The numerical dispersion of a non-orthogonal transmission line matrix (TLM) algorithm is for the first time investigated. First of all, the dispersion relation is derived in the most general possible case. Then, the validation is carried out in the analysis of a simple one-dimensional example. Results show that the theory is in excellent agreement with the numerical simulation. Numerical results concerning various cell shape dispersion characteristics are presented and show some relatively weak numerical dispersion even for rather highly distorted cells. Finally, some indications concerning cell shape selection to minimize the non-orthogonal TLM cell are proposed.