Millicom International Cellular S.A (TIGO) Key Metrics
TIGO valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $13.90B
- Enterprise value
- $26.44B
- P/E (TTM)
- 20.9 10-yr median 17.1
- Forward P/E
- 10.0
- PEG ratio
- 0.32
- Price / sales
- 1.9 10-yr median 1.1
- Price / book
- 6.3 10-yr median 1.8
- EV / EBITDA
- 8.0 10-yr median 5.9
- Dividend yield
- 3.62% $3.00 a year
- Beta
- 0.90
TIGO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTIGO valuation Price multiples at each fiscal year-end price.
TIGO returns How much profit the business earns on the capital it uses.
TIGO per-share figures Results divided by the shares outstanding at year-end.
TIGO financial health Debt, liquidity and how easily interest is covered.
TIGO efficiency & capital use Working capital cycle and where the cash goes.
TIGO valuation history
TIGO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TIGO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TIGO cash returned to shareholders
TIGO price vs earnings per share
TIGO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $9.32B | $4.32B | $3.09B | $1.76B | $4.68B | $5.00B | $6.21B | — | — | — |
| Enterprise value | $17.19B | $10.39B | $10.05B | $8.55B | $12.70B | $10.67B | $11.71B | — | — | — |
| P/E ratio | 7.1 | 17.1 | — | 31.0 | 7.9 | — | 82.8 | — | — | — |
| Price / sales | 1.6 | 0.7 | 0.5 | 0.3 | 1.1 | 1.2 | 1.4 | — | — | — |
| Price / book | 2.6 | 1.2 | 0.9 | 0.5 | 1.8 | 2.4 | 2.6 | — | — | — |
| Price / free cash flow | 7.9 | 3.8 | 77.1 | 8.3 | 97.5 | — | — | — | — | — |
| Price / operating cash flow | 5.1 | 2.6 | 2.5 | 1.4 | 4.9 | 6.1 | 7.8 | — | — | — |
| EV / sales | 3.0 | 1.8 | 1.8 | 1.5 | 3.0 | 2.6 | 2.7 | — | — | — |
| EV / EBITDA | 6.1 | 4.4 | 4.6 | 4.0 | 5.9 | 7.8 | 6.8 | — | — | — |
| EV / free cash flow | 14.5 | 9.2 | 251.3 | 40.3 | 264.5 | — | — | — | — | — |
| Earnings yield | 14.1% | 5.9% | −2.7% | 3.2% | 12.6% | −6.9% | 1.2% | — | — | — |
| Free cash flow yield | 12.7% | 26.2% | 1.3% | 12.0% | 1.0% | −0.1% | −1.7% | — | — | — |
| Dividend yield | 8.1% | 0.0% | 8.1% | 0.0% | 0.0% | 2.7% | 4.3% | — | — | — |
| Shareholder yield (dividends + buybacks) | 9.4% | 2.3% | 8.3% | 1.2% | 1.1% | 2.9% | 4.3% | — | — | — |
| Share price at fiscal year-end | $55.44 | $25.01 | $18.00 | $12.63 | $28.45 | $38.78 | $48.23 | — | — | — |
| Per share | ||||||||||
| Revenue per share | $34.62 | $33.63 | $33.03 | $40.26 | $25.91 | $32.37 | $33.66 | $30.74 | $31.88 | $32.12 |
| Earnings per share | $7.83 | $1.47 | −$0.48 | $0.41 | $3.59 | −$2.67 | $0.58 | $0.15 | $0.37 | −$0.35 |
| Operating cash flow per share | $10.91 | $9.67 | $7.14 | $9.19 | $5.81 | $6.37 | $6.22 | $6.17 | $6.41 | $6.87 |
| Free cash flow per share | $7.04 | $6.54 | $0.23 | $1.52 | $0.29 | −$0.02 | −$0.82 | $0.09 | $0.29 | $0.13 |
| Cash per share | $9.53 | $4.05 | $4.52 | $7.44 | $5.44 | $8.03 | $11.91 | $4.11 | $4.84 | $5.05 |
| Book value per share | $21.66 | $21.02 | $20.59 | $25.81 | $15.71 | $15.98 | $18.71 | $19.80 | $25.66 | $24.78 |
| Tangible book value per share | −$50.35 | −$19.01 | −$24.83 | −$26.89 | −$30.25 | −$10.43 | −$6.28 | $1.31 | $15.77 | $14.15 |
| Dividends per share | $4.49 | $0.00 | $1.46 | $0.00 | $0.00 | $1.05 | $2.08 | $2.07 | $2.07 | $2.07 |
| Capex per share | $3.87 | $3.13 | $6.90 | $7.67 | $5.52 | $6.39 | $7.04 | $6.08 | $6.12 | $6.74 |
| Debt per share | $56.35 | $39.23 | $45.16 | $55.98 | $54.18 | $52.08 | $54.61 | $35.67 | $29.60 | $30.52 |
| Shares outstanding | 168.1M | 172.6M | 171.4M | 139.7M | 164.5M | 128.9M | 128.8M | 128.4M | 127.9M | 127.8M |
| Change in shares outstanding | −2.6% | +0.7% | +22.7% | −15.1% | +27.6% | +0.0% | +0.3% | +0.4% | +0.0% | +0.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 36.2% | 7.1% | −2.3% | 1.8% | 25.4% | −15.4% | 3.0% | 0.7% | 1.5% | −1.4% |
