TYRES Stock Analysis: Nokian Renkaat | HE
Auto Parts | HE, Finland | Market Cap: 1.986m EUR | 12M Return: 95.8% | FI0009005318 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.08M
EPS Trend: 14.7%
Qual. Beats: 2
Rev. Trend: 95.7%
Qual. Beats: 1
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.
Nokian Renkaat Oyj (TYRES) is a Finnish tire manufacturer founded in 1898 and headquartered in Nokia, Finland. The company designs, develops, and manufactures tires for passenger cars, SUVs, vans, trucks, buses, and heavy machinery used in sectors such as forestry, mining, agriculture, ports, and road maintenance. Its product portfolio spans winter, summer, and all-season tires, which is particularly relevant given its strong presence in the Nordic region where winter tires are a regulatory or practical necessity in many markets.
The company operates through three segments: Passenger Car Tyres, Heavy Tyres, and Vianor. Beyond manufacturing, Nokian Renkaat runs an integrated distribution and service network that includes the Vianor service center chain, the Vianor Partner chain, and the Nokian Tyres Authorized Dealers network, alongside sales through tire dealers, car dealerships, vehicle manufacturers, and online stores. Vianor also provides car maintenance and tire-related services, creating a vertical business model that combines tire production with direct-to-consumer retail - a structure that distinguishes Nokian Renkaat from many pure-play tire manufacturers.
Geographically, the company serves markets across the Nordics, Central Europe, North America, and other international regions. It is listed on the Helsinki Stock Exchange (HE), is classified within the GICS Consumer Discretionary sector under the Tires & Rubber sub-industry, and qualifies as a mid-cap stock.
- Tennessee plant ramp replaces lost Russian production capacity
- Chinese tire imports pressure European market share and margins
- Winter tire pricing power tested amid weak European demand
| Net Income: 19.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 10.24 > 1.0 |
| NWC/Revenue: 30.88% < 20% (prev 31.43%; Δ -0.55% < -1%) |
| CFO/TA 0.07 > 3% & CFO 177.9m > Net Income 19.4m |
| Net Debt (922.5m) to EBITDA (214.2m): 4.31 < 3 |
| Current Ratio: 1.82 > 1.5 & < 3 |
| Outstanding Shares: last quarter (137.9m) vs 12m ago -0.72% < -2% |
| Gross Margin: 23.58% > 18% (prev 17.86%; Δ 5.73% > 0.5%) |
| Asset Turnover: 58.94% > 50% (prev 54.96%; Δ 3.98% > 0%) |
| Interest Coverage Ratio: 1.69 > 6 (EBIT TTM 70.1m / Interest Expense TTM 41.5m) |
| A: 0.18 (Total Current Assets 972.0m - Total Current Liabilities 533.5m) / Total Assets 2.38b |
| B: 0.31 (Retained Earnings 746.1m / Total Assets 2.38b) |
| C: 0.03 (EBIT TTM 70.1m / Avg Total Assets 2.41b) |
| D: 0.91 (Book Value of Equity 1.13b / Total Liabilities 1.24b) |
| Altman-Z'' = 3.39 = A |
| DSRI: 1.05 (Receivables 436.8m/393.4m, Revenue 1.42b/1.34b) |
| GMI: 0.76 (GM 17.86% / 23.58%) |
| AQI: 1.11 (AQ_t 0.08 / AQ_t-1 0.07) |
| SGI: 1.06 (Revenue 1.42b / 1.34b) |
| TATA: -0.07 (NI 19.4m - CFO 177.9m) / TA 2.38b) |
| Beneish M = -3.11 (Cap -4..+1) = AA |
As of October 15, 2026, the stock is trading at EUR 14.16 with a total of 253,122 shares traded. Over the past week, the price has changed by -3.61%, over one month by -10.04%, over three months by +7.93% and over the past year by +95.82%.
Current recommended Stop Loss: 13.00 (which is 8.2% or 3.1 ATR below the current price).
