Nokia Oyj

€6.98As of Sun 8 Nov 2026, 12:00 UTC

HEL:NOKIATechnology

Country Finland

PE (Fwd) •••

TSR 10Y CAGR 7.67%

Div yield 2.01%

ROE 3.88%

Communication Equipment

Beta (5Y) 0.76

PE TTM 50.97

TSR TTM 18.98%

Mkt cap €39.51B

ROIC 7.80%

SE Grade™

Value

Quality

Moat

Consensus

Reference

€6.87

(1.61%)

(66.09%)

Hold 8|1|4|7|4

TTM

FYE 31 Dec EUR

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

9.544

Revenue€B

10.01

10.24

10.65

11.08

11.34

11.46

11.67

11.65

11.60

11.99

10.11

1.13%

2.21%

14.51

Revenue growth%

22.43

21.20

18.90

16.36

16.63

17.57

16.18

18.52

19.19

17.44

7.41

17.57

18.04

5.15

Gross margin%

27.39

25.49

26.65

24.51

21.81

20.52

19.48

19.86

19.92

19.26

22.23

19.86

21.16

3.59

Operating margin%

2.14

1.67

0.40

2.88

4.33

4.75

6.66

9.11

8.98

12.76

6.66

3.61

5.02

Net margin%

13.54

11.85

11.72

8.84

11.53

9.51

11.55

14.09

11.26

12.55

7.32

11.55

11.64

6.787

P/E ratio (avg)x

18.49

19.26

22.24

22.81

24.57

23.49

25.61

28.04

31.06

32.16

14.58

28.04

24.03

25.95

EV/EBITx

29.96

29.28

30.76

29.84

28.06

29.78

31.04

34.65

32.79

36.47

29.04

32.79

30.36

13.65

FCF yield (avg)%

21.91

19.33

19.06

18.56

18.64

19.56

18.81

20.25

23.02

24.33

11.37

20.25

19.44

19.51

FCF margin%

28.01

29.11

29.47

29.09

28.03

31.00

32.09

33.07

34.53

37.06

14.27

33.07

30.23

1.159

FCF / Net incomex

2.807

3.087

3.163

3.379

3.904

4.175

4.927

5.064

5.307

5.906

0.257

5.064

4.039

22.81

ROIC%

24.35

22.77

20.94

23.37

22.41

21.64

23.13

24.25

21.41

23.25

20.77

23.13

22.95

21.59

Return on equity%

3.82

3.75

6.53

3.85

3.70

3.66

4.42

6.43

4.33

2.56

19.86

4.33

3.84

11.26

Return on assets%

14.64

14.62

12.86

15.72

14.28

13.12

12.85

13.82

16.37

17.37

27.12

13.82

14.45

0.71

EPS€

0.86

0.81

0.83

0.80

0.82

0.81

0.76

0.75

0.68

0.66

0.75

(4.11%)

(2.35%)

—

7.13

EPS growth%

34.38

37.32

34.68

34.81

33.27

35.95

35.76

38.57

39.98

38.76

3.81

38.57

35.86

0.71

Bookvalue per sh€

0.96

1.05

1.00

1.12

1.13

1.27

1.28

1.39

1.43

1.62

0.39

7.40%

6.22%

—

0.52

FCF per share€

0.11

0.10

0.09

0.10

0.11

0.10

0.11

0.09

0.50

(1.40%)

(2.96%)

—

0.24

Dividend per sh€

0.73

0.87

1.01

1.12

1.15

1.24

1.31

1.51

1.77

0.21

9.04%

9.69%

—

4.78

Div yield (avg)%

16.18

18.77

17.56

15.80

17.45

16.02

17.38

15.06

13.76

15.40

27.23

15.40

16.10

23.90

Payout ratio%

2.70

2.17

0.40

1.33

0.40

2.14

16.34

0.40

5.607

Shares (diluted)B

7.162

8.210

8.790

9.002

10.57

12.61

12.71

13.05

15.00

5.741

7.26%

9.69%

20.37

Buyback yield%

12.66

9.70

10.76

7.97

5.23

5.20

3.81

1.80

1.97

0.40

6.31

1.97

5.22

0.942

D/E ratiox

1.921

1.745

1.626

1.713

1.678

1.828

1.905

2.012

2.125

1.919

0.596

1.919

1.866

13.87

Enterprise value€B

14.97

15.35

18.01

20.56

23.30

22.52

25.02

26.42

25.66

25.63

10.22

1.93%

5.62%

2.991

LT debt€B

9.517

9.992

10.55

9.611

9.107

9.045

9.721

9.015

9.084

9.889

10.03

1.66%

0.69%

Peers (US$44.36B)

Cap (US$)

Elisa Oyj

6.130B

16.54x

Vaisala Oyj

2.542B

30.05x

Lumentum Holdings Inc.

48.84B

—

Eoptolink Technology…

35.98B

16.47x

Capital

TTM

10Y

Leveragex

0.295

0.065

0.071

EBIT/Intx

6.002

0.407

0.438

Own earn%

61.32

(7.28)

(1.61)

Sh yield%

25.14

16.85

21.95

Owners

Insiders/Inst%

7.01

51.58

Short interest%

2.51

SBC / revenue%

1.78

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

0–9

$1 testx

—

Incr. ROIC%

Nokia Oyj, together with its subsidiaries, provides mobile, fixed, and cloud network solutions in North and Latin America, Greater China, India, Asia Pacific, Europe, the Middle East, and Africa. It operates in four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

€11.99B

2.21%

1.00×

Cost of revenue

€6.392B

2.33%

1.01×

Operating expenses

€1.849B

1.97%

0.98×