| Return on invested capital (ROIC) | 12.6% | 6.6% | 3.7% | 4.4% | 3.5% | 2.4% | 3.0% | 3.1% | 3.4% | 2.9% |
| Return on assets (ROA) | 8.5% | 1.8% | −0.6% | 0.4% | 4.3% | −2.7% | 0.6% | 0.2% | 0.5% | −0.4% |
| Return on tangible assets | 25.5% | 3.7% | −1.2% | 0.8% | 7.8% | −3.8% | 0.8% | 0.2% | 0.6% | −0.5% |
| Free cash flow margin | 20.3% | 19.5% | 0.7% | 3.8% | 1.1% | −0.1% | −2.4% | 0.3% | 0.9% | 0.4% |
| Income quality (OCF / net income) | 1.39 | 6.60 | — | 22.53 | 1.62 | — | 10.68 | 41.68 | 17.45 | — |
| Financial health | ||||||||||
| Total debt | $9.47B | $6.77B | $7.74B | $7.82B | $8.91B | $6.71B | $7.04B | $4.58B | $3.79B | $3.90B |
| Cash & short-term investments | $1.60B | $699.0M | $775.0M | $1.04B | $895.0M | $1.03B | $1.53B | $528.0M | $619.0M | $646.0M |
| Net debt | $7.87B | $6.07B | $6.96B | $6.78B | $8.02B | $5.68B | $5.50B | $4.05B | $3.17B | $3.25B |
| Debt / equity | 2.60 | 1.87 | 2.19 | 2.17 | 3.45 | 3.26 | 2.92 | 1.80 | 1.15 | 1.23 |
| Debt / assets | 0.55 | 0.49 | 0.53 | 0.55 | 0.59 | 0.54 | 0.55 | 0.44 | 0.40 | 0.41 |
| Net debt / EBITDA | 2.79 | 2.57 | 3.19 | 3.14 | 3.71 | 4.12 | 3.18 | 3.13 | 2.34 | 2.60 |
| Current ratio | 0.88 | 0.76 | 0.82 | 0.97 | 0.50 | 0.89 | 1.10 | 0.57 | 0.88 | 0.88 |
| Quick ratio | 0.85 | 0.75 | 0.80 | 0.95 | 0.49 | 0.87 | 1.09 | 0.56 | 0.86 | 0.85 |
| Interest coverage | 2.3 | 1.9 | 1.1 | 1.5 | 0.8 | 0.4 | 0.8 | 1.1 | 1.2 | 1.1 |
| Working capital | −$410.0M | −$734.0M | −$413.0M | −$55.0M | −$2.23B | −$299.0M | $240.0M | −$1.15B | −$250.0M | −$230.0M |
| Invested capital | $11.51B | $9.70B | $10.49B | $10.39B | $10.60B | $7.74B | $7.91B | $6.59B | $6.45B | $6.42B |
| Tangible asset value | −$8.48B | −$3.33B | −$4.34B | −$3.73B | −$4.82B | −$1.13B | −$538.0M | $419.0M | $2.02B | $2.01B |
| Net current asset value | −$10.65B | −$7.78B | −$9.15B | −$8.50B | −$10.15B | −$7.84B | −$7.56B | −$5.99B | −$4.37B | −$4.59B |
| Graham number | $61.77 | $26.34 | — | $15.39 | $35.60 | — | $15.65 | $8.12 | $14.57 | — |
| Graham net-net per share | −$66.94 | −$52.69 | −$57.64 | −$65.55 | −$67.61 | −$68.35 | −$64.84 | −$52.06 | −$40.28 | −$41.38 |
| Capital allocation | ||||||||||
| Dividends paid | $754.0M | $0 | $251.0M | $0 | $0 | $135.0M | $268.0M | $266.0M | $265.0M | $265.0M |
| Share buybacks (net) | $119.0M | $99.0M | $5.0M | $22.0M | $50.0M | $10.0M | — | — | — | — |
| Dividend payout ratio | 57.3% | 0.0% | — | 0.0% | 0.0% | — | 357.3% | — | 563.8% | — |
| Dividends + buybacks / free cash flow | 73.8% | 8.8% | 640.0% | 10.4% | 104.2% | — | — | — | 716.2% | — |
| Capex / revenue | 11.2% | 9.3% | 20.9% | 19.1% | 21.3% | 19.8% | 20.9% | 19.8% | 19.2% | 21.0% |
| Capex / operating cash flow | 35.5% | 32.4% | 96.7% | 83.5% | 95.0% | 100.4% | 113.2% | 98.5% | 95.5% | 98.2% |
| Capex / depreciation | 0.51 | 0.44 | 0.88 | 0.79 | 0.82 | 0.68 | 0.82 | 0.94 | 0.89 | 0.98 |
| Stock-based compensation / revenue | 0.2% | 0.9% | 0.9% | 0.5% | 0.4% | 0.6% | 0.7% | 0.6% | 0.6% | 0.3% |
| SG&A / revenue | 17.1% | 18.6% | 20.3% | 18.9% | 23.4% | 21.0% | 20.7% | 27.2% | 25.7% | 27.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 45.0 | 31.2 | 31.6 | 30.2 | 36.7 | 34.7 | 33.5 | 41.9 | 40.9 | 35.3 |
| Days of inventory on hand | 20.9 | 11.4 | 5.2 | 14.1 | 6.6 | 4.4 | 4.6 | 6.3 | 7.8 | 12.6 |
| Days payables outstanding | 110.1 | 88.7 | 41.7 | 90.5 | 44.6 | 39.8 | 37.3 | 43.0 | 42.8 | 55.8 |
| Cash conversion cycle (days) | -44.2 | -46.0 | -4.9 | -46.3 | -1.4 | -0.7 | 0.9 | 5.3 | 5.9 | -8.0 |
| Receivables turnover | 8.10 | 11.70 | 11.54 | 12.09 | 9.96 | 10.51 | 10.88 | 8.70 | 8.93 | 10.34 |