Nokian Renkaat has no consensus analysts rating.
P/E Trailing = 102.8571
P/E Forward = 12.8041
P/S = 1.3987
P/B = 1.9513
P/EG = 1.746
Revenue TTM = 1.42b EUR
EBIT TTM = 70.1m EUR
EBITDA TTM = 214.2m EUR
Long Term Debt = 671.8m EUR (from longTermDebt, last quarter)
Short Term Debt = 197.0m EUR (from shortTermDebt, last quarter)
Debt = 1.01b EUR (from shortLongTermDebtTotal, last quarter) + Leases 107.4m
Net Debt = 922.5m EUR (calculated: Debt 1.01b - CCE 87.8m)
Enterprise Value = 2.91b EUR (1.99b + Debt 1.01b - CCE 87.8m)
Interest Coverage Ratio = 1.69 (Ebit TTM 70.1m / Interest Expense TTM 41.5m)
EV/FCF = 34.79x (Enterprise Value 2.91b / FCF TTM 83.6m)
FCF Yield = 2.87% (FCF TTM 83.6m / Enterprise Value 2.91b)
FCF Margin = 5.89% (FCF TTM 83.6m / Revenue TTM 1.42b)
Net Margin = 1.37% (Net Income TTM 19.4m / Revenue TTM 1.42b)
Gross Margin = 23.58% ((Revenue TTM 1.42b - Cost of Revenue TTM 1.09b) / Revenue TTM)
Gross Margin QoQ = 26.06% (prev 19.10%)
Tobins Q-Ratio = 1.22 (Enterprise Value 2.91b / Total Assets 2.38b)
Interest Expense / Debt = 4.11% (Interest Expense 41.5m / Debt 1.01b)
Taxrate = 22.40% (5.60m / 25.0m)
NOPAT = 54.4m (EBIT 70.1m * (1 - 22.40%))
Current Ratio = 1.82 (Total Current Assets 972.0m / Total Current Liabilities 533.5m)
Debt / Equity = 0.89 (Debt 1.01b / totalStockholderEquity, last quarter 1.13b)
Debt / EBITDA = 4.31 (Net Debt 922.5m / EBITDA 214.2m)
Debt / FCF = 11.03 (Net Debt 922.5m / FCF TTM 83.6m)
Total Stockholder Equity = 1.14b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.81% (Net Income 19.4m / Total Assets 2.38b)
RoE = 1.70% (Net Income TTM 19.4m / Total Stockholder Equity 1.14b)
RoCE = 3.87% (EBIT 70.1m / Capital Employed (Equity 1.14b + L.T.Debt 671.8m))
RoIC = 2.76% (NOPAT 54.4m / Invested Capital 1.97b)
WACC = 6.42% (E(1.99b)/V(3.00b) * Re(8.06%) + D(1.01b)/V(3.00b) * Rd(4.11%) * (1-Tc(0.22)))
Discount Rate = 8.06% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -33.95 | Cagr: 0.02%
[DCF] Terminal Value 75.44% ; FCFF base≈83.6m ; Y1≈83.9m ; Y5≈88.9m
[DCF] Fair Price = 3.34 (EV 1.38b - Net Debt 922.5m = Equity 460.6m / Shares 137.9m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: 14.70 | EPS CAGR: 6.12% | SUE: 1.11 | # QB: 2
Revenue Correlation: 95.66 | Revenue CAGR: 7.52% | SUE: 1.44 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.18 | Chg30d=-2.67% | Revisions=+50% | Analysts=4
EPS current Year (2026-12-31): EPS=0.51 | Chg30d=-0.39% | Revisions=+29% | GrowthEPS=+139.7% | GrowthRev=+8.0%
EPS next Year (2027-12-31): EPS=0.81 | Chg30d=-0.25% | Revisions=+38% | GrowthEPS=+60.1% | GrowthRev=+9.2%
[Analyst] Revisions Ratio: +53% (up=10, down=2)