NOKIA OYJ (NOA3.DE) Fundamental Analysis & Valuation
FRA:NOA3 • FI0009000681
Current stock price
6.938 EUR
-0.2 (-2.8%)
Last:
This NOA3.DE fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
1. NOA3.DE Profitability Analysis
1.1 Basic Checks
- NOA3 had positive earnings in the past year.
- In the past year NOA3 had a positive cash flow from operations.
- In the past 5 years NOA3 has always been profitable.
- NOA3 had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
- The Return On Assets of NOA3 (1.73%) is comparable to the rest of the industry.
- NOA3's Return On Equity of 3.10% is in line compared to the rest of the industry. NOA3 outperforms 59.38% of its industry peers.
- The Return On Invested Capital of NOA3 (2.23%) is comparable to the rest of the industry.
- NOA3 had an Average Return On Invested Capital over the past 3 years of 3.38%. This is significantly below the industry average of 10.86%.
| 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)3.38%
ROIC(5y)4.4%
1.3 Margins
- The Profit Margin of NOA3 (3.27%) is comparable to the rest of the industry.
- NOA3's Profit Margin has declined in the last couple of years.
- With a decent Operating Margin value of 4.08%, NOA3 is doing good in the industry, outperforming 62.50% of the companies in the same industry.
- In the last couple of years the Operating Margin of NOA3 has declined.
- Looking at the Gross Margin, with a value of 43.54%, NOA3 is in line with its industry, outperforming 53.13% of the companies in the same industry.
- In the last couple of years the Gross Margin of NOA3 has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 4.08% | ||
| PM (TTM) | 3.27% | ||
| GM | 43.54% |
OM growth 3Y-26.73%
OM growth 5Y-7.34%
PM growth 3Y-42.32%
PM growth 5YN/A
GM growth 3Y1.99%
GM growth 5Y3.03%
2. NOA3.DE Health Analysis
2.1 Basic Checks
- With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), NOA3 is destroying value.
- NOA3 has more shares outstanding than it did 1 year ago.
- Compared to 5 years ago, NOA3 has less shares outstanding
- Compared to 1 year ago, NOA3 has an improved debt to assets ratio.
2.2 Solvency
- An Altman-Z score of 2.83 indicates that NOA3 is not a great score, but indicates only limited risk for bankruptcy at the moment.
- NOA3 has a Altman-Z score (2.83) which is in line with its industry peers.
- The Debt to FCF ratio of NOA3 is 3.01, which is a good value as it means it would take NOA3, 3.01 years of fcf income to pay off all of its debts.
- The Debt to FCF ratio of NOA3 (3.01) is better 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 better Debt to Equity ratio (0.15) than 65.63% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.15 | ||
| Debt/FCF | 3.01 | ||
| Altman-Z | 2.83 |
ROIC/WACC0.29
WACC7.77%
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 (1.58) which is in line with its industry peers.
- A Quick Ratio of 1.36 indicates that NOA3 should not have too much problems paying its short term obligations.
- With a decent Quick ratio value of 1.36, NOA3 is doing good in the industry, outperforming 62.50% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.58 | ||
| Quick Ratio | 1.36 |
3. NOA3.DE Growth Analysis
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 8.57% 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 2.99% on average per year.
EPS Next Y10.83%
EPS Next 2Y13.25%
EPS Next 3Y12.92%
EPS Next 5Y8.57%
Revenue Next Year2.61%
Revenue Next 2Y3.19%
Revenue Next 3Y3.75%
Revenue Next 5Y2.99%
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 accelerating.
- The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. NOA3.DE Valuation Analysis
4.1 Price/Earnings Ratio
- A Price/Earnings ratio of 23.92 indicates a rather expensive valuation of NOA3.
- Based on the Price/Earnings ratio, NOA3 is valued a bit cheaper than the industry average as 75.00% of the companies are valued more expensively.
- Compared to an average S&P500 Price/Earnings ratio of 25.23, NOA3 is valued at the same level.
- The Price/Forward Earnings ratio is 21.59, which indicates a rather expensive current valuation of NOA3.
- Based on the Price/Forward Earnings ratio, NOA3 is valued a bit cheaper than 68.75% of the companies in the same industry.
