Millicom Intl Cellular S A Financials
Millicom Intl Cellular S A (TIGO) reported $5.8B in revenue for fiscal year 2025, up 0.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Millicom’s cash-producing operating model stayed steady, while FY2025’s earnings surge outran both reported revenue and cash.
In the last two years, revenue stayed near$5.8B and free cash flow stayed near$1.1B . That makes the jump in net income from$268M to$1.4B look more like an accounting uplift outside day-to-day cash generation than a wholesale change in the operating engine.
The business has become a steady cash converter, with operating cash flow above
The balance sheet is less conservative than the cash flow alone suggests: cash reached
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Millicom Intl Cellular S A's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Millicom Intl Cellular S A, and counted as zero in the overall score.
Millicom Intl Cellular S A's revenue grew a modest 0.3% year-over-year to $5.8B. This slow but positive growth earns a score of 36/100.
Millicom Intl Cellular S A has a moderate D/E ratio of 0.63. This balance of debt and equity financing earns a leverage score of 55/100.
Millicom Intl Cellular S A's current ratio of 0.88 is below the typical benchmark, resulting in a score of 15/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Millicom Intl Cellular S A converts 18.6% of revenue into free cash flow ($1.1B). This strong cash generation earns a score of 81/100.
Not available for Millicom Intl Cellular S A, and counted as zero in the overall score.
Millicom Intl Cellular S A passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Millicom Intl Cellular S A generates $1.27 in operating cash flow ($1.7B OCF vs $1.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Millicom Intl Cellular S A generated $5.8B in revenue in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Millicom Intl Cellular S A reported $1.4B in net income in fiscal year 2025. This represents an increase of 408.2% from the prior year.
Millicom Intl Cellular S A earned $7.83 per diluted share (EPS) in fiscal year 2025. This represents an increase of 429.1% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Millicom Intl Cellular S A generated $1.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 2.0% from the prior year.
Millicom Intl Cellular S A held $1.6B in cash against $2.3B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Millicom Intl Cellular S A's net profit margin was 23.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 18.8 percentage points from the prior year.
Millicom Intl Cellular S A's ROE was 37.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 30.1 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Millicom Intl Cellular S A spent $128.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 77.8% from the prior year.
Millicom Intl Cellular S A invested $650.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 20.4% from the prior year.
Not reported for fiscal year 2025.
TIGO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.8B+0.3% | $5.8B+2.5% | $5.7B+0.7% | $5.6B+32.0% | $4.3B+12.0% | $3.8B-12.2% | $4.3B+9.9% | $3.9B+0.3% | $3.9B-2.6% | $4.0B |
| Interest Expense | $182.0M+49.2% | $122.0M+4.3% | $117.0M-5.6% | $124.0M+9.7% | $113.0M+0.9% | $112.0M-28.7% | $157.0M+72.5% | $91.0M+40.0% | $65.0M | N/A |
| Income Tax | $303.0M+7.8% | $281.0M-33.7% | $424.0M+91.0% | $222.0M+40.5% | $158.0M+119.4% | $72.0M-40.0% | $120.0M+7.1% | $112.0M-30.9% | $162.0M-9.5% | $179.0M |
| Net Income | $1.4B+408.2% | $268.0M+209.4% | -$245.0M-289.9% | $129.0M-76.2% | $542.0M+240.8% | -$385.0M-350.0% | $154.0M+692.3% | -$26.0M-137.7% | $69.0M+176.7% | -$90.0M |
| EPS (Diluted) | $7.83+429.1% | $1.48 | -$0.50 | $0.46 | $4.79 | -$2.20-339.1% | $0.92+300.0% | $0.23-14.8% | $0.27 | -$0.12 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income.
