Pricing Log in Create free account
Friday 6 November 2026 Export NOK’s income statement to Excel — free account

Nokia Corporation

NOK Technology Communication Equipment

Nokia Corporation’s revenue for fiscal 2025 (year ended December 2025) was $22.5 billion, up 8.20% from fiscal 2024.

Revenue
+5.12%
EPS
+73.4%
Free cash flow
−112.3%
Total debt
−21.4%

Quarter to September 2026, against a year earlier

7.68 0.22 +2.95%
Market cap
$42.2B
P/E
47.1×
Fwd P/E
—
Dividend yield
2.16%
F-score
6/9
Altman Z
1.98
Beneish M
−2.56
Dividend safety
38/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 42,220.00
Revenue ttm 23,867.42
Net income ttm 896.58
Free cash flow ttm 10.36
Net debt Q (2,954.62)
Valuation
P/E 47.13 (above 35: high)
Forward P/E —
Price / sales 1.71
Forward P/S Powerpack
Price / FCF 3,932.63
Price / book 1.66
Financial health
Current ratio Q 1.47
Debt / equity Q 0.11 (at or below 0.5: strong)
Interest coverage Q (0.53)
Growth
Revenue growth Q +5.12% (above 0%: growing)
Operating income growth Q −19.66% (below 0%: shrinking)
EPS, this year +17.81% (at or above 15%: strong)
EPS, next year A +16.83% (at or above 15%: strong)
Revenue, next year A —
EPS, past 5 yrs —
EPS, next 5 yrs A +18.14% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.6×, against a ten-year median of 1.0×; over the ten years it ranged from 0.6× in 2023 to 3.4× in 2026.
P/E against its own 10 years 77.23%
10-year low 10-year high
P/S against its own 10 years 88.41%
10-year low 10-year high
P/B against its own 10 years 66.45%
10-year low 10-year high
EV/Sales against its own 10 years 93.07%
10-year low 10-year high
EV/FCF against its own 10 years 98.64%
10-year low 10-year high

Dividends raised 4 years running

Yield
2.16%
Annual rate
0.16
Payout ratio
101.6%
Growth, 2016–26
−5.61%/yr
  1. 0.29 ’16
  2. 0.19 ’17 −34
  3. 0.22 ’18 +18
  4. 0.11 ’19 −50
  5. 0.04 ’22 −64
  6. 0.12 ’23 +199
  7. 0.14 ’24 +17
  8. 0.16 ’25 +12
  9. 0.16 ’26 +4
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8,918 9,645 7,652 5,762
Receivables 6,153 6,509 6,516 6,717
Inventory 2,943 2,341 2,499 3,315
Other 1,647 970 1,200 1,450
19,661 19,464 17,867 17,245
2023 2024 2025 Q'26
Payables 3,705 3,477 3,369 4,053
ST’ Debt 600 1,049 1,226 661
Other 7,094 7,365 6,104 6,443
11,833 12,329 11,319 11,740

