NOKIA OYJ (NOKIA.PA) Stock Fundamental Analysis

Europe • Euronext Paris • EPA:NOKIA • FI0009000681

5.55 EUR
-0.03 (-0.54%)
Last: Dec 30, 2025, 07:00 PM
Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to NOKIA. NOKIA was compared to 32 industry peers in the Communications Equipment industry. NOKIA has an average financial health and profitability rating. NOKIA has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • NOKIA had positive earnings in the past year.
  • NOKIA had a positive operating cash flow in the past year.
  • Of the past 5 years NOKIA 4 years were profitable.
  • In the past 5 years NOKIA always reported a positive cash flow from operatings.
NOKIA.PA Yearly Net Income VS EBIT VS OCF VS FCFNOKIA.PA 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 0 2B -2B 4B

1.2 Ratios

  • The Return On Assets of NOKIA (2.57%) is better than 70.97% of its industry peers.
  • The Return On Equity of NOKIA (4.74%) is better than 64.52% of its industry peers.
  • NOKIA's Return On Invested Capital of 2.84% is fine compared to the rest of the industry. NOKIA outperforms 64.52% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for NOKIA is significantly below the industry average of 11.48%.
Industry RankSector 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%
NOKIA.PA Yearly ROA, ROE, ROICNOKIA.PA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 -20

1.3 Margins

  • NOKIA has a better Profit Margin (4.70%) than 64.52% of its industry peers.
  • In the last couple of years the Profit Margin of NOKIA has grown nicely.
  • The Operating Margin of NOKIA (6.02%) is better than 67.74% of its industry peers.
  • NOKIA's Operating Margin has improved in the last couple of years.
  • Looking at the Gross Margin, with a value of 43.88%, NOKIA is in line with its industry, outperforming 54.84% of the companies in the same industry.
  • NOKIA's Gross Margin has improved in the last couple of years.
Industry RankSector 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%
NOKIA.PA Yearly Profit, Operating, Gross MarginsNOKIA.PA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 30 40

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ROAROEROICOperating and Profit MarginShow most profitable peers

6

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), NOKIA is destroying value.
  • The number of shares outstanding for NOKIA has been reduced compared to 1 year ago.
  • NOKIA has less shares outstanding than it did 5 years ago.
  • The debt/assets ratio for NOKIA has been reduced compared to a year ago.
NOKIA.PA Yearly Shares OutstandingNOKIA.PA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B
NOKIA.PA Yearly Total Debt VS Total AssetsNOKIA.PA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B

2.2 Solvency

  • An Altman-Z score of 2.56 indicates that NOKIA is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 2.56, NOKIA is in the better half of the industry, outperforming 61.29% of the companies in the same industry.
  • The Debt to FCF ratio of NOKIA is 3.16, which is a good value as it means it would take NOKIA, 3.16 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 3.16, NOKIA is in the better half of the industry, outperforming 64.52% of the companies in the same industry.
  • A Debt/Equity ratio of 0.16 indicates that NOKIA is not too dependend on debt financing.
  • NOKIA has a Debt to Equity ratio of 0.16. This is in the better half of the industry: NOKIA outperforms 77.42% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 3.16
Altman-Z 2.56
ROIC/WACC0.4
WACC7.08%
NOKIA.PA Yearly LT Debt VS Equity VS FCFNOKIA.PA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B 15B 20B

2.3 Liquidity

  • NOKIA has a Current Ratio of 1.48. This is a normal value and indicates that NOKIA is financially healthy and should not expect problems in meeting its short term obligations.
  • The Current ratio of NOKIA (1.48) is comparable to the rest of the industry.
  • A Quick Ratio of 1.23 indicates that NOKIA should not have too much problems paying its short term obligations.
  • The Quick ratio of NOKIA (1.23) is better than 61.29% of its industry peers.
Industry RankSector Rank
Current Ratio 1.48
Quick Ratio 1.23
NOKIA.PA Yearly Current Assets VS Current LiabilitesNOKIA.PA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

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

3

3. Growth

3.1 Past

  • NOKIA shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by 0.00%.
  • NOKIA shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 11.14% yearly.
  • The Revenue has been growing slightly by 3.04% in the past year.
  • NOKIA 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