TIGO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $17.3B+25.6% | $13.7B-5.4% | $14.5B+2.2% | $14.2B-6.2% | $15.1B+21.9% | $12.4B-3.7% | $12.9B+25.0% | $10.3B+9.0% | $9.5B-1.7% | $9.6B |
| Current Assets | $3.0B+70.1% | $1.8B-8.5% | $1.9B-7.3% | $2.1B-8.3% | $2.3B-2.4% | $2.3B-13.0% | $2.7B+73.9% | $1.5B-3.8% | $1.6B | N/A |
| Cash & Equivalents | $1.6B+122.0% | $699.0M-9.8% | $775.0M-25.4% | $1.0B+16.1% | $895.0M+2.3% | $875.0M-24.8% | $1.2B+120.5% | $528.0M-14.7% | $619.0M-4.2% | $646.0M |
| Inventory | $70.0M+59.1% | $44.0M-2.2% | $45.0M-15.1% | $53.0M-15.9% | $63.0M+70.3% | $37.0M+15.6% | $32.0M-17.9% | $39.0M-13.3% | $45.0M | N/A |
| Goodwill | $4.3B+4.2% | $4.1B-0.3% | $4.1B+1.2% | $4.1B-1.0% | $4.1B+147.0% | $1.7B-1.5% | $1.7B+57.5% | $1.1B+78.5% | $599.0M-55.9% | $1.4B |
| Total Liabilities | $13.6B+34.1% | $10.2B-8.2% | $11.1B+4.8% | $10.6B-14.8% | $12.4B+22.2% | $10.1B-0.7% | $10.2B+35.8% | $7.5B+21.6% | $6.2B-1.2% | $6.3B |
| Current Liabilities | $3.4B+41.1% | $2.4B+3.2% | $2.3B+9.9% | $2.1B-52.8% | $4.5B+72.0% | $2.6B+7.9% | $2.4B-9.7% | $2.7B+34.5% | $2.0B | N/A |
| Long-Term Debt | $2.3B+187.3% | $798.0M-6.6% | $854.0M+0.1% | $853.0M-14.4% | $996.0M+11.0% | $897.0M-9.2% | $988.0M | N/A | $3.8B | N/A |
| Total Equity | $3.6B+1.3% | $3.6B+3.7% | $3.4B-5.2% | $3.6B+32.6% | $2.7B+20.5% | $2.3B-15.1% | $2.7B-4.0% | $2.8B-14.9% | $3.3B-2.6% | $3.4B |
| Retained Earnings | N/A | N/A | N/A | N/A | $2.0B-14.6% | $2.4B+6.4% | $2.2B-12.3% | $2.5B-14.1% | $3.0B | N/A |
Not reported in any period shown, so not listed: Accounts Receivable.
TIGO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.7B+8.2% | $1.6B+31.1% | $1.2B-4.8% | $1.3B+34.3% | $956.0M+16.4% | $821.0M+2.5% | $801.0M+1.1% | $792.0M-3.4% | $820.0M-6.6% | $878.0M |
| Capital Expenditures | $650.0M+20.4% | $540.0M-33.7% | $814.0M+1.8% | $800.0M+8.1% | $740.0M+19.0% | $622.0M-15.5% | $736.0M+16.5% | $632.0M-2.8% | $650.0M-9.6% | $719.0M |
| Free Cash Flow | $1.1B+2.0% | $1.1B+159.9% | $409.0M-15.5% | $484.0M+124.1% | $216.0M+8.5% | $199.0M+206.2% | $65.0M-59.4% | $160.0M-5.9% | $170.0M+6.9% | $159.0M |
| Investing Cash Flow | -$374.0M+38.1% | -$604.0M+45.9% | -$1.1B-1.1% | -$1.1B+59.2% | -$2.7B-446.1% | -$495.0M+67.0% | -$1.5B-25.3% | -$1.2B-226.7% | -$367.0M+33.5% | -$552.0M |
| Financing Cash Flow | -$485.0M+54.5% | -$1.1B-182.8% | -$377.0M-37600.0% | -$1.0M-100.1% | $1.8B+397.2% | -$598.0M-144.1% | $1.4B+297.4% | $341.0M+173.5% | -$464.0M-5.2% | -$441.0M |
| Dividends Paid | $754.0M | $0 | $0 | $0 | $0 | $0-100.0% | $268.0M+0.8% | $266.0M+0.4% | $265.0M0.0% | $265.0M |
| Share Buybacks | $128.0M+77.8% | $72.0M+620.0% | $10.0M+233.3% | $3.0M-94.4% | $54.0M+237.5% | $16.0M+100.0% | $8.0M+33.3% | $6.0M+100.0% | $3.0M0.0% | $3.0M |
TIGO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 23.4%+18.8pp | 4.6%+8.9pp | -4.3%-6.6pp | 2.3%-10.4pp | 12.7%+22.8pp | -10.1%-13.7pp | 3.5%+4.2pp | -0.7%-2.4pp | 1.8%+4.0pp | -2.2% |
| Return on Equity | 37.6%+30.1pp | 7.5%+14.6pp | -7.1%-10.7pp | 3.5%-16.2pp | 19.8%+36.7pp | -16.9%-22.7pp | 5.8%+6.7pp | -0.9%-3.0pp | 2.1%+4.8pp | -2.7% |
| Return on Assets | 7.9%+5.9pp | 1.9%+3.6pp | -1.7%-2.6pp | 0.9%-2.7pp | 3.6%+6.7pp | -3.1%-4.3pp | 1.2%+1.4pp | -0.3%-1.0pp | 0.7%+1.7pp | -0.9% |
