Millicom International Cellular S.A (TIGO) Balance Sheet

NASDAQ: TIGOAssets, liabilities, debt and equity over 10 years.

TIGO balance sheet, 2025

December 31, 2025 · U.S. dollars

$17.25B assets = $13.63B liabilities + $3.62B equity

Both columns are drawn to the same scale: what TIGO owns equals what it owes plus shareholders’ equity. Hover a block for its value.

TIGO financial health

Current ratio0.88

Tight · current assets cover current liabilities 0.88×

Debt / equity2.60

High leverage · $2.60 of debt for each $1 of equity

Equity / assets21.1%

Balanced · of assets funded by shareholders

Cash / debt16.9%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles70.1%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

TIGO balance sheet trends, 2016–2025

Millicom International Cellular S.A balance sheet trends
Metric	Then	Latest	Change
Total assets	$9.63B2016	$17.25B2025	+6.7%/yr
Total liabilities	$6.26B2016	$13.63B2025	+9.0%/yr
Shareholders’ equity	$3.17B2016	$3.64B2025	+1.6%/yr
Cash & short-term investments	$646.0M2016	$1.60B2025	+10.6%/yr
Total debt	$3.90B2016	$9.47B2025	+10.4%/yr
Net cash (debt)	−$3.25B2016	−$7.87B2025	−$4.6B
Working capital	−$230.0M2016	−$410.0M2025	−$180.0M
Book value per share	$24.782016	$21.662025	−1.5%/yr
Current ratio	0.882016	0.882025	0.00
Debt / equity	1.232016	2.602025	+1.37
Shares outstanding	127.8M2016	168.1M2025	+3.1%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

