NOKIA Stock Analysis: Nokia | HE
Communication Equipment | HE, Finland | Market Cap: 50.880m EUR | 12M Return: 113.8% | FI0009000681 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 145M
EPS Trend: 6.5%
Qual. Beats: 0
Rev. Trend: -59.9%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Nokia Oyj (NOKIA) is a Finland-based communications equipment and network infrastructure provider operating across North and Latin America, Greater China, India, Asia Pacific, Europe, the Middle East, and Africa. The company is organized into four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. Its product portfolio spans fixed network solutions (fiber, copper, in-home Wi-Fi), IP and optical networking, mobile radio access and microwave transport, and cloud-based software services including 5G core, private wireless, and network APIs. Nokia also generates revenue by licensing its patents, technologies, and brand.
Nokia serves a diverse customer base that includes communications service providers as well as defense, energy and resources, enterprise and industrial campuses, private network operators, public sector clients, and the transportation industry. The company was founded in 1865 and is headquartered in Espoo, Finland.
As a large-cap constituent of the Information Technology sector, Nokia sits within the Communications Equipment sub-industry, a space dominated by a small number of global vendors that supply the hardware, software, and services underpinning telecom carrier networks. The business model combines equipment sales (such as base stations, routers, and optical systems) with multi-year service contracts, software subscriptions tied to network modernization cycles, and recurring patent licensing income, which together tend to make revenue closely linked to global telecom capital expenditure.
- Optical and IP networks benefit from AI data center buildout
- Mobile Networks margin pressured by Ericsson and Huawei competition
- Cloud and Network Services revenue grows on enterprise 5G adoption
| Net Income: 943.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -2.67 > 1.0 |
| NWC/Revenue: 24.43% < 20% (prev 23.31%; Δ 1.12% < -1%) |
| CFO/TA 0.03 > 3% & CFO 1.14b > Net Income 943.0m |
| Net Debt (-812.0m) to EBITDA (2.66b): -0.31 < 3 |
| Current Ratio: 1.51 > 1.5 & < 3 |
| Outstanding Shares: last quarter (5.80b) vs 12m ago 5.65% < -2% |
| Gross Margin: 44.62% > 18% (prev 45.57%; Δ -0.95% > 0.5%) |
| Asset Turnover: 55.30% > 50% (prev 53.42%; Δ 1.88% > 0%) |
| Interest Coverage Ratio: 6.65 > 6 (EBIT TTM 1.67b / Interest Expense TTM 251.0m) |
| A: 0.13 (Total Current Assets 14.8b - Total Current Liabilities 9.80b) / Total Assets 37.3b |
| B: 0.04 (Retained Earnings 1.55b / Total Assets 37.3b) |
| C: 0.05 (EBIT TTM 1.67b / Avg Total Assets 36.7b) |
| D: 1.33 (Book Value of Equity 21.2b / Total Liabilities 16.0b) |
| Altman-Z'' = 2.71 = A |
| DSRI: 1.14 (Receivables 6.84b/5.70b, Revenue 20.3b/19.2b) |
| GMI: 1.02 (GM 45.57% / 44.62%) |
| AQI: 1.00 (AQ_t 0.54 / AQ_t-1 0.54) |
| SGI: 1.05 (Revenue 20.3b / 19.2b) |
| TATA: -0.01 (NI 943.0m - CFO 1.14b) / TA 37.3b) |
| Beneish M = -2.86 (Cap -4..+1) = A |
As of October 10, 2026, the stock is trading at EUR 9.31 with a total of 9,436,455 shares traded. Over the past week, the price has changed by -1.04%, over one month by -0.79%, over three months by -16.47% and over the past year by +113.80%.
Current recommended Stop Loss: 8.20 (which is 11.9% or 2.6 ATR below the current price).
Nokia has no consensus analysts rating.
P/E Trailing = 75.7333
P/E Forward = 24.9377
P/S = 2.4949
P/B = 2.4952
P/EG = 0.9263
Revenue TTM = 20.3b EUR
EBIT TTM = 1.67b EUR
EBITDA TTM = 2.66b EUR
Long Term Debt = 1.92b EUR (from longTermDebt, last quarter)
Short Term Debt = 676.0m EUR (from shortTermDebt, last quarter)
Debt = 4.32b EUR (from shortLongTermDebtTotal, last quarter) + Leases 959.0m
Net Debt = -812.0m EUR (calculated: Debt 4.32b - CCE 5.13b)
Enterprise Value = 50.1b EUR (50.9b + Debt 4.32b - CCE 5.13b)
Interest Coverage Ratio = 6.65 (Ebit TTM 1.67b / Interest Expense TTM 251.0m)
EV/FCF = 93.41x (Enterprise Value 50.1b / FCF TTM 536.0m)
FCF Yield = 1.07% (FCF TTM 536.0m / Enterprise Value 50.1b)
FCF Margin = 2.64% (FCF TTM 536.0m / Revenue TTM 20.3b)
Net Margin = 4.65% (Net Income TTM 943.0m / Revenue TTM 20.3b)
Gross Margin = 44.62% ((Revenue TTM 20.3b - Cost of Revenue TTM 11.2b) / Revenue TTM)
Gross Margin QoQ = 45.05% (prev 44.21%)
Tobins Q-Ratio = 1.34 (Enterprise Value 50.1b / Total Assets 37.3b)
Interest Expense / Debt = 5.81% (Interest Expense 251.0m / Debt 4.32b)
Taxrate = 27.12% (361.0m / 1.33b)
NOPAT = 1.22b (EBIT 1.67b * (1 - 27.12%))
Current Ratio = 1.51 (Total Current Assets 14.8b / Total Current Liabilities 9.80b)
Debt / Equity = 0.20 (Debt 4.32b / totalStockholderEquity, last quarter 21.2b)
Debt / EBITDA = -0.31 (Net Debt -812.0m / EBITDA 2.66b)
Debt / FCF = -1.51 (Net Debt -812.0m / FCF TTM 536.0m)
Total Stockholder Equity = 20.7b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.57% (Net Income 943.0m / Total Assets 37.3b)
RoE = 4.55% (Net Income TTM 943.0m / Total Stockholder Equity 20.7b)
RoCE = 7.37% (EBIT 1.67b / Capital Employed (Equity 20.7b + L.T.Debt 1.92b))
RoIC = 4.49% (NOPAT 1.22b / Invested Capital 27.1b)
WACC = 10.13% (E(50.9b)/V(55.2b) * Re(10.63%) + D(4.32b)/V(55.2b) * Rd(5.81%) * (1-Tc(0.27)))
Discount Rate = 10.63% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 61.60 | Cagr: 1.88%
[DCF] Terminal Value 66.75% ; FCFF base≈914.0m ; Y1≈801.5m ; Y5≈647.6m
[DCF] Fair Price = 1.58 (EV 8.05b - Net Debt -812.0m = Equity 8.86b / Shares 5.60b; r=10.13% [WACC]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 6.47 | EPS CAGR: 0.63% | SUE: 0.47 | # QB: 0
Revenue Correlation: -59.91 | Revenue CAGR: -4.43% | SUE: -0.05 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.06 | Chg30d=-0.78% | Revisions=-67% | Analysts=9
EPS current Year (2026-12-31): EPS=0.34 | Chg30d=+0.35% | Revisions=+25% | GrowthEPS=+18.2% | GrowthRev=+4.3%
EPS next Year (2027-12-31): EPS=0.41 | Chg30d=+0.69% | Revisions=+0% | GrowthEPS=+19.1% | GrowthRev=+7.0%
[Analyst] Revisions Ratio: -42% (up=2, down=7)