| Current Ratio | 0.88+0.1x | 0.73-0.1x | 0.82-0.2x | 0.97+0.5x | 0.50-0.4x | 0.88-0.2x | 1.10+0.5x | 0.57-0.2x | 0.80 | N/A |
| Debt-to-Equity | 0.63+0.4x | 0.220.0x | 0.250.0x | 0.23-0.1x | 0.360.0x | 0.390.0x | 0.37-2.3x | 2.69+1.5x | 1.15-0.7x | 1.86 |
| FCF Margin | 18.6%+0.3pp | 18.3%+11.1pp | 7.2%-1.4pp | 8.6%+3.5pp | 5.1%-0.2pp | 5.2%+3.7pp | 1.5%-2.6pp | 4.0%-0.3pp | 4.3%+0.4pp | 3.9% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin.
Note: The current ratio is below 1.0 (0.88), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Millicom Intl Cellular S A Ranks
Frequently Asked Questions
What is Millicom Intl Cellular S A's annual revenue?
Millicom Intl Cellular S A (TIGO) reported $5.8B in total revenue for fiscal year 2025. This represents a 0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Millicom Intl Cellular S A's revenue growing?
Millicom Intl Cellular S A (TIGO) revenue grew by 0.3% year-over-year, from $5.8B to $5.8B in fiscal year 2025.
Is Millicom Intl Cellular S A profitable?
Yes, Millicom Intl Cellular S A (TIGO) reported a net income of $1.4B in fiscal year 2025, with a net profit margin of 23.4%.
How much debt does Millicom Intl Cellular S A have?
As of fiscal year 2025, Millicom Intl Cellular S A (TIGO) had $1.6B in cash and equivalents against $2.3B in long-term debt.
What is Millicom Intl Cellular S A's net profit margin?
Millicom Intl Cellular S A (TIGO) had a net profit margin of 23.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Millicom Intl Cellular S A's return on equity (ROE)?
Millicom Intl Cellular S A (TIGO) has a return on equity of 37.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Millicom Intl Cellular S A's free cash flow?
Millicom Intl Cellular S A (TIGO) generated $1.1B in free cash flow during fiscal year 2025. This represents a 2.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Millicom Intl Cellular S A's operating cash flow?
Millicom Intl Cellular S A (TIGO) generated $1.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Millicom Intl Cellular S A's total assets?
Millicom Intl Cellular S A (TIGO) had $17.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Millicom Intl Cellular S A's capital expenditures?
Millicom Intl Cellular S A (TIGO) invested $650.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Millicom Intl Cellular S A's current ratio?
Millicom Intl Cellular S A (TIGO) had a current ratio of 0.88 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Millicom Intl Cellular S A's debt-to-equity ratio?
Millicom Intl Cellular S A (TIGO) had a debt-to-equity ratio of 0.63 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Millicom Intl Cellular S A's return on assets (ROA)?
Millicom Intl Cellular S A (TIGO) had a return on assets of 7.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Millicom Intl Cellular S A's Piotroski F-Score?
Millicom Intl Cellular S A (TIGO) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Millicom Intl Cellular S A's earnings high quality?
Millicom Intl Cellular S A (TIGO) has an earnings quality ratio of 1.27x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Millicom Intl Cellular S A?
Millicom Intl Cellular S A (TIGO) scores 31 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.