TIGONasdaqRadiotelephone CommunicationsFiscal year ends December 31Also trades as MLCMF
MILLICOM INTERNATIONAL CELLULAR SA
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 24, 2026
$79.28−3.58 (-4.33%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 10.1
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
77.5%+5.3 pts over 5 years
Operating margin
28.2%+17.6 pts over 5 years
Net margin
22.6%+31.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +0.3% | +1.1% | +8.9% | – | |
| Gross profit | +2.8% | +3.1% | +10.4% | – | |
| Operating income | +22.1% | +21.4% | +32.5% | – | |
| Net income | +420.2% | +95.2% | – | – | |
| EPS, diluted | +436.3% | +83.4% | – | – | |
| Free cash flow | +2.0% | +30.8% | +40.4% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -15.4% | 36.2% | |
| Return on assets | – | -2.7% | 8.5% | |
| Debt to equity | – | 2.76 | 1.89 | |
| Net debt to EBITDA | – | 2.99× | 1.83× | |
| Interest coverage | 1.3× | 0.7× | 2.3× | |
| Inventory turnover | – | 30.7× | 23.0× | |
| Capex to revenue | 17.8% | 16.3% | 11.2% | |
| Diluted shares | 100M | 129M | 168M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Millicom International Cellular generated $6.80B from operations and spent $5.04B on capital expenditure, dividends and share buybacks. 70% of that went back into the business.
Generated
$6.80B
Used
$5.04B
Capital expenditure$3.54B70%Dividends$1.22B24%Share buybacks$273.00M5%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin22.6%
×Asset turnover0.38×
×Equity multiplier4.26×
=Return on equity, FY202536.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 22.6% | 0.38× | 4.26× | 36.2% |
| FY2024 | 4.4% | 0.41× | 3.95× | 7.1% |
| FY2023 | -1.4% | 0.39× | 4.02× | -2.3% |
| FY2022 | 3.1% | 0.38× | 4.74× | 5.7% |
| FY2021 | 13.8% | 0.31× | 5.94× | 25.4% |
| FY2020 | -9.0% | 0.30× | 5.67× | -15.4% |
| FY2019 | 3.4% | 0.37× | 4.69× | 6.0% |
| FY2018 | -0.3% | 0.40× | 3.51× | -0.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.32B
- Cash generatingOperating cash flow above zero$1.73B
- Return on assets improvedROA up on the prior year1.7% → 9.6%
- Earnings backed by cashOperating cash flow above net income$1.73B vs $1.32B
- Less leverageLong-term debt to assets fell40.3% → 38.0%
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise173M → 168M
- Gross margin improvedGross margin up on the prior year75.53% → 77.47%
- More efficientAsset turnover rose0.40 → 0.42