt) | -11.23B | -7.94B | -6.13B | -7.01B | -6.83B | -8.02B |
| Net Cash Per Share | -67.07 | -47.27 | -35.52 | -40.91 | -48.92 | -79.27 |
| Filing Date Shares Outstanding | 167.71M | 167.09M | 170.24M | 171.73M | 170.88M | 100.20M |
| Total Common Shares Outstanding | 167.71M | 167.09M | 170.24M | 171.73M | 170.88M | 100.20M |
| Working Capital | -2.38B | -407.00M | -733.00M | -413.00M | -54.00M | -2.24B |
| Book Value Per Share | 14.64 | 21.78 | 21.31 | 20.55 | 21.10 | 25.78 |
| Tangible Book Value | -6.34B | -4.16B | -3.28B | -4.26B | -3.76B | -4.97B |
| Tangible Book Value Per Share | -37.80 | -24.88 | -19.27 | -24.78 | -21.98 | -49.65 |
| Land | 348.00M | 358.00M | ||||
| Buildings | 444.00M | 328.00M | 310.00M | |||
| Machinery | 10.18B | 8.77B | 8.92B | 8.07B | 8.51B | |
| Construction In Progress | 376.00M | 370.00M | 394.00M | 418.00M | 428.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 665.00M | 1.32B | 253.00M | -82.00M | 177.00M | 590.00M |
| Depreciation & Amortization | 1.67B | 1.28B | 1.23B | 1.34B | 1.34B | 1.11B |
| Loss (Gain) From Sale of Assets | -102.00M | -778.00M | -23.00M | -5.00M | -125.00M | -682.00M |
| Asset Writedown & Restructuring Costs | 3.00M | 3.00M | 12.00M | 3.00M | 7.00M | 6.00M |
| Loss (Gain) From Sale of Investments | -5.00M | 6.00M | -18.00M | |||
| Loss (Gain) on Equity Investments | -72.00M | -103.00M | -54.00M | -39.00M | -32.00M | -171.00M |
| Stock-Based Compensation | 7.00M | 14.00M | 50.00M | 52.00M | 29.00M | 17.00M |
| Other Operating Activities | 130.00M | 140.00M | 237.00M | 74.00M | -108.00M | 98.00M |
| Change in Accounts Receivable | -198.00M | -210.00M | -6.00M | -180.00M | -118.00M | -98.00M |
| Change in Inventory | 10.00M | -17.00M | 11.00M | 5.00M | 9.00M | |
| Change in Accounts Payable | 131.00M | 89.00M | -92.00M | 47.00M | -37.00M | 6.00M |
| Operating Cash Flow | 2.24B | 1.73B | 1.60B | 1.22B | 1.28B | 956.00M |
| Capital Expenditures | -775.00M | -650.00M | -540.00M | -814.00M | -800.00M | -740.00M |
| Sale of Property, Plant & Equipment | 17.00M | 84.00M | 58.00M | 17.00M | 21.00M | 11.00M |
| Cash Acquisitions | -1.48B | -545.00M | -283.00M | -2.00B | ||
| Divestitures | 235.00M | 781.00M | 5.00M | 152.00M | 30.00M | |
| Sale (Purchase) of Intangibles | -249.00M | -164.00M | -229.00M | -369.00M | -272.00M | -135.00M |
| Investment in Securities | -27.00M | 163.00M | ||||
| Other Investing Activities | 31.00M | 121.00M | 104.00M | 54.00M | 81.00M | -32.00M |
| Investing Cash Flow | -2.25B | -374.00M | -604.00M | -1.12B | -1.10B | -2.70B |
| Long-Term Debt Issued | 1.20B | 604.00M | 362.00M | 1.57B | 3.11B | |
| Long-Term Debt Repaid | -808.00M | -1.57B | -809.00M | -2.28B | -1.47B | |
| Lease Payments | -283.00M | -209.00M | -204.00M | -177.00M | -157.00M | -137.00M |
| Net Debt Issued (Repaid) | 513.00M | 391.00M | -966.00M | -447.00M | -714.00M | 1.64B |
| Issuance of Common Stock | 717.00M | |||||
| Repurchase of Common Stock | -119.00M | -99.00M | -5.00M | -50.00M | ||
| Common Dividends Paid | -920.00M | -754.00M | ||||
| Other Financing Activities | -4.00M | -3.00M | -1.00M | 75.00M | -4.00M | 186.00M |
| Financing Cash Flow | -411.00M | -485.00M | -1.07B | -377.00M | -1.00M | 1.78B |
