Saturday 17 October 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. In the quarter to June 2026, revenue grew 8.48%, EPS fell 100.0%, free cash flow fell 624.6% and total debt fell 20.5%, each against the same quarter a year earlier.
9.14
0.43
−4.49%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 18.29 | 6.01 | 26.23 | 17.72 | 3.49 |
Piotroski F-Score |
1 | 5 | 6 | 6 | 5 | 8 | 6 | 6 | 7 | 6 |
P/S ratio |
1.05 | 1.03 | 1.22 | 0.80 | 0.88 | 1.33 | 1.00 | 0.79 | 1.17 | 1.56 |
Altman Z-Score |
1.40 | 1.38 | 1.34 | 1.19 | 1.23 | 1.65 | 1.70 | 1.51 | 1.66 | 1.98 |
Altman Z″-Score (non-manufacturers) |
2.20 | 1.92 | 1.26 | 1.43 | 1.52 | 2.20 | 2.66 | 2.72 | 2.79 | 2.67 |
P/FCF ratio |
0.00 | 18.64 | 0.00 | 0.00 | 14.86 | 13.65 | 27.58 | 20.47 | 10.58 | 20.74 |
Beneish M-Score |
(1.07) | (2.94) | (2.80) | (2.46) | (3.02) | (2.41) | (2.23) | (2.60) | (2.60) | (2.56) |
P/Operating CF |
46.83 | 11.92 | 20.10 | 11.74 | 22.38 | 60.03 | 41.18 | 9.33 | 131.06 | 97.15 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 38 |
P/B ratio |
1.18 | 1.47 | 1.79 | 1.20 | 1.53 | 1.70 | 1.17 | 0.85 | 1.08 | 1.47 |
Price to Tangible BV |
2.47 | 3.40 | 4.19 | 2.49 | 3.48 | 2.84 | 1.72 | 1.25 | 1.58 | 2.27 |
EV/Sales |
0.81 | 0.82 | 1.07 | 0.71 | 0.76 | 1.11 | 0.82 | 0.60 | 0.90 | 1.39 |
EV/EBITDA |
38.69 | 11.81 | 17.37 | 7.76 | 8.19 | 7.58 | 5.87 | 4.84 | 5.77 | 13.78 |
EV/Operating CF |
(13.15) | 10.48 | 67.34 | 42.71 | 9.39 | 9.39 | 13.78 | 10.20 | 6.98 | 13.34 |
EV/FCF |
(10.04) | 14.87 | (108.23) | (63.81) | 12.77 | 11.37 | 22.41 | 15.73 | 8.21 | 18.50 |
Quick Ratio |
1.32 | 1.21 | 0.85 | 0.93 | 1.17 | 1.31 | 1.22 | 1.27 | 1.31 | 1.25 |
Current Ratio |
1.64 | 1.56 | 1.30 | 1.39 | 1.55 | 1.62 | 1.59 | 1.66 | 1.58 | 1.58 |
Net Debt/EBITDA |
(11.33) | (3.00) | (2.36) | (0.88) | (1.34) | (1.52) | (1.35) | (1.46) | (1.67) | (1.67) |
Debt/Assets |
8.97% | 9.18% | 9.67% | 10.93% | 15.41% | 11.62% | 10.43% | 10.51% | 9.93% | 9.08% |
Debt/Equity |
0.19 | 0.23 | 0.25 | 0.28 | 0.44 | 0.27 | 0.21 | 0.20 | 0.19 | 0.16 |
Asset Turnover |
0.72 | 0.54 | 0.57 | 0.58 | 0.59 | 0.59 | 0.57 | 0.55 | 0.49 | 0.53 |
Operating CF/Net income |
1.90 | (1.21) | (1.06) | 55.71 | (0.70) | 1.62 | 0.35 | 1.98 | 1.95 | 3.18 |
Capex/Depreciation |
(0.28) | (0.34) | (0.40) | (0.39) | (0.41) | (0.42) | (0.50) | (0.43) | (0.37) | (0.52) |
Interest Coverage |
(3.83) | 0.03 | (0.19) | 1.42 | 2.77 | 7.60 | 11.95 | 2.94 | 6.25 | 3.60 |
| (4.86%) | (8.13%) | (2.20%) | 0.04% | (18.25%) | 10.98% | 20.71% | 3.21% | 6.17% | 3.18% | |
| (2.32%) | (3.52%) | (0.86%) | 0.02% | (6.77%) | 4.33% | 9.67% | 1.63% | 3.23% | 1.74% | |
ROIC |
(4.47%) | 0.09% | (0.31%) | 2.24% | 5.62% | 10.78% | 8.65% | 6.36% | 7.95% | 3.12% |
Return on Tangible Assets |
(7.59%) | (16.65%) | (5.71%) | 0.11% | (30.63%) | 17.23% | 44.70% | 7.24% | 16.05% | 8.85% |
Average Days of Receivables |
107.77 | 108.49 | 78.56 | 78.67 | 91.92 | 102.60 | 94.99 | 93.23 | 114.23 | 105.69 |
Research and Development Expense of Revenue |
20.77% | 21.24% | 20.48% | 18.92% | 18.70% | 18.98% | 18.27% | 19.44% | 23.48% | 24.41% |
Selling, General and Administrative Expense of Revenue |
16.17% | 15.62% | 15.35% | 13.30% | 13.26% | 12.58% | 12.10% | 13.16% | 15.04% | 15.45% |
Intangible Assets out of Total Assets |
0.24 | 0.22 | 0.22 | 0.20 | 0.19 | 0.18 | 0.16 | 0.17 | 0.17 | 0.20 |
Share Based Compensation of Revenue |
0.48% | 0.40% | 0.30% | 0.35% | 0.35% | 0.49% | 0.60% | 0.91% | 1.25% | 1.69% |
