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IHS vs Millicom International Cellular: revenue, profit, margins and growth compared

IHS brought in $1.6B of revenue in fiscal 2025, Millicom International Cellular $5.8B in fiscal 2025. Revenue changed by +3.6% at IHS and +0.3% at Millicom International Cellular on the year before, so IHS grew faster. IHS kept 9.1% of its revenue as net profit, Millicom International Cellular 22.6%. Free cash flow was $718.7M at IHS and $1.1B at Millicom International Cellular.

Side by side, latest fiscal year

IHSTIGO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.6B$5.8B
Revenue growth+3.6%+0.3%
Net income$143.6M$1.3B
Net margin9.1%22.6%
Free cash flow$718.7M$1.1B
Free cash flow margin45.4%18.6%
Earnings per share (diluted)$0.42$7.83
Cash$825.7M$1.6B
Debt$3.1B$6.9B
Price to earningsn/an/a
Market value$2.8B$15B
Dividend yieldn/an/a
Rank by revenue in sector#22 of 75 · Telecommunications#13 of 75 · Telecommunications

Over the years

Revenue
IHS FY2019: $1.2BIHS FY2021: $1.4BIHS FY2021: $1.6BIHS FY2022: $2BIHS FY2023: $1.9BIHS FY2024: $1.5BIHS FY2025: $1.6BTIGO FY2018: $3.9BTIGO FY2019: $4.3BTIGO FY2020: $3.8BTIGO FY2021: $4.3BTIGO FY2022: $5.6BTIGO FY2023: $5.7BTIGO FY2024: $5.8BTIGO FY2025: $5.8BFY18FY19FY20FY21FY22FY23FY24FY25
IHS $1.6BTIGO $5.8B
Net income
IHS FY2019: -$423.5MIHS FY2021: -$322MIHS FY2021: -$25.8MIHS FY2022: -$459MIHS FY2023: -$2BIHS FY2024: -$1.6BIHS FY2025: $143.6MTIGO FY2018: -$10MTIGO FY2019: $149MTIGO FY2020: -$344MTIGO FY2021: $590MTIGO FY2022: $177MTIGO FY2023: -$82MTIGO FY2024: $253MTIGO FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
IHS $143.6MTIGO $1.3B
Net margin
IHS FY2019: -34.4%IHS FY2021: -22.9%IHS FY2021: -1.6%IHS FY2022: -23.4%IHS FY2023: -102.7%IHS FY2024: -106.9%IHS FY2025: 9.1%TIGO FY2018: -0.3%TIGO FY2019: 3.4%TIGO FY2020: -9.0%TIGO FY2021: 13.8%TIGO FY2022: 3.1%TIGO FY2023: -1.4%TIGO FY2024: 4.4%TIGO FY2025: 22.6%FY18FY19FY20FY21FY22FY23FY24FY25
IHS 9.1%TIGO 22.6%
Revenue growth
IHS FY2021: +14.0%IHS FY2021: +12.6%IHS FY2022: +24.2%IHS FY2023: -1.8%IHS FY2024: -20.7%IHS FY2025: +3.6%TIGO FY2019: +9.9%TIGO FY2020: -12.2%TIGO FY2021: +12.0%TIGO FY2022: +32.0%TIGO FY2023: +0.7%TIGO FY2024: +2.5%TIGO FY2025: +0.3%FY19FY20FY21FY22FY23FY24FY25
IHS +3.6%TIGO +0.3%
Free cash flow
IHS FY2021: $540.5MIHS FY2021: $512MIHS FY2022: $528.8MIHS FY2023: $388.6MIHS FY2024: $494.2MIHS FY2025: $718.7MTIGO FY2018: $160MTIGO FY2019: $65MTIGO FY2020: $199MTIGO FY2021: $216MTIGO FY2022: $484MTIGO FY2023: $409MTIGO FY2024: $1.1BTIGO FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
IHS $718.7MTIGO $1.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about IHS and Millicom International Cellular

Which is bigger by revenue, IHS or Millicom International Cellular?

Millicom International Cellular is bigger by revenue: $5.8B in fiscal 2025, against $1.6B for IHS in fiscal 2025.

Which keeps more of its revenue as profit, IHS or Millicom International Cellular?

IHS had a net margin of 9.1% in fiscal 2025; Millicom International Cellular had 22.6% in fiscal 2025.

Which grew revenue faster, IHS or Millicom International Cellular?

In their latest fiscal years revenue changed by +3.6% at IHS and +0.3% at Millicom International Cellular.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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