Millicom International Cellular SA (TIGO) - Net Assets
Based on the latest financial reports, Millicom International Cellular SA (TIGO) has net assets worth $3.62 Billion USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($17.25 Billion) and total liabilities ($13.63 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Millicom International Cellular SA liquid asset ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $3.62 Billion |
| % of Total Assets | 20.98% |
| Annual Growth Rate | 12.15% |
| 5-Year Change | 32.12% |
| 10-Year Change | 7.48% |
| Growth Volatility | 93.98 |
Millicom International Cellular SA - Net Assets Trend (1993–2025)
This chart illustrates how Millicom International Cellular SA's net assets have evolved over time, based on quarterly financial data. Also explore balance sheet size of Millicom International Cellular SA for the complete picture of this company's asset base.
Annual Net Assets for Millicom International Cellular SA (1993–2025)
The table below shows the annual net assets of Millicom International Cellular SA from 1993 to 2025. For live valuation and market cap data, see Millicom International Cellular SA stock valuation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $3.62 Billion | +1.29% |
| 2024-12-31 | $3.57 Billion | +3.74% |
| 2023-12-31 | $3.44 Billion | -5.20% |
| 2022-12-31 | $3.63 Billion | +32.63% |
| 2021-12-31 | $2.74 Billion | +20.49% |
| 2020-12-31 | $2.27 Billion | -15.18% |
| 2019-12-31 | $2.68 Billion | -4.01% |
| 2018-12-31 | $2.79 Billion | -14.87% |
| 2017-12-31 | $3.28 Billion | -2.58% |
| 2016-12-31 | $3.37 Billion | -9.66% |
| 2015-12-31 | $3.73 Billion | -0.05% |
| 2014-12-31 | $3.73 Billion | +79.24% |
| 2013-12-31 | $2.08 Billion | -10.92% |
| 2012-12-31 | $2.34 Billion | -4.50% |
| 2011-12-31 | $2.45 Billion | +2.36% |
| 2010-12-31 | $2.39 Billion | +3.44% |
| 2009-12-31 | $2.31 Billion | +39.83% |
| 2008-12-31 | $1.65 Billion | +20.74% |
| 2007-12-31 | $1.37 Billion | +134.95% |
| 2006-12-31 | $582.39 Million | +74.48% |
| 2005-12-31 | $333.78 Million | +19.02% |
| 2004-12-31 | $280.44 Million | +578.49% |
| 2003-12-31 | $-58.61 Million | +78.41% |
| 2002-12-31 | $-271.53 Million | -443.03% |
| 2001-12-31 | $79.16 Million | -77.31% |
| 2000-12-31 | $348.86 Million | +16.63% |
| 1999-12-31 | $299.12 Million | +3.19% |
| 1998-12-31 | $289.86 Million | +157.20% |
| 1997-12-31 | $112.70 Million | -24.26% |
| 1996-12-31 | $148.80 Million | -11.16% |
| 1995-12-31 | $167.50 Million | +32.94% |
| 1994-12-31 | $126.00 Million | +36.51% |
| 1993-12-31 | $92.30 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Millicom International Cellular SA's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 315630000000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $3.09 Billion | 84.92% |
| Common Stock | $253.00 Million | 6.95% |
| Other Comprehensive Income | $-689.00 Million | -18.93% |
| Other Components | $985.00 Million | 27.06% |
| Total Equity | $3.64 Billion | 100.00% |
Millicom International Cellular SA Competitors by Market Cap
The table below lists competitors of Millicom International Cellular SA ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Omega Healthcare Investors Inc
NYSE:OHI
|
$13.89 Billion |
|
METSO OUTOTEC UNS.ADR 1/2
F:M6QB
|
$13.91 Billion |
|
China Petroleum & Chemical Corporation
F:CHU
|
$13.91 Billion |
|
Xinjiang Goldwind Science & Technology Co Ltd Class A
SHE:002202
|
$13.91 Billion |
|
CG Power and Industrial Solutions Limited
NSE:CGPOWER
|
$13.85 Billion |
|
Yunnan Baiyao Group Co Ltd
SHE:000538
|
$13.85 Billion |
|
Samvardhana Motherson International Limited
NSE:MOTHERSON
|
$13.82 Billion |
|
Jiangxi Copper Co Ltd Class A
SHG:600362
|
$13.81 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Millicom International Cellular SA's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 3,628,000,000 to 3,640,000,000, a change of 12,000,000 (0.3%).
