NOKIA OYJ (NOA3.DE) Stock Fundamental Analysis
Europe - FRA:NOA3 - FI0009000681 - Common Stock
4.728 EUR
-0.12 (-2.48%)
We assign a fundamental rating of 4 out of 10 to NOA3. NOA3 was compared to 29 industry peers in the Communications Equipment industry. NOA3 has only an average score on both its financial health and profitability. NOA3 is valued correctly, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
In the past year NOA3 was profitable.
NOA3 had a positive operating cash flow in the past year.
NOA3 had positive earnings in 4 of the past 5 years.
Each year in the past 5 years NOA3 had a positive operating cash flow.
1.2 Ratios
NOA3 has a Return On Assets (2.83%) which is in line with its industry peers.
NOA3 has a Return On Equity of 5.17%. This is comparable to the rest of the industry: NOA3 outperforms 58.62% of its industry peers.
NOA3 has a Return On Invested Capital (2.89%) which is comparable to the rest of the industry.
The Average Return On Invested Capital over the past 3 years for NOA3 is significantly below the industry average of 12.11%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.83% | ||
| ROE | 5.17% | ||
| ROIC | 2.89% |
ROA(3y)4.94%
ROA(5y)2.38%
ROE(3y)9.78%
ROE(5y)3.69%
ROIC(3y)4.03%
ROIC(5y)4.01%
1.3 Margins
With a decent Profit Margin value of 5.30%, NOA3 is doing good in the industry, outperforming 62.07% of the companies in the same industry.
In the last couple of years the Profit Margin of NOA3 has grown nicely.
NOA3 has a Operating Margin (6.21%) which is comparable to the rest of the industry.
NOA3's Operating Margin has improved in the last couple of years.
NOA3 has a Gross Margin of 44.23%. This is comparable to the rest of the industry: NOA3 outperforms 41.38% of its industry peers.
In the last couple of years the Gross Margin of NOA3 has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 6.21% | ||
| PM (TTM) | 5.3% | ||
| GM | 44.23% |
OM growth 3Y-3.28%
OM growth 5Y14.2%
PM growth 3Y-3.13%
PM growth 5Y194.44%
GM growth 3Y5.04%
GM growth 5Y5.25%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), NOA3 is destroying value.
NOA3 has less shares outstanding than it did 1 year ago.
The number of shares outstanding for NOA3 has been reduced compared to 5 years ago.
The debt/assets ratio for NOA3 has been reduced compared to a year ago.
2.2 Solvency
An Altman-Z score of 2.39 indicates that NOA3 is not a great score, but indicates only limited risk for bankruptcy at the moment.
NOA3 has a better Altman-Z score (2.39) than 62.07% of its industry peers.
NOA3 has a debt to FCF ratio of 2.77. This is a good value and a sign of high solvency as NOA3 would need 2.77 years to pay back of all of its debts.
NOA3 has a Debt to FCF ratio (2.77) which is comparable to the rest of the industry.
NOA3 has a Debt/Equity ratio of 0.16. This is a healthy value indicating a solid balance between debt and equity.
NOA3's Debt to Equity ratio of 0.16 is fine compared to the rest of the industry. NOA3 outperforms 72.41% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 2.77 | ||
| Altman-Z | 2.39 |
ROIC/WACC0.41
WACC7%
2.3 Liquidity
NOA3 has a Current Ratio of 1.46. This is a normal value and indicates that NOA3 is financially healthy and should not expect problems in meeting its short term obligations.
The Current ratio of NOA3 (1.46) is comparable to the rest of the industry.
NOA3 has a Quick Ratio of 1.21. This is a normal value and indicates that NOA3 is financially healthy and should not expect problems in meeting its short term obligations.
With a Quick ratio value of 1.21, NOA3 perfoms like the industry average, outperforming 48.28% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.46 | ||
| Quick Ratio | 1.21 |
3. Growth
3.1 Past
NOA3 shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 3.33%.
NOA3 shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 11.14% yearly.
