NOKIA OYJ (NOA3.DE) Fundamental Analysis & Valuation

FRA:NOA3 • FI0009000681

Current stock price

9.232 EUR
+0.26 (+2.9%)
Last:

This NOA3.DE fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

4

1. NOA3.DE Profitability Analysis

1.1 Basic Checks

  • In the past year NOA3 was profitable.
  • NOA3 had a positive operating cash flow in the past year.
  • In the past 5 years NOA3 has always been profitable.
  • In the past 5 years NOA3 always reported a positive cash flow from operatings.
NOA3.DE Yearly Net Income VS EBIT VS OCF VS FCFNOA3.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B -2B 4B

1.2 Ratios

  • The Return On Assets of NOA3 (2.10%) is comparable to the rest of the industry.
  • NOA3's Return On Equity of 3.69% is in line compared to the rest of the industry. NOA3 outperforms 59.38% of its industry peers.
  • NOA3's Return On Invested Capital of 2.48% is in line compared to the rest of the industry. NOA3 outperforms 59.38% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for NOA3 is significantly below the industry average of 11.07%.
Industry RankSector Rank
ROA 2.1%
ROE 3.69%
ROIC 2.48%
ROA(3y)2.22%
ROA(5y)4.12%
ROE(3y)4.17%
ROE(5y)8.36%
ROIC(3y)3.38%
ROIC(5y)4.35%
NOA3.DE Yearly ROA, ROE, ROICNOA3.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 -20

1.3 Margins

  • The Profit Margin of NOA3 (3.91%) is comparable to the rest of the industry.
  • In the last couple of years the Profit Margin of NOA3 has declined.
  • With a decent Operating Margin value of 4.54%, NOA3 is doing good in the industry, outperforming 62.50% of the companies in the same industry.
  • NOA3's Operating Margin has declined in the last couple of years.
  • NOA3 has a Gross Margin (44.12%) which is comparable to the rest of the industry.
  • NOA3's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 4.54%
PM (TTM) 3.91%
GM 44.12%
OM growth 3Y-26.81%
OM growth 5Y-7.34%
PM growth 3Y-43.23%
PM growth 5YN/A
GM growth 3Y0.8%
GM growth 5Y3.03%
NOA3.DE Yearly Profit, Operating, Gross MarginsNOA3.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20 30 40

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6

2. NOA3.DE Health Analysis

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.
  • The number of shares outstanding for NOA3 has been increased compared to 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.
NOA3.DE Yearly Shares OutstandingNOA3.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B 5B
NOA3.DE Yearly Total Debt VS Total AssetsNOA3.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B

2.2 Solvency

  • NOA3 has an Altman-Z score of 3.37. This indicates that NOA3 is financially healthy and has little risk of bankruptcy at the moment.
  • NOA3 has a Altman-Z score (3.37) which is in line with its industry peers.
  • NOA3 has a debt to FCF ratio of 2.42. This is a good value and a sign of high solvency as NOA3 would need 2.42 years to pay back of all of its debts.
  • NOA3 has a better Debt to FCF ratio (2.42) than 62.50% of its industry peers.
  • NOA3 has a Debt/Equity ratio of 0.15. This is a healthy value indicating a solid balance between debt and equity.
  • NOA3 has a Debt to Equity ratio of 0.15. This is in the better half of the industry: NOA3 outperforms 62.50% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.15
Debt/FCF 2.42
Altman-Z 3.37
ROIC/WACC0.31
WACC8.05%
NOA3.DE Yearly LT Debt VS Equity VS FCFNOA3.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5B 10B 15B 20B

2.3 Liquidity

  • NOA3 has a Current Ratio of 1.57. This is a normal value and indicates that NOA3 is financially healthy and should not expect problems in meeting its short term obligations.
  • Looking at the Current ratio, with a value of 1.57, NOA3 is in line with its industry, outperforming 40.63% of the companies in the same industry.
  • A Quick Ratio of 1.32 indicates that NOA3 should not have too much problems paying its short term obligations.
  • NOA3's Quick ratio of 1.32 is in line compared to the rest of the industry. NOA3 outperforms 43.75% of its industry peers.
Industry RankSector Rank
Current Ratio 1.57
Quick Ratio 1.32
NOA3.DE Yearly Current Assets VS Current LiabilitesNOA3.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. NOA3.DE Growth Analysis

3.1 Past

  • The earnings per share for NOA3 have decreased by -5.66% in the last year.
  • The Earnings Per Share has been growing slightly by 2.21% on average over the past years.
  • The Revenue has been growing slightly by 4.33% in the past year.
  • The Revenue has been decreasing by -1.86% on average over the past years.
EPS 1Y (TTM)-5.66%
EPS 3Y-12.3%
EPS 5Y2.21%
EPS Q2Q%71.04%
Revenue 1Y (TTM)4.33%
Revenue growth 3Y-5.76%
Revenue growth 5Y-1.86%
Sales Q2Q%2.52%

