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TIGO

Millicom International Cellular S.A.

TIGO

Millicom International Cellular S.A. • NASDAQ
$53.07 ▼ -1.12% (-0.60)
Market Cap $8.95 B
52w High $56.27
52w Low $23.61
Dividend Yield 4.50%
P/E 8.14
Volume 403.91K
Outstanding Shares 168.61M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.42B ▲ $717M ▲ $195M ▼ 13.732% ▼ $1.17 ▼ $778M ▼
Q2-2025 $1.372B ▼ $699M ▲ $676M ▲ 49.271% ▲ $4.05 ▲ $1.206B ▲
Q1-2025 $1.374B ▼ $423M ▼ $193M ▲ 14.047% ▲ $1.14 ▲ $738M ▲
Q4-2024 $1.428B ▼ $710M ▲ $32M ▼ 2.241% ▼ $0.181 ▼ $552M ▼
Q3-2024 $1.431B $504M $51M 3.564% $0.298 $585M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.709B ▲ $15.59B ▲ $12.28B ▲ $3.343B ▼
Q2-2025 $1.283B ▲ $15B ▲ $11.502B ▲ $3.537B ▲
Q1-2025 $534M ▼ $13.662B ▼ $10.309B ▲ $3.386B ▼
Q4-2024 $699M ▼ $13.737B ▼ $10.163B ▼ $3.628B ▼
Q3-2024 $803M $14.067B $10.34B $3.806B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $195M ▼ $507.177M ▲ $-197.242M ▼ $87.922M ▲ $380M ▼ $338.598M ▲
Q2-2025 $676M ▲ $494.91M ▲ $354.794M ▲ $-67.013M ▲ $747M ▲ $310.141M ▲
Q1-2025 $193M ▲ $364M ▼ $-145M ▲ $-364M ▲ $-174M ▼ $232M ▼
Q4-2024 $34M ▼ $435.341M ▲ $-159.528M ▼ $-374.219M ▼ $-98M ▼ $278.715M ▼
Q3-2024 $123M $433M $-105M $-316M $11M $284M

Five-Year Company Overview

Income Statement

Income Statement TIGO’s income statement shows a business that has grown its top line steadily while gradually improving its underlying profitability, but with some bumps along the way. Revenue has climbed over the past few years, helped by broader service bundles and acquisitions in Latin America. Profitability has improved at the operating level, suggesting better scale and cost control, though net income has been volatile, swinging between modest losses and modest profits. This volatility likely reflects one‑off items, financing costs, and the heavy investment nature of telecom. Overall, the core business looks stronger than it did a few years ago, but bottom-line results are still not fully stable or mature.

Balance Sheet

Balance Sheet The balance sheet points to a capital‑intensive company that carries substantial debt but has been slowly improving its position. Total assets are sizeable, reflecting extensive network infrastructure and acquired operations. Debt remains high, yet it has been edging down from earlier peaks, while shareholder equity has trended upward, which is a constructive sign for balance sheet strength. Cash on hand is stable but relatively modest compared with the debt load, so refinancing conditions and interest costs remain important risks. In short, TIGO appears to be moving in the right direction financially, but leverage is still a key watchpoint.

Cash Flow

Cash Flow TIGO’s cash flow pattern is typical of a telecom operator shifting from heavy build‑out toward more cash‑generative operations. Operating cash flow has grown steadily, showing that the underlying business is throwing off more cash than before. Capital spending has been high for years, reflecting network and fiber investments, but has started to ease somewhat. As a result, free cash flow has improved from almost negligible levels to clearly positive territory, giving the company more flexibility to reduce debt or reinvest selectively. The main question going forward is whether TIGO can sustain this healthier free cash flow while still funding necessary upgrades like 5G and fiber expansion.

Competitive Edge

Competitive Edge Competitively, TIGO is well entrenched in its Latin American markets, with a strong local brand and a strategy built around bundled services. By offering mobile, broadband, pay‑TV, and digital financial services under one umbrella, it creates a “stickier” relationship with customers than pure‑play mobile rivals. Its focus on underserved and underpenetrated markets gives it room to grow as digital adoption increases, and prior acquisitions have boosted scale and network reach. At the same time, the company operates in highly competitive, price‑sensitive, and often heavily regulated markets, which can pressure margins and require constant investment. Currency swings and political risk in some countries also add another layer of uncertainty to its competitive landscape.

Innovation and R&D

Innovation and R&D TIGO’s innovation is less about lab‑style R&D and more about applied technology and ecosystem building. The company has invested heavily in what it calls “digital highways” – upgraded mobile and fixed networks, including 4G today and 5G in select markets – to support data growth. Its TIGO Money platform is a standout, extending financial services to underbanked populations and deepening customer engagement, now enhanced by a partnership with Visa. On the enterprise side, TIGO Business leverages partnerships like AWS to offer cloud and security solutions, moving the company up the value chain. Content and media innovations, such as TIGO ONEtv and exclusive sports rights, further differentiate its offering. Future upside will hinge on how well TIGO monetizes 5G, scales TIGO Money, and uses data and AI to personalize services without overspending on new technology waves.

Summary

Overall, TIGO looks like a maturing Latin American telecom and digital services provider that has strengthened its operations but still carries meaningful financial and market risks. The core business has grown and become more efficient, with better operating profits and improving free cash flow, though net earnings are not yet consistently smooth. The balance sheet, while improving, remains leveraged enough that interest rates, credit markets, and currency movements matter a lot. Strategically, TIGO’s focus on bundled connectivity, fintech, and business solutions in underserved markets gives it a differentiated position with visible long‑term demand drivers. Execution on network upgrades, fintech expansion, and disciplined capital allocation will likely be the main determinants of how much of this potential ultimately shows up in more stable earnings and a stronger financial profile.

NEWS

November 13, 2025 · 9:15 AM UTC

Liberty Latin America and Millicom Provide Update on Proposed Costa Rica Transaction

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October 16, 2025 · 12:24 PM UTC

Millicom (Tigo) notice of third quarter 2025 results and video conference

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October 7, 2025 · 10:16 AM UTC

Millicom (Tigo) completes acquisition of Telefónica in Uruguay, strengthening its regional footprint in South America

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September 5, 2025 · 9:00 AM UTC

Millicom (Tigo) subsidiary Telefónica Celular del Paraguay S.A.E. announces its intent to partially redeem Senior Notes due 2027

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