TIGO vs VEON
Millicom International Cellular SA and Veon Ltd., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | TIGO | VEON |
|---|---|---|
| Revenue | $5.8B | $4.4B |
| Net income | $1.3B | $591.0M |
| Gross margin | 77.5% | · |
| Net margin | 23.4% | 13.4% |
| Return on equity | 36.2% | · |
| Diluted EPS | $7.83 | $0.30 |
| Dividend / share | · | $0.00 |
| Payout ratio | · | · |
| Free cash flow | $1.1B | · |
| Equity | $3.6B | $1.3B |
| Net debt / equity | 1.47× | 1.05× |
| Current ratio | · | · |
| Revenue CAGR 5y | 8.9% | 4.8% |
| Profit CAGR 5y | · | · |
TIGO bills 1.3× the revenue of VEON, and keeps more of each dollar of revenue as profit (23.4% against 13.4%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | TIGO | VEON |
|---|---|---|
| FY2025 | $5.8B | $4.4B |
| FY2024 | $5.8B | $4.0B |
| FY2023 | $5.7B | $3.7B |
| FY2022 | $5.6B | $3.8B |
| FY2021 | $4.3B | $3.9B |
| FY2020 | $3.8B | $3.5B |
| FY2019 | $4.3B | $8.1B |
| FY2018 | $3.9B | $9.1B |
| FY2017 | $3.9B | $9.5B |
| FY2016 | $4.0B | $8.9B |
Bottom line
| Fiscal year | TIGO | VEON |
|---|---|---|
| FY2025 | $1.3B | $591.0M |
| FY2024 | $253.0M | $487.0M |
| FY2023 | $-82.0M | $-2.5B |
| FY2022 | $177.0M | $-9.0M |
| FY2021 | $590.0M | $801.0M |
| FY2020 | $-344.0M | $-316.0M |
| FY2019 | $149.0M | $683.0M |
| FY2018 | $-10.0M | $362.0M |
| FY2017 | $87.0M | $-534.0M |
| FY2016 | $-32.0M | $2.4B |
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$1,420,000,000 | TIGO |
| FY2024 | +$1,800,000,000 | TIGO |
| FY2023 | +$1,963,000,000 | TIGO |
| FY2022 | +$1,869,000,000 | TIGO |
| FY2021 | +$411,000,000 | TIGO |
| FY2020 | +$323,000,000 | TIGO |
| FY2019 | −$3,753,000,000 | VEON |
| FY2018 | −$5,140,000,000 | VEON |
| FY2017 | −$5,538,000,000 | VEON |
| FY2016 | −$4,842,000,000 | VEON |
The higher-revenue side has changed between TIGO and VEON over this period. The gap has narrowed since the earliest year compared.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +10.0 pp | TIGO |
| FY2024 | −7.5 pp | VEON |
| FY2023 | +61.9 pp | TIGO |
| FY2022 | +2.5 pp | TIGO |
| FY2021 | −8.1 pp | VEON |
| FY2020 | −1.0 pp | VEON |
| FY2019 | −4.9 pp | VEON |
| FY2018 | −4.6 pp | VEON |
| FY2017 | +7.4 pp | TIGO |
| FY2016 | −29.5 pp | VEON |
The higher net margin has changed hands between TIGO and VEON over this period.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
VEON's net margin has been more volatile than TIGO's over the 10 comparable fiscal years — 24.7 percentage points of standard deviation against 8.8.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between TIGO and VEON over these 10 fiscal years — TIGO led in 4 and VEON in 6.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.