TIGO assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

TIGO liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

TIGO debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

TIGO balance sheet

Millicom International Cellular S.A annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$1.60B	$699.0M	$775.0M	$1.04B	$895.0M	$1.03B	$1.53B	$528.0M	$619.0M	$646.0M
Cash & equivalents	$1.60B	$699.0M	$775.0M	$1.04B	$895.0M	$875.0M	$1.16B	$528.0M	$619.0M	$646.0M
Short-term investments	—	—	$12.0M	—	$0	$160.0M	$371.0M	—	$145.0M	$145.0M
Receivables	$969.0M	$467.0M	$525.0M	$456.0M	$474.0M	$382.0M	$412.0M	$385.0M	$522.0M	$391.0M
Inventory	$106.0M	$44.0M	$45.0M	$53.0M	$63.0M	$37.0M	$32.0M	$39.0M	$45.0M	$62.0M
Other current assets	$305.0M	$1.17B	$571.0M	$517.0M	$819.0M	$853.0M	$678.0M	$576.0M	$631.0M	$568.0M
Total current assets	$2.98B	$2.38B	$1.92B	$2.06B	$2.25B	$2.31B	$2.66B	$1.53B	$1.82B	$1.67B
Property, plant & equipment (net)	$5.53B	$3.64B	$4.00B	$3.87B	$4.41B	$3.65B	$3.91B	$3.07B	$2.88B	$3.06B
Goodwill & intangible assets	$12.10B	$6.91B	$7.79B	$7.36B	$7.56B	$3.40B	$3.22B	$2.37B	$1.26B	$1.36B
Long-term investments	$583.0M	$561.0M	$576.0M	$590.0M	$618.0M	$2.67B	$2.82B	$3.04B	$3.21B	$3.28B
Other non-current assets	$0	$249.0M	$237.0M	$311.0M	$306.0M	$397.0M	$286.0M	$304.0M	$294.0M	$268.0M
Total assets	$17.25B	$13.74B	$14.52B	$14.20B	$15.14B	$12.42B	$12.89B	$10.31B	$9.46B	$9.63B
Liabilities
Accounts payable	$491.0M	$300.0M	$390.0M	$400.0M	$347.0M	$334.0M	$289.0M	$282.0M	$288.0M	$297.0M
Short-term debt	$622.0M	$438.0M	$410.0M	$343.0M	$2.01B	$236.0M	$293.0M	$457.0M	$185.0M	$80.0M
Deferred revenue	$250.0M	$266.0M	$309.0M	$241.0M	$416.0M	$368.0M	$314.0M	$334.0M	$243.0M	$260.0M
Total current liabilities	$3.39B	$3.12B	$2.33B	$2.12B	$4.49B	$2.61B	$2.42B	$2.68B	$2.07B	$1.90B
Long-term debt	$6.56B	$5.53B	$6.48B	$6.62B	$5.90B	$5.58B	$6.75B	$4.12B	$3.60B	$3.82B
Lease obligations	$2.59B	$954.0M	$1.04B	$1.02B	$1.17B	$1.02B	$1.06B	$0	$365.0M	$295.0M
Other long-term liabilities	$3.69B	$1.51B	$2.27B	$1.82B	$2.01B	$1.96B	$1.01B	$719.0M	$517.0M	$541.0M
Total liabilities	$13.63B	$10.16B	$11.07B	$10.56B	$12.40B	$10.15B	$10.21B	$7.52B	$6.18B	$6.26B
Shareholders' equity
Common stock & paid-in capital	$253.0M	$258.0M	$258.0M	$258.0M	$153.0M	$153.0M	$153.0M	$153.0M	$637.0M	$638.0M
Retained earnings (deficit)	$3.09B	$2.88B	$2.70B	$2.87B	$2.61B	$2.02B	$2.37B	$2.52B	$3.04B	$3.21B
Treasury stock	—	—	—	—	—	—	−$51.0M	−$81.0M	−$106.0M	−$123.0M
Accumulated other comprehensive income	−$689.0M	−$531.0M	−$500.0M	−$559.0M	−$594.0M	−$562.0M	−$544.0M	−$538.0M	−$470.0M	−$562.0M
Minority interest	−$20.0M	−$54.0M	−$84.0M	$29.0M	—	—	—	—	—	—
Total shareholders' equity	$3.64B	$3.63B	$3.53B	$3.60B	$2.58B	$2.06B	$2.41B	$2.54B	$3.28B	$3.17B
Key figures
Total debt	$9.47B	$6.77B	$7.74B	$7.82B	$8.91B	$6.71B	$7.04B	$4.58B	$3.79B	$3.90B
Net cash (debt)	−$7.87B	−$6.07B	−$6.96B	−$6.78B	−$8.02B	−$5.68B	−$5.50B	−$4.05B	−$3.17B	−$3.25B
Working capital	−$410.0M	−$734.0M	−$413.0M	−$55.0M	−$2.23B	−$299.0M	$240.0M	−$1.15B	−$250.0M	−$230.0M
Tangible book value	−$8.46B	−$3.28B	−$4.26B	−$3.76B	−$4.97B	−$1.34B	−$809.0M	$168.0M	$2.02B	$1.81B
Book value per share	$21.66	$21.02	$20.59	$25.81	$15.71	$15.98	$18.71	$19.80	$25.66	$24.78
Shares outstanding	168.1M	172.6M	171.4M	139.7M	164.5M	128.9M	128.8M	128.4M	127.9M	127.8M
Current ratio	0.88	0.76	0.82	0.97	0.50	0.89	1.10	0.57	0.88	0.88
Quick ratio	0.76	0.37	0.56	0.71	0.31	0.54	0.81	0.34	0.55	0.55
Debt / equity	2.60	1.87	2.19	2.17	3.45	3.26	2.92	1.80	1.15	1.23
Equity / assets	21.1%	26.4%	24.3%	25.4%	17.1%	16.6%	18.7%	24.6%	34.7%	32.9%

