NOKIA OYJ (NOA3.DE) Stock Fundamental Analysis
FRA:NOA3 • FI0009000681
6.47 EUR
+0.21 (+3.35%)
Last: Feb 27, 2026, 07:00 PM
NOA3 gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 28 industry peers in the Communications Equipment industry. Both the profitability and the financial health of NOA3 get a neutral evaluation. Nothing too spectacular is happening here. NOA3 is not valued too expensively and it also shows a decent growth rate.
1. Profitability
1.1 Basic Checks
- NOA3 had positive earnings in the past year.
- NOA3 had a positive operating cash flow in the past year.
- NOA3 had positive earnings in each of the past 5 years.
- Each year in the past 5 years NOA3 had a positive operating cash flow.
1.2 Ratios
- Looking at the Return On Assets, with a value of 1.73%, NOA3 is in line with its industry, outperforming 57.14% of the companies in the same industry.
- Looking at the Return On Equity, with a value of 3.10%, NOA3 is in line with its industry, outperforming 57.14% of the companies in the same industry.
- The Return On Invested Capital of NOA3 (2.23%) is comparable to the rest of the industry.
- Measured over the past 3 years, the Average Return On Invested Capital for NOA3 is significantly below the industry average of 9.83%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.73% | ||
| ROE | 3.1% | ||
| ROIC | 2.23% |
ROA(3y)2.22%
ROA(5y)4.12%
ROE(3y)4.17%
ROE(5y)8.36%
ROIC(3y)3.51%
ROIC(5y)4.47%
1.3 Margins
- With a decent Profit Margin value of 3.27%, NOA3 is doing good in the industry, outperforming 60.71% of the companies in the same industry.
- NOA3's Profit Margin has declined in the last couple of years.
- NOA3's Operating Margin of 4.08% is fine compared to the rest of the industry. NOA3 outperforms 60.71% of its industry peers.
- NOA3's Operating Margin has declined in the last couple of years.
- Looking at the Gross Margin, with a value of 43.54%, NOA3 is in line with its industry, outperforming 46.43% of the companies in the same industry.
- NOA3's Gross Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 4.08% | ||
| PM (TTM) | 3.27% | ||
| GM | 43.54% |
OM growth 3Y-23.64%
OM growth 5Y-5.02%
PM growth 3Y-42.32%
PM growth 5YN/A
GM growth 3Y1.99%
GM growth 5Y3.03%
2. Health
2.1 Basic Checks
- NOA3 has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
- Compared to 1 year ago, NOA3 has more shares outstanding
- The number of shares outstanding for NOA3 has been reduced compared to 5 years ago.
- NOA3 has a better debt/assets ratio than last year.
2.2 Solvency
- NOA3 has an Altman-Z score of 2.74. This is not the best score and indicates that NOA3 is in the grey zone with still only limited risk for bankruptcy at the moment.
- NOA3 has a Altman-Z score of 2.74. This is in the better half of the industry: NOA3 outperforms 64.29% of its industry peers.
- NOA3 has a debt to FCF ratio of 3.01. This is a good value and a sign of high solvency as NOA3 would need 3.01 years to pay back of all of its debts.
- With a decent Debt to FCF ratio value of 3.01, NOA3 is doing good in the industry, outperforming 60.71% of the companies in the same industry.
- A Debt/Equity ratio of 0.15 indicates that NOA3 is not too dependend on debt financing.
- NOA3 has a Debt to Equity ratio of 0.15. This is in the better half of the industry: NOA3 outperforms 60.71% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.15 | ||
| Debt/FCF | 3.01 | ||
| Altman-Z | 2.74 |
ROIC/WACC0.3
WACC7.4%
2.3 Liquidity
- NOA3 has a Current Ratio of 1.58. This is a normal value and indicates that NOA3 is financially healthy and should not expect problems in meeting its short term obligations.
- NOA3 has a Current ratio of 1.58. This is comparable to the rest of the industry: NOA3 outperforms 46.43% of its industry peers.
- NOA3 has a Quick Ratio of 1.36. This is a normal value and indicates that NOA3 is financially healthy and should not expect problems in meeting its short term obligations.
- NOA3 has a better Quick ratio (1.36) than 64.29% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.58 | ||
| Quick Ratio | 1.36 |
3. Growth
3.1 Past
- NOA3 shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -25.64%.
- Measured over the past 5 years, NOA3 shows a small growth in Earnings Per Share. The EPS has been growing by 2.21% on average per year.
- The Revenue has been growing slightly by 2.29% in the past year.