- Net income of 1,316,000,000 contributed positively to equity growth.
- Dividend payments of 754,000,000 reduced retained earnings.
- Share repurchases of 119,000,000 reduced equity.
- Other comprehensive income decreased equity by 158,000,000.
- Other factors decreased equity by 273,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $1.32 Billion | +36.15% |
| Dividends Paid | $754.00 Million | -20.71% |
| Share Repurchases | $119.00 Million | -3.27% |
| Other Comprehensive Income | $-158.00 Million | -4.34% |
| Other Changes | $-273.00 Million | -7.5% |
| Total Change | $- | 0.33% |
Book Value vs Market Value Analysis
This analysis compares Millicom International Cellular SA's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 3.89x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 65.89x to 3.89x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1993-12-31 | $1.28 | $84.32 | x |
| 1994-12-31 | $1.64 | $84.32 | x |
| 1995-12-31 | $2.08 | $84.32 | x |
| 1996-12-31 | $1.84 | $84.32 | x |
| 1997-12-31 | $1.37 | $84.32 | x |
| 1998-12-31 | $3.47 | $84.32 | x |
| 1999-12-31 | $4.45 | $84.32 | x |
| 2000-12-31 | $4.06 | $84.32 | x |
| 2001-12-31 | $0.83 | $84.32 | x |
| 2002-12-31 | $-5.12 | $84.32 | x |
| 2003-12-31 | $-0.83 | $84.32 | x |
| 2004-12-31 | $2.08 | $84.32 | x |
| 2005-12-31 | $2.35 | $84.32 | x |
| 2006-12-31 | $3.91 | $84.32 | x |
| 2007-12-31 | $9.36 | $84.32 | x |
| 2008-12-31 | $12.12 | $84.32 | x |
| 2009-12-31 | $17.21 | $84.32 | x |
| 2010-12-31 | $22.55 | $84.32 | x |
| 2011-12-31 | $16.97 | $84.32 | x |
| 2012-12-31 | $15.67 | $84.32 | x |
| 2013-12-31 | $15.17 | $84.32 | x |
| 2014-12-31 | $18.38 | $84.32 | x |
| 2015-12-31 | $27.26 | $84.32 | x |
| 2016-12-31 | $24.78 | $84.32 | x |
| 2017-12-31 | $25.66 | $84.32 | x |
| 2018-12-31 | $19.80 | $84.32 | x |
| 2019-12-31 | $18.71 | $84.32 | x |
| 2020-12-31 | $15.98 | $84.32 | x |
| 2021-12-31 | $15.71 | $84.32 | x |
| 2022-12-31 | $25.81 | $84.32 | x |
| 2023-12-31 | $20.59 | $84.32 | x |
| 2024-12-31 | $21.02 | $84.32 | x |
| 2025-12-31 | $21.66 | $84.32 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Millicom International Cellular SA utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 36.15%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 22.62%
- • Asset Turnover: 0.34x
- • Equity Multiplier: 4.74x
- Recent ROE (36.15%) is above the historical average (8.35%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1993 | 35.43% | 53.34% | 0.25x | 2.64x | $23.47 Million |
| 1994 | 8.25% | 12.78% | 0.24x | 2.70x | $-2.20 Million |
| 1995 | -17.85% | -22.75% | 0.28x | 2.84x | $-46.65 Million |
| 1996 | -12.16% | -8.40% | 0.20x | 7.15x | $-32.98 Million |
| 1997 | -98.49% | -31.95% | 0.27x | 11.28x | $-122.27 Million |
| 1998 | 18.84% | 12.10% | 0.28x | 5.63x | $25.43 Million |
| 1999 | -7.09% | -4.72% | 0.34x | 4.46x | $-62.89 Million |
| 2000 | 104.16% | 62.26% | 0.27x | 6.22x | $321.27 Million |
| 2001 | -200.38% | -21.42% | 0.34x | 27.16x | $-144.94 Million |
| 2002 | 0.00% | -45.97% | 0.50x | 0.00x | $-247.45 Million |