Millicom International Cellular S.A quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$861.0M	$1.22B	$1.60B	$1.71B	$1.28B	$534.0M	$699.0M	$803.0M	$792.0M	$622.0M	$775.0M	$759.0M
Cash & equivalents	$861.0M	$1.22B	$1.60B	$1.71B	$1.28B	$534.0M	$699.0M	$803.0M	$792.0M	$622.0M	$775.0M	$759.0M
Short-term investments	—	—	—	—	—	—	—	—	−$53.0M	—	$6.0M	—
Receivables	$692.0M	$1.31B	$969.0M	$699.0M	$650.0M	$437.0M	$467.0M	$485.0M	$496.0M	$511.0M	$525.0M	$503.0M
Inventory	$101.0M	$135.0M	$106.0M	$106.0M	$74.0M	$56.0M	$44.0M	$60.0M	$63.0M	$59.0M	$45.0M	$65.0M
Other current assets	$1.09B	$415.0M	$305.0M	$581.0M	$827.0M	$1.19B	$1.17B	$1.45B	$1.48B	$1.55B	$571.0M	$562.0M
Total current assets	$2.75B	$3.07B	$2.98B	$3.10B	$2.83B	$2.22B	$2.38B	$2.79B	$2.83B	$2.74B	$1.92B	$1.89B
Property, plant & equipment (net)	$4.68B	$7.45B	$5.53B	$4.62B	$4.38B	$3.82B	$3.64B	$3.61B	$3.65B	$3.83B	$4.00B	$3.90B
Goodwill & intangible assets	$8.79B	$8.72B	$12.10B	$7.09B	$7.01B	$10.94B	$11.00B	$6.82B	$6.88B	$6.95B	$7.79B	$7.69B
Long-term investments	$615.0M	$608.0M	$583.0M	$527.0M	$565.0M	$565.0M	$561.0M	$610.0M	$599.0M	$589.0M	$576.0M	$579.0M
Other non-current assets	$3.85B	$895.0M	$0	$257.0M	$210.0M	$0	$0	$236.0M	$234.0M	$242.0M	$237.0M	$400.0M
Total assets	$20.68B	$20.75B	$17.25B	$15.59B	$15.00B	$13.66B	$13.74B	$14.07B	$14.19B	$14.35B	$14.52B	$14.46B
Liabilities
Accounts payable	$809.0M	$724.0M	$491.0M	$400.0M	$340.0M	$330.0M	$405.0M	$277.0M	$306.0M	$312.0M	$390.0M	$325.0M
Short-term debt	$1.45B	$1.56B	$622.0M	$656.0M	$556.0M	$409.0M	$438.0M	$432.0M	$408.0M	$652.0M	$410.0M	$409.0M
Deferred revenue	$206.0M	$211.0M	$250.0M	$87.0M	$95.0M	$104.0M	—	$127.0M	$126.0M	$109.0M	$309.0M	$167.0M
Total current liabilities	$5.16B	$5.03B	$3.39B	$3.35B	$3.19B	$2.92B	$3.11B	$2.88B	$2.93B	$3.19B	$2.33B	$2.17B
Long-term debt	$7.65B	$7.39B	$6.56B	$5.82B	$5.56B	$5.52B	$5.53B	$5.93B	$6.18B	$6.09B	$6.48B	$6.49B
Lease obligations	$3.16B	$3.10B	$2.59B	$2.18B	$2.02B	$1.35B	$954.0M	$1.08B	$1.08B	$1.14B	$1.04B	$1.02B
Other long-term liabilities	$5.36B	$5.15B	$3.69B	$3.12B	$2.76B	$1.88B	$1.52B	$1.53B	$1.49B	$1.55B	$2.27B	$2.21B
Total liabilities	$18.18B	$17.58B	$13.63B	$12.28B	$11.50B	$10.31B	$10.16B	$10.34B	$10.60B	$10.84B	$11.07B	$10.86B
Shareholders' equity
Common stock & paid-in capital	$253.0M	$253.0M	$253.0M	$253.0M	$253.0M	$258.0M	$258.0M	$258.0M	$258.0M	$258.0M	$258.0M	$258.0M
Retained earnings (deficit)	$2.27B	$2.89B	$3.09B	$2.83B	$3.06B	$2.95B	$2.88B	$3.02B	$2.89B	$2.82B	$2.70B	$2.85B
Accumulated other comprehensive income	−$1.06B	−$1.00B	−$689.0M	−$730.0M	−$762.0M	−$741.0M	−$532.0M	−$525.0M	−$519.0M	−$525.0M	−$500.0M	−$528.0M
Minority interest	$38.0M	$32.0M	−$20.0M	−$33.0M	−$39.0M	—	—	—	—	—	—	—
Total shareholders' equity	$2.53B	$3.14B	$3.64B	$3.34B	$3.54B	$3.39B	$3.63B	$3.81B	$3.68B	$3.60B	$3.53B	$3.64B
Key figures
Total debt	$11.90B	$11.72B	$9.47B	$8.44B	$7.93B	$7.12B	$6.86B	$7.25B	$7.47B	$7.68B	$7.74B	$7.74B
Net cash (debt)	−$11.04B	−$10.51B	−$7.87B	−$6.73B	−$6.64B	−$6.58B	−$6.16B	−$6.45B	−$6.68B	−$7.06B	−$6.96B	−$6.98B
Working capital	−$2.41B	−$1.96B	−$410.0M	−$253.0M	−$354.0M	−$698.0M	−$733.0M	−$89.0M	−$98.0M	−$451.0M	−$413.0M	−$279.0M
Tangible book value	−$6.26B	−$5.58B	−$8.46B	−$3.75B	−$3.47B	−$7.55B	−$7.37B	−$3.01B	−$3.20B	−$3.35B	−$4.26B	−$4.05B
Book value per share	$15.07	$18.73	$21.67	$19.89	$21.10	$19.92	$21.01	$22.04	$21.27	$20.92	$20.54	$21.03
Shares outstanding	168.0M	167.5M	168.0M	168.1M	167.6M	170.0M	172.7M	172.7M	172.9M	172.3M	171.8M	173.2M
Current ratio	0.53	0.61	0.88	0.92	0.89	0.76	0.76	0.97	0.97	0.86	0.82	0.87
Quick ratio	0.30	0.50	0.76	0.72	0.61	0.33	0.37	0.45	0.44	0.35	0.56	0.58
Debt / equity	4.70	3.74	2.60	2.53	2.24	2.10	1.89	1.91	2.03	2.13	2.19	2.12
Equity / assets	12.2%	15.1%	21.1%	21.4%	23.6%	24.8%	26.4%	27.1%	25.9%	25.1%	24.3%	25.2%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 24, 2026); data from EODHD.