- The average S&P500 Price/Forward Earnings ratio is at 22.42. NOA3 is around the same levels.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.92 | ||
| Fwd PE | 21.59 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, NOA3 is valued a bit cheaper than 65.63% 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 | 26.44 | ||
| EV/EBITDA | 18.18 |
4.3 Compensation for Growth
- The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
- A more expensive valuation may be justified as NOA3's earnings are expected to grow with 12.92% in the coming years.
PEG (NY)2.21
PEG (5Y)10.84
EPS Next 2Y13.25%
EPS Next 3Y12.92%
5. NOA3.DE Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 1.97%, NOA3 has a reasonable but not impressive dividend return.
- Compared to an average industry Dividend Yield of 2.44, NOA3 pays a bit more dividend than its industry peers.
- NOA3's Dividend Yield is comparable with the S&P500 average which is at 1.89.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.97% |
5.2 History
Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
- NOA3 pays out 116.77% of its income as dividend. This is not a sustainable payout ratio.
DP116.77%
EPS Next 2Y13.25%
EPS Next 3Y12.92%
NOA3.DE Fundamentals: All Metrics, Ratios and Statistics
FRA:NOA3 (3/20/2026, 7:00:00 PM)
6.938
-0.2 (-2.8%)
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 Owners33.81%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap38.73B
Revenue(TTM)19.89B
Net Income(TTM)650.00M
Analysts72.43
Price Target5.85 (-15.68%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.97% |
Yearly Dividend0.06
Dividend Growth(5Y)N/A
DP116.77%
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)0.38%
PT rev (3m)3.82%
EPS NQ rev (1m)12.01%
EPS NQ rev (3m)-16.18%
EPS NY rev (1m)-3.45%
EPS NY rev (3m)-7.57%
Revenue NQ rev (1m)-0.71%
Revenue NQ rev (3m)-5.05%
Revenue NY rev (1m)-1.19%
Revenue NY rev (3m)-1.19%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.92 | ||
| Fwd PE | 21.59 | ||
| P/S | 1.95 | ||
| P/FCF | 26.44 | ||
| P/OCF | 18.7 | ||
| P/B | 1.85 | ||
| P/tB | 2.85 | ||
| EV/EBITDA | 18.18 |
EPS(TTM)0.29
EY4.18%
EPS(NY)0.32
Fwd EY4.63%
FCF(TTM)0.26
FCFY3.78%
OCF(TTM)0.37
OCFY5.35%
SpS3.56
BVpS3.76
TBVpS2.43
PEG (NY)2.21
PEG (5Y)10.84
Graham Number4.95
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.73% | ||
| ROE | 3.1% | ||
| ROCE | 2.94% | ||
| ROIC | 2.23% | ||
| ROICexc | 2.95% | ||
| ROICexgc | 4.57% | ||
| 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)3.38%
ROIC(5y)4.4%
ROICexc(3y)4.79%
ROICexc(5y)6.38%
ROICexgc(3y)7.24%
ROICexgc(5y)9.8%
ROCE(3y)4.47%
ROCE(5y)5.81%
ROICexgc growth 3Y-30.96%
ROICexgc growth 5Y-15.83%
ROICexc growth 3Y-31.84%
ROICexc growth 5Y-13.58%
OM growth 3Y-26.73%
OM growth 5Y-7.34%
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 | 107.31% | ||
| Profit Quality | 225.39% | ||
| Current Ratio | 1.58 | ||
| Quick Ratio | 1.36 | ||
| Altman-Z | 2.83 |
F-Score5
WACC7.77%
ROIC/WACC0.29
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 Y10.83%
EPS Next 2Y13.25%
EPS Next 3Y12.92%
EPS Next 5Y8.57%
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 3Y3.75%
Revenue Next 5Y2.99%
EBIT growth 1Y-59.99%
EBIT growth 3Y-32.03%
EBIT growth 5Y-9.07%
EBIT Next Year53.65%
EBIT Next 3Y24.04%
EBIT Next 5Y15.29%
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 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.
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 23.92 and the Price/Book (PB) ratio is 1.85.
Can you provide the dividend sustainability for NOA3 stock?
The dividend rating of NOKIA OYJ (NOA3.DE) is 2 / 10 and the dividend payout ratio is 116.77%.