TIGO
Millicom International Cellular S.A.
TIGO offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
TMUS
T-Mobile US, Inc.
TMUS has the edge over TIGO overall, supported by stronger modeled upside and stronger valuation.
TIGO Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Strong | |
| Under pressure |
TIGO's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
TMUS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Strong |
TMUS's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
TIGO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.8x | $34.70 | -57% |
| Fair | 14x | $56.42 | -30% |
| Current | 20x | $80.83 | — |
| Forward | 21x | $80.83 | — |
| Expensive | 32x | $127 | +58% |
Historical ranges are pointers, not guarantees.
TIGO's PE is in its fair range at 20x. On analysts' estimates for next year's earnings, today's price would be 21x.
TMUS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 13x | $171 | — |
| Current | 16x | $171 | — |
| Cheap | 21x | $218 | +27% |
| Fair | 26x | $274 | +60% |
| Expensive | 56x | $581 | +240% |
Historical ranges are pointers, not guarantees.
TMUS has the edge over TIGO in the historical PE scenario, which offers more potential upside but is not a forecast.
TIGO Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect TIGO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
TMUS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
TMUS has the edge over TIGO on the outlook, with more favorable valuation and earnings expectations.
TIGO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.89 | -1.8% |
| Q2 2026 | $3.96 | -30% |
| Q1 2026 | $7.34 | +256% |
| Q4 2025 | $7.83 | +436% |
| Q3 2025 | $6.50 | +614% |
| Q2 2025 | $5.64 | +810% |
| Q1 2025 | $2.06 | +5050% |
| Q4 2024 | $1.46 | +$1.94 |
| Q3 2024 | $0.91 | +314% |
TIGO has the edge over TMUS on earnings, with more consistent year-over-year improvement.
TMUS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.49 | +30% |
| Q3 2026 | $10.37 | -0.2% |
| Q2 2026 | $9.56 | -9.7% |
| Q1 2026 | $9.41 | -8.1% |
| Q4 2025 | $9.72 | +0.6% |
| Q3 2025 | $10.39 | +18% |
| Q2 2025 | $10.59 | +33% |
| Q1 2025 | $10.24 | +39% |
| Q4 2024 | $9.66 | +39% |
TMUS earned $10.37 per share over the past year, about the same as the year before.
TIGO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2.2B | +59% |
| Q1 2026 | $2B | +44% |
| Q4 2025 | $1.7B | +16% |
| Q3 2025 | $1.4B | -0.8% |
| Q2 2025 | $1.4B | -5.9% |
| Q1 2025 | $1.4B | -7.6% |
| Q4 2024 | $1.4B | -3.2% |
| Q3 2024 | $1.4B | +0.5% |
TIGO's revenue has picked up after two years of holding roughly level: $2.2B last quarter, up 59% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 22% | -3.5 points |
| Q1 2026 | 20% | -5 points |
| Q4 2025 | 28% | +2.2 points |
| Q3 2025 | 27% | +7.5 points |
| Q2 2025 | 26% | +3.4 points |
| Q1 2025 | 25% | +4.6 points |
| Q4 2024 | 26% | +12 points |
| Q3 2024 | 20% | +6.2 points |
TIGO's operating margin was 22% last quarter, down 3.5 points from the same quarter a year ago.
TMUS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $23.6B | +7.4% |
| Q2 2026 | $22.8B | +7.9% |
| Q1 2026 | $23.1B | +11% |
| Q4 2025 | $24.3B | +11% |
| Q3 2025 | $22B | +8.9% |
| Q2 2025 | $21.1B | +6.9% |
| Q1 2025 | $20.9B | +6.6% |
| Q4 2024 | $21.9B | +6.8% |
TMUS has the edge over TIGO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 24% | +3.4 points |
| Q2 2026 | 24% | -0.6 points |
| Q1 2026 | 19% | -3.5 points |
| Q4 2025 | 15% | -5.6 points |
| Q3 2025 | 21% | -3.2 points |
| Q2 2025 | 25% | +1.3 points |
| Q1 2025 | 23% | +2.6 points |
| Q4 2024 | 21% | +4 points |
TMUS has the edge over TIGO on profitability, with a higher operating margin.
TIGO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $464M | +50% |
| Q1 2026 | $449M | +94% |
| Q4 2025 | $291M | +4.4% |
| Q3 2025 | $338.6M | +19% |
| Q2 2025 | $310.1M | +3.7% |
| Q1 2025 | $232M | +98% |
| Q4 2024 | $278.7M | +53% |
| Q3 2024 | $284M | +122% |
TIGO has the edge over TMUS on cash flow, with stronger typical year-over-year growth.
