Overview Dividends

(NOK) Nokia - Ratings and Ratios

Exchange: NYSE • Country: Finland • Currency: USD • Type: Common Stock • ISIN: US6549022043

Network Equipment, Fiber Optics, IP Routing, Mobile Radio, Licensing

Communications Equipment
Market Cap in USD: 35,534m

IPO / Inception: 1994-01-03
Return 12m vs S&P 500: 28.2%

EPS (Earnings per Share)

EPS CAGR: -18.48%
EPS Trend: -47.4%

Last SUE: 0.28
Qual. Beats: 0

Revenue

Rev. CAGR: -7.27%
Rev. Trend: -64.1%

Last SUE: 0.14
Qual. Beats: 0

Dividends

Dividend Yield	2.37%
Yield on Cost 5y	4.17%
Yield CAGR 5y	51.50%
Payout Consistency	69.3%
Payout Ratio	48.2%

Risk via 5d forecast
Volatility	35.1%
Value at Risk 5%th	48.1%
Relative Tail Risk	-16.66%

Reward TTM
Sharpe Ratio	1.01
Alpha	36.02
CAGR/Max DD	0.39

Character TTM
Hurst Exponent	0.471
Beta	0.655
Beta Downside	0.686

Drawdowns 3y
Max DD	38.46%
Mean DD	14.93%
Median DD	15.81%

Description: NOK Nokia December 17, 2025

Nokia Oyj (NYSE:NOK) is a Finnish communications-equipment provider that designs, manufactures, and services mobile, fixed, and cloud network solutions for a global client base that includes carriers, enterprises, governments, and hyperscalers. The firm is organized into four operating segments-Network Infrastructure, Mobile Networks, Cloud & Network Services, and Nokia Technologies-covering fiber and copper access, IP routing, optical transport, 5G radio and core, private-wireless/edge offerings, and IP-based licensing of patents and the Nokia brand.

Key recent metrics: FY 2023 revenue reached €25.0 billion, with 5G-related sales growing ~12 % YoY and the Mobile Networks segment contributing roughly 38 % of total revenue. Nokia’s R&D spend remained steady at €2.2 billion (≈9 % of revenue), reflecting its push to expand the 5G core and private-wireless portfolio. The global telecom-equipment market is projected to expand at a CAGR of ~6 % through 2028, driven by carrier capex cycles, the rollout of 5G, and increasing demand for edge computing.

Given the ongoing 5G deployment wave and the shift toward cloud-native networking, Nokia’s exposure to both carrier and hyperscale spending positions it to capture incremental growth, though execution risk remains high in a competitive landscape dominated by Huawei, Ericsson, and emerging players.

For a deeper quantitative assessment of Nokia’s valuation metrics, see the ValueRay platform.

Piotroski VR‑10 (Strict, 0-10) 5.5

Net Income (1.20b TTM) > 0 and > 6% of Revenue (6% = 1.21b TTM)

FCFTA 0.04 (>2.0%) and ΔFCFTA -6.08pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 23.07% (prev 35.96%; Δ -12.89pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.06 (>3.0%) and CFO 2.02b > Net Income 1.20b (YES >=105%, WARN >=100%)

Net Debt (-827.0m) to EBITDA (2.73b) ratio: -0.30 <= 3.0 (WARN <= 3.5)

Current Ratio 1.48 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (5.49b) change vs 12m ago -0.79% (target <= -2.0% for YES)

Gross Margin 44.11% (prev 44.56%; Δ -0.45pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 54.51% (prev 52.13%; Δ 2.39pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 233.6 (EBITDA TTM 2.73b / Interest Expense TTM 7.00m) >= 6 (WARN >= 3)

Altman Z'' 1.56

(A) 0.13 = (Total Current Assets 14.37b - Total Current Liabilities 9.72b) / Total Assets 36.04b

(B) 0.04 = Retained Earnings (Balance) 1.48b / Total Assets 36.04b

(D) 0.27 = Book Value of Equity 4.35b / Total Liabilities 16.37b

Total Rating: 1.56 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 49.34

1. Piotroski 5.50pt

2. FCF Yield 4.67%

3. FCF Margin 6.82%

4. Debt/Equity 0.21

5. Debt/Ebitda -0.30

6. ROIC - WACC (= -2.80)%

7. RoE 5.94%

8. Rev. Trend -64.11%

9. EPS Trend -47.45%

What is the price of NOK shares?

