Millicom

TIGO · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

TIGO · Last close · November 6, 2026

$83.24

Millicom's revenue rose 0.3% to $5.8 billion in fiscal 2025. Its operating margin was 28.2%, up from 23.1% a year earlier. Free cash flow was $1.1 billion, up 2.0%. It paid out $873 million in dividends and buybacks, 81% of free cash flow. The diluted share count fell 2.6%.

MILLICOM INTERNATIONAL CELLULAR SA Latest fiscal year ended December 31, 2025 20-F filed March 24, 2026 · 0001628280-26-020831 Updated November 5, 2026

Revenue

$5.8B

0.3%

Operating margin

28.2%

5.1 pts

Net income

$1.3B

420.2%

Free cash flow

$1.1B

2.0%

Return on capital

15.2%

7.8 pts

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

About these figures. Millicom is a foreign company: it files an annual report on Form 20-F, prepared under international accounting standards (IFRS), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.

What Millicom does

Millicom provides mobile and home internet and TV services in eleven countries in Latin America, mostly under the Tigo and Tigo Business brands, which it has used in all its markets since 2004. It sells to consumers, businesses and governments. Its services include mobile data and voice, mobile financial services, broadband, cable and satellite TV, fixed voice, and business solutions.

It reports its results by country. Its reportable segments are Guatemala, Colombia, Panama, Bolivia, Honduras and Paraguay, plus an Other group that holds El Salvador, Nicaragua, Costa Rica, Uruguay and Ecuador. It offers both mobile and fixed services in ten countries, and fixed services only in Costa Rica. It runs some operations through joint ventures with local partners. Uruguay and Ecuador were added through acquisitions in the last quarter of 2025.

It also owns network assets: around 2,000 towers, 12 data centers and more than 200,000 kilometers of fiber. After deals in 2025 it has far fewer towers than the more than 9,000 it ran in the past. It had about 15,000 employees at the end of 2025.

Its biggest risks, as it describes them

Fast technology change that needs large investments which may not pay off.
Rising costs for TV content and programming that it may not be able to pass on to customers.
Limited, closely regulated and costly radio spectrum.
Licenses that could be suspended, revoked or tied to extra obligations.
Network failures from disasters, sabotage or cyber attacks, and heavy regulation of the market.

From Millicom's annual report on Form 20-F, filed March 24, 2026, in our words; the 20-F has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2025, earnings per share grew 31.8% a year and net income 40.4% a year, as new shares raised the share count by 67% and diluted each share's earnings.

Diluted earnings per share

US$ per ordinary share, fiscal years; loss years in red. One US-listed ADS can stand for several ordinary shares.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	895	1,039	775	699	1,552
Debt incl. finance leases	7,744	6,804	6,696	5,815	6,886
Net debt (negative means net cash)	6,849	5,765	5,921	5,116	5,334
Net debt to EBITDA	4.0x	2.5x	2.7x	2.0x	1.8x
Debt to equity	3.0x	1.9x	1.9x	1.6x	1.9x
Interest coverage	1.2x	1.5x	1.2x	1.9x	2.3x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	7.9%	20.8%	18.9%
Altman Z''	—	—	—
Accruals ratio	−9.1%	−9.6%	−2.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Millicom side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Millicom	FY25	0.3%	28.2%	18.6%	15.2%	1.8x	—
Veon	FY25	9.9%	32.7%	—	36.4%	0.6x	—	Compare
EchoStar	FY25	−5.2%	−118.1%	−7.1%	−39.9%	—	1	Compare
Telus	FY25	0.6%	11.5%	10.4%	3.4%	4.5x	6	Compare
Rogers Communications	FY25	5.4%	45.2%	10.1%	15.0%	2.7x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,043	3,936	3,946	4,336	3,805	4,261	5,624	5,661	5,804	5,819
Revenue growth	—	−2.6%	0.2%	9.9%	−12.2%	12.0%	32.0%	0.7%	2.5%	0.3%
Gross profit	2,868	2,767	2,829	3,135	2,745	3,063	4,118	4,154	4,384	4,508
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	490	632	640	575	402	619	915	826	1,342	1,639
Net income	−32	87	−10	149	−344	590	177	−82	253	1,316
Diluted EPS (US$)	−0.32	0.86	−0.10	1.48	−2.67	4.57	1.27	−0.48	1.46	7.83
Diluted shares (millions)	100	100	101	101	129	129	140	171	173	168
Cash flow
Cash from operations	878	820	792	801	821	956	1,284	1,223	1,603	1,734
Capital expenditure	719	650	632	736	622	740	800	814	540	650
Free cash flow	159	170	160	65	199	216	484	409	1,063	1,084
Dividends paid	265	265	266	268	0	0	0	0	0	754
Share buybacks	3	3	0	0	10	50	0	5	99	119
Acquisitions	0	22	953	1,014	10	2,000	283	0	0	545
Stock-based compensation	14	22	22	30	24	17	29	52	50	14
Balance sheet at fiscal year end
Cash and short-term investments	646	619	528	1,535	1,035	895	1,039	775	699	1,552
Debt incl. finance leases	—	3,785	4,580	5,972	5,691	7,744	6,804	6,696	5,815	6,886
Total assets	9,627	9,464	10,313	12,895	12,422	15,141	14,198	14,516	13,737	17,253
Total liabilities	6,258	6,183	7,521	10,215	10,148	12,401	10,565	11,071	10,163	13,633
Shareholders' equity	3,368	3,096	2,542	2,410	2,059	2,583	3,605	3,529	3,628	3,640
Margins and ratios
Gross margin	70.9%	70.3%	71.7%	72.3%	72.1%	71.9%	73.2%	73.4%	75.5%	77.5%
Operating margin	12.1%	16.1%	16.2%	13.3%	10.6%	14.5%	16.3%	14.6%	23.1%	28.2%
Net margin	−0.8%	2.2%	−0.2%	3.4%	−9.0%	13.8%	3.1%	−1.4%	4.4%	22.6%
Free cash flow margin	3.9%	4.3%	4.0%	1.5%	5.2%	5.1%	8.6%	7.2%	18.3%	18.6%
Rule of 40 (growth + FCF margin)	—	1.7%	4.3%	11.4%	−7.0%	17.1%	40.6%	7.9%	20.8%	18.9%
Return on capital	—	—	4.8%	4.1%	4.5%	5.9%	4.8%	4.4%	7.4%	15.2%
Return on equity	—	2.7%	−0.3%	6.0%	−15.4%	25.4%	5.7%	−2.3%	7.1%	36.2%
Return on assets	—	0.9%	−0.1%	1.3%	−2.7%	4.3%	1.2%	−0.6%	1.8%	8.5%
Net debt to EBITDA	—	2.2x	2.8x	2.6x	3.1x	4.0x	2.5x	2.7x	2.0x	1.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Millicom's Form 20-F filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Millicom.