  • Based on estimates for the next years, NOKIA will show a small growth in Earnings Per Share. The EPS will grow by 0.01% on average per year.
  • Based on estimates for the next years, NOKIA will show a small growth in Revenue. The Revenue will grow by 2.85% on average per year.
EPS Next Y-28.02%
EPS Next 2Y-5.57%
EPS Next 3Y0.02%
EPS Next 5Y0.01%
Revenue Next Year4.09%
Revenue Next 2Y4.03%
Revenue Next 3Y3.74%
Revenue Next 5Y2.85%

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 decreasing.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
NOKIA.PA Yearly Revenue VS EstimatesNOKIA.PA 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
NOKIA.PA Yearly EPS VS EstimatesNOKIA.PA 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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Find the best growth stocksShow best growing peers

5

4. Valuation

4.1 Price/Earnings Ratio

  • NOKIA is valuated rather expensively with a Price/Earnings ratio of 17.90.
  • 87.10% of the companies in the same industry are more expensive than NOKIA, based on the Price/Earnings ratio.
  • When comparing the Price/Earnings ratio of NOKIA to the average of the S&P500 Index (27.67), we can say NOKIA is valued slightly cheaper.
  • NOKIA is valuated correctly with a Price/Forward Earnings ratio of 15.96.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of NOKIA indicates a rather cheap valuation: NOKIA is cheaper than 80.65% of the companies listed in the same industry.
  • When comparing the Price/Forward Earnings ratio of NOKIA to the average of the S&P500 Index (27.20), we can say NOKIA is valued slightly cheaper.
Industry RankSector Rank
PE 17.9
Fwd PE 15.96
NOKIA.PA Price Earnings VS Forward Price EarningsNOKIA.PA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, NOKIA is valued a bit cheaper than 77.42% of the companies in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of NOKIA is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 23.9
EV/EBITDA 12.17
NOKIA.PA Per share dataNOKIA.PA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 1 2 3

4.3 Compensation for Growth

  • NOKIA has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)1.61
EPS Next 2Y-5.57%
EPS Next 3Y0.02%

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

4

5. Dividend

5.1 Amount

  • NOKIA has a Yearly Dividend Yield of 2.51%.
  • NOKIA's Dividend Yield is rather good when compared to the industry average which is at 2.64. NOKIA pays more dividend than 80.65% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, NOKIA pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.51%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years2
NOKIA.PA Yearly Dividends per shareNOKIA.PA Yearly Dividends per shareYearly Dividends per share 2019 2020 2022 2023 2024 2025 0.05 0.1

5.3 Sustainability

  • 81.90% of the earnings are spent on dividend by NOKIA. This is not a sustainable payout ratio.
DP81.9%
EPS Next 2Y-5.57%
EPS Next 3Y0.02%
NOKIA.PA Yearly Income VS Free CF VS DividendNOKIA.PA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B -2B 4B
NOKIA.PA Dividend Payout.NOKIA.PA Dividend Payout, showing the Payout Ratio.NOKIA.PA Dividend Payout.PayoutRetained Earnings

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NOKIA OYJ

EPA:NOKIA (12/30/2025, 7:00:00 PM)

5.55

-0.03 (-0.54%)

