Millicom International Cellular SA vs Veon
Millicom International Cellular SA is the larger business, with $5.82bn of revenue in fiscal 2025 against $4.40bn for Veon (1.3 times as much). Veon grew faster (9.9% against 0.3%). Millicom International Cellular SA kept more of each dollar of sales as profit: a net margin of 22.6% against 13.4%. Millicom International Cellular SA carries less debt relative to equity (189.2% against 234.6%).
| Latest fiscal year | Millicom International Cellular SATIGO, 2025 | VeonVEON, 2025 |
|---|---|---|
| Revenue | $5.82bn | $4.40bn |
| Revenue growth | 0.3% | 9.9% |
| Net income | $1.32bn | $591m |
| Operating margin | 28.2% | 32.7% |
| Net margin | 22.6% | 13.4% |
| Return on equity | 36.2% | 48.5% |
| Free cash flow | $1.08bn | — |
| Cash | $1.55bn | $1.73bn |
| Total debt | $6.89bn | $3.14bn |
| Debt to equity | 189.2% | 234.6% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $119m | $105m |
| Employees | — | — |
| Market value | $13.00bn | $5.63bn |
| Price vs our value range | Within our value range | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 7 sales | 3 buys, 0 sales |