TIGO financial position

At the end of fiscal 2025 (December 31, 2025), Millicom International Cellular S.A had total assets of $17.3 billion (up 25.6% from a year earlier), total liabilities of $13.6 billion and shareholders' equity of $3.6 billion. It held $1.6 billion in cash and short-term investments against $9.5 billion of debt, net debt of $7.9 billion. Its current ratio was 0.88. In the latest quarter (ended June 30, 2026) total assets were $20.7 billion and equity $2.5 billion.

Related: TIGO income statement, TIGO cash flow statement, TIGO key metrics. See the TIGO stock overview for the latest quote and news.

TIGO balance sheet FAQ

What are Millicom International Cellular S.A's total assets?

Millicom International Cellular S.A reported total assets of $17.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $13.7 billion a year earlier.

How much debt does Millicom International Cellular S.A have?

Millicom International Cellular S.A had $9.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.60.

How much cash does Millicom International Cellular S.A have?

Millicom International Cellular S.A held $1.6 billion in cash and short-term investments at the end of fiscal 2025; with $9.5 billion of debt that is net debt of $7.9 billion.

What is Millicom International Cellular S.A's book value?

Millicom International Cellular S.A's shareholders' equity (book value) was $3.6 billion at the end of fiscal 2025, or $21.66 per share.

What is Millicom International Cellular S.A's current ratio?

Millicom International Cellular S.A had current assets of $3.0 billion and current liabilities of $3.4 billion, a current ratio of 0.88 (current liabilities exceed current assets).

How much goodwill does Millicom International Cellular S.A have?

Millicom International Cellular S.A carried $12.1 billion of goodwill and intangible assets, 70.1% of total assets, at the end of fiscal 2025.