TIGO vs VEON
Millicom International Cellular SA and Veon Ltd., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | TIGO | VEON |
|---|---|---|
| Revenue | $5.8B | $4.4B |
| Net income | $1.3B | $591.0M |
| Gross margin | 77.5% | 99.3% |
| Net margin | 22.6% | 13.4% |
| Return on equity | 36.2% | 48.5% |
| Diluted EPS | $7.83 | $0.30 |
| Dividend / share | — | $0.00 |
| Payout ratio | −0.0% | — |
| Free cash flow | $1.1B | $1.9B |
| Equity | $3.6B | $1.3B |
| Net debt / equity | 1.47× | 1.05× |
| Current ratio | — | 0.81× |
| 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 (22.6% 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.
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Revenue by year
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 |
Net income by year
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 |
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