| 2003 | 0.00% | 27.63% | 0.42x | 0.00x | $187.34 Million |
| 2004 | 27.56% | 7.18% | 0.45x | 8.56x | $41.99 Million |
| 2005 | 3.43% | 1.11% | 0.36x | 8.55x | $-19.66 Million |
| 2006 | 48.48% | 15.53% | 0.47x | 6.58x | $194.27 Million |
| 2007 | 34.05% | 16.67% | 0.60x | 3.43x | $309.73 Million |
| 2008 | 30.84% | 16.43% | 0.60x | 3.11x | $349.72 Million |
| 2009 | 23.57% | 16.66% | 0.56x | 2.51x | $323.55 Million |
| 2010 | 52.14% | 41.41% | 0.56x | 2.25x | $1.31 Billion |
| 2011 | 39.43% | 19.62% | 0.62x | 3.23x | $663.38 Million |
| 2012 | 25.10% | 10.55% | 0.61x | 3.93x | $305.60 Million |
| 2013 | 11.98% | 5.26% | 0.50x | 4.55x | $38.10 Million |
| 2014 | 111.87% | 41.03% | 0.48x | 5.73x | $2.39 Billion |
| 2015 | -16.08% | -8.51% | 0.63x | 2.99x | $-906.70 Million |
| 2016 | -1.42% | -1.10% | 0.43x | 3.04x | $-361.70 Million |
| 2017 | 1.43% | 1.15% | 0.43x | 2.88x | $-281.10 Million |
| 2018 | 0.75% | 0.48% | 0.38x | 4.06x | $-235.20 Million |
| 2019 | 3.11% | 1.73% | 0.34x | 5.35x | $-166.00 Million |
| 2020 | -16.71% | -8.25% | 0.34x | 6.03x | $-549.90 Million |
| 2021 | 22.84% | 13.85% | 0.28x | 5.86x | $331.70 Million |
| 2022 | 1.58% | 1.01% | 0.40x | 3.94x | $-303.50 Million |
| 2023 | -2.32% | -1.45% | 0.39x | 4.11x | $-434.90 Million |
| 2024 | 6.97% | 4.36% | 0.42x | 3.79x | $-109.80 Million |
| 2025 | 36.15% | 22.62% | 0.34x | 4.74x | $952.00 Million |
Industry Comparison
This section compares Millicom International Cellular SA's net assets metrics with peer companies in the Telecom Services industry.
Industry Context
- Industry: Telecom Services
- Average net assets among peers: $84,013,623,558
- Average return on equity (ROE) among peers: 6.02%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Millicom International Cellular SA (TIGO) | $3.62 Billion | 35.43% | 3.77x | $13.87 Billion |
| Array Digital Infrastructure, Inc. (AD) | $2.57 Billion | 11.30% | 0.92x | $2.63 Billion |
| America Movil SAB de CV ADR (AMX) | $428.37 Billion | 18.13% | 3.21x | $71.77 Billion |
| Anterix Inc (ATEX) | $-4.21 Million | 0.00% | 0.00x | $703.61 Million |
| ATN International Inc (ATNI) | $808.72 Million | 1.55% | 0.48x | $365.41 Million |
| Altice USA Inc (ATUS) | $-5.03 Billion | 0.00% | 0.00x | $502.28 Million |
| Cable One Inc (CABO) | $1.74 Billion | 12.27% | 2.96x | $425.47 Million |
| Cogent Communications Group Inc (CCOI) | $-149.00 Million | 0.00% | 0.00x | $1.14 Billion |
| Chunghwa Telecom Co Ltd (CHT) | $373.04 Billion | 12.62% | 0.19x | $33.47 Billion |
| Charter Communications Inc (CHTR) | $38.81 Billion | 4.30% | 2.82x | $21.41 Billion |
| Comcast Corp (CMCSA) | $-21.70 Million | 0.00% | 0.00x | $97.57 Billion |
About Millicom International Cellular SA
Millicom International Cellular S.A. engages in the provision cable and mobile services in Latin America. The company offers mobile services, including mobile data and voice, and short message services; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance. In addition, the company provides fixed services, includ… Read more