NOKIA OYJ (NOKIA.PA) Fundamental Analysis & Valuation

EPA:NOKIA • FI0009000681

Current stock price

5.55 EUR
-0.03 (-0.54%)
Last:

This NOKIA.PA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

6

1. NOKIA.PA Profitability Analysis

1.1 Basic Checks

  • In the past year NOKIA was profitable.
  • In the past year NOKIA had a positive cash flow from operations.
  • NOKIA had positive earnings in 4 of the past 5 years.
  • In the past 5 years NOKIA always reported a positive cash flow from operatings.
NOKIA.PA Yearly Net Income VS EBIT VS OCF VS FCFNOKIA.PA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B -2B 4B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 2.57%, NOKIA is in the better half of the industry, outperforming 70.97% of the companies in the same industry.
  • The Return On Equity of NOKIA (4.74%) is better than 64.52% of its industry peers.
  • With a decent Return On Invested Capital value of 2.84%, NOKIA is doing good in the industry, outperforming 64.52% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for NOKIA is significantly below the industry average of 10.86%.
Industry RankSector Rank
ROA 2.57%
ROE 4.74%
ROIC 2.84%
ROA(3y)4.94%
ROA(5y)2.38%
ROE(3y)9.78%
ROE(5y)3.69%
ROIC(3y)4.06%
ROIC(5y)4.02%
NOKIA.PA Yearly ROA, ROE, ROICNOKIA.PA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 -20

1.3 Margins

  • NOKIA has a better Profit Margin (4.70%) than 64.52% of its industry peers.
  • In the last couple of years the Profit Margin of NOKIA has grown nicely.
  • Looking at the Operating Margin, with a value of 6.02%, NOKIA is in the better half of the industry, outperforming 67.74% of the companies in the same industry.
  • NOKIA's Operating Margin has improved in the last couple of years.
  • The Gross Margin of NOKIA (43.88%) is comparable to the rest of the industry.
  • NOKIA's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 6.02%
PM (TTM) 4.7%
GM 43.88%
OM growth 3Y-2.82%
OM growth 5Y14.53%
PM growth 3Y-3.13%
PM growth 5Y194.44%
GM growth 3Y5.04%
GM growth 5Y5.25%
NOKIA.PA Yearly Profit, Operating, Gross MarginsNOKIA.PA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 30 40

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6

2. NOKIA.PA Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), NOKIA is destroying value.
  • NOKIA has less shares outstanding than it did 1 year ago.
  • NOKIA has less shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, NOKIA has an improved debt to assets ratio.
NOKIA.PA Yearly Shares OutstandingNOKIA.PA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B
NOKIA.PA Yearly Total Debt VS Total AssetsNOKIA.PA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B

2.2 Solvency

  • NOKIA has an Altman-Z score of 2.56. This is not the best score and indicates that NOKIA is in the grey zone with still only limited risk for bankruptcy at the moment.
  • NOKIA's Altman-Z score of 2.56 is fine compared to the rest of the industry. NOKIA outperforms 61.29% of its industry peers.
  • NOKIA has a debt to FCF ratio of 3.16. This is a good value and a sign of high solvency as NOKIA would need 3.16 years to pay back of all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 3.16, NOKIA is in the better half of the industry, outperforming 64.52% of the companies in the same industry.
  • A Debt/Equity ratio of 0.16 indicates that NOKIA is not too dependend on debt financing.
  • NOKIA's Debt to Equity ratio of 0.16 is fine compared to the rest of the industry. NOKIA outperforms 77.42% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 3.16
Altman-Z 2.56
ROIC/WACC0.4
WACC7.08%
NOKIA.PA Yearly LT Debt VS Equity VS FCFNOKIA.PA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B 15B 20B

2.3 Liquidity

  • A Current Ratio of 1.48 indicates that NOKIA should not have too much problems paying its short term obligations.
  • NOKIA's Current ratio of 1.48 is in line compared to the rest of the industry. NOKIA outperforms 58.06% of its industry peers.
  • A Quick Ratio of 1.23 indicates that NOKIA should not have too much problems paying its short term obligations.
  • With a decent Quick ratio value of 1.23, NOKIA is doing good in the industry, outperforming 61.29% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.48
Quick Ratio 1.23
NOKIA.PA Yearly Current Assets VS Current LiabilitesNOKIA.PA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. NOKIA.PA Growth Analysis

