Millicom vs Veon
Millicom reported revenue of $5.8 billion in fiscal 2025, 1.3 times Veon's $4.4 billion in fiscal 2025. Millicom's revenue grew 0.3% in its latest year, and Veon's grew 9.9%. Millicom had an operating margin of 28.2%, against 32.7% at Veon.
Side by side
| Millicom | Veon | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $5.8B | $4.4B |
| Revenue growth | 0.3% | 9.9% |
| Revenue growth a year, last 5 years | 8.9% | 4.8% |
| Gross margin | 77.5% | — |
| Operating margin | 28.2% | 32.7% |
| Net margin | 22.6% | 13.4% |
| Free cash flow | $1.1B | — |
| Free cash flow margin | 18.6% | — |
| Return on capital | 15.2% | 36.4% |
| Net debt to EBITDA | 1.8x | 0.6x |
| Dividends and buybacks | $873M | $172M |
| Change in diluted share count | −2.6% | −0.9% |
| Last close | $83.24 | $77.57 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | sold $8.2 million | bought $1.1 million, sold $0 |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
MillicomVeon
Operating margin
Percent of revenue
MillicomVeon
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
MillicomVeon