TYRES Stock Analysis: Nokian Renkaat | HE
Auto Parts | HE, Finland | Market Cap: 1.802m EUR | 12M Return: 111.9% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.53M
EPS Trend: -20.7%
Qual. Beats: 1
Rev. Trend: 56.0%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 10.5 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 develops and produces tires across three segments: Passenger Car Tyres, Heavy Tyres, and Vianor. Its passenger car offerings include winter, summer, and all-season tires for cars, SUVs, and vans, with a particular emphasis on winter products suited to Nordic climate conditions. The Heavy Tyres segment serves forestry, mining, agriculture, ports and terminals, trucks, buses, earthmoving, and road maintenance machinery.
The company operates a vertically integrated distribution and service model, selling through the Vianor retail chain, the Nokian Tyres Authorized Dealers network, third-party tire dealers, car dealerships, OEM partnerships, and online stores. Vianor service centers also provide car maintenance alongside tire services, allowing Nokian Renkaat to capture both product and aftermarket service revenue. The company competes in the global tire industry alongside major multinational manufacturers, with its Nordic roots providing a strong position in winter tire demand.
- North America plant ramp-up drives Passenger Car Tyres volume growth
- Winter tire pricing power supports segment margins against raw material costs
- Heavy Tyres demand benefits from forestry and mining capex cycle
| Net Income: 500k TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 15.52 > 1.0 |
| NWC/Revenue: 29.35% < 20% (prev 36.21%; Δ -6.85% < -1%) |
| CFO/TA 0.08 > 3% & CFO 196.6m > Net Income 500k |
| Net Debt (871.2m) to EBITDA (190.3m): 4.58 < 3 |
| Current Ratio: 1.78 > 1.5 & < 3 |
| Outstanding Shares: last quarter (137.9m) vs 12m ago 0.01% < -2% |
| Gross Margin: 22.48% > 18% (prev 17.28%; Δ 5.21% > 0.5%) |
| Asset Turnover: 58.12% > 50% (prev 55.09%; Δ 3.03% > 0%) |
| Interest Coverage Ratio: 1.13 > 6 (EBIT TTM 47.6m / Interest Expense TTM 42.1m) |
| A: 0.17 (Total Current Assets 929.6m - Total Current Liabilities 523.4m) / Total Assets 2.36b |
| B: 0.31 (Retained Earnings 726.0m / Total Assets 2.36b) |
| C: 0.02 (EBIT TTM 47.6m / Avg Total Assets 2.38b) |
| D: 0.91 (Book Value of Equity 1.12b / Total Liabilities 1.24b) |
| Altman-Z'' = 3.22 = A |
| DSRI: 0.92 (Receivables 335.7m/347.2m, Revenue 1.38b/1.32b) |
| GMI: 0.77 (GM 17.28% / 22.48%) |
| AQI: 1.09 (AQ_t 0.08 / AQ_t-1 0.07) |
| SGI: 1.05 (Revenue 1.38b / 1.32b) |
| TATA: -0.08 (NI 500k - CFO 196.6m) / TA 2.36b) |
| Beneish M = -3.22 (Cap -4..+1) = AA |
As of July 11, 2026, the stock is trading at EUR 13.24 with a total of 242,160 shares traded. Over the past week, the price has changed by +3.20%, over one month by +20.15%, over three months by +37.77% and over the past year by +111.92%.
Current recommended Stop Loss: 12.70 (which is 4.1% or 1.4 ATR below the current price).
Nokian Renkaat has no consensus analysts rating.
P/E Forward = 12.8041
P/S = 1.3023
P/B = 1.5765
P/EG = 1.746
Revenue TTM = 1.38b EUR
EBIT TTM = 47.6m EUR
EBITDA TTM = 190.3m EUR
Long Term Debt = 644.5m EUR (from longTermDebt, last fiscal year)
Short Term Debt = 181.5m EUR (from shortTermDebt, last quarter)
Debt = 1.01b EUR (from shortLongTermDebtTotal, last quarter) + Leases 114.0m
Net Debt = 871.2m EUR (calculated: Debt 1.01b - CCE 136.5m)
Enterprise Value = 2.67b EUR (1.80b + Debt 1.01b - CCE 136.5m)
Interest Coverage Ratio = 1.13 (Ebit TTM 47.6m / Interest Expense TTM 42.1m)
EV/FCF = 32.68x (Enterprise Value 2.67b / FCF TTM 81.8m)
FCF Yield = 3.06% (FCF TTM 81.8m / Enterprise Value 2.67b)
FCF Margin = 5.91% (FCF TTM 81.8m / Revenue TTM 1.38b)
Net Margin = 0.04% (Net Income TTM 500k / Revenue TTM 1.38b)
Gross Margin = 22.48% ((Revenue TTM 1.38b - Cost of Revenue TTM 1.07b) / Revenue TTM)
Gross Margin QoQ = 19.10% (prev 25.96%)
Tobins Q-Ratio = 1.13 (Enterprise Value 2.67b / Total Assets 2.36b)
Interest Expense / Debt = 4.18% (Interest Expense 42.1m / Debt 1.01b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 35.7m (EBIT 47.6m * (1 - 25.00%))
Current Ratio = 1.78 (Total Current Assets 929.6m / Total Current Liabilities 523.4m)
Debt / Equity = 0.90 (Debt 1.01b / totalStockholderEquity, last quarter 1.12b)
Debt / EBITDA = 4.58 (Net Debt 871.2m / EBITDA 190.3m)
Debt / FCF = 10.65 (Net Debt 871.2m / FCF TTM 81.8m)
Total Stockholder Equity = 1.14b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.02% (Net Income 500k / Total Assets 2.36b)
RoE = 0.04% (Net Income TTM 500k / Total Stockholder Equity 1.14b)
RoCE = 2.66% (EBIT 47.6m / Capital Employed (Equity 1.14b + L.T.Debt 644.5m))
RoIC = 1.83% (NOPAT 35.7m / Invested Capital 1.95b)
WACC = 6.77% (E(1.80b)/V(2.81b) * Re(8.81%) + D(1.01b)/V(2.81b) * Rd(4.18%) * (1-Tc(0.25)))
Discount Rate = 8.81% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -6.98 | Cagr: -0.03%
[DCF] Terminal Value 75.44% ; FCFF base≈81.8m ; Y1≈82.1m ; Y5≈87.0m
[DCF] Fair Price = 3.50 (EV 1.35b - Net Debt 871.2m = Equity 482.1m / Shares 137.9m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: -20.65 | EPS CAGR: -7.28% | SUE: 1.37 | # QB: 1
Revenue Correlation: 56.02 | Revenue CAGR: 4.26% | SUE: -0.18 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.14 | Chg30d=+17.39% | Revisions=+17% | Analysts=4
EPS next Quarter (2026-09-30): EPS=0.17 | Chg30d=+6.25% | Revisions=+40% | Analysts=4
EPS current Year (2026-12-31): EPS=0.48 | Chg30d=+8.18% | Revisions=+17% | GrowthEPS=+125.5% | GrowthRev=+6.6%
EPS next Year (2027-12-31): EPS=0.81 | Chg30d=+2.54% | Revisions=+0% | GrowthEPS=+69.8% | GrowthRev=+9.0%
[Analyst] Revisions Ratio: +31% (up=7, down=3)