As of December 17, 2025, the stock is trading at USD 6.29 with a total of 24,120,235 shares traded.
Over the past week, the price has changed by +1.78%, over one month by -5.56%, over three months by +36.99% and over the past year by +45.14%.

Is NOK a buy, sell or hold?

Nokia has received a consensus analysts rating of 3.55. Therefor, it is recommend to hold NOK.

Strong Buy: 2
Buy: 3
Hold: 5
Sell: 1
Strong Sell: 0

What are the forecasts/targets for the NOK price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	6.6	5.4%
Analysts Target Price	6.6	5.4%
ValueRay Target Price	6.8	7.5%

NOK Fundamental Data Overview December 16, 2025

Market Cap EUR = 30.24b (35.53b USD * 0.851 USD.EUR)
P/E Trailing = 33.0
P/E Forward = 17.2712
P/S = 1.7994
P/B = 1.5176
P/EG = 2.0227
Beta = 0.468
Revenue TTM = 20.15b EUR
EBIT TTM = 1.64b EUR
EBITDA TTM = 2.73b EUR
Long Term Debt = 2.34b EUR (from longTermDebt, last quarter)
Short Term Debt = 913.0m EUR (from shortTermDebt, last quarter)
Debt = 4.07b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = -827.0m EUR (from netDebt column, last quarter)
Enterprise Value = 29.41b EUR (30.24b + Debt 4.07b - CCE 4.89b)
Interest Coverage Ratio = 233.6 (Ebit TTM 1.64b / Interest Expense TTM 7.00m)
FCF Yield = 4.67% (FCF TTM 1.37b / Enterprise Value 29.41b)
FCF Margin = 6.82% (FCF TTM 1.37b / Revenue TTM 20.15b)
Net Margin = 5.95% (Net Income TTM 1.20b / Revenue TTM 20.15b)
Gross Margin = 44.11% ((Revenue TTM 20.15b - Cost of Revenue TTM 11.26b) / Revenue TTM)
Gross Margin QoQ = 44.15% (prev 43.36%)
Tobins Q-Ratio = 0.82 (Enterprise Value 29.41b / Total Assets 36.04b)
Interest Expense / Debt = 0.17% (Interest Expense 7.00m / Debt 4.07b)
Taxrate = 32.57% (156.0m / 479.0m)
NOPAT = 1.10b (EBIT 1.64b * (1 - 32.57%))
Current Ratio = 1.48 (Total Current Assets 14.37b / Total Current Liabilities 9.72b)
Debt / Equity = 0.21 (Debt 4.07b / totalStockholderEquity, last quarter 19.58b)
Debt / EBITDA = -0.30 (Net Debt -827.0m / EBITDA 2.73b)
Debt / FCF = -0.60 (Net Debt -827.0m / FCF TTM 1.37b)
Total Stockholder Equity = 20.17b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.33% (Net Income 1.20b / Total Assets 36.04b)
RoE = 5.94% (Net Income TTM 1.20b / Total Stockholder Equity 20.17b)
RoCE = 7.26% (EBIT 1.64b / Capital Employed (Equity 20.17b + L.T.Debt 2.34b))
RoIC = 4.65% (NOPAT 1.10b / Invested Capital 23.72b)
WACC = 7.44% (E(30.24b)/V(34.30b) * Re(8.43%) + D(4.07b)/V(34.30b) * Rd(0.17%) * (1-Tc(0.33)))
Discount Rate = 8.43% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.32%
[DCF Debug] Terminal Value 68.73% ; FCFE base≈2.32b ; Y1≈1.53b ; Y5≈697.8m
Fair Price DCF = 2.32 (DCF Value 12.85b / Shares Outstanding 5.55b; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: -47.45 | EPS CAGR: -18.48% | SUE: 0.28 | # QB: 0
Revenue Correlation: -64.11 | Revenue CAGR: -7.27% | SUE: 0.14 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.06 | Chg30d=+0.002 | Revisions Net=+0 | Analysts=4
EPS next Year (2026-12-31): EPS=0.39 | Chg30d=+0.003 | Revisions Net=-4 | Growth EPS=+23.8% | Growth Revenue=+4.2%

Additional Sources for NOK Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle