NOKIA OYJ (NOA3.DE) Fundamental Analysis & Valuation

FRA:NOA3 • FI0009000681

Current stock price

6.87 EUR
-0.37 (-5.08%)
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

  • 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.
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

  • NOA3 has a Return On Assets (1.73%) which is in line with its industry peers.
  • The Return On Equity of NOA3 (3.10%) is comparable to the rest of the 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 11.02%.
Industry RankSector 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%
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

  • With a Profit Margin value of 3.27%, NOA3 perfoms like the industry average, outperforming 56.25% of the companies in the same industry.
  • In the last couple of years the Profit Margin of NOA3 has declined.
  • NOA3 has a Operating Margin of 4.08%. This is comparable to the rest of the industry: NOA3 outperforms 59.38% of its industry peers.
  • In the last couple of years the Operating Margin of NOA3 has declined.
  • NOA3 has a Gross Margin (43.54%) which is in line with its industry peers.
  • NOA3's Gross Margin has improved in the last couple of years.
Industry RankSector 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%
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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5

2. NOA3.DE Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so NOA3 is destroying value.
  • The number of shares outstanding for NOA3 has been increased compared to 1 year ago.
  • NOA3 has less shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, NOA3 has an improved debt to assets ratio.
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 2.82. 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 2.82 is in line compared to the rest of the industry. NOA3 outperforms 56.25% 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.
  • NOA3 has a Debt to FCF ratio (3.01) which is comparable to the rest of the industry.
  • NOA3 has a Debt/Equity ratio of 0.15. This is a healthy value indicating a solid balance between debt and equity.
  • The Debt to Equity ratio of NOA3 (0.15) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.15
Debt/FCF 3.01
Altman-Z 2.82
ROIC/WACC0.3
WACC7.52%
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

  • A Current Ratio of 1.58 indicates that NOA3 should not have too much problems paying its short term obligations.
  • NOA3's Current ratio of 1.58 is in line compared to the rest of the industry. NOA3 outperforms 40.63% of 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 Quick ratio value of 1.36, NOA3 perfoms like the industry average, outperforming 56.25% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.58
Quick Ratio 1.36
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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4

3. NOA3.DE Growth Analysis

3.1 Past

  • The earnings per share for NOA3 have decreased strongly by -25.64% in the last year.
  • 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.
  • NOA3 shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -1.86% yearly.
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

  • NOA3 is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 8.57% yearly.
  • The Revenue is expected to grow by 2.99% on average over the next years.
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

  • The EPS growth rate is accelerating: in the next years the growth will be better 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.
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

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3

4. NOA3.DE Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 23.69, which indicates a rather expensive current valuation of NOA3.
  • 75.00% of the companies in the same industry are more expensive than NOA3, based on the Price/Earnings ratio.
  • The average S&P500 Price/Earnings ratio is at 24.89. NOA3 is around the same levels.
  • Based on the Price/Forward Earnings ratio of 21.37, the valuation of NOA3 can be described as rather expensive.
  • NOA3's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. NOA3 is cheaper than 68.75% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 22.19. NOA3 is around the same levels.
Industry RankSector Rank
PE 23.69
Fwd PE 21.37
NOA3.DE Price Earnings VS Forward Price EarningsNOA3.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

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 65.63% of the companies listed in the same industry.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as NOA3.
Industry RankSector Rank
P/FCF 26.18
EV/EBITDA 17.98
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 an expensive valuation of the company.
  • NOA3's earnings are expected to grow with 12.92% in the coming years. This may justify a more expensive valuation.
PEG (NY)2.19
PEG (5Y)10.73
EPS Next 2Y13.25%
EPS Next 3Y12.92%

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2

5. NOA3.DE Dividend Analysis

5.1 Amount

  • NOA3 has a Yearly Dividend Yield of 1.94%.
  • Compared to an average industry Dividend Yield of 2.35, 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 RankSector Rank
Dividend Yield 1.94%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years2
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

  • 116.77% of the earnings are spent on dividend by NOA3. This is not a sustainable payout ratio.
DP116.77%
EPS Next 2Y13.25%
EPS Next 3Y12.92%
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 (3/27/2026, 7:00:00 PM)

6.87

-0.37 (-5.08%)

Chartmill FA Rating
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryCommunications Equipment
Earnings (Last)01-29
Earnings (Next)04-23
Inst Owners33.81%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap38.35B
Revenue(TTM)19.89B
Net Income(TTM)650.00M
Analysts72.43
Price Target5.85 (-14.85%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.94%
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)-0.19%
Revenue NQ rev (3m)-5.05%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.19%
Valuation
Industry RankSector Rank
PE 23.69
Fwd PE 21.37
P/S 1.93
P/FCF 26.18
P/OCF 18.52
P/B 1.83
P/tB 2.83
EV/EBITDA 17.98
EPS(TTM)0.29
EY4.22%
EPS(NY)0.32
Fwd EY4.68%
FCF(TTM)0.26
FCFY3.82%
OCF(TTM)0.37
OCFY5.4%
SpS3.56
BVpS3.76
TBVpS2.43
PEG (NY)2.19
PEG (5Y)10.73
Graham Number4.95
Profitability
Industry RankSector 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 RankSector 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 2.82
F-Score5
WACC7.52%
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 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 23.69 and the Price/Book (PB) ratio is 1.83.


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%.