- The Revenue has been decreasing by -1.86% on average over the past years.
EPS 1Y (TTM)-25.64%
EPS 3Y-12.3%
EPS 5Y2.21%
EPS Q2Q%-11.11%
Revenue 1Y (TTM)2.29%
Revenue growth 3Y-7.23%
Revenue growth 5Y-1.86%
Sales Q2Q%2.37%
3.2 Future
- The Earnings Per Share is expected to grow by 8.09% on average over the next years. This is quite good.
- Based on estimates for the next years, NOA3 will show a small growth in Revenue. The Revenue will grow by 2.62% on average per year.
EPS Next Y14.79%
EPS Next 2Y14.68%
EPS Next 3Y15.03%
EPS Next 5Y8.09%
Revenue Next Year2.61%
Revenue Next 2Y3.19%
Revenue Next 3Y3.82%
Revenue Next 5Y2.62%
3.3 Evolution
- The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
- The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
- With a Price/Earnings ratio of 22.31, NOA3 is valued on the expensive side.
- NOA3's Price/Earnings ratio is a bit cheaper when compared to the industry. NOA3 is cheaper than 75.00% of the companies in the same industry.
- NOA3's Price/Earnings ratio indicates a similar valuation than the S&P500 average which is at 27.07.
- Based on the Price/Forward Earnings ratio of 19.44, the valuation of NOA3 can be described as rather expensive.
- 64.29% of the companies in the same industry are more expensive than NOA3, based on the Price/Forward Earnings ratio.
- When comparing the Price/Forward Earnings ratio of NOA3 to the average of the S&P500 Index (28.05), we can say NOA3 is valued slightly cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 22.31 | ||
| Fwd PE | 19.44 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, NOA3 is valued a bit cheaper than the industry average as 64.29% of the companies are valued more expensively.
- 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 | 24.65 | ||
| EV/EBITDA | 16.81 |
4.3 Compensation for Growth
- The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
- A more expensive valuation may be justified as NOA3's earnings are expected to grow with 15.03% in the coming years.
PEG (NY)1.51
PEG (5Y)10.1
EPS Next 2Y14.68%
EPS Next 3Y15.03%
5. Dividend
5.1 Amount
- NOA3 has a Yearly Dividend Yield of 2.25%. Purely for dividend investing, there may be better candidates out there.
- Compared to an average industry Dividend Yield of 2.74, 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 1.82.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.25% |
5.2 History
Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
- 116.59% of the earnings are spent on dividend by NOA3. This is not a sustainable payout ratio.
DP116.59%
EPS Next 2Y14.68%
EPS Next 3Y15.03%
FRA:NOA3 (2/27/2026, 7:00:00 PM)
6.47
+0.21 (+3.35%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryCommunications Equipment
Earnings (Last)01-29 2026-01-29/bmo
Earnings (Next)04-23 2026-04-23
Inst Owners34.4%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap36.12B
Revenue(TTM)19.89B
Net Income(TTM)651.00M
Analysts73.51
Price Target5.85 (-9.58%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.25% |
Yearly Dividend0.06
Dividend Growth(5Y)N/A
DP116.59%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)10.86%
Min EPS beat(2)5.01%
Max EPS beat(2)16.71%
EPS beat(4)2
Avg EPS beat(4)-7.56%
Min EPS beat(4)-27.18%
Max EPS beat(4)16.71%
EPS beat(8)5
Avg EPS beat(8)0.08%
EPS beat(12)5
Avg EPS beat(12)-4.59%
EPS beat(16)9
Avg EPS beat(16)-1.48%
