Millicom International Cellular (STU:M4M1) Operating Income: €1,428 Mil (TTM As of Jun. 2026)

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STU:M4M1 Millicom International Cellular SA STU:M4M1
61 GF Score
Price €77.00
GF Value €32.57
Valuation Significantly Overvalued
! 10 Warning Signs
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What is Millicom International Cellular Operating Income?

Millicom International Cellular STU:M4M1 +1.99% 61 Operating Income is €1,428 Mil as of Jun. 2026. GuruFocus rates STU:M4M1 with a GF Score™ of 61/100 and a GF Value™ of €32.57 (Significantly Overvalued). The stock has 10 warning signs investors should review.

Millicom International Cellular's Operating Income for the three months ended in Jun. 2026 was €392 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was €1,428 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Millicom International Cellular's Operating Income for the three months ended in Jun. 2026 was €392 Mil. Millicom International Cellular's Revenue for the three months ended in Jun. 2026 was €1,891 Mil. Therefore, Millicom International Cellular's Operating Margin % for the quarter that ended in Jun. 2026 was 20.74%.

Good Sign:

Millicom International Cellular SA operating margin is expanding. Margin expansion is usually a good sign.

Millicom International Cellular's 5-Year average Growth Rate for Operating Margin % was 29.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Millicom International Cellular's annualized ROC % for the quarter that ended in Jun. 2026 was 4.41%. Millicom International Cellular's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 23.81%.


Millicom International Cellular  (STU:M4M1) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Millicom International Cellular's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2026 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=1569.344 * ( 1 - 50.98% )/( (17357.955 + 17525.788)/ 2 )
=769.2924288/17441.8715
=4.41 %

where

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=17945.29 - 2267.165 - ( 1018.105 - max(0, 4365.655 - 2685.825+1018.105))
=17357.955

Invested Capital(Q: Jun. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=17949.372 - 2487.688 - ( 747.348 - max(0, 4497.108 - 2433.004+747.348))
=17525.788

Note: The Operating Income data used here is four times the quarterly (Jun. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Millicom International Cellular's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2026  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1548.512/( ( (6445.115 + max(-1881.375, 0)) + (6564.684 + max(-2068.444, 0)) )/ 2 )
=1548.512/( ( 6445.115 + 6564.684 )/ 2 )
=1548.512/6504.8995
=23.81 %

where Working Capital is:

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(557.925 + 83.905 + 492.185) - (2267.165 + 182.515 + 565.71)
=-1881.375

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(600.656 + 87.668 + 484.344) - (2487.688 + 178.808 + 574.616)
=-2068.444

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Millicom International Cellular's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=392.336/1891.372
=20.74 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Millicom International Cellular Operating Income Related Terms


Millicom International Cellular Operating Income Historical Data

* Premium members only.

The historical data trend for Millicom International Cellular's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Millicom International Cellular Operating Income Chart

Millicom International Cellular Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 367.28 835.44 714.34 1,214.76 1,283.56

Millicom International Cellular Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 295.65 320.35 345.87 369.36 392.34
STU:M4M1
61GF Score
Millicom International Cellular SA STU:M4M1
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Millicom International Cellular Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €1,428 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of €1,428 Mil mean?
Millicom International Cellular (STU:M4M1) has a Operating Income of €1,428 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Millicom International Cellular and its competitors.
Is Millicom International Cellular's Operating Income too high?
Millicom International Cellular's current Operating Income is €1,428 Mil. Overall, Millicom International Cellular has a GF Score™ of 61/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Millicom International Cellular's Operating Income compare to CHTR and GSAT?
Millicom International Cellular's Operating Income of €1,428 Mil can be compared against companies in the Telecommunication Services industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Telecommunication Services company?
A good Operating Income depends on the Telecommunication Services industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Millicom International Cellular and its competitors. Millicom International Cellular's current Operating Income is €1,428 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Millicom International Cellular stock overvalued right now?
Based on GuruFocus' analysis, Millicom International Cellular (STU:M4M1) is currently considered Significantly Overvalued. The stock's GF Value™ is €32.57, compared to a current price of €77.00 — trading 136.4% above its estimated fair value. The current Operating Income is €1,428 Mil. Millicom International Cellular's overall GF Score™ is 61/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Millicom International Cellular (STU:M4M1), the current Operating Income is €1,428 Mil as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Millicom International Cellular (STU:M4M1) Overvalued in 2026?

Based on GuruFocus' analysis, Millicom International Cellular stock appears to be overvalued. The current stock price of €77.00 is trading 136.4% above its estimated GF Value™ of €32.57. GuruFocus considers Millicom International Cellular to be Significantly Overvalued.

Key valuation signals for STU:M4M1:

  • Operating Income: €1,428 Mil
  • GF Value™: €32.57 vs. price of €77.00 (136.4% above fair value)
  • GF Score™: 61/100 with 10 warning signs

No single metric tells the full story. See the STU:M4M1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Millicom International Cellular Business Description

Other Exchanges TIGO:USAM4M1:Germany
Address 8400 NW 36th Street, Suite 530, Doral, FL, USA, 33166
Millicom offers wireless and fixed-line telecom services primarily in smaller, less developed countries in Latin America. Countries served include Bolivia, Nicaragua, Panama, El Salvador, Guatemala, Paraguay, Colombia, Ecuador, Uruguay, and Honduras (67% but not controlled or consolidated in the firm's financial statements). The firm's wireless networks cover about 145 million people, serving nearly 60 million customers. Its fixed-line networks reach 22 million homes, serving about 5.6 million broadband customers. Increasingly, Millicom offers converged packages that include broadband with wireless services. The firm also formed a joint venture to acquire Telefónica's operations in Chile.
61GF Score

Get the complete analysis for STU:M4M1

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€77.00
Price
€32.57
GF Value