Latest Ratios: P/E Ratio 12.1x · EV/EBITDA 8.1x · ROE 36.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.9B | $9.3B | $4.3B | $3.1B | $1.8B | $4.7B | $5.0B | $6.2B | $8.2B | $8.6B | $5.4B |
| Enterprise Value | $23.8B | $17.2B | $10.4B | $10.1B | $8.5B | $12.7B | $10.8B | $12.1B | $12.2B | $12.1B | $8.7B |
| P/E Ratio → | 12.11 | 7.08 | 17.01 | — | 30.95 | 7.93 | — | 82.86 | 430.14 | 183.38 | — |
| P/S Ratio | 2.73 | 1.60 | 0.74 | 0.54 | 0.31 | 1.10 | 1.20 | 1.43 | 2.07 | 2.11 | 1.32 |
| P/B Ratio | 4.40 | 2.57 | 1.21 | 0.90 | 0.49 | 1.71 | 2.20 | 2.32 | 2.93 | 2.63 | 1.61 |
| P/FCF | 13.43 | 7.88 | 3.82 | 77.13 | 8.32 | — | — | — | — | 232.96 | 338.29 |
| P/OCF | 8.67 | 5.08 | 2.59 | 2.52 | 1.37 | 4.89 | 6.09 | 5.99 | 10.32 | 10.51 | 6.16 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.95 | 1.79 | 1.78 | 1.52 | 2.98 | 2.60 | 2.79 | 3.10 | 2.98 | 2.11 |
| EV / EBITDA | 8.14 | 5.89 | 4.03 | 4.76 | 3.75 | 8.36 | 7.48 | 7.90 | 10.09 | 9.51 | 6.90 |
| EV / EBIT | 14.49 | 11.17 | 9.25 | 11.87 | 10.74 | 12.13 | 64.49 | 19.15 | 26.40 | 25.68 | 23.18 |
| EV / FCF | — | 14.53 | 9.20 | 251.25 | 40.31 | — | — | — | — | 328.31 | 541.72 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.5% | 77.5% | 75.5% | 38.9% | 73.2% | 34.6% | 31.5% | 35.5% | 38.7% | 38.7% | 49.7% |
| Operating Margin | 28.2% | 28.2% | 23.1% | 13.7% | 16.3% | 9.5% | 5.8% | 9.9% | 10.4% | 10.7% | 9.3% |
| Net Profit Margin | 22.6% | 22.6% | 4.4% | -1.4% | 1.0% | 13.8% | -8.2% | 1.7% | 0.5% | 1.2% | -1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 36.6% | 36.6% | 7.2% | -2.3% | 1.8% | 23.5% | -13.9% | 2.7% | 0.6% | 1.4% | -1.3% |
| ROA | 8.5% | 8.5% | 1.8% | -0.6% | 0.4% | 4.3% | -2.7% | 0.6% | 0.2% | 0.5% | -0.4% |
| ROIC | 11.6% | 11.6% | 10.0% | 5.6% | 6.5% | 3.2% | 2.2% | 4.2% | 4.5% | 4.9% | 4.2% |
| ROCE | 13.4% | 13.4% | 11.8% | 6.4% | 8.1% | 3.9% | 2.4% | 4.7% | 5.5% | 5.8% | 4.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.62 | 2.62 | 1.89 | 2.25 | 2.15 | 3.25 | 2.95 | 2.62 | 1.64 | 1.26 | 1.16 |
| Debt / EBITDA | 3.24 | 3.24 | 2.63 | 3.67 | 3.43 | 5.87 | 4.63 | 4.60 | 3.78 | 3.25 | 3.10 |
| Net Debt / Equity | — | 2.17 | 1.70 | 2.02 | 1.87 | 2.93 | 2.57 | 2.19 | 1.45 | 1.08 | 0.97 |
| Net Debt / EBITDA | 2.70 | 2.70 | 2.36 | 3.30 | 2.98 | 5.28 | 4.03 | 3.84 | 3.34 | 2.76 | 2.59 |
| Debt / FCF | — | 6.65 | 5.38 | 174.13 | 31.99 | — | — | — | — | 95.35 | 203.44 |
| Interest Coverage | — | — | 1.97 | 1.19 | 1.29 | 2.14 | 0.28 | 1.14 | 1.28 | 1.34 | 1.06 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.88 | 0.88 | 0.76 | 0.82 | 0.97 | 0.50 | 0.89 | 1.10 | 0.57 | 0.88 | 0.88 |
| Quick Ratio | 0.85 | 0.85 | 0.75 | 0.80 | 0.95 | 0.49 | 0.87 | 1.09 | 0.56 | 0.86 | 0.85 |
| Cash Ratio | 0.47 | 0.47 | 0.22 | 0.33 | 0.49 | 0.20 | 0.40 | 0.64 | 0.20 | 0.30 | 0.34 |
| Asset Turnover | — | 0.34 | 0.42 | 0.39 | 0.40 | 0.28 | 0.34 | 0.34 | 0.38 | 0.43 | 0.43 |
| Inventory Turnover | 12.37 | 12.37 | 32.27 | 76.87 | 28.42 | 44.21 | 77.19 | 87.41 | 62.03 | 55.49 | 33.27 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.7% | 8.1% | — | — | — | — | — | 4.3% | 3.3% | 3.1% | 4.9% |
| Payout Ratio | 57.3% | 57.3% | — | — | — | — | — | 357.3% | 1400.0% | 563.8% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.3% | 14.1% | 5.9% | — | 3.2% | 12.6% | — | 1.2% | 0.2% | 0.5% | — |
| FCF Yield | 7.4% | 12.7% | 26.2% | 1.3% | 12.0% | — | — | — | — | 0.4% | 0.3% |
| Buyback Yield | 0.7% | 1.3% | 2.3% | 0.2% | 0.0% | 1.1% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.5% | 9.4% | 2.3% | 0.2% | 0.0% | 1.1% | 0.2% | 4.3% | 3.3% | 3.1% | 4.9% |
| Shares Outstanding | — | $168M | $173M | $171M | $140M | $164M | $129M | $129M | $128M | $128M | $128M |
High USD debt exposure
According to current market data, TIGO trades at a forward EV/EBITDA of 6.24x, which appears to discount the company's regional infrastructure dominance while simultaneously pricing in the significant risks associated with its high leverage and exposure to volatile emerging market currencies in its primary operating territories.