3.2 Future

  • The Earnings Per Share is expected to grow by 11.85% on average over the next years. This is quite good.
  • The Revenue is expected to grow by 2.56% on average over the next years.
EPS Next Y12.27%
EPS Next 2Y14.17%
EPS Next 3Y13.89%
EPS Next 5Y11.85%
Revenue Next Year3.17%
Revenue Next 2Y3.64%
Revenue Next 3Y4.07%
Revenue Next 5Y2.56%

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.
NOA3.DE Yearly Revenue VS EstimatesNOA3.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5B 10B 15B 20B 25B
NOA3.DE Yearly EPS VS EstimatesNOA3.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.1 0.2 0.3 0.4 0.5

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3

4. NOA3.DE Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 29.78, which means the current valuation is very expensive for NOA3.
  • 68.75% of the companies in the same industry are more expensive than NOA3, based on the Price/Earnings ratio.
  • Compared to an average S&P500 Price/Earnings ratio of 27.35, NOA3 is valued at the same level.
  • The Price/Forward Earnings ratio is 24.42, which indicates a rather expensive current valuation of NOA3.
  • Based on the Price/Forward Earnings ratio, NOA3 is valued a bit cheaper than 71.88% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 22.23. NOA3 is around the same levels.
Industry RankSector Rank
PE 29.78
Fwd PE 24.42
NOA3.DE Price Earnings VS Forward Price EarningsNOA3.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • NOA3's Enterprise Value to EBITDA is on the same level as the industry average.
  • 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 RankSector Rank
P/FCF 38.61
EV/EBITDA 24.11
NOA3.DE Per share dataNOA3.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 1 2 3

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates NOA3 does not grow enough to justify the current Price/Earnings ratio.
  • A more expensive valuation may be justified as NOA3's earnings are expected to grow with 13.89% in the coming years.
PEG (NY)2.43
PEG (5Y)13.49
EPS Next 2Y14.17%
EPS Next 3Y13.89%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

3

5. NOA3.DE Dividend Analysis

5.1 Amount

  • NOA3 has a Yearly Dividend Yield of 1.55%.
  • NOA3's Dividend Yield is a higher than the industry average which is at 2.18.
  • NOA3's Dividend Yield is comparable with the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 1.55%

5.2 History

  • On average, the dividend of NOA3 grows each year by 39.33%, which is quite nice.
Dividend Growth(5Y)39.33%
Div Incr Years3
Div Non Decr Years3
NOA3.DE Yearly Dividends per shareNOA3.DE Yearly Dividends per shareYearly Dividends per share 2019 2020 2022 2023 2024 2025 2026 0.05 0.1

5.3 Sustainability

  • 97.95% of the earnings are spent on dividend by NOA3. This is not a sustainable payout ratio.
  • The dividend of NOA3 is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP97.95%
EPS Next 2Y14.17%
EPS Next 3Y13.89%
NOA3.DE Yearly Income VS Free CF VS DividendNOA3.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B -2B 4B
NOA3.DE Dividend Payout.NOA3.DE Dividend Payout, showing the Payout Ratio.NOA3.DE Dividend Payout.PayoutRetained Earnings

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NOA3.DE Fundamentals: All Metrics, Ratios and Statistics

NOKIA OYJ

FRA:NOA3 (4/27/2026, 7:00:00 PM)

9.232

+0.26 (+2.9%)