Compound Annual Growth %

10y 5y 3y
Sales 4.95% (2.05%) (5.00%)
Cash Flow 15.33% 3.12% 14.69%
Earnings (12.31%) 0.00% (45.21%)
Book Value 7.38% 10.70% 1.81%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.08 Actual 0.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.17 0.21 Beat by 0.04
Mar 2026 0.06 0.06 Met by 0.00
Jun 2026 0.07 0.08 Beat by 0.01
Sep 2026 0.08 0.10 Beat by 0.02
Dec 2026 0.17 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.02 0.00 0.03 — —
’25 (0.01) 0.02 0.02 0.11 0.13
’24 0.09 (0.03) 0.03 0.16 0.25
’23 0.05 0.06 0.03 (0.01) 0.13
’22 0.04 0.09 0.08 0.57 0.79
’21 0.06 0.07 0.07 0.14 0.34
’20 (0.02) 0.02 0.04 (0.55) (0.49)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,263 5,598 5,932 — —
’25 4,625 5,161 5,643 7,073 22,502
’24 5,067 4,809 4,757 6,165 20,798
’23 6,289 6,226 5,422 6,152 24,090
’22 6,002 6,250 6,286 7,709 26,246
’21 6,120 6,402 6,367 7,379 26,267
’20 5,420 5,607 6,189 7,746 24,962
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 916 (728) 104 — —
’25 938 310 735 361 2,343
’24 1,158 517 837 185 2,698
’23 89 (362) (329) 2,027 1,425
’22 627 (78) 364 639 1,553
’21 1,572 127 823 583 3,106
’20 148 366 515 981 2,009
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 736 (877) (66) — —
’25 765 167 540 218 1,689
’24 1,064 449 749 30 2,292
’23 (145) (412) (437) 1,918 924
’22 416 (141) 262 417 955
’21 1,419 10 686 449 2,565
’20 (21) 270 388 840 1,477
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 26,131 26,163 26,647 26,113 24,962 26,267 26,246 24,090 20,798 22,502 23,867 (1.6%) — — — —
Gross margin, % 35.81 39.48 37.43 35.71 37.49 39.79 41.03 39.03 46.12 43.54 43.98 +7.7 pt
EBT (1,515) (576) (425) 175 849 2,279 2,301 1,622 2,263 1,035 1,256 n/m
EBT margin, % (5.80) (2.20) (1.60) 0.67 3.40 8.67 8.77 6.73 10.88 4.60 5.26 +10.4 pt
Net income (1,026) (1,648) (396) 12 (2,874) 1,946 4,487 735 1,389 747 897 n/m
Per share, $
Per share, $ Revenue 4.56 4.63 4.77 4.66 4.45 4.67 4.68 4.34 3.80 4.15 4.42 (1.0%)
Earnings (0.14) (0.30) (0.07) 0.00 (0.49) 0.34 0.80 0.13 0.25 0.14 0.16 n/m
Cash flow (0.28) 0.36 0.08 0.08 0.36 0.55 0.28 0.26 0.49 0.43 0.12 n/m
Capex (0.09) (0.11) (0.12) (0.13) (0.09) (0.10) (0.11) (0.09) (0.07) (0.12) (0.12) +3.7%
Free cash flow (0.37) 0.26 (0.05) (0.05) 0.26 0.46 0.17 0.17 0.42 0.31 0.00 n/m
Book value 4.05 3.24 3.25 3.08 2.55 3.67 4.02 4.02 4.10 4.40 4.55 +0.9%
Shares, m 5,732 5,652 5,588 5,600 5,612 5,630 5,614 5,549 5,476 5,416 5,501 (0.6%)
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 18.29 6.01 26.23 17.72 47.12 47.13 11.5
P/S 1.05 1.03 1.22 0.80 0.88 1.33 1.00 0.79 1.17 1.56 1.71 1.1
P/B 1.18 1.47 1.79 1.20 1.53 1.70 1.17 0.85 1.08 1.47 1.66 1.3
EV/Sales 0.81 0.82 1.07 0.71 0.76 1.11 0.82 0.60 0.90 1.39 1.58 0.9
EV/FCF (10.04) 14.87 (108.23) (63.81) 12.77 11.37 22.41 15.73 8.21 18.50 3,647.30 (7.8)
Cash, $m
Cash, $m Operating cash flow (1,609) 2,047 425 437 2,009 3,106 1,553 1,425 2,698 2,343 653 n/m
Capex (497) (604) (690) (729) (532) (541) (598) (501) (406) (654) (643) +3.1%
Free cash flow (2,106) 1,443 (265) (292) 1,477 2,565 955 924 2,292 1,689 10 n/m
Balance, $m
Balance, $m Working capital 8,979 8,048 4,921 5,323 7,372 8,869 7,894 7,828 7,134 6,549 5,505 (3.4%)
