Loading…
Operates wireless and cable/broadband telecom services under the Tigo brand across Central and South America.
Operates wireless and cable/broadband telecom services under the Tigo brand across Central and South America.
Most mobile customers prepay in small top-ups, while home broadband and cable are billed monthly, with the mix shifting toward fixed lines as it lays more fiber. Revenue is earned in local currencies across many countries. Xavier Niel's Atlas Investissement is the largest shareholder.
In one line: A regional Latin American telecom operator.
Moat: narrow (scale, regulatory licence, brand). Leading or co-leading network positions in several smaller Latin American markets under the Tigo brand.
Headquarters: Luxembourg · Founded: 1990 · Employees: 14,962
Size Millicom International Cellular (TIGO) is a United States Communication Services company (Wireless Telecommunications) with a market value of $13.9B, the 632nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $83.24 on 6 Nov 2026.
Performance Over six months the shares gained 3.5%, against -11.3% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 29.1% over the last twelve months (peer median +6.5%); the operating margin is 23.0% (peer median 15.4%).
Valuation It trades at 22.9× forward earnings against a peer median of 13.3× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.0 points above its cost of capital (7.7% WACC).
Backlog Backlog (remaining performance obligations) was $120M at 31 Dec 2025, up 33% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Millicom International Cellular has 4 bonds outstanding ($2.36B), rated Ba3 by the agencies and trading like BB at a weighted spread of 202 bp.
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.24B | $5.82B | $5.80B | $5.66B | $5.62B |
| Revenue growth | — | 0% | +3% | +1% | — |
| Gross profit | $3.87B | $2.78B | $2.60B | $2.20B | $2.28B |
| EBITDA | $3.34B | $2.75B | $2.47B | $2.11B | $2.23B |
| Net income | $665M | $1.32B | $253M | -$82.0M | $57.0M |
| Free cash flow | $1.59B | $1.18B | $1.13B | $472M | $494M |
| Capital expenditure | $1.03B | $814M | $769M | $1.18B | $1.07B |
| Total debt | $11.9B | $9.47B | $6.77B | $7.74B | $7.82B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Millicom International Cellular TIGO | $13.9B | +3% | +29% | 23% | 22.9× | 3.6% |
| America Movil SAB de CV Sponsored ADR AMX | $78.5B | -5% | +16% | 22% | 13.5× | -7.3% |
| Telefonica TEF.MC | $21.4B | -16% | -11% | 5% | 10.8× | 11.7% |
| Liberty Latin America LILA | $1.73B | +72% | +1% | 17% | n/a | 0.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TIGO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.4% | +1.0% | 7th lowest of 21 |
| 6-month return | +3.5% | -11.3% | 7th highest of 21 |
| Distance from 52-week high | -22.3% | -22.3% | 11th highest of 21 |
| Revenue growth (TTM) | +29.1% | +6.5% | highest of 21 |
| Operating margin | 23.0% | 15.4% | 6th highest of 21 |
| Forward P/E | 22.9× | 13.3× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 3.6% | 2.6% | 10th most demanding of 20 |
| Growth delivered (Del g) | +6.9% | +3.0% | 6th highest of 20 |
| Hurdle (Req g minus delivered) | -3.3 pp | -3.0 pp | 9th least demanding of 20 |
| ROIC minus cost of capital | +2.0 pp | +1.3 pp | 9th highest of 21 |
| EV / EBITDA | 7.5× | 6.9× | 6th most expensive of 19 |
| Net debt / EBITDA | 3.3× | 1.8× | 5th most indebted of 20 |
| Bond spread | 202 bp | 94 bp | 3rd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Millicom International Cellular TIGO | United States | $13.9B | +3% | +29% | 23% | 22.9× | 3.6% | +6.9% |
| Telecom Italia TIT.MI | Italy | $13.6B | -20% | 0% | 11% | 31.8× | 5.3% | -2.8% |
| Airtel Africa AAF.L | United Kingdom | $13.5B | -33% | +27% | 34% | 14.6× | -1.2% | +10.0% |
| TELUS T.TO | Canada | $14.5B | -27% | -1% | 15% | 17.5× | 2.6% | +5.8% |
| Vodafone Idea IDEA.NS | India | $14.6B | +14% | +3% | -6% | n/a | 29.6% | +1.3% |
| Far Eastone Telecommunications 4904.TW | Taiwan | $12.2B | +17% | +10% | 15% | 26.1× | 3.8% | +6.8% |
| SKTelecom 017670.KS | South Korea | $12.1B | -18% | +2% | 10% | 12.3× | -9.8% | +1.2% |
| Globalstar GSAT | United States | $10.9B | +3% | +8% | 5% | n/a | n/a | n/a |
| Telefonica Brasil SA Sponsored ADR VIV | United States | $18.2B | -27% | +16% | 16% | 10.7× | -3.6% | +5.0% |
| Rogers Communications RCI-B.TO | Canada | $18.3B | -6% | +8% | 23% | 10.7× | 1.1% | +9.3% |
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR TLK | United States | $10.3B | -35% | -3% | 24% | 9.5× | -16.1% | -1.1% |
| Bharti Hexacom BHARTIHEXA.NS | India | $8.84B | +10% | +8% | 29% | 36.6× | 33.4% | +15.2% |
| TIM S.A. Sponsored ADR TIMB | United States | $8.61B | -24% | +14% | 25% | 9.4× | -12.4% | +7.3% |
| Elisa ELISA.HE | Finland | $6.11B | -17% | 0% | 20% | 14.3× | -2.7% | +3.6% |
| TPG Telecom TPG.AX | Australia | $5.58B | +1% | -5% | 8% | 34.8× | 8.1% | +3.0% |
| Orange Polska OPL.WA | Poland | $5.53B | +7% | +5% | 9% | 19.4× | 13.2% | +2.7% |
| Vodafone Group Public VOD.L | United Kingdom | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% | -2.2% |
| Telstra TLS.AX | Australia | $39.0B | -4% | -1% | 16% | 24.2× | 5.6% | +1.2% |
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 11.2× | -4.8% | -9.1% |
| Orange ORA.PA | France | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% | -0.9% |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% | +8.1% |
Millicom International Cellular has 4 bonds outstanding with $2.36B face value. The agencies rate it Ba3; its bonds trade like BB. Weighted yield 6.62%, a spread of 202 bp over government bonds.
Millicom International Cellular reported $120M of remaining performance obligations at 31 Dec 2025, up 33% from a year earlier. That is 0.0 years of trailing revenue already under contract.