3.1 Past

  • NOKIA shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by 0.00%.
  • Measured over the past years, NOKIA shows a quite strong growth in Earnings Per Share. The EPS has been growing by 11.14% on average per year.
  • Looking at the last year, NOKIA shows a small growth in Revenue. The Revenue has grown by 3.04% in the last year.
  • NOKIA shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -3.79% yearly.
EPS 1Y (TTM)0%
EPS 3Y1.77%
EPS 5Y11.14%
EPS Q2Q%0%
Revenue 1Y (TTM)3.04%
Revenue growth 3Y-4.69%
Revenue growth 5Y-3.79%
Sales Q2Q%11.6%

3.2 Future

  • Based on estimates for the next years, NOKIA will show a small growth in Earnings Per Share. The EPS will grow by 0.01% on average per year.
  • Based on estimates for the next years, NOKIA will show a small growth in Revenue. The Revenue will grow by 2.85% on average per year.
EPS Next Y-28.02%
EPS Next 2Y-5.57%
EPS Next 3Y0.02%
EPS Next 5Y0.01%
Revenue Next Year4.09%
Revenue Next 2Y4.03%
Revenue Next 3Y3.74%
Revenue Next 5Y2.85%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
NOKIA.PA Yearly Revenue VS EstimatesNOKIA.PA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5B 10B 15B 20B 25B
NOKIA.PA Yearly EPS VS EstimatesNOKIA.PA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.1 0.2 0.3 0.4

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5

4. NOKIA.PA Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 17.90 indicates a rather expensive valuation of NOKIA.
  • 87.10% of the companies in the same industry are more expensive than NOKIA, based on the Price/Earnings ratio.
  • NOKIA's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 25.23.
  • NOKIA is valuated correctly with a Price/Forward Earnings ratio of 15.96.
  • Based on the Price/Forward Earnings ratio, NOKIA is valued cheaply inside the industry as 80.65% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 22.42, NOKIA is valued a bit cheaper.
Industry RankSector Rank
PE 17.9
Fwd PE 15.96
NOKIA.PA Price Earnings VS Forward Price EarningsNOKIA.PA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

  • 77.42% of the companies in the same industry are more expensive than NOKIA, based on the Enterprise Value to EBITDA ratio.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as NOKIA.
Industry RankSector Rank
P/FCF 23.9
EV/EBITDA 12.17
NOKIA.PA Per share dataNOKIA.PA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 1 2 3

4.3 Compensation for Growth

  • The decent profitability rating of NOKIA may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)1.61
EPS Next 2Y-5.57%
EPS Next 3Y0.02%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

4

5. NOKIA.PA Dividend Analysis

5.1 Amount

  • NOKIA has a Yearly Dividend Yield of 2.51%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 2.44, NOKIA pays a better dividend. On top of this NOKIA pays more dividend than 80.65% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.89, NOKIA pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.51%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years2
NOKIA.PA Yearly Dividends per shareNOKIA.PA Yearly Dividends per shareYearly Dividends per share 2019 2020 2022 2023 2024 2025 0.05 0.1

5.3 Sustainability

  • NOKIA pays out 81.90% of its income as dividend. This is not a sustainable payout ratio.
DP81.9%
EPS Next 2Y-5.57%
EPS Next 3Y0.02%
NOKIA.PA Yearly Income VS Free CF VS DividendNOKIA.PA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B -2B 4B
NOKIA.PA Dividend Payout.NOKIA.PA Dividend Payout, showing the Payout Ratio.NOKIA.PA Dividend Payout.PayoutRetained Earnings

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NOKIA.PA Fundamentals: All Metrics, Ratios and Statistics

NOKIA OYJ

EPA:NOKIA (12/30/2025, 7:00:00 PM)

5.55

-0.03 (-0.54%)

