Millicom International Cellular (TIGO) Stock Analysis

November 11, 2026

This is a peer-relative look at Millicom International Cellular (TIGO): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Telecommunication Services peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Millicom International Cellular (TIGO)
Profile Item	TIGO
Name	Millicom International Cellular S.A.
Country/Region	Luxembourg
GICS Sector	Communication Services
GICS Industry Group	Telecommunication Services
GICS Industry	Wireless Telecommunication Services
GICS Sub-Industry	Wireless Telecommunication Services
Market Capitalization	13.96 billion USD
Currency	USD
Exchange	Nasdaq
Listing Date	January 9, 2019
Security Type	Common Stock

Price Performance

Cumulative Growth

TIGO

GSPC

Millicom International Cellular (TIGO) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

Loading price history…

Trailing total returns for Millicom International Cellular (TIGO) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

Loading price history…

Calendar-year total returns for Millicom International Cellular (TIGO) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Millicom International Cellular (TIGO) metric values compared with Telecommunication Services industry-group medians
Metric	Current stock: TIGO	Industry group median
Total Return (1Y)	88.87%	-0.39%
Total Return (3Y, Annualized)	85.47%	16.26%
Total Return (5Y, Annualized)	23.36%	2.38%

Risk Profile

Drawdown History

TIGO

GSPC

Millicom International Cellular (TIGO) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

Loading price history…

Distribution of monthly total returns for Millicom International Cellular (TIGO) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Millicom International Cellular (TIGO) metric values compared with Telecommunication Services industry-group medians
Metric	Current stock: TIGO	Industry group median
Volatility (1Y, Annualized)	41.65%	41.04%
Beta (5Y)	0.96	0.68
Max Drawdown (5Y)	-71.26%	-57.78%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. TIGO is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Millicom International Cellular (TIGO) metric values compared with Telecommunication Services industry-group medians
Metric	Current stock: TIGO	Industry group median
Sharpe Ratio (1Y)	2.03	-0.17
Sortino Ratio (1Y)	3.02	-0.24

Profitability

ROE (TTM)

Millicom International Cellular (TIGO) posts ROE of 19.54%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

TIGO

Telecommunication Services industry group

19.54%

Group distribution

Max: 31.74%
TIGO: 19.54%
Q3: 17.02%
Median: 7.32%
Q1: -5.16%
Min: -20.26%

Largest peers

AMX: 20.98%
TIGO: 19.54%
TMUS: 19.35%
VZ: 15.79%
T: 11.61%
CHT: 11.37%
SPCX: --

Where Millicom International Cellular (TIGO) stands on ROE within its Telecommunication Services peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Millicom International Cellular (TIGO) keeps 7.01% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

TIGO

Telecommunication Services industry group

7.01%

Group distribution

Max: 30.45%
Q3: 11.78%
Median: 7.20%
TIGO: 7.01%
Q1: -3.86%
Min: -18.49%

Largest peers

CHT: 16.61%
TMUS: 12.05%
VZ: 11.78%
T: 10.19%
AMX: 9.36%
TIGO: 7.01%
SPCX: -8.61%

Where Millicom International Cellular (TIGO) stands on net margin within its Telecommunication Services peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Millicom International Cellular (TIGO) turns 26.63% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

TIGO

Telecommunication Services industry group

26.63%

Group distribution

Max: 35.53%
TIGO: 26.63%
Q3: 22.79%
Median: 12.87%
Q1: 0.82%
Min: -29.20%

Largest peers

SPCX: 27.58%
TIGO: 26.63%
VZ: 25.11%
TMUS: 24.75%
T: 24.65%
AMX: 22.79%
CHT: 22.75%

Where Millicom International Cellular (TIGO) stands on operating margin within its Telecommunication Services peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Millicom International Cellular (TIGO) metric values compared with Telecommunication Services industry-group medians
Metric	Current stock: TIGO	Industry group median
ROE (TTM)	19.54%	7.32%
ROA (TTM)	6.70%	3.12%
Net Margin (TTM)	7.01%	7.20%
Operating Margin (TTM)	26.63%	12.87%
Gross Margin (TTM)	76.25%	59.09%

Growth

Revenue Growth

Millicom International Cellular (TIGO) grew revenue 0.26%, in the lower peer quartile. The top line is expanding more slowly than at most peers, which can reflect softer demand, lost share, or weaker pricing.

Millicom International Cellular (TIGO): Revenue Growth across different time periods, set against Telecommunication Services industry-group medians.

EPS Growth

Millicom International Cellular (TIGO) grew earnings per share 438.36%, above the industry benchmark range. Profits are compounding faster than at any typical peer, though a depressed base year can inflate the percentage, so the level of earnings matters alongside the rate.

Millicom International Cellular (TIGO): EPS Growth across different time periods, set against Telecommunication Services industry-group medians.