| Foreign Exchange Rate Adjustments | 10.00M | -14.00M | -8.00M | 6.00M | -11.00M | -10.00M |
| Miscellaneous Cash Flow Adjustments | -11.00M | -8.00M | -24.00M | |||
| Net Cash Flow | -422.00M | 853.00M | -75.00M | -264.00M | 144.00M | 20.00M |
| Free Cash Flow | 1.47B | 1.08B | 1.06B | 409.00M | 484.00M | 216.00M |
| Free Cash Flow Margin | 20.23% | 18.63% | 18.32% | 7.22% | 8.61% | 5.07% |
| Free Cash Flow Per Share | 8.75 | 6.45 | 6.16 | 2.39 | 3.46 | 2.14 |
| Levered Free Cash Flow | 1.88B | 1.38B | 1.22B | 402.50M | 135.00M | 256.00M |
| Unlevered Free Cash Flow | 2.36B | 1.75B | 1.58B | 773.75M | 483.75M | 532.25M |
| Free Cash Flow After Leases | 1.18B | 875.00M | 859.00M | 232.00M | 327.00M | 79.00M |
| Cash Interest Paid | 732.00M | 585.00M | 619.00M | 620.00M | 539.00M | 495.00M |
| Cash Income Tax Paid | 362.00M | 335.00M | 239.00M | 233.00M | 316.00M | 127.00M |
| Change in Working Capital | -57.00M | -138.00M | -98.00M | -122.00M | -150.00M | -83.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.98B | 9.26B | 4.26B | 3.09B | 2.16B | 2.85B |
| Enterprise Value | 24.21B | 16.04B | 10.74B | 10.09B | 9.29B | 8.58B |
| Last Close Price | 77.38 | 52.42 | 20.77 | 14.95 | 10.49 | 18.55 |
| PE Ratio | 19.48 | 7.04 | 16.83 | 12.19 | 4.83 | |
| Forward PE | 13.35 | 14.71 | 8.11 | 8.04 | 14.08 | 20.11 |
| PS Ratio | 1.79 | 1.59 | 0.73 | 0.55 | 0.38 | 0.67 |
| PB Ratio | 5.29 | 2.56 | 1.19 | 0.90 | 0.59 | 1.04 |
| P/FCF Ratio | 8.85 | 8.54 | 4.01 | 7.56 | 4.46 | 13.20 |
| P/OCF Ratio | 5.79 | 5.34 | 2.66 | 2.53 | 1.68 | 2.98 |
| PEG Ratio | 0.38 | 0.80 | 0.30 | 0.30 | 0.30 | 0.30 |
| EV/Sales Ratio | 3.34 | 2.76 | 1.85 | 1.78 | 1.65 | 2.01 |
| EV/EBITDA Ratio | 7.82 | 6.31 | 4.51 | 4.58 | 4.17 | 5.63 |
| EV/EBIT Ratio | 14.46 | 10.62 | 7.95 | 11.70 | 10.48 | 20.92 |
| EV/FCF Ratio | 16.52 | 14.80 | 10.10 | 24.66 | 19.19 | 39.70 |
| Debt / Equity Ratio | 4.85 | 2.62 | 1.91 | 2.26 | 2.17 | 3.25 |
| Debt / EBITDA Ratio | 3.61 | 3.40 | 2.64 | 3.54 | 3.53 | 5.85 |
| Debt / FCF Ratio | 8.25 | 8.76 | 6.42 | 19.04 | 16.27 | 41.26 |
| Net Debt / Equity Ratio | 4.51 | 2.19 | 1.72 | 2.04 | 1.88 | 2.93 |
| Net Debt / EBITDA Ratio | 3.63 | 3.13 | 2.57 | 3.19 | 3.07 | 5.26 |
| Net Debt / FCF Ratio | 7.66 | 7.33 | 5.77 | 17.14 | 14.12 | 37.12 |
| Asset Turnover | 0.41 | 0.38 | 0.41 | 0.39 | 0.38 | 0.31 |
| Inventory Turnover | 19.43 | 23.00 | 31.91 | 30.75 | 25.97 | 23.94 |
| Quick Ratio | 0.43 | 0.74 | 0.44 | 0.65 | 0.77 | 0.34 |
| Current Ratio | 0.54 | 0.88 | 0.77 | 0.82 | 0.97 | 0.50 |
| Return on Equity (ROE) | 21.73% | 37.87% | 7.72% | -7.03% | 0.50% | 22.74% |
| Return on Assets (ROA) | 5.87% | 6.09% | 5.98% | 3.75% | 3.77% | 1.86% |
| Return on Invested Capital (ROIC) | 8.19% | 11.62% | 6.58% | -11.72% | 0.56% | 3.42% |
| Return on Capital Employed (ROCE) | 10.80% | 10.90% | 12.70% | 7.10% | 7.30% | 3.80% |
| Earnings Yield | 5.13% | 14.21% | 5.94% | -2.65% | 8.20% | 20.70% |
| FCF Yield | 11.30% | 11.70% | 24.96% | 13.23% | 22.43% | 7.58% |
| Dividend Yield | 5.82% | 5.41% | 7.00% | |||
| Payout Ratio | 113.28% | 57.29% | ||||
| Buyback Yield / Dilution | 1.91% | 2.64% | -0.68% | -22.70% | -38.13% | 0.04% |
| Total Shareholder Return | 7.73% | 8.05% | 6.32% | -22.70% | -38.13% | 0.04% |