Revenue beat(2)1
Avg Revenue beat(2)-0.94%
Min Revenue beat(2)-2.67%
Max Revenue beat(2)0.79%
Revenue beat(4)1
Avg Revenue beat(4)-3.35%
Min Revenue beat(4)-7.83%
Max Revenue beat(4)0.79%
Revenue beat(8)2
Avg Revenue beat(8)-5.29%
Revenue beat(12)2
Avg Revenue beat(12)-6.27%
Revenue beat(16)4
Avg Revenue beat(16)-4.57%
PT rev (1m)1.02%
PT rev (3m)2.04%
EPS NQ rev (1m)-26%
EPS NQ rev (3m)-21.96%
EPS NY rev (1m)0%
EPS NY rev (3m)-4.63%
Revenue NQ rev (1m)-5.47%
Revenue NQ rev (3m)-3.94%
Revenue NY rev (1m)-1.19%
Revenue NY rev (3m)-0.63%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 22.31 | ||
| Fwd PE | 19.44 | ||
| P/S | 1.82 | ||
| P/FCF | 24.65 | ||
| P/OCF | 17.44 | ||
| P/B | 1.72 | ||
| P/tB | 2.66 | ||
| EV/EBITDA | 16.81 |
EPS(TTM)0.29
EY4.48%
EPS(NY)0.33
Fwd EY5.15%
FCF(TTM)0.26
FCFY4.06%
OCF(TTM)0.37
OCFY5.73%
SpS3.56
BVpS3.76
TBVpS2.43
PEG (NY)1.51
PEG (5Y)10.1
Graham Number4.95
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.73% | ||
| ROE | 3.1% | ||
| ROCE | 2.94% | ||
| ROIC | 2.23% | ||
| ROICexc | 2.95% | ||
| ROICexgc | 4.58% | ||
| OM | 4.08% | ||
| PM (TTM) | 3.27% | ||
| GM | 43.54% | ||
| FCFM | 7.37% |
ROA(3y)2.22%
ROA(5y)4.12%
ROE(3y)4.17%
ROE(5y)8.36%
ROIC(3y)3.51%
ROIC(5y)4.47%
ROICexc(3y)4.95%
ROICexc(5y)6.48%
ROICexgc(3y)7.49%
ROICexgc(5y)9.95%
ROCE(3y)4.63%
ROCE(5y)5.91%
ROICexgc growth 3Y-28.05%
ROICexgc growth 5Y-13.73%
ROICexc growth 3Y-28.96%
ROICexc growth 5Y-11.41%
OM growth 3Y-23.64%
OM growth 5Y-5.02%
PM growth 3Y-42.32%
PM growth 5YN/A
GM growth 3Y1.99%
GM growth 5Y3.03%
F-Score5
Asset Turnover0.53
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.15 | ||
| Debt/FCF | 3.01 | ||
| Debt/EBITDA | 1.62 | ||
| Cap/Depr | 54.16% | ||
| Cap/Sales | 3.05% | ||
| Interest Coverage | 3.83 | ||
| Cash Conversion | 107.25% | ||
| Profit Quality | 225.04% | ||
| Current Ratio | 1.58 | ||
| Quick Ratio | 1.36 | ||
| Altman-Z | 2.74 |
F-Score5
WACC7.4%
ROIC/WACC0.3
Cap/Depr(3y)53.56%
Cap/Depr(5y)52.91%
Cap/Sales(3y)2.86%
Cap/Sales(5y)2.7%
Profit Quality(3y)161.1%
Profit Quality(5y)126.22%
High Growth Momentum
Growth
EPS 1Y (TTM)-25.64%
EPS 3Y-12.3%
EPS 5Y2.21%
EPS Q2Q%-11.11%
EPS Next Y14.79%
EPS Next 2Y14.68%
EPS Next 3Y15.03%
EPS Next 5Y8.09%
Revenue 1Y (TTM)2.29%
Revenue growth 3Y-7.23%
Revenue growth 5Y-1.86%
Sales Q2Q%2.37%
Revenue Next Year2.61%
Revenue Next 2Y3.19%
Revenue Next 3Y3.82%
Revenue Next 5Y2.62%
EBIT growth 1Y-59.94%
EBIT growth 3Y-29.16%
EBIT growth 5Y-6.79%
EBIT Next Year51.43%
EBIT Next 3Y23.99%
EBIT Next 5Y14.86%
FCF growth 1Y-27.51%
FCF growth 3Y18.83%
FCF growth 5Y2.74%
OCF growth 1Y-16.93%
OCF growth 3Y12%
OCF growth 5Y3.32%
NOKIA OYJ / NOA3.DE FAQ
What is the fundamental rating for NOA3 stock?
ChartMill assigns a fundamental rating of 4 / 10 to NOA3.DE.
What is the valuation status of NOKIA OYJ (NOA3.DE) stock?
ChartMill assigns a valuation rating of 4 / 10 to NOKIA OYJ (NOA3.DE). This can be considered as Fairly Valued.
Can you provide the profitability details for NOKIA OYJ?
NOKIA OYJ (NOA3.DE) has a profitability rating of 4 / 10.
What are the PE and PB ratios of NOKIA OYJ (NOA3.DE) stock?
The Price/Earnings (PE) ratio for NOKIA OYJ (NOA3.DE) is 22.31 and the Price/Book (PB) ratio is 1.72.
Can you provide the dividend sustainability for NOA3 stock?
The dividend rating of NOKIA OYJ (NOA3.DE) is 3 / 10 and the dividend payout ratio is 116.59%.