TMUS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $5.1B | +5.3% |
| Q2 2026 | $4.8B | +4.4% |
| Q1 2026 | $4.6B | +4.6% |
| Q4 2025 | $4.2B | +25% |
| Q3 2025 | $4.8B | +15% |
| Q2 2025 | $4.6B | +32% |
| Q1 2025 | $4.4B | +79% |
| Q4 2024 | $3.3B | +2% |
TMUS generated $18.7B in free cash flow over the past year, up 8.8% from the year before.
TIGO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +474K shares |
| 1 year | +0.2% | +370K shares |
| 3 years | -1.9% | -3.3M shares |
| 5 years | +30% | +38.9M shares |
| Available history | +30% | +39.2M shares |
TIGO has 168M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $883,389 |
| Q2 2025 | $4.6M |
| Q1 2025 | $119M |
| Q4 2024 | $31.9M |
| Q3 2024 | $33M |
TIGO has spent almost nothing on buybacks in the past year.
TMUS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -10.8M shares |
| 1 year | -4.9% | -55M shares |
| 3 years | -8.8% | -103M shares |
| 5 years | -15% | -182M shares |
| Available history | +24% | +207M shares |
TMUS has the edge over TIGO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2.4B |
| Q2 2026 | $2.3B |
| Q1 2026 | $4.8B |
| Q4 2025 | $2.4B |
| Q3 2025 | $2.5B |
| Q2 2025 | $2.6B |
| Q1 2025 | $2.5B |
| Q4 2024 | $4.7B |
TMUS spent $12B buying back its own shares over the past year, down 1.7% from the year before.
TIGO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.3x | Elevated |
| Q1 2026 | 3.0x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 2.1x | Moderate |
| Q2 2025 | 2.2x | Moderate |
| Q1 2025 | 2.6x | Moderate |
| Q4 2024 | 2.5x | Moderate |
| Q3 2024 | 2.6x | Moderate |
TIGO's net debt is about 3.3 years of its operating earnings (EBITDA), up from 2.2 years a year ago.
TMUS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.0x | Very low |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | -0.0x | Net Cash |
| Q4 2025 | 2.5x | Moderate |
| Q3 2025 | 0.1x | Very low |
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | 2.4x | Moderate |
TMUS has the edge over TIGO on leverage, with a lower net debt burden relative to earnings.
TIGO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.8 | Neutral |
| Stochastic | 17.5 | Oversold |
TIGO's weekly RSI is 45 (neutral) and its Stochastic is 17 (oversold).
TMUS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.9 | Neutral |
| Stochastic | 42.1 | Neutral |
TMUS's weekly RSI is 48 (neutral) and its Stochastic is 42 (neutral).
TIGO PE vs Communication Services Sector
| Metric | TIGO | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 16x | 24% above |
| PE % | 62 | 26 | 36 pts above |
TIGO is trading at 20x earnings, a 24% premium to the Communication Services sector's median of 16x.
TMUS PE vs Communication Services Sector
| Metric | TMUS | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 16x | Same PE |
| PE % | 1 | 26 | 25 pts below |
TMUS has the edge over TIGO on valuation relative to its sector.
TIGO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $83.2 | 2.8% below |
| 20 week MA | $90.4 | 11% below |
| 50 week MA | $79.2 | 2% above |
| 100 week MA | $58.3 | 39% above |
| 200 week MA | $39.2 | 106% above |
TIGO has the edge over TMUS on trend strength, trading above more of its moving averages.
TMUS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $159.1 | 7.5% above |
| 20 week MA | $172.0 | 0.5% below |
| 50 week MA | $187.8 | 8.9% below |
| 100 week MA | $212.9 | 20% below |
| 200 week MA | $188.7 | 9.4% below |
TMUS has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 9.4% below its 200-week average.
TIGO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $48.2 | $38.6 | -20% |
| 2021 | $38.6 | $27.3 | -29% |
| 2022 | $27.3 | $12.9 | -53% |
| 2023 | $12.9 | $18.0 | +40% |
| 2024 | $18.0 | $24.9 | +38% |
| 2025 | $24.9 | $54.8 | +120% |
| 2026 YTD | $54.8 | $80.8 | +48% |
TIGO has the edge over TMUS on returns for 2026, with the stronger performance.
TMUS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $77.2 | $132.9 | +72% |
| 2021 | $132.9 | $119.9 | -9.8% |
| 2022 | $119.9 | $140.0 | +17% |
| 2023 | $140.0 | $160.3 | +15% |
| 2024 | $160.3 | $223.0 | +39% |
| 2025 | $223.0 | $201.0 | -9.9% |
| 2026 YTD | $201.0 | $171.0 | -15% |
TMUS has finished higher in four of the last six years. It's down 15% so far in 2026.