NOKIA-SEK Stock Analysis: Nokia | ST
Communication Equipment | ST, Sweden | Market Cap: 570.222m SEK | 12M Return: 117% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 145M
EPS Trend: -57.9%
Qual. Beats: 0
Rev. Trend: -60.0%
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 is a Finnish telecommunications and network infrastructure provider founded in 1865 and headquartered in Espoo, Finland. The company operates through four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies, serving customers across North America, Latin America, Greater China, India, Asia Pacific, Europe, the Middle East, and Africa.
Nokias portfolio spans fixed networks (fiber, copper, in-home Wi-Fi), IP routing, optical transport, mobile radio access networks, microwave links, and managed services. Beyond hardware, it sells cloud-native software, 5G core solutions, private wireless networks, and network APIs. The company also generates revenue by licensing its patents, technologies, and brand through Nokia Technologies. End markets include defense, energy and resources, enterprise campuses, public sector, and transportation.
The global telecom equipment market is an oligopoly dominated by a handful of vendors, including Nokia, Ericsson, Huawei, and ZTE, with 5G network rollouts and enterprise private wireless deployments serving as key demand drivers for the sector.
- Network Infrastructure revenue surges on AI and 5G data center demand
- Mobile Networks margins compress amid Ericsson and Huawei pricing pressure
- Nokia Technologies patent licensing revenue faces smartphone market headwinds
| Net Income: 942.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -2.44 > 1.0 |
| NWC/Revenue: 24.44% < 20% (prev 23.31%; Δ 1.12% < -1%) |
| CFO/TA 0.03 > 3% & CFO 1.25b > Net Income 942.5m |
| Net Debt (-812.0m) to EBITDA (2.52b): -0.32 < 3 |
| Current Ratio: 1.51 > 1.5 & < 3 |
| Outstanding Shares: last quarter (5.62b) vs 12m ago 2.27% < -2% |
| Gross Margin: 44.52% > 18% (prev -132.5%; Δ 177.0% > 0.5%) |
| Asset Turnover: 55.29% > 50% (prev 53.42%; Δ 1.87% > 0%) |
| Interest Coverage Ratio: 6.97 > 6 (EBIT TTM 1.53b / Interest Expense TTM 219.0m) |
| 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: 0.04 (EBIT TTM 1.53b / Avg Total Assets 36.7b) |
| D: 1.33 (Book Value of Equity 21.2b / Total Liabilities 16.0b) |
| Altman-Z'' = 2.68 = A |
| DSRI: 1.14 (Receivables 6.84b/5.70b, Revenue 20.3b/19.2b) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 1.00 (AQ_t 0.54 / AQ_t-1 0.54) |
| SGI: 1.05 (Revenue 20.3b / 19.2b) |
| TATA: -0.01 (NI 942.5m - CFO 1.25b) / TA 37.3b) |
| Beneish M = -2.88 (Cap -4..+1) = A |
As of October 10, 2026, the stock is trading at SEK 104.25 with a total of 907,334 shares traded. Over the past week, the price has changed by -1.79%, over one month by -0.33%, over three months by -15.49% and over the past year by +116.97%.
Current recommended Stop Loss: 98.90 (which is 5.1% or 1.1 ATR below the current price).
Nokia has no consensus analysts rating.
Market Cap EUR = 50.9b (570b SEK * 0.0893 SEK.EUR)
P/E Trailing = 77.7481
P/E Forward = 25.0
P/S = 27.9603
P/B = 2.4996
P/EG = 0.9279
Revenue TTM = 20.3b EUR
EBIT TTM = 1.53b EUR
EBITDA TTM = 2.52b 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 = 6.97 (Ebit TTM 1.53b / Interest Expense TTM 219.0m)
EV/FCF = 80.54x (Enterprise Value 50.1b / FCF TTM 622.1m)
FCF Yield = 1.24% (FCF TTM 622.1m / Enterprise Value 50.1b)
FCF Margin = 3.07% (FCF TTM 622.1m / Revenue TTM 20.3b)
Net Margin = 4.65% (Net Income TTM 942.5m / Revenue TTM 20.3b)
Gross Margin = 44.52% ((Revenue TTM 20.3b - Cost of Revenue TTM 11.2b) / Revenue TTM)
Gross Margin QoQ = 44.57% (prev 44.21%)
Tobins Q-Ratio = 1.34 (Enterprise Value 50.1b / Total Assets 37.3b)
Interest Expense / Debt = 5.07% (Interest Expense 219.0m / Debt 4.32b)
Taxrate = 27.11% (360.9m / 1.33b)
NOPAT = 1.11b (EBIT 1.53b * (1 - 27.11%))
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 = -0.32 (Net Debt -812.0m / EBITDA 2.52b)
Debt / FCF = -1.31 (Net Debt -812.0m / FCF TTM 622.1m)
Total Stockholder Equity = 20.7b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.57% (Net Income 942.5m / Total Assets 37.3b)
RoE = 4.55% (Net Income TTM 942.5m / Total Stockholder Equity 20.7b)
RoCE = 6.74% (EBIT 1.53b / Capital Employed (Equity 20.7b + L.T.Debt 1.92b))
RoIC = 4.10% (NOPAT 1.11b / Invested Capital 27.1b)
WACC = 9.64% (E(50.9b)/V(55.2b) * Re(10.14%) + D(4.32b)/V(55.2b) * Rd(5.07%) * (1-Tc(0.27)))
Discount Rate = 10.14% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 33.77 | Cagr: 0.42%
[DCF] Terminal Value 68.44% ; FCFF base≈965.3m ; Y1≈846.5m ; Y5≈683.9m
[DCF] Fair Price = 1.76 (EV 9.06b - Net Debt -812.0m = Equity 9.87b / Shares 5.60b; r=9.64% [WACC]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -57.86 | EPS CAGR: -8.86% | SUE: -0.54 | # QB: 0
Revenue Correlation: -60.04 | Revenue CAGR: -4.44% | SUE: -0.09 | # QB: 0
EPS current Quarter (2025-06-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS next Quarter (2025-09-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2025-12-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=-2.2%
EPS next Year (2026-12-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=+4.3%