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Stocks · Communication · Radiotelephone Communications

MILLICOM INTERNATIONAL CELLULAR SA

TIGO Clue Score59
Luxembourg Fiscal year ends December CIK 0000912958
$79.48 -9.63% Close, 9 Oct 2026
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Price $79.48 +126.83% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue4.04Operating income0.49Net income−0.03EPS, diluted−0.32Fiscal year 2017Revenue3.94 −2.6%Operating income0.63Net income0.09EPS, diluted0.86Fiscal year 2018Revenue3.95 +0.3%Operating income0.64Net income−0.01 −111.5%EPS, diluted−0.10 −111.6%Fiscal year 2019Revenue4.34 +9.9%Operating income0.58Net income0.15EPS, diluted1.48Fiscal year 2020Revenue3.81 −12.2%Operating income0.40Net income−0.34 −330.9%EPS, diluted−2.67 −280.4%Fiscal year 2021Revenue4.26 +12.0%Operating income0.62Net income0.59EPS, diluted4.57Fiscal year 2022Revenue5.62 +32.0%Operating income0.92Net income0.18 −70.0%EPS, diluted1.27 −72.2%Fiscal year 2023Revenue5.66 +0.7%Operating income0.83Net income−0.08 −146.3%EPS, diluted−0.48 −137.8%Fiscal year 2024Revenue5.80 +2.5%Operating income1.34Net income0.25EPS, diluted1.46Fiscal year 2025Revenue5.82 +0.3%Operating income1.64Net income1.32 +420.2%EPS, diluted7.83 +436.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 4.04 3.94 3.95 4.34 3.81 4.26 5.62 5.66 5.80 5.82
Growth −2.6% +0.3% +9.9% −12.2% +12.0% +32.0% +0.7% +2.5% +0.3%
Operating income 0.49 0.63 0.64 0.58 0.40 0.62 0.92 0.83 1.34 1.64
Net income −0.03 0.09 −0.01 0.15 −0.34 0.59 0.18 −0.08 0.25 1.32
Growth −111.5% −330.9% −70.0% −146.3% +420.2%
EPS, diluted −0.32 0.86 −0.10 1.48 −2.67 4.57 1.27 −0.48 1.46 7.83
Growth −111.6% −280.4% −72.2% −137.8% +436.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin70.9%Operating margin12.1%Net margin−0.8%Free cash flow margin3.9%Fiscal year 2017Gross margin70.3%Operating margin16.1%Net margin2.2%Free cash flow margin4.3%Fiscal year 2018Gross margin71.7%Operating margin16.2%Net margin−0.3%Free cash flow margin4.1%Fiscal year 2019Gross margin72.3%Operating margin13.3%Net margin3.4%Free cash flow margin1.5%Fiscal year 2020Gross margin72.1%Operating margin10.6%Net margin−9.0%Free cash flow margin5.2%Fiscal year 2021Gross margin71.9%Operating margin14.5%Net margin13.8%Free cash flow margin5.1%Fiscal year 2022Gross margin73.2%Operating margin16.3%Net margin3.1%Free cash flow margin8.6%Fiscal year 2023Operating margin14.6%Net margin−1.4%Free cash flow margin7.2%Fiscal year 2024Operating margin23.1%Net margin4.4%Free cash flow margin18.3%Fiscal year 2025Operating margin28.2%Net margin22.6%Free cash flow margin18.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 70.9% 70.3% 71.7% 72.3% 72.1% 71.9% 73.2% n/a n/a n/a
Operating margin 12.1% 16.1% 16.2% 13.3% 10.6% 14.5% 16.3% 14.6% 23.1% 28.2%
Net margin −0.8% 2.2% −0.3% 3.4% −9.0% 13.8% 3.1% −1.4% 4.4% 22.6%
Free cash flow margin 3.9% 4.3% 4.1% 1.5% 5.2% 5.1% 8.6% 7.2% 18.3% 18.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.88Capital expenditure−0.72Free cash flow0.16Fiscal year 2017Operating cash flow0.82Capital expenditure−0.65Free cash flow0.17 +6.9%Fiscal year 2018Operating cash flow0.79Capital expenditure−0.63Free cash flow0.16 −5.9%Buybacks0.00Fiscal year 2019Operating cash flow0.80Capital expenditure−0.74Free cash flow0.07 −59.4%Buybacks0.00Fiscal year 2020Operating cash flow0.82Capital expenditure−0.62Free cash flow0.20 +206.2%Buybacks−0.01Fiscal year 2021Operating cash flow0.96Capital expenditure−0.74Free cash flow0.22 +8.5%Buybacks−0.05Fiscal year 2022Operating cash flow1.28Capital expenditure−0.80Free cash flow0.48 +124.1%Buybacks0.00Fiscal year 2023Operating cash flow1.22Capital expenditure−0.81Free cash flow0.41 −15.5%Buybacks−0.01Fiscal year 2024Operating cash flow1.60Capital expenditure−0.54Free cash flow1.06 +159.9%Buybacks−0.10Dividends paid−0.17Fiscal year 2025Operating cash flow1.73Capital expenditure−0.65Free cash flow1.08 +2.0%Buybacks−0.12Dividends paid−1.05
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.88 0.82 0.79 0.80 0.82 0.96 1.28 1.22 1.60 1.73
Capital expenditure −0.72 −0.65 −0.63 −0.74 −0.62 −0.74 −0.80 −0.81 −0.54 −0.65
Free cash flow 0.16 0.17 0.16 0.07 0.20 0.22 0.48 0.41 1.06 1.08
Growth +6.9% −5.9% −59.4% +206.2% +8.5% +124.1% −15.5% +159.9% +2.0%
Buybacks n/a n/a 0.00 0.00 −0.01 −0.05 0.00 −0.01 −0.10 −0.12
Dividends paid n/a n/a n/a n/a n/a n/a n/a n/a −0.17 −1.05

