# Millicom International Cellular S.A. (TIGO) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Communication Services / Diversified Telecommunication Services. Price $94.83, market value $15.9 billion.

## Valuation
- **P/E (trailing): 23.7×** (5-yr avg 8.7×, 3-yr avg 10.5×). Millicom International Cellular S.A. trades at 23.7× trailing earnings, well above its own five-year average of 8.7×: investors are paying up relative to the company's past. The Communication Services median in the September 2026 study was 21.1×. Forward P/E is 13.5×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.03**. A PEG of 0.03 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 2.2×**. Each dollar of revenue is priced at 2.2×.
- **Price / book: 5.1×**. The shares trade at 5.1× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 6.2×**. Enterprise value is 6.2× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 7.7%** (5-yr avg 19.5%). Free cash flow equals 7.7% of the market value, below its five-year average of 19.5%, so the shares are pricier on cash than usual. Above 5% is generally attractive.
- **Earnings yield: 4.2%**. The inverse of the P/E: 4.2% of the price is earned each year.

## Profitability
- **Gross margin: 76.5%**. Millicom International Cellular S.A. keeps 76.5% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 22.9%**. 22.9% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 23.4%**. 23.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 37.6%**. 37.6% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 14.9%**. Return on all capital, debt included, is 14.9%.
- **Return on assets: 3.9%**. Each dollar of assets produces 3.9% of profit.

## Growth
- **Revenue growth (1 yr): 0.3%** (3-yr 1.1%/yr, 5-yr 8.9%/yr). Revenue grew 0.3% over the last year, against 8.9% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 436.3%** (3-yr 83.4%/yr). Earnings per share rose 436.3%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 30.8%/yr**. Free cash flow has compounded at 30.8% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 1.86**. Debt is 1.86 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 1.5×**. It would take 1.5 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 2.2×**. Operating profit covers interest 2.2×, thin but manageable.
- **Altman Z-score: 1.64**. A Z-score of 1.64 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 3.16%** ($3.00 per share, trailing). Millicom International Cellular S.A. yields 3.16%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 77%** (76% of free cash flow). 77% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 1**. 1 straight year of increases.

## Analyst view
- **Analyst consensus: hold** (8 analysts). 8 analysts cover Millicom International Cellular S.A.; the consensus is hold, with an average price target of $98.39 (+4% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 116.5%** (YTD 79.4%, 3-mo 15.7%). The shares are up 116.5% over twelve months including dividends.
- **From 52-week high: -11.5%** (111.3% above the low). Trading 11% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 52**. An RSI of 52 is neutral.
- **Beta (1 yr): 0.26** (volatility 40%). Beta of 0.26 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=TIGO · Page: https://foliofundamentals.com/stocks/tigo

Not investment advice.