NOKIA OYJ (NOA3.DE) Stock Fundamental Analysis
Europe • Frankfurt Stock Exchange • FRA:NOA3 • FI0009000681
5.432 EUR
+0.3 (+5.8%)
Last: Jan 30, 2026, 07:00 PM
Overall NOA3 gets a fundamental rating of 5 out of 10. We evaluated NOA3 against 31 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 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.
- NOA3 had positive earnings in 4 of the past 5 years.
- In the past 5 years NOA3 always reported a positive cash flow from operatings.
1.2 Ratios
- NOA3 has a better Return On Assets (2.57%) than 74.19% of its industry peers.
- The Return On Equity of NOA3 (4.74%) is better than 67.74% of its industry peers.
- NOA3 has a better Return On Invested Capital (2.84%) than 64.52% 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 10.63%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.57% | ||
| ROE | 4.74% | ||
| ROIC | 2.84% |
ROA(3y)4.94%
ROA(5y)2.38%
ROE(3y)9.78%
ROE(5y)3.69%
ROIC(3y)4.06%
ROIC(5y)4.02%
1.3 Margins
- NOA3 has a better Profit Margin (4.70%) than 67.74% of its industry peers.
- NOA3's Profit Margin has improved in the last couple of years.
- Looking at the Operating Margin, with a value of 6.02%, NOA3 is in the better half of the industry, outperforming 67.74% of the companies in the same industry.
- NOA3's Operating Margin has improved in the last couple of years.
- The Gross Margin of NOA3 (43.88%) is comparable to the rest of the industry.
- In the last couple of years the Gross Margin of NOA3 has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 6.02% | ||
| PM (TTM) | 4.7% | ||
| GM | 43.88% |
OM growth 3Y-2.82%
OM growth 5Y14.53%
PM growth 3Y-3.13%
PM growth 5Y194.44%
GM growth 3Y5.04%
GM growth 5Y5.25%
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.
- The number of shares outstanding for NOA3 has been reduced 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.
2.2 Solvency
- NOA3 has an Altman-Z score of 2.48. 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's Altman-Z score of 2.48 is in line compared to the rest of the industry. NOA3 outperforms 58.06% of its industry peers.
- NOA3 has a debt to FCF ratio of 3.16. This is a good value and a sign of high solvency as NOA3 would need 3.16 years to pay back of all of its debts.
- NOA3's Debt to FCF ratio of 3.16 is fine compared to the rest of the industry. NOA3 outperforms 61.29% of its industry peers.
- A Debt/Equity ratio of 0.16 indicates that NOA3 is not too dependend on debt financing.
- The Debt to Equity ratio of NOA3 (0.16) is better than 74.19% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 3.16 | ||
| Altman-Z | 2.48 |
ROIC/WACC0.36
WACC7.88%
2.3 Liquidity
- NOA3 has a Current Ratio of 1.48. 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 1.48. This is comparable to the rest of the industry: NOA3 outperforms 51.61% of its industry peers.
- NOA3 has a Quick Ratio of 1.23. This is a normal value and indicates that NOA3 is financially healthy and should not expect problems in meeting its short term obligations.
- NOA3's Quick ratio of 1.23 is in line compared to the rest of the industry. NOA3 outperforms 54.84% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.48 | ||
| Quick Ratio | 1.23 |
3. Growth
3.1 Past
- The earnings per share for NOA3 have decreased by 0.00% in the last year.
- 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 small growth in Revenue. The Revenue has grown by 3.04% 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)0%
EPS 3Y1.77%
EPS 5Y11.14%
EPS Q2Q%0%
Revenue 1Y (TTM)3.04%
Revenue growth 3Y-4.69%
Revenue growth 5Y-3.79%
Sales Q2Q%11.6%
3.2 Future
- NOA3 is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 0.01% yearly.
- The Revenue is expected to grow by 2.85% on average over the next years.
EPS Next Y-30.18%
EPS Next 2Y-7.61%
EPS Next 3Y-0.74%
EPS Next 5Y0.01%
Revenue Next Year4.09%
Revenue Next 2Y4.03%
Revenue Next 3Y3.74%
Revenue Next 5Y2.85%
3.3 Evolution
- The EPS growth rate is decreasing: in the next years the growth will be less 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
- The Price/Earnings ratio is 17.52, which indicates a rather expensive current valuation of NOA3.
- Based on the Price/Earnings ratio, NOA3 is valued cheaply inside the industry as 87.10% of the companies are valued more expensively.
- The average S&P500 Price/Earnings ratio is at 28.30. NOA3 is valued slightly cheaper when compared to this.
- A Price/Forward Earnings ratio of 16.32 indicates a correct valuation of NOA3.
- Based on the Price/Forward Earnings ratio, NOA3 is valued cheaply inside the industry as 83.87% of the companies are valued more expensively.
- The average S&P500 Price/Forward Earnings ratio is at 25.57. NOA3 is valued slightly cheaper when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.52 | ||
| Fwd PE | 16.32 |
4.2 Price Multiples
- 80.65% of the companies in the same industry are more expensive than NOA3, based on the Enterprise Value to EBITDA ratio.
- Compared to the rest of the industry, the Price/Free Cash Flow ratio of NOA3 indicates a somewhat cheap valuation: NOA3 is cheaper than 64.52% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 23.39 | ||
| EV/EBITDA | 11.15 |
4.3 Compensation for Growth
- NOA3 has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)1.57
EPS Next 2Y-7.61%
EPS Next 3Y-0.74%
5. Dividend
5.1 Amount
- With a Yearly Dividend Yield of 2.52%, NOA3 has a reasonable but not impressive dividend return.
- NOA3's Dividend Yield is rather good when compared to the industry average which is at 2.62. NOA3 pays more dividend than 83.87% of the companies in the same industry.
- NOA3's Dividend Yield is a higher than the S&P500 average which is at 1.82.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.52% |
5.2 History
Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
- NOA3 pays out 81.90% of its income as dividend. This is not a sustainable payout ratio.
DP81.9%
EPS Next 2Y-7.61%
EPS Next 3Y-0.74%
NOKIA OYJ / NOA3.DE FAQ
What is the fundamental rating for NOA3 stock?
ChartMill assigns a fundamental rating of 5 / 10 to NOA3.DE.
What is the valuation status of NOKIA OYJ (NOA3.DE) stock?
ChartMill assigns a valuation rating of 5 / 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 6 / 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 17.52 and the Price/Book (PB) ratio is 1.54.
Can you provide the dividend sustainability for NOA3 stock?
The dividend rating of NOKIA OYJ (NOA3.DE) is 4 / 10 and the dividend payout ratio is 81.9%.