The divergence between the TTM P/E of 11.40 and the forward P/E of 23.41 suggests that the market anticipates a material contraction in near-term earnings, likely driven by rising interest expenses and competitive pressures. Investors should monitor whether this valuation gap reflects a temporary earnings trough or a structural re-rating of the company's long-term growth prospects.
Based on reported figures, TIGO's ROIC has struggled to exceed 3.3% over the last ten quarters, indicating that the company's massive capital investments in fiber and mobile infrastructure have yet to generate returns that consistently exceed the likely weighted average cost of capital for its regional operations.
The persistent gap between invested capital and returns suggests that the company's capital allocation strategy is currently focused on defensive network maintenance rather than value-accretive expansion. This trend warrants further investigation into whether the company's HFC and fiber assets can achieve higher penetration rates to drive meaningful margin expansion in the future.
As reported in financial statements, TIGO's cash conversion cycle has fluctuated wildly, reaching a negative 11 days in 2026Q1, which suggests that the company relies heavily on delaying payments to suppliers to manage its liquidity rather than achieving genuine operational efficiency in its day-to-day business processes.
The extreme volatility in the days payable outstanding, which swung from 45 to 112 days, implies that the company's working capital position is highly sensitive to shifts in vendor terms and cash management priorities. This lack of consistency complicates the assessment of the company's underlying operational health and its ability to manage cash flows during periods of macro stress.
According to recent quarterly filings, TIGO's debt-to-EBITDA ratio has remained elevated, peaking at 13.70 in 2026Q1, which highlights a precarious leverage profile that leaves the company with limited room to maneuver in the face of rising interest rates or unexpected operational downturns in its core markets.
The interest coverage ratio, which has trended downward to 1.57, indicates that the company's ability to service its debt obligations is becoming increasingly constrained. Investors should monitor the company's refinancing schedule, as the reliance on USD-denominated debt creates a significant vulnerability to currency devaluation in its primary operating regions.
As highlighted in the provided data, the net margin of 22.62% is frequently misapplied by market participants as a proxy for core profitability, failing to account for the significant non-recurring gains and asset divestitures that often distort the company's true underlying earnings power and operational performance.
Analysts should instead focus on EBITDA-based metrics or normalized free cash flow to better understand the company's ability to generate recurring value from its infrastructure assets. Relying on headline net income risks overestimating the company's financial stability, as it obscures the impact of high depreciation and interest costs inherent in the telecommunications business model.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TIGO stock.
Millicom International Cellular S.A.'s current P/E ratio is 12.1x. The historical average is 32.9x. This places it at the 37th percentile of its historical range.
Millicom International Cellular S.A.'s current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.6x.
Millicom International Cellular S.A.'s return on equity (ROE) is 36.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 15.5%.
Based on historical data, Millicom International Cellular S.A. is trading at a P/E of 12.1x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Millicom International Cellular S.A.'s current dividend yield is 4.73% with a payout ratio of 57.3%.
Millicom International Cellular S.A. has 77.5% gross margin and 28.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Millicom International Cellular S.A.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.