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.65Shareholders’ equity3.37Fiscal year 2017Cash0.62Total debt3.74Net cash (debt)−3.12Shareholders’ equity3.10Debt to equity1.21Fiscal year 2018Cash0.53Total debt4.29Net cash (debt)−3.76Shareholders’ equity2.54Debt to equity1.69Fiscal year 2019Cash1.16Total debt5.92Net cash (debt)−4.75Shareholders’ equity2.41Debt to equity2.45Fiscal year 2020Cash0.88Total debt5.63Net cash (debt)−4.76Shareholders’ equity2.06Debt to equity2.74Fiscal year 2021Cash0.90Total debt5.92Net cash (debt)−5.02Shareholders’ equity2.58Debt to equity2.29Fiscal year 2022Cash1.04Total debt6.69Net cash (debt)−5.65Shareholders’ equity3.61Debt to equity1.85Fiscal year 2023Cash0.78Total debt6.51Net cash (debt)−5.73Shareholders’ equity3.53Debt to equity1.84Fiscal year 2024Cash0.70Total debt5.67Net cash (debt)−4.97Shareholders’ equity3.63Debt to equity1.56Fiscal year 2025Cash1.55Total debt6.70Net cash (debt)−5.15Shareholders’ equity3.64Debt to equity1.84
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.65 0.62 0.53 1.16 0.88 0.90 1.04 0.78 0.70 1.55
Total debt n/a 3.74 4.29 5.92 5.63 5.92 6.69 6.51 5.67 6.70
Net cash (debt) n/a −3.12 −3.76 −4.75 −4.76 −5.02 −5.65 −5.73 −4.97 −5.15
Shareholders’ equity 3.37 3.10 2.54 2.41 2.06 2.58 3.61 3.53 3.63 3.64
Debt to equity n/a 1.21 1.69 2.45 2.74 2.29 1.85 1.84 1.56 1.84

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
70.9% 70.3% 71.7% 72.3% 72.1% 71.9% 73.2% n/a n/a n/a
12.1% 16.1% 16.2% 13.3% 10.6% 14.5% 16.3% 14.6% 23.1% 28.2%
2.7% 4.4% 3.0% 5.0% −6.6% 17.1% 4.2% 3.1% 9.5% 28.6%
−0.8% 2.2% −0.3% 3.4% −9.0% 13.8% 3.1% −1.4% 4.4% 22.6%
3.9% 4.3% 4.1% 1.5% 5.2% 5.1% 8.6% 7.2% 18.3% 18.6%
Spending
17.8% 16.5% 16.0% 17.0% 16.3% 17.4% 14.2% 14.4% 9.3% 11.2%
164.2% 94.2% 94.1% 55.0% n/a 21.7% 93.3% 242.3% 50.9% 18.2%
Returns
−1.0% 2.8% −0.4% 6.2% −16.7% 22.8% 4.9% −2.3% 7.0% 36.2%
−0.3% 0.9% −0.1% 1.2% −2.8% 3.9% 1.2% −0.6% 1.8% 7.6%
Balance and payout
n/a 1.21 1.69 2.45 2.74 2.29 1.85 1.84 1.56 1.84
65.0% 65.3% 72.9% 79.2% 81.7% 81.9% 74.4% 76.3% 74.0% 79.0%
n/a n/a n/a n/a n/a n/a n/a n/a 68.4% 79.8%
n/a n/a 0.0% 0.0% 5.0% 23.1% 0.0% 1.2% 25.6% 107.8%