olivLaw · European equity research
Nokian Renkaat Oyj TYRES.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Nokian Renkaat is a Finnish tyre maker for passenger cars, trucks and buses, with operations in Europe and North America. Revenue rose in fiscal 2025 but profitability stayed weak, and the company updated its strategy and targets to 2029 amid pressure in the industry.
At the close of 05 Nov 2026, Nokian Renkaat Oyj (TYRES.HE) stock was 14.02 EUR (+1.45% on the day), with market capitalisation 1.9 bn EUR, dividend yield 1.78%, beta 0.74, 52-week range 8.16–16.60 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.2
- neutral
- Bollinger (20, 2)
- 13.08 – 14.52
- in the upper half of the band · %B 0.65 · band width 10.5%
- SMA 50 / 200
- 15.00 / 12.46
- mixed trend
- MACD (12, 26, 9)
- -0.35 / -0.43
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.3% | −0.6% | −4.7 pp | — |
| 3 months | −6.7% | −4.2% | −2.6 pp | — |
| 6 months | +31.0% | +4.3% | +26.7 pp | — |
| Year to date | +48.1% | +7.5% | +40.6 pp | — |
| 1 year | +67.8% | +9.9% | +57.9 pp | −1.2% |
| 3 years | +83.2% | +49.8% | +33.3 pp | +6.8% |
| 5 years | −58.8% | +42.8% | −101.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 1.3 bn | 1.4 bn |
| Revenue YoY | unavailable | +6.5% |
| Net income | -22.8 m | -15.0 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.17 | -0.11 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -1.8% | -1.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 146.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.2 bn EUR
- Total assets
- 2.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 2.08x
- ROE
- -1.2%
- ROA
- -0.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.3 bn | 1.4 bn | esef· 10 Mar 2026verified |
| Cost of revenue | 1.1 bn | 1.1 bn | esef· 10 Mar 2026verified |
| Gross profit | 233.8 m | 281.4 m | esef· 10 Mar 2026verified |
| Operating income | 1.8 m | 35.8 m | esef· 10 Mar 2026verified |
| Interest expense | 70.2 m | 100.4 m | esef· 10 Mar 2026verified |
| Pre-tax income | -31.5 m | -15.9 m | esef· 10 Mar 2026verified |
| Income tax | -8.7 m | -900.0 k | esef· 10 Mar 2026verified |
| Net income | -22.8 m | -15.0 m | esef· 10 Mar 2026verified |
| Diluted EPS | -0.17 | -0.11 | esef· 10 Mar 2026verified |
| Dividend per share | 0.54 | 0.25 | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 176.1 m | 146.9 m | esef· 10 Mar 2026verified |
| Inventories | 452.1 m | 425.4 m | esef· 10 Mar 2026verified |
| Current assets | 965.3 m | 880.1 m | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 1.2 bn | 1.1 bn | esef· 10 Mar 2026verified |
| Goodwill | 61.5 m | 62.0 m | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 16.7 m | 23.8 m | esef· 10 Mar 2026verified |
| Total assets | 2.4 bn | 2.3 bn | esef· 10 Mar 2026verified |
| Current liabilities | 404.5 m | 423.7 m | esef· 10 Mar 2026verified |
| Total liabilities | 1.2 bn | 1.1 bn | esef· 10 Mar 2026verified |
| Equity | 1.3 bn | 1.2 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 134.1 m | 136.4 m | esef· 10 Mar 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 77.4 m | 146.2 m | esef· 10 Mar 2026verified |
| Investing cash flow | -349.3 m | -125.9 m | esef· 10 Mar 2026verified |
| Financing cash flow | 33.5 m | -48.5 m | esef· 10 Mar 2026verified |
| Dividends paid | 72.0 m | 38.3 m | esef· 10 Mar 2026verified |
| Share repurchases | 0 | 0 | esef· 10 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn EUR
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.40 – 4.64 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)3.40 – 4.64 (Mid 3.92)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.1% | 18 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.4x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.0% | 29 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial18/100 · 1/3 factors with a value
- Returns· partial29/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Nokian Renkaat Oyj (TYRES.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.4 bn EUR in 2025; YoY growth 6.5%; net margin -1.1%; ROE -1.2%.
The estimated value range is 3.40–4.64 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.92 EUR, the price of 14.02 EUR leaves a potential of -72.0% (value / price − 1) and a margin of safety of -257.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
What contradicts it
- Net margin: -1.1%
- Interest coverage: 0.4x
- Shareholder yield (distributions): 2.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| TYRES.HENokian Renkaat Oyj | 1.9 bn | — | -1.2% | -1.1% | +6.5% | +67% / +88% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for TYRES.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nokian Renkaat is a Finnish tyre maker for passenger cars, trucks and buses, with operations in Europe and North America. Revenue rose in fiscal 2025 but profitability stayed weak, and the company updated its strategy and targets to 2029 amid pressure in the industry 1.