| Payables turnover | 3.31 | 4.12 | 8.76 | 4.03 | 8.18 | 9.17 | 9.80 | 8.49 | 8.54 | 6.54 |
| Inventory turnover | 17.48 | 31.91 | 70.59 | 25.97 | 55.70 | 82.78 | 78.79 | 57.60 | 46.67 | 29.06 |
| Asset turnover | 0.38 | 0.41 | 0.39 | 0.38 | 0.31 | 0.33 | 0.37 | 0.40 | 0.43 | 0.41 |
| Average receivables | $718.0M | $496.0M | $490.5M | $465.0M | $428.0M | $397.0M | $398.5M | $453.5M | $456.5M | $397.0M |
| Average payables | $395.5M | $345.0M | $395.0M | $373.5M | $340.5M | $311.5M | $285.5M | $285.0M | $292.5M | $315.5M |
| Average inventory | $75.0M | $44.5M | $49.0M | $58.0M | $50.0M | $34.5M | $35.5M | $42.0M | $53.5M | $71.0M |
| Intangibles / total assets | 70.1% | 50.3% | 53.6% | 51.8% | 49.9% | 27.4% | 25.0% | 23.0% | 13.4% | 14.1% |
Computed from TIGO's annual financial statements (latest annual report filed March 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TIGO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Millicom International Cellular S.A traded at 7.1 times earnings, against a 10-year median of 17.1. Based on the latest twelve months, the trailing P/E is 20.9 and the forward P/E is 10.0. Millicom International Cellular S.A earned a return on equity of 36.2% and a return on invested capital of 12.6% in fiscal 2025. It ended the year with $9.5 billion of debt and $1.6 billion in cash and short-term investments, net debt of $7.9 billion. It returned $873.0 million to shareholders: $754.0 million in dividends and $119.0 million in share buybacks, 74% of free cash flow. The share count rose 31.5% from 127.8M to 168.1M over 9 years.
See the TIGO income statement, the TIGO chart for price history, or the TIGO stock overview for the latest quote and news.
TIGO key metrics FAQ
What is Millicom International Cellular S.A's P/E ratio?
Millicom International Cellular S.A's trailing P/E ratio is 20.9 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 10.0. At the end of fiscal 2025 it was 7.1, compared with a 10-year median of 17.1.
What is Millicom International Cellular S.A's EV/EBITDA?
Millicom International Cellular S.A's enterprise value was 6.1 times EBITDA at the end of fiscal 2025 (enterprise value $17.2 billion, EBITDA $2.8 billion); the current EV/EBITDA is 8.0.
What is Millicom International Cellular S.A's return on equity?
Millicom International Cellular S.A's return on equity (ROE) was 36.2% in fiscal 2025: net income of $1.3 billion on average shareholders' equity of $3.6 billion.
What is Millicom International Cellular S.A's ROIC?
Millicom International Cellular S.A's return on invested capital was 12.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Millicom International Cellular S.A have?
Millicom International Cellular S.A had total debt of $9.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.60 and $7.9 billion of net debt (2.79 times EBITDA).
What is Millicom International Cellular S.A's dividend yield?
Millicom International Cellular S.A's forward dividend yield is 3.62%. Millicom International Cellular S.A paid $754.0 million in dividends in fiscal 2025 ($4.49 per share), a payout ratio of 57.3%.
Does Millicom International Cellular S.A buy back its shares?
Yes. Millicom International Cellular S.A spent $119.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.6% over the year, to 168.1M..
What is Millicom International Cellular S.A's free cash flow yield?
Millicom International Cellular S.A generated $1.2 billion of free cash flow in fiscal 2025, a free cash flow yield of 12.7% on its market value at year-end ($9.3 billion).
What is Millicom International Cellular S.A's current ratio?
Millicom International Cellular S.A's current ratio was 0.88 at the end of fiscal 2025: current assets were 0.88 times current liabilities.