Chartmill FA Rating
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryCommunications Equipment
Earnings (Last)10-23
Earnings (Next)01-29
Inst Owners34.4%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap30.78B
Revenue(TTM)19.75B
Net Income(TTM)928.00M
Analysts71.11
Price Target5.61 (1.08%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.51%
Yearly Dividend0.06
Dividend Growth(5Y)N/A
DP81.9%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-4.03%
Min EPS beat(2)-24.77%
Max EPS beat(2)16.71%
EPS beat(4)2
Avg EPS beat(4)-1.21%
Min EPS beat(4)-27.18%
Max EPS beat(4)30.42%
EPS beat(8)4
Avg EPS beat(8)-0.71%
EPS beat(12)5
Avg EPS beat(12)-3.87%
EPS beat(16)9
Avg EPS beat(16)-1.37%
Revenue beat(2)1
Avg Revenue beat(2)-3.52%
Min Revenue beat(2)-7.83%
Max Revenue beat(2)0.79%
Revenue beat(4)2
Avg Revenue beat(4)-2.39%
Min Revenue beat(4)-7.83%
Max Revenue beat(4)1.17%
Revenue beat(8)2
Avg Revenue beat(8)-6.37%
Revenue beat(12)3
Avg Revenue beat(12)-5.91%
Revenue beat(16)4
Avg Revenue beat(16)-4.64%
PT rev (1m)-0.19%
PT rev (3m)22.2%
EPS NQ rev (1m)-0.57%
EPS NQ rev (3m)-1.75%
EPS NY rev (1m)2.2%
EPS NY rev (3m)2.92%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.72%
Revenue NY rev (1m)0.12%
Revenue NY rev (3m)0.74%
Valuation
Industry RankSector Rank
PE 17.9
Fwd PE 15.96
P/S 1.56
P/FCF 23.9
P/OCF 16.16
P/B 1.57
P/tB 2.55
EV/EBITDA 12.17
EPS(TTM)0.31
EY5.59%
EPS(NY)0.35
Fwd EY6.27%
FCF(TTM)0.23
FCFY4.18%
OCF(TTM)0.34
OCFY6.19%
SpS3.56
BVpS3.53
TBVpS2.18
PEG (NY)N/A
PEG (5Y)1.61
Graham Number4.96
Profitability
Industry RankSector Rank
ROA 2.57%
ROE 4.74%
ROCE 4.51%
ROIC 2.84%
ROICexc 3.7%
ROICexgc 5.87%
OM 6.02%
PM (TTM) 4.7%
GM 43.88%
FCFM 6.52%
ROA(3y)4.94%
ROA(5y)2.38%
ROE(3y)9.78%
ROE(5y)3.69%
ROIC(3y)4.06%
ROIC(5y)4.02%
ROICexc(3y)5.84%
ROICexc(5y)5.9%
ROICexgc(3y)8.74%
ROICexgc(5y)9.29%
ROCE(3y)6.44%
ROCE(5y)6.38%
ROICexgc growth 3Y-10%
ROICexgc growth 5Y11.31%
ROICexc growth 3Y-8.21%
ROICexc growth 5Y12.5%
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%
F-Score7
Asset Turnover0.55
Health
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 3.16
Debt/EBITDA 1.39
Cap/Depr 57.04%
Cap/Sales 3.12%
Interest Coverage 5.45
Cash Conversion 83.95%
Profit Quality 138.79%
Current Ratio 1.48
Quick Ratio 1.23
Altman-Z 2.56
F-Score7
WACC7.08%
ROIC/WACC0.4
Cap/Depr(3y)53.08%
Cap/Depr(5y)50.54%
Cap/Sales(3y)2.65%
Cap/Sales(5y)2.53%
Profit Quality(3y)92.93%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)0%
EPS 3Y1.77%
EPS 5Y11.14%
EPS Q2Q%0%
EPS Next Y-28.02%
EPS Next 2Y-5.57%
EPS Next 3Y0.02%
EPS Next 5Y0.01%
Revenue 1Y (TTM)3.04%
Revenue growth 3Y-4.69%
Revenue growth 5Y-3.79%
Sales Q2Q%11.6%
Revenue Next Year4.09%
Revenue Next 2Y4.03%
Revenue Next 3Y3.74%
Revenue Next 5Y2.85%
EBIT growth 1Y-28.3%
EBIT growth 3Y-7.39%
EBIT growth 5Y10.19%
EBIT Next Year8.19%
EBIT Next 3Y12.97%
EBIT Next 5Y9.23%
FCF growth 1Y288.3%
FCF growth 3Y-0.72%
FCF growth 5YN/A
OCF growth 1Y13500%
OCF growth 3Y-1.71%
OCF growth 5Y44.92%

NOKIA OYJ / NOKIA.PA FAQ

Can you provide the ChartMill fundamental rating for NOKIA OYJ?

ChartMill assigns a fundamental rating of 5 / 10 to NOKIA.PA.


What is the valuation status for NOKIA stock?

ChartMill assigns a valuation rating of 5 / 10 to NOKIA OYJ (NOKIA.PA). This can be considered as Fairly Valued.


What is the profitability of NOKIA stock?

NOKIA OYJ (NOKIA.PA) has a profitability rating of 6 / 10.


What is the earnings growth outlook for NOKIA OYJ?

The Earnings per Share (EPS) of NOKIA OYJ (NOKIA.PA) is expected to decline by -28.02% in the next year.


Can you provide the dividend sustainability for NOKIA stock?

The dividend rating of NOKIA OYJ (NOKIA.PA) is 4 / 10 and the dividend payout ratio is 81.9%.