NOKIA OYJ (NOKIA.PA) Fundamental Analysis & Valuation

EPA:NOKIA • FI0009000681

Current stock price

5.55 EUR
-0.03 (-0.54%)
Last:

This NOKIA.PA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

6

1. NOKIA.PA Profitability Analysis

1.1 Basic Checks

  • NOKIA had positive earnings in the past year.
  • In the past year NOKIA had a positive cash flow from operations.
  • NOKIA had positive earnings in 4 of the past 5 years.
  • 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

  • Looking at the Return On Assets, with a value of 2.57%, NOKIA is in the better half of the industry, outperforming 70.97% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 4.74%, NOKIA is in the better half of the industry, outperforming 64.52% of the companies in the same industry.
  • NOKIA has a Return On Invested Capital of 2.84%. This is in the better half of the industry: NOKIA outperforms 64.52% of its industry peers.
  • NOKIA had an Average Return On Invested Capital over the past 3 years of 4.06%. This is significantly below the industry average of 11.35%.
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's Profit Margin of 4.70% is fine compared to the rest of the industry. NOKIA outperforms 64.52% of its industry peers.
  • In the last couple of years the Profit Margin of NOKIA has grown nicely.
  • Looking at the Operating Margin, with a value of 6.02%, NOKIA is in the better half of the industry, outperforming 67.74% of the companies in the same industry.
  • In the last couple of years the Operating Margin of NOKIA has grown nicely.
  • NOKIA has a Gross Margin of 43.88%. This is comparable to the rest of the industry: NOKIA outperforms 54.84% of its industry peers.
  • 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. NOKIA.PA Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so NOKIA is destroying value.
  • Compared to 1 year ago, NOKIA has less shares outstanding
  • Compared to 5 years ago, NOKIA has less shares outstanding
  • NOKIA has a better debt/assets ratio than last year.
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

  • NOKIA has an Altman-Z score of 2.56. This is not the best score and indicates that NOKIA is in the grey zone with still only limited risk for bankruptcy at the moment.
  • With a decent Altman-Z score value of 2.56, NOKIA is doing good in the industry, outperforming 61.29% of the companies in the same industry.
  • NOKIA has a debt to FCF ratio of 3.16. This is a good value and a sign of high solvency as NOKIA would need 3.16 years to pay back of all of its debts.
  • NOKIA's Debt to FCF ratio of 3.16 is fine compared to the rest of the industry. NOKIA outperforms 64.52% of its industry peers.
  • NOKIA has a Debt/Equity ratio of 0.16. This is a healthy value indicating a solid balance between debt and equity.
  • NOKIA has a better Debt to Equity ratio (0.16) than 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.
  • NOKIA has a Current ratio of 1.48. This is comparable to the rest of the industry: NOKIA outperforms 58.06% of its industry peers.
  • A Quick Ratio of 1.23 indicates that NOKIA should not have too much problems paying its short term obligations.
  • NOKIA's Quick ratio of 1.23 is fine compared to the rest of the industry. NOKIA outperforms 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. NOKIA.PA Growth Analysis

3.1 Past

  • NOKIA shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by 0.00%.
  • The Earnings Per Share has been growing by 11.14% on average over the past years. This is quite good.
  • Looking at the last year, NOKIA shows a small growth in Revenue. The Revenue has grown by 3.04% in the last 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

  • NOKIA 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-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

  • 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.
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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5

4. NOKIA.PA Valuation Analysis

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 (27.42), we can say NOKIA is valued slightly cheaper.
  • Based on the Price/Forward Earnings ratio of 15.96, the valuation of NOKIA can be described as correct.
  • Based on the Price/Forward Earnings ratio, NOKIA is valued cheaper than 80.65% of the companies in the same industry.
  • NOKIA is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.24, which is the current average of the S&P500 Index.
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 50

4.2 Price Multiples

  • 77.42% of the companies in the same industry are more expensive than NOKIA, based on the Enterprise Value to EBITDA ratio.
  • 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. NOKIA.PA Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 2.51%, NOKIA has a reasonable but not impressive dividend return.
  • NOKIA's Dividend Yield is rather good when compared to the industry average which is at 2.18. NOKIA pays more dividend than 80.65% of the companies in the same industry.
  • NOKIA's Dividend Yield is a higher than the S&P500 average which is at 1.81.
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

  • NOKIA pays out 81.90% of its income as dividend. 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.PA Fundamentals: All Metrics, Ratios and Statistics

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 Number4.96285 (-10.58%)
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 Fundamental Analysis 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.


How profitable is NOKIA OYJ (NOKIA.PA) stock?

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


What are the PE and PB ratios of NOKIA OYJ (NOKIA.PA) stock?

The Price/Earnings (PE) ratio for NOKIA OYJ (NOKIA.PA) is 17.9 and the Price/Book (PB) ratio is 1.57.


What is the financial health of NOKIA OYJ (NOKIA.PA) stock?

The financial health rating of NOKIA OYJ (NOKIA.PA) is 6 / 10.