Looking at the last year, NOA3 shows a decrease in Revenue. The Revenue has decreased by -2.91% in the last year.
NOA3 shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -3.79% yearly.
EPS 1Y (TTM)3.33%
EPS 3Y1.77%
EPS 5Y11.14%
EPS Q2Q%-33.33%
Revenue 1Y (TTM)-2.91%
Revenue growth 3Y-4.69%
Revenue growth 5Y-3.79%
Sales Q2Q%1.79%
3.2 Future
Based on estimates for the next years, NOA3 will show a decrease in Earnings Per Share. The EPS will decrease by -1.04% on average per year.
NOA3 is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.53% yearly.
EPS Next Y-30.06%
EPS Next 2Y-6.46%
EPS Next 3Y-1.18%
EPS Next 5Y-1.04%
Revenue Next Year3.32%
Revenue Next 2Y3.45%
Revenue Next 3Y3.06%
Revenue Next 5Y2.53%
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 15.25, the valuation of NOA3 can be described as correct.
Based on the Price/Earnings ratio, NOA3 is valued cheaply inside the industry as 82.76% of the companies are valued more expensively.
NOA3's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.57.
The Price/Forward Earnings ratio is 13.85, which indicates a correct valuation of NOA3.
Compared to the rest of the industry, the Price/Forward Earnings ratio of NOA3 indicates a somewhat cheap valuation: NOA3 is cheaper than 79.31% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 23.09, NOA3 is valued a bit cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.25 | ||
| Fwd PE | 13.85 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, NOA3 is valued a bit cheaper than 65.52% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of NOA3 is on the same level as its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 17.17 | ||
| EV/EBITDA | 10.23 |
4.3 Compensation for Growth
PEG (NY)N/A
PEG (5Y)1.37
EPS Next 2Y-6.46%
EPS Next 3Y-1.18%
5. Dividend
5.1 Amount
NOA3 has a Yearly Dividend Yield of 2.86%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 5.20, NOA3 pays a bit more dividend than its industry peers.
NOA3's Dividend Yield is a higher than the S&P500 average which is at 2.32.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.86% |
5.2 History
The dividend of NOA3 has a limited annual growth rate of 5.44%.
Dividend Growth(5Y)5.44%
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
NOA3 pays out 69.51% of its income as dividend. This is not a sustainable payout ratio.
NOA3's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP69.51%
EPS Next 2Y-6.46%
EPS Next 3Y-1.18%
FRA:NOA3 (10/22/2025, 7:00:00 PM)
4.728
-0.12 (-2.48%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryCommunications Equipment
Earnings (Last)
Earnings (Next)
Inst Owners36.69%
Inst Owner ChangeN/A
Ins Owners0.1%
Ins Owner ChangeN/A
Market Cap25.43B
Revenue(TTM)19.25B
Net Income(TTM)1.02B
Analysts71.67
Price Target4.61 (-2.5%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.86% |
Yearly Dividend0.13
Dividend Growth(5Y)5.44%