Chartmill FA Rating
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryCommunications Equipment
Earnings (Last)04-23
Earnings (Next)07-23
Inst Owners38.58%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap53.01B
Revenue(TTM)20.00B
Net Income(TTM)782.00M
Analysts68.65
Price Target6.66 (-27.86%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.55%
Yearly Dividend0.14
Dividend Growth(5Y)39.33%
DP97.95%
Div Incr Years3
Div Non Decr Years3
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)14.27%
Min EPS beat(2)5.01%
Max EPS beat(2)23.52%
EPS beat(4)3
Avg EPS beat(4)5.12%
Min EPS beat(4)-24.77%
Max EPS beat(4)23.52%
EPS beat(8)5
Avg EPS beat(8)1.31%
EPS beat(12)6
Avg EPS beat(12)-1.15%
EPS beat(16)9
Avg EPS beat(16)-0.04%
Revenue beat(2)0
Avg Revenue beat(2)-3.39%
Min Revenue beat(2)-4.1%
Max Revenue beat(2)-2.67%
Revenue beat(4)1
Avg Revenue beat(4)-3.45%
Min Revenue beat(4)-7.83%
Max Revenue beat(4)0.79%
Revenue beat(8)2
Avg Revenue beat(8)-4.64%
Revenue beat(12)2
Avg Revenue beat(12)-6.56%
Revenue beat(16)3
Avg Revenue beat(16)-6.03%
PT rev (1m)13.89%
PT rev (3m)15.05%
EPS NQ rev (1m)3.69%
EPS NQ rev (3m)2.81%
EPS NY rev (1m)1.29%
EPS NY rev (3m)-2.2%
Revenue NQ rev (1m)0.83%
Revenue NQ rev (3m)-0.1%
Revenue NY rev (1m)0.55%
Revenue NY rev (3m)-0.65%
Valuation
Industry RankSector Rank
PE 29.78
Fwd PE 24.42
P/S 2.65
P/FCF 38.61
P/OCF 26.99
P/B 2.5
P/tB 3.87
EV/EBITDA 24.11
EPS(TTM)0.31
EY3.36%
EPS(NY)0.38
Fwd EY4.09%
FCF(TTM)0.24
FCFY2.59%
OCF(TTM)0.34
OCFY3.7%
SpS3.48
BVpS3.69
TBVpS2.39
PEG (NY)2.43
PEG (5Y)13.49
Graham Number5.0723 (-45.06%)
Profitability
Industry RankSector Rank
ROA 2.1%
ROE 3.69%
ROCE 3.28%
ROIC 2.48%
ROICexc 3.19%
ROICexgc 4.88%
OM 4.54%
PM (TTM) 3.91%
GM 44.12%
FCFM 6.87%
ROA(3y)2.22%
ROA(5y)4.12%
ROE(3y)4.17%
ROE(5y)8.36%
ROIC(3y)3.38%
ROIC(5y)4.35%
ROICexc(3y)4.79%
ROICexc(5y)6.3%
ROICexgc(3y)7.24%
ROICexgc(5y)9.68%
ROCE(3y)4.47%
ROCE(5y)5.74%
ROICexgc growth 3Y-29.94%
ROICexgc growth 5Y-15.83%
ROICexc growth 3Y-30.83%
ROICexc growth 5Y-13.58%
OM growth 3Y-26.81%
OM growth 5Y-7.34%
PM growth 3Y-43.23%
PM growth 5YN/A
GM growth 3Y0.8%
GM growth 5Y3.03%
F-Score6
Asset Turnover0.54
Health
Industry RankSector Rank
Debt/Equity 0.15
Debt/FCF 2.42
Debt/EBITDA 1.57
Cap/Depr 55.55%
Cap/Sales 2.96%
Interest Coverage 4.63
Cash Conversion 99.59%
Profit Quality 175.58%
Current Ratio 1.57
Quick Ratio 1.32
Altman-Z 3.37
F-Score6
WACC8.05%
ROIC/WACC0.31
Cap/Depr(3y)53.56%
Cap/Depr(5y)52.91%
Cap/Sales(3y)2.86%
Cap/Sales(5y)2.73%
Profit Quality(3y)161.1%
Profit Quality(5y)126.22%
High Growth Momentum
Growth
EPS 1Y (TTM)-5.66%
EPS 3Y-12.3%
EPS 5Y2.21%
EPS Q2Q%71.04%
EPS Next Y12.27%
EPS Next 2Y14.17%
EPS Next 3Y13.89%
EPS Next 5Y11.85%
Revenue 1Y (TTM)4.33%
Revenue growth 3Y-5.76%
Revenue growth 5Y-1.86%
Sales Q2Q%2.52%
Revenue Next Year3.17%
Revenue Next 2Y3.64%
Revenue Next 3Y4.07%
Revenue Next 5Y2.56%
EBIT growth 1Y-36.28%
EBIT growth 3Y-31.02%
EBIT growth 5Y-9.07%
EBIT Next Year51.48%
EBIT Next 3Y24.21%
EBIT Next 5Y16.48%
FCF growth 1Y-22.39%
FCF growth 3Y18.83%
FCF growth 5Y2.74%
OCF growth 1Y-14.65%
OCF growth 3Y12%
OCF growth 5Y3.32%

NOKIA OYJ / NOA3.DE Fundamental Analysis 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 3 / 10 to NOKIA OYJ (NOA3.DE). This can be considered as Overvalued.


What is the profitability of NOA3 stock?

NOKIA OYJ (NOA3.DE) has a profitability rating of 4 / 10.


Can you provide the financial health for NOA3 stock?

The financial health rating of NOKIA OYJ (NOA3.DE) is 6 / 10.


How sustainable is the dividend of NOKIA OYJ (NOA3.DE) stock?

The dividend rating of NOKIA OYJ (NOA3.DE) is 3 / 10 and the dividend payout ratio is 97.95%.