Net debt (6,191) (5,444) (3,890) (2,121) (3,083) (5,858) (4,936) (4,382) (5,439) (3,790) (2,955) (5.3%)
Shareholders’ equity 23,211 18,331 18,153 17,249 14,330 20,659 22,574 22,326 22,450 23,825 24,554 +0.3%
Returns, %
Returns, % ROA (2.32) (3.52) (0.86) 0.02 (6.77) 4.33 9.67 1.63 3.23 1.74 2.07 +4.1 pt
ROIC (4.47) 0.09 (0.31) 2.24 5.62 10.78 8.65 6.36 7.95 3.12 2.67 +7.6 pt
ROE (4.86) (8.13) (2.20) 0.04 (18.25) 10.98 20.71 3.21 6.17 3.18 3.72 +8.0 pt
People
People Employees 101,000 101,731 103,083 98,322 92,039 87,900 86,900 86,689 80,361 78,005 — (2.8%)
Revenue/emp, $m 0.26 0.26 0.26 0.27 0.27 0.30 0.30 0.28 0.26 0.29 — +1.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Nokia Corporation vs peers in Communication Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MSI Motorola Solutions, Inc. $85.6B 41.3× 35.6× +12.20% (above 0%: growing) −8.31% (below 0%: shrinking) −9.56% (below 0%: shrinking) 52.37% 23.02% Compare
HPE Hewlett Packard Enterprise Company $58.6B 22.3× 19.7× +33.68% (above 0%: growing) +438.10% (above 0%: growing) +20.63% (above 0%: growing) 40.11% 11.41% Compare
LITE Lumentum Holdings Inc. $46.2B — (loss-making) 39.4× +136.53% (above 0%: growing) +6,391.83% (above 0%: growing) +337.70% (above 0%: growing) 51.01% 28.50% Compare
NOK Nokia Corporation $42.2B 47.1× — +5.12% (above 0%: growing) +73.41% (above 0%: growing) −112.32% (below 0%: shrinking) 42.20% 3.78%
CIEN Ciena Corporation $32.7B 50.6× 55.3× +37.05% (above 0%: growing) +437.14% (above 0%: growing) −13.59% (below 0%: shrinking) 45.43% 18.02% Compare
ERIC Ericsson $31.3B 17.2× — +4.35% (above 0%: growing) −48.57% (below 0%: shrinking) −30.00% (below 0%: shrinking) 47.06% 14.90% Compare
UI Ubiquiti Inc. $31.1B 32.4× 28.0× +23.47% (above 0%: growing) +6.80% (above 0%: growing) +134.17% (above 0%: growing) 45.80% 36.27% Compare
ZBRA Zebra Technologies Corporation $15.2B 25.9× 24.3× +22.27% (above 0%: growing) +75.19% (above 0%: growing) +38.89% (above 0%: growing) 45.72% 14.68% Compare
ASTS AST SpaceMobile, Inc. $11.8B — (loss-making) — (loss-making) +2,626.64% (above 0%: growing) n/m −103.37% (below 0%: shrinking) 25.23% (944.09%) Compare
Median of peers $32.0B 29.2× 31.8× +28.58% +75.19% +5.54% 45.76% 16.46%

All 46 Communication Equipment stocks →

Nokia Corporation (NOK) Latest News

3 Nov

Impact 3 · · Investing.com

29 Oct

Impact 3 · · Zacks

27 Oct

Impact 4 · · Business Wire

25 Oct

Impact 4 · · Business Wire

23 Oct

Impact 4 · · TheStreet
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool
Impact 4 · · Zacks
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Simply Wall St.
Impact 4 · · GlobeNewswire
Impact 4 · · TIKR
Impact 4 · · Stocktwits
Impact 4 · · 24/7 Wall St.
Impact 4 · · Zacks earnings
Impact 4 · · Simply Wall St.
Impact 4 · · Investing.com earnings
Impact 4 · · Stocktwits
Impact 4 · · Bloomberg
Impact 4 · · GlobeNewswire earnings
Impact 3 · · The Motley Fool
Impact 3 · · Simply Wall St.
Impact 3 · · Associated Press

21 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 3 · · Stocktwits

NOK metrics, ten years each

stockrow.com/NOK · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com