NOKIA OYJ (NOKIA.PA) Stock Fundamental Analysis

EPA:NOKIA • FI0009000681

5.55 EUR
-0.03 (-0.54%)
Last: Dec 30, 2025, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

5

NOKIA gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 30 industry peers in the Communications Equipment industry. NOKIA has only an average score on both its financial health and profitability. NOKIA is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

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

  • NOKIA has a better Return On Assets (2.57%) than 70.97% of its industry peers.
  • 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.
  • Looking at the Return On Invested Capital, with a value of 2.84%, NOKIA is in the better half of the industry, outperforming 64.52% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for NOKIA is significantly below the industry average of 10.70%.
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

  • The Profit Margin of NOKIA (4.70%) is better than 64.52% of its industry peers.
  • NOKIA's Profit Margin has improved in the last couple of years.
  • NOKIA has a Operating Margin of 6.02%. This is in the better half of the industry: NOKIA outperforms 67.74% of its industry peers.
  • NOKIA's Operating Margin has improved in the last couple of years.
  • NOKIA has a Gross Margin (43.88%) which is comparable to the rest of the 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

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

6

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so NOKIA is destroying value.
  • NOKIA has less shares outstanding than it did 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

  • 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.
  • NOKIA's Altman-Z score of 2.56 is fine compared to the rest of the industry. NOKIA outperforms 61.29% of its industry peers.
  • 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.
  • With a decent Debt to FCF ratio value of 3.16, NOKIA is doing good in the industry, outperforming 64.52% of the companies in the same industry.
  • NOKIA has a Debt/Equity ratio of 0.16. This is a healthy value indicating a solid balance between debt and equity.
  • The Debt to Equity ratio of NOKIA (0.16) is better 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 (1.48) which is in line with its industry peers.
  • NOKIA has a Quick Ratio of 1.23. 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 Quick ratio of 1.23. This is in the better half 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

More info and screens

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

3

3. Growth

3.1 Past

  • The earnings per share for NOKIA have decreased by 0.00% in the last year.
  • The Earnings Per Share has been growing by 11.14% on average over the past years. This is quite good.
  • The Revenue has been growing slightly by 3.04% in the past year.
  • The Revenue has been decreasing by -3.79% on average over the past years.
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

  • The Earnings Per Share is expected to grow by 0.01% on average over the next years.
  • NOKIA is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.85% yearly.
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

More info and screens

Find the best growth stocksShow best growing peers

5

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 17.90, NOKIA is valued on the expensive side.
  • Compared to the rest of the industry, the Price/Earnings ratio of NOKIA indicates a rather cheap valuation: NOKIA is cheaper than 87.10% of the companies listed in the same industry.
  • When comparing the Price/Earnings ratio of NOKIA to the average of the S&P500 Index (27.10), 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.
  • NOKIA's Price/Forward Earnings ratio is rather cheap when compared to the industry. NOKIA is 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 28.06, 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

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%

More info and screens

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%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 2.64, NOKIA pays a better dividend. On top of this NOKIA pays more dividend than 80.65% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.80, 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

More info and screens

Find the best dividend stocksShow peers with best dividend

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%.