Growth Metrics

Millicom International Cellular (TIGO) metric values compared with Telecommunication Services industry-group medians
Metric	Current stock: TIGO	Industry group median
Revenue Growth (YoY)	0.26%	5.16%
Revenue Growth (3Y CAGR)	1.14%	3.41%
EPS Growth (YoY)	438.36%	-1.93%
EPS Growth (3Y CAGR)	83.60%	16.50%

Financial Strength

Current Ratio (MRQ)

Millicom International Cellular (TIGO) has current ratio of 0.56, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

TIGO

Telecommunication Services industry group

0.56

Group distribution

Max: 2.85
Q3: 1.64
Median: 0.97
Q1: 0.78
TIGO: 0.56
Min: 0.26

Largest peers

SPCX: 3.08
CHT: 1.36
TMUS: 0.91
T: 0.87
AMX: 0.75
VZ: 0.63
TIGO: 0.56

Where Millicom International Cellular (TIGO) stands on current ratio within its Telecommunication Services peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Millicom International Cellular (TIGO) has debt-to-equity ratio of 5.29, above the industry benchmark range. Debt sits unusually high against shareholders’ equity, leaving the balance sheet more exposed to rate, refinancing, or earnings shocks.

TIGO

Telecommunication Services industry group

5.29

Group distribution

TIGO: 5.29
Max: 3.94
Q3: 2.11
Median: 1.32
Q1: 0.65
Min: 0.00

Largest peers

TIGO: 5.29
TMUS: 2.11
VZ: 1.82
AMX: 1.50
T: 1.45
SPCX: 0.22
CHT: 0.07

Where Millicom International Cellular (TIGO) stands on debt-to-equity ratio within its Telecommunication Services peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Millicom International Cellular (TIGO) metric values compared with Telecommunication Services industry-group medians
Metric	Current stock: TIGO	Industry group median
Current Ratio (MRQ)	0.56	0.97
Debt / Equity (MRQ)	5.29	1.32
Net Debt / EBITDA	3.15	3.56

Dividends

Dividend Yield (TTM)

Millicom International Cellular (TIGO) has dividend yield of 3.79%, in the upper peer-yield quartile while still inside the industry range. The dividend offers more cash income per dollar of share price than most peers, though payout coverage still matters.

TIGO

Telecommunication Services industry group

3.79%

Group distribution

Max: 6.10%
TIGO: 3.79%
Q3: 2.63%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

VZ: 6.10%
T: 5.09%
TIGO: 3.79%
TMUS: 2.63%
AMX: 2.15%
SPCX: 0.00%
CHT: 0.00%

Where Millicom International Cellular (TIGO) stands on dividend yield within its Telecommunication Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Millicom International Cellular (TIGO) has payout ratio of 88.91%, above the industry’s usual payout band. A larger share of earnings is going to dividends, so the cushion narrows if profit weakens.

TIGO

Telecommunication Services industry group

88.91%

Group distribution

Max: 121.72%
TIGO: 88.91%
Q3: 68.18%
Median: 4.06%
Q1: 0.00%
Min: 0.00%

Largest peers

TIGO: 88.91%
VZ: 71.75%
T: 59.36%
TMUS: 39.34%
AMX: 36.38%
SPCX: 0.00%
CHT: 0.00%

Where Millicom International Cellular (TIGO) stands on payout ratio within its Telecommunication Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Millicom International Cellular (TIGO) metric values compared with Telecommunication Services industry-group medians
Metric	Current stock: TIGO	Industry group median
Dividend Yield (TTM)	3.79%	0.00%
Dividend Payout Ratio (TTM)	88.91%	4.06%

Valuation

P/E Ratio (TTM)

Millicom International Cellular (TIGO) trades at P/E ratio of 24.70, in the richer earnings-multiple quartile for its industry. That premium needs support from growth, durable earnings, or stronger business quality.

TIGO

Telecommunication Services industry group

24.70

Group distribution

Max: 30.40
TIGO: 24.70
Q3: 23.75
Median: 13.30
Q1: 8.65
Min: 2.50

Largest peers

SPCX: 583.78
CHT: 30.40
TIGO: 24.70
TMUS: 15.62
AMX: 14.95
VZ: 11.66
T: 11.57

Where Millicom International Cellular (TIGO) stands on P/E ratio within its Telecommunication Services peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Millicom International Cellular (TIGO) trades at 1.72 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

TIGO

Telecommunication Services industry group

1.72

Group distribution

Max: 3.01
Q3: 1.73
TIGO: 1.72
Median: 0.81
Q1: 0.36
Min: 0.00

Largest peers

SPCX: 56.91
TMUS: 1.83
TIGO: 1.72
VZ: 1.36
T: 1.13
CHT: 0.15
AMX: 0.08

Where Millicom International Cellular (TIGO) stands on P/S ratio within its Telecommunication Services peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Millicom International Cellular (TIGO) trades at 6.24 on P/B ratio, in the higher book-value quartile. The market is paying a premium to book, so stronger ROE, cleaner assets, or a better growth profile need to justify it.

TIGO

Telecommunication Services industry group

6.24

Group distribution

Max: 8.10
TIGO: 6.24
Q3: 3.98
Median: 1.53
Q1: 0.65
Min: -2.39

Largest peers

CHT: 13.30
SPCX: 10.31
TIGO: 6.24
AMX: 3.57
TMUS: 3.06
VZ: 1.79
T: 1.37

Where Millicom International Cellular (TIGO) stands on P/B ratio within its Telecommunication Services peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Millicom International Cellular (TIGO) metric values compared with Telecommunication Services industry-group medians
Metric	Current stock: TIGO	Industry group median
P/E Ratio (TTM)	24.70	13.30
P/S Ratio (TTM)	1.72	0.81
P/B Ratio (MRQ)	6.24	1.53
Free Cash Flow Yield (TTM)	14.20%	10.87%