Millicom International Cellular SA key statistics and ratios

In fiscal 2025, Millicom International Cellular SA had return on equity of 36.2%, an operating margin of 28.2% and debt equal to 189.2% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Millicom International Cellular SA: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	70.9%	70.3%	71.7%	72.3%	72.1%	71.9%	73.2%	73.4%	75.5%	77.5%
Operating margin	12.1%	16.1%	16.2%	13.3%	10.6%	14.5%	16.3%	14.6%	23.1%	28.2%
Net margin	−0.8%	2.2%	−0.3%	3.4%	−9.0%	13.8%	3.1%	−1.4%	4.4%	22.6%
Free-cash-flow margin	3.9%	4.3%	4.1%	1.5%	5.2%	5.1%	8.6%	7.2%	18.3%	18.6%
Return on equity	−1.0%	2.7%	−0.4%	6.0%	−15.4%	25.4%	5.7%	−2.3%	7.1%	36.2%
Return on assets	−0.3%	0.9%	−0.1%	1.3%	−2.7%	4.3%	1.2%	−0.6%	1.8%	8.5%
Asset turnover	0.42	0.41	0.40	0.37	0.30	0.31	0.38	0.39	0.41	0.38
Debt to equity	0.0%	122.3%	180.2%	247.8%	276.4%	299.8%	188.7%	189.8%	160.3%	189.2%
Interest cover (operating income ÷ interest)	1.9x	2.0x	2.0x	1.1x	0.8x	1.4x	1.6x	1.4x	2.4x	2.8x
Effective tax rate	—	94.2%	94.1%	55.0%	—	21.7%	93.3%	—	50.9%	18.2%
Capital spending as % of revenue	17.8%	16.5%	16.0%	17.0%	16.3%	17.4%	14.2%	14.4%	9.3%	11.2%
Free cash flow ÷ net income	—	195.4%	—	43.6%	—	36.6%	273.4%	—	420.2%	82.4%
Dividends and buybacks ÷ free cash flow	—	—	0.0%	0.0%	5.0%	23.1%	0.0%	1.2%	9.3%	11.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · December 31, 2025

Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $1.6bn of cash against $6.9bn of debt.
Debt below 40% of shareholders' equity Debt is 189% of equity.
Debt burden no higher than five years ago Debt to equity moved from 271% to 189% over five years.
A year's operating cash flow covers at least 20% of debt $1.7bn of operating cash flow against $6.9bn of debt.
Operating profit covers interest at least five times over Operating income of $1.6bn against $589m of interest.

From Millicom International Cellular SA's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Millicom International Cellular SA's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Millicom International Cellular SA.