Chartmill FA Rating
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryCommunications Equipment
Earnings (Last)10-23
Earnings (Next)01-29
Inst Owners34.4%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap30.78B
Revenue(TTM)19.75B
Net Income(TTM)928.00M
Analysts71.11
Price Target5.61 (1.08%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.51%
Yearly Dividend0.06
Dividend Growth(5Y)N/A
DP81.9%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-4.03%
Min EPS beat(2)-24.77%
Max EPS beat(2)16.71%
EPS beat(4)2
Avg EPS beat(4)-1.21%
Min EPS beat(4)-27.18%
Max EPS beat(4)30.42%
EPS beat(8)4
Avg EPS beat(8)-0.71%
EPS beat(12)5
Avg EPS beat(12)-3.87%
EPS beat(16)9
Avg EPS beat(16)-1.37%
Revenue beat(2)1
Avg Revenue beat(2)-3.52%
Min Revenue beat(2)-7.83%
Max Revenue beat(2)0.79%
Revenue beat(4)2
Avg Revenue beat(4)-2.39%
Min Revenue beat(4)-7.83%
Max Revenue beat(4)1.17%
Revenue beat(8)2
Avg Revenue beat(8)-6.37%
Revenue beat(12)3
Avg Revenue beat(12)-5.91%
Revenue beat(16)4
Avg Revenue beat(16)-4.64%
PT rev (1m)-0.19%
PT rev (3m)22.2%
EPS NQ rev (1m)-0.57%
EPS NQ rev (3m)-1.75%
EPS NY rev (1m)2.2%
EPS NY rev (3m)2.92%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.72%
Revenue NY rev (1m)0.12%
Revenue NY rev (3m)0.74%
Valuation
Industry RankSector Rank
PE 17.9
Fwd PE 15.96
P/S 1.56
P/FCF 23.9
P/OCF 16.16
P/B 1.57
P/tB 2.55
EV/EBITDA 12.17
EPS(TTM)0.31
EY5.59%
EPS(NY)0.35
Fwd EY6.27%
FCF(TTM)0.23
FCFY4.18%
OCF(TTM)0.34
OCFY6.19%
SpS3.56
BVpS3.53
TBVpS2.18
PEG (NY)N/A
PEG (5Y)1.61
Graham Number4.96
Profitability
Industry RankSector Rank
ROA 2.57%
ROE 4.74%
ROCE 4.51%
ROIC 2.84%
ROICexc 3.7%
ROICexgc 5.87%
OM 6.02%
PM (TTM) 4.7%
GM 43.88%
FCFM 6.52%
ROA(3y)4.94%
ROA(5y)2.38%
ROE(3y)9.78%
ROE(5y)3.69%
ROIC(3y)4.06%
ROIC(5y)4.02%
ROICexc(3y)5.84%
ROICexc(5y)5.9%
ROICexgc(3y)8.74%
ROICexgc(5y)9.29%
ROCE(3y)6.44%
ROCE(5y)6.38%
ROICexgc growth 3Y-10%
ROICexgc growth 5Y11.31%
ROICexc growth 3Y-8.21%
ROICexc growth 5Y12.5%
OM growth 3Y-2.82%
OM growth 5Y14.53%
PM growth 3Y-3.13%
PM growth 5Y194.44%
GM growth 3Y5.04%
GM growth 5Y5.25%
F-Score7
Asset Turnover0.55
Health
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 3.16
Debt/EBITDA 1.39
Cap/Depr 57.04%
Cap/Sales 3.12%
Interest Coverage 5.45
Cash Conversion 83.95%
Profit Quality 138.79%
Current Ratio 1.48
Quick Ratio 1.23
Altman-Z 2.56
F-Score7
WACC7.08%
ROIC/WACC0.4
Cap/Depr(3y)53.08%
Cap/Depr(5y)50.54%
Cap/Sales(3y)2.65%
Cap/Sales(5y)2.53%
Profit Quality(3y)92.93%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)0%
EPS 3Y1.77%
EPS 5Y11.14%
EPS Q2Q%0%
EPS Next Y-28.02%
EPS Next 2Y-5.57%
EPS Next 3Y0.02%
EPS Next 5Y0.01%
Revenue 1Y (TTM)3.04%
Revenue growth 3Y-4.69%
Revenue growth 5Y-3.79%
Sales Q2Q%11.6%
Revenue Next Year4.09%
Revenue Next 2Y4.03%
Revenue Next 3Y3.74%
Revenue Next 5Y2.85%
EBIT growth 1Y-28.3%
EBIT growth 3Y-7.39%
EBIT growth 5Y10.19%
EBIT Next Year8.19%
EBIT Next 3Y12.97%
EBIT Next 5Y9.23%
FCF growth 1Y288.3%
FCF growth 3Y-0.72%
FCF growth 5YN/A
OCF growth 1Y13500%
OCF growth 3Y-1.71%
OCF growth 5Y44.92%

NOKIA OYJ / NOKIA.PA Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for NOKIA OYJ?

ChartMill assigns a fundamental rating of 5 / 10 to NOKIA.PA.


What is the valuation status for NOKIA stock?

ChartMill assigns a valuation rating of 5 / 10 to NOKIA OYJ (NOKIA.PA). This can be considered as Fairly Valued.


What is the profitability of NOKIA stock?

NOKIA OYJ (NOKIA.PA) has a profitability rating of 6 / 10.


What is the earnings growth outlook for NOKIA OYJ?

The Earnings per Share (EPS) of NOKIA OYJ (NOKIA.PA) is expected to decline by -28.02% in the next year.


Can you provide the dividend sustainability for NOKIA stock?

The dividend rating of NOKIA OYJ (NOKIA.PA) is 4 / 10 and the dividend payout ratio is 81.9%.