DP69.51%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-25.98%
Min EPS beat(2)-27.18%
Max EPS beat(2)-24.77%
EPS beat(4)1
Avg EPS beat(4)-9.74%
Min EPS beat(4)-27.18%
Max EPS beat(4)30.42%
EPS beat(8)3
Avg EPS beat(8)-6.28%
EPS beat(12)5
Avg EPS beat(12)-5%
EPS beat(16)9
Avg EPS beat(16)-1.1%
Revenue beat(2)0
Avg Revenue beat(2)-5.77%
Min Revenue beat(2)-7.83%
Max Revenue beat(2)-3.71%
Revenue beat(4)1
Avg Revenue beat(4)-5.52%
Min Revenue beat(4)-11.71%
Max Revenue beat(4)1.17%
Revenue beat(8)1
Avg Revenue beat(8)-8.3%
Revenue beat(12)2
Avg Revenue beat(12)-5.98%
Revenue beat(16)3
Avg Revenue beat(16)-4.86%
PT rev (1m)-0.2%
PT rev (3m)-6.78%
EPS NQ rev (1m)-6.95%
EPS NQ rev (3m)-23.72%
EPS NY rev (1m)-2.09%
EPS NY rev (3m)-15.71%
Revenue NQ rev (1m)-0.64%
Revenue NQ rev (3m)-4.16%
Revenue NY rev (1m)-0.17%
Revenue NY rev (3m)-2.97%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.25 | ||
| Fwd PE | 13.85 | ||
| P/S | 1.32 | ||
| P/FCF | 17.17 | ||
| P/OCF | 12.49 | ||
| P/B | 1.29 | ||
| P/tB | 2.1 | ||
| EV/EBITDA | 10.23 |
EPS(TTM)0.31
EY6.56%
EPS(NY)0.34
Fwd EY7.22%
FCF(TTM)0.28
FCFY5.82%
OCF(TTM)0.38
OCFY8.01%
SpS3.58
BVpS3.67
TBVpS2.26
PEG (NY)N/A
PEG (5Y)1.37
Graham Number5.06
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.83% | ||
| ROE | 5.17% | ||
| ROCE | 4.56% | ||
| ROIC | 2.89% | ||
| ROICexc | 3.76% | ||
| ROICexgc | 6.03% | ||
| OM | 6.21% | ||
| PM (TTM) | 5.3% | ||
| GM | 44.23% | ||
| FCFM | 7.7% |
ROA(3y)4.94%
ROA(5y)2.38%
ROE(3y)9.78%
ROE(5y)3.69%
ROIC(3y)4.03%
ROIC(5y)4.01%
ROICexc(3y)5.79%
ROICexc(5y)5.89%
ROICexgc(3y)8.68%
ROICexgc(5y)9.27%
ROCE(3y)6.35%
ROCE(5y)6.32%
ROICexgc growth 3Y-10.42%
ROICexgc growth 5Y11%
ROICexc growth 3Y-8.64%
ROICexc growth 5Y12.18%
OM growth 3Y-3.28%
OM growth 5Y14.2%
PM growth 3Y-3.13%
PM growth 5Y194.44%
GM growth 3Y5.04%
GM growth 5Y5.25%
F-Score8
Asset Turnover0.53
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 2.77 | ||
| Debt/EBITDA | 1.41 | ||
| Cap/Depr | 53.68% | ||
| Cap/Sales | 2.88% | ||
| Interest Coverage | 4.88 | ||
| Cash Conversion | 91.3% | ||
| Profit Quality | 145.2% | ||
| Current Ratio | 1.46 | ||
| Quick Ratio | 1.21 | ||
| Altman-Z | 2.39 |
F-Score8
WACC7%
ROIC/WACC0.41
Cap/Depr(3y)53.08%
Cap/Depr(5y)50.54%
Cap/Sales(3y)2.6%
Cap/Sales(5y)2.5%
Profit Quality(3y)92.93%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)3.33%
EPS 3Y1.77%
EPS 5Y11.14%
EPS Q2Q%-33.33%
EPS Next Y-30.06%
EPS Next 2Y-6.46%
EPS Next 3Y-1.18%
EPS Next 5Y-1.04%
Revenue 1Y (TTM)-2.91%
Revenue growth 3Y-4.69%
Revenue growth 5Y-3.79%
Sales Q2Q%1.79%
Revenue Next Year3.32%
Revenue Next 2Y3.45%
Revenue Next 3Y3.06%
Revenue Next 5Y2.53%
EBIT growth 1Y-26.17%
EBIT growth 3Y-7.82%
EBIT growth 5Y9.88%
EBIT Next Year10.01%
EBIT Next 3Y12.49%
EBIT Next 5Y8.23%
FCF growth 1Y3797.37%
FCF growth 3Y-0.72%
FCF growth 5YN/A
OCF growth 1Y187.57%
OCF growth 3Y-1.71%
OCF growth 5Y44.92%