NOKIA OYJ (NOA3.DE) Stock Fundamental Analysis
Europe - FRA:NOA3 - FI0009000681 - Common Stock
4.022 EUR
+0.05 (+1.36%)
We assign a fundamental rating of 5 out of 10 to NOA3. NOA3 was compared to 27 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
NOA3 had positive earnings in the past year.
NOA3 had a positive operating cash flow in the past year.
Of the past 5 years NOA3 4 years were profitable.
NOA3 had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
NOA3's Return On Assets of 2.83% is fine compared to the rest of the industry. NOA3 outperforms 66.67% of its industry peers.
Looking at the Return On Equity, with a value of 5.17%, NOA3 is in the better half of the industry, outperforming 66.67% of the companies in the same industry.
NOA3 has a Return On Invested Capital of 2.89%. This is in the better half of the industry: NOA3 outperforms 62.96% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for NOA3 is significantly below the industry average of 11.62%.
| 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
NOA3's Profit Margin of 5.30% is fine compared to the rest of the industry. NOA3 outperforms 70.37% of its industry peers.
NOA3's Profit Margin has improved in the last couple of years.
With a decent Operating Margin value of 6.21%, NOA3 is doing good in the industry, outperforming 66.67% of the companies in the same industry.
NOA3's Operating Margin has improved in the last couple of years.
NOA3 has a Gross Margin (44.23%) which is comparable to the rest of the industry.
NOA3's Gross Margin has improved in the last couple of years.
| 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.
NOA3 has less shares outstanding than it did 5 years ago.
NOA3 has a better debt/assets ratio than last year.
2.2 Solvency
An Altman-Z score of 2.22 indicates that NOA3 is not a great score, but indicates only limited risk for bankruptcy at the moment.
NOA3's Altman-Z score of 2.22 is fine compared to the rest of the industry. NOA3 outperforms 62.96% 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.
Looking at the Debt to FCF ratio, with a value of 2.77, NOA3 is in the better half of the industry, outperforming 62.96% of the companies in the same industry.
NOA3 has a Debt/Equity ratio of 0.16. This is a healthy value indicating a solid balance between debt and equity.
NOA3 has a better Debt to Equity ratio (0.16) than 70.37% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 2.77 | ||
| Altman-Z | 2.22 |
ROIC/WACC0.42
WACC6.9%
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.
With a Current ratio value of 1.46, NOA3 is not doing good in the industry: 62.96% of the companies in the same industry are doing better.
A Quick Ratio of 1.21 indicates that NOA3 should not have too much problems paying its short term obligations.
The Quick ratio of NOA3 (1.21) is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.46 | ||
| Quick Ratio | 1.21 |
3. Growth
3.1 Past
The Earnings Per Share has been growing slightly by 3.33% over the past year.
Measured over the past years, NOA3 shows a quite strong growth in Earnings Per Share. The EPS has been growing by 11.14% on average per year.
The Revenue has decreased by -2.91% in the past year.
The Revenue has been decreasing by -3.79% on average over the past years.
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
The Earnings Per Share is expected to decrease by -0.36% on average over the next years.
The Revenue is expected to grow by 2.54% on average over the next years.
EPS Next Y-28.57%
EPS Next 2Y-6.17%
EPS Next 3Y-1.25%
EPS Next 5Y-0.36%
Revenue Next Year3.49%
Revenue Next 2Y3.45%
Revenue Next 3Y3.05%
Revenue Next 5Y2.54%
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
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
NOA3 is valuated correctly with a Price/Earnings ratio of 12.97.
Based on the Price/Earnings ratio, NOA3 is valued cheaply inside the industry as 88.89% of the companies are valued more expensively.
NOA3 is valuated cheaply when we compare the Price/Earnings ratio to 27.41, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 11.71 indicates a reasonable valuation of NOA3.
Based on the Price/Forward Earnings ratio, NOA3 is valued cheaply inside the industry as 88.89% of the companies are valued more expensively.
When comparing the Price/Forward Earnings ratio of NOA3 to the average of the S&P500 Index (22.88), we can say NOA3 is valued slightly cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.97 | ||
| Fwd PE | 11.71 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of NOA3 indicates a somewhat cheap valuation: NOA3 is cheaper than 77.78% of the companies listed in the same industry.
Based on the Price/Free Cash Flow ratio, NOA3 is valued a bit cheaper than 62.96% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 14.61 | ||
| EV/EBITDA | 8.24 |
4.3 Compensation for Growth
The decent profitability rating of NOA3 may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)1.16
EPS Next 2Y-6.17%
EPS Next 3Y-1.25%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 3.58%, NOA3 has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 6.04, NOA3 pays a better dividend. On top of this NOA3 pays more dividend than 85.19% of the companies listed in the same industry.
NOA3's Dividend Yield is rather good when compared to the S&P500 average which is at 2.38.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.58% |
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
69.51% of the earnings are spent on dividend by NOA3. 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-6.17%
EPS Next 3Y-1.25%
FRA:NOA3 (9/18/2025, 7:00:00 PM)
4.022
+0.05 (+1.36%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryCommunications Equipment
Earnings (Last)
Earnings (Next)
Inst Owners34.44%
Inst Owner ChangeN/A
Ins Owners0.07%
Ins Owner ChangeN/A
Market Cap21.63B
Analysts70
Price Target4.62 (14.87%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.58% |
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)0.28%
PT rev (3m)-6.77%
EPS NQ rev (1m)0.79%
EPS NQ rev (3m)-19.76%
EPS NY rev (1m)-13.92%
EPS NY rev (3m)-13.92%
Revenue NQ rev (1m)0.02%
Revenue NQ rev (3m)0.75%
Revenue NY rev (1m)-0.67%
Revenue NY rev (3m)-2.81%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.97 | ||
| Fwd PE | 11.71 | ||
| P/S | 1.12 | ||
| P/FCF | 14.61 | ||
| P/OCF | 10.63 | ||
| P/B | 1.1 | ||
| P/tB | 1.78 | ||
| EV/EBITDA | 8.24 |
EPS(TTM)0.31
EY7.71%
EPS(NY)0.34
Fwd EY8.54%
FCF(TTM)0.28
FCFY6.85%
OCF(TTM)0.38
OCFY9.41%
SpS3.58
BVpS3.67
TBVpS2.26
PEG (NY)N/A
PEG (5Y)1.16
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%
ROICexcg growth 3Y-10.42%
ROICexcg 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 | 2.22 |
F-Score8
WACC6.9%
ROIC/WACC0.42
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-28.57%
EPS Next 2Y-6.17%
EPS Next 3Y-1.25%
EPS Next 5Y-0.36%
Revenue 1Y (TTM)-2.91%
Revenue growth 3Y-4.69%
Revenue growth 5Y-3.79%
Sales Q2Q%1.79%
Revenue Next Year3.49%
Revenue Next 2Y3.45%
Revenue Next 3Y3.05%
Revenue Next 5Y2.54%
EBIT growth 1Y-26.17%
EBIT growth 3Y-7.82%
EBIT growth 5Y9.88%
EBIT Next Year11.92%
EBIT Next 3Y12.52%
EBIT Next 5Y8.37%
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%