Graham Net Nets |
(0.13) | (0.21) | (0.21) | (0.37) | (0.28) | (0.10) | (0.05) | (0.06) | (0.02) | (0.02) |
Graham Number |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.30 | 8.40 | 3.43 | 4.80 | 13.54 |
Earnings Yield |
(2.94%) | (6.51%) | (1.20%) | 0.00% | (13.04%) | 5.47% | 16.63% | 3.81% | 5.64% | 28.62% |
Free Cash Flow Yield |
(7.70%) | 5.37% | (0.81%) | (1.41%) | 6.73% | 7.32% | 3.63% | 4.88% | 9.45% | 4.82% |
Revenue per Share |
4.56 | 4.63 | 4.77 | 4.66 | 4.45 | 4.67 | 4.68 | 4.34 | 3.80 | 4.15 |
Operating CF per Share |
(0.28) | 0.36 | 0.08 | 0.08 | 0.36 | 0.55 | 0.28 | 0.26 | 0.49 | 0.43 |
Capex per Share |
(0.09) | (0.11) | (0.12) | (0.13) | (0.09) | (0.10) | (0.11) | (0.09) | (0.07) | (0.12) |
Free Cash Flow per Share |
(0.37) | 0.26 | (0.05) | (0.05) | 0.26 | 0.46 | 0.17 | 0.17 | 0.42 | 0.31 |
Cash per Share |
1.86 | 1.72 | 1.50 | 1.23 | 1.68 | 2.02 | 1.72 | 1.61 | 1.76 | 1.41 |
Shareholders Equity per Share |
4.05 | 3.24 | 3.25 | 3.08 | 2.55 | 3.67 | 4.02 | 4.02 | 4.10 | 4.40 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
4.05 | 3.24 | 3.25 | 3.08 | 2.55 | 3.67 | 4.02 | 4.02 | 4.10 | 4.40 |
Free Cash Flow |
(2,105.86) | 1,443.39 | (264.54) | (292.32) | 1,476.99 | 2,564.96 | 954.56 | 924.28 | 2,291.89 | 1,689.18 |
Working Capital |
8,978.95 | 8,047.74 | 4,921.23 | 5,323.36 | 7,372.40 | 8,868.52 | 7,893.57 | 7,828.27 | 7,134.28 | 6,548.54 |
Capital Expenditures |
(496.86) | (603.58) | (689.70) | (729.12) | (532.31) | (540.68) | (598.44) | (501.10) | (405.79) | (653.95) |
Net Current Asset Value |
(3,548.87) | (5,585.94) | (6,938.38) | (7,749.28) | (6,203.84) | (3,537.47) | (1,318.05) | (1,153.74) | (449.07) | (845.15) |
EV/EBIT |
0.00 | 1,186.50 | 0.00 | 34.34 | 18.66 | 11.42 | 8.76 | 7.96 | 8.70 | 31.21 |
Capex to Sales |
0.02 | 0.02 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 |
Price to Operating Income |
0.00 | 1,487.48 | 0.00 | 38.25 | 21.71 | 13.72 | 10.78 | 10.36 | 11.21 | 35.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.80 | 0.86 | 0.81 | 0.89 | 0.63 | 0.57 | 0.57 | 0.56 | 0.74 | 0.71 |
Cash ROIC |
(5.50%) | 4.47% | (0.85%) | (1.01%) | 4.90% | 6.84% | 2.58% | 2.58% | 6.31% | 4.78% |
Accounts Receivable Turnover |
4.33 | 3.38 | 3.94 | 4.60 | 4.19 | 3.84 | 3.69 | 3.71 | 3.29 | 3.46 |
Accounts Payable Turnover |
5.32 | 3.64 | 3.28 | 3.40 | 3.97 | 3.96 | 3.32 | 3.38 | 3.12 | 3.71 |
Inventory Turnover |
8.60 | 5.49 | 4.95 | 4.78 | 5.33 | 5.87 | 4.94 | 4.60 | 4.24 | 5.25 |
Average Days of Payables |
91.05 | 104.12 | 123.41 | 92.19 | 84.82 | 100.45 | 117.53 | 92.06 | 113.24 | 96.79 |
Days of Inventory on Hand |
60.34 | 68.95 | 81.91 | 71.50 | 59.91 | 65.31 | 81.13 | 73.13 | 76.24 | 71.80 |
Average Receivables |
6,030.11 | 7,745.84 | 6,755.70 | 5,681.47 | 5,957.04 | 6,834.90 | 7,107.11 | 6,491.68 | 6,330.85 | 6,512.28 |
Average Payables |
3,152.46 | 4,350.37 | 5,076.80 | 4,938.62 | 3,932.99 | 3,989.14 | 4,668.08 | 4,344.12 | 3,590.75 | 3,423.05 |
Average Inventory |
1,949.54 | 2,881.96 | 3,366.09 | 3,514.86 | 2,924.68 | 2,695.51 | 3,134.99 | 3,191.39 | 2,641.68 | 2,419.92 |
Average Assets |
36,461.84 | 48,028.44 | 46,519.51 | 45,246.47 | 42,582.17 | 44,361.48 | 46,313.36 | 44,192.62 | 42,751.81 | 42,450.19 |
Average Common Equity |
17,448.40 | 20,771.08 | 18,242.18 | 17,701.14 | 15,789.64 | 17,494.72 | 21,616.86 | 22,450.06 | 22,388.01 | 23,137.68 |
Columns are period end dates