SWOT
Strengths
Weaknesses
- Operating profitability remains very low and the net result is negative, which limits the ability to absorb cost shocks 1.
- Interest-bearing net debt has risen and gearing has increased in recent years, reducing financial flexibility 1.
- Return on invested capital is modest, suggesting recent investments have not yet delivered the expected returns 1.
Opportunities
- New high-performance models and greater use of recycled materials could open commercial opportunities and support margins 1.
- Reaching the strategic targets to 2029 could substantially improve profitability if operational efficiency rises 1.
- Completing the investment phase could free resources for sustainable growth and debt reduction 1.
Threats
- Antitrust proceedings in the EU, US and Canada could lead to financial penalties and legal costs whose outcome cannot be predicted 1.
- Raw material costs, especially for natural rubber, and new environmental charges could reduce margins 1.
- Geopolitical uncertainty and tariffs could affect demand and supply chains in export markets 1.
Risks
- Antitrust proceedingshigh
The European Commission inspection and civil cases in the US and Canada over alleged arrangements could lead to fines and high costs. The company states it cannot predict the outcome 1.
- Low profitabilityhigh
Thin operating margins leave little room to absorb cost shocks or weaker demand, especially if the margin recovery target is delayed 1.
- Higher indebtednessmedium
Rising interest-bearing net debt could limit financial flexibility if operating results do not improve in the coming period 1.
- Climate and raw material costsmedium
Extreme weather and swings in natural rubber prices can affect production and costs, and new environmental charges could add further pressure 1.
- Dependence on skilled stafflow
Difficulty attracting and retaining skilled people could affect the implementation of the strategy and the achievement of financial targets 1.
Investment thesis
What would need to be true (bull case)
- If new high-performance models and better price-mix show results, operating margin could recover considerably from the low 2025 level 1.
- The company has updated its strategy and targets to 2029, and the investment phase could be followed by more efficient growth and lower debt 1.
- A stable dividend policy, aiming to distribute at least half of net profit, could be sustained if profitability improves 1.
What would break the thesis
- Antitrust proceedings in several jurisdictions could generate costs and penalties that are hard to estimate, and the outcome remains uncertain 1.
- Operating profitability and the net result are still weak, and rising net debt limits financial flexibility 1.
- If demand falls short of expectations or raw material costs rise, the margin recovery target could be delayed 1.
What to watch
- Operating margin trend against the 8–10% guidance for combined segments2026
- Outcome of the European Commission inspection and the US and Canadian proceedings2026
- Development of net debt against the target of below 2x combined segment EBITDA2027
- Arrival of the new CFO and any changes to financial strategy2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the 2025 annual report, Nokian Renkaat develops, manufactures and sells premium and performance tyres under its own brands, including winter tyres that it promotes for Nordic conditions. Revenue reached 1373.6 million euro in 2025, up 6.5% on the prior year, and production is anchored in Finland with other plants in Europe and North America 1. Operating profit (EBIT) was only 35.8 million euro, or 2.6% of revenue, reflecting high costs and heavy investment in earlier years 1.
Segments
Passenger car and SUV tyres
This is the company's main segment, covering winter, summer and all-season tyres under the Nokian and Hakkapeliitta brands. The annual report stresses that premium products and new high-performance models support margins, and links better profitability to pricing, product mix and efficiency 1.
Truck and bus tyres
The company also makes tyres for heavy commercial vehicles, a segment less visible to the general public but relevant to revenue and to competition with global producers in the field 1.
Market context
Management expects tyre demand in the company's market areas to stay at the prior year's level in 2026, although the development of the global economy and uncertainty in geopolitics, trade policy and tariffs could create volatility 1. Over the longer term the company targets revenue of 1.8–2.0 billion euro by 2029 and a segment EBITDA margin above 24% 1.
Trends
- Regulation and antitrust investigation in the EU and USheadwind
The European Commission began an unannounced inspection at the company's headquarters in January 2024, and the company is a defendant in civil cases in the US and Canada tied to alleged arrangements on tyre sales. The company says the claims are unfounded, but the outcome cannot be predicted 1.
- Cost and climate pressuresheadwind
Extreme weather can affect natural rubber production, and raw material price swings and new environmental charges could reduce profitability. The company responds by increasing the use of recycled and renewable materials 1.
- New products and price-mixtailwind
New high-performance tyres and price-mix improvements are cited as factors that could support margin recovery in 2026 and beyond 1.
- Geopolitical and tariff instabilitymixed
Geopolitical tensions and changes in trade and tariff policy are identified as factors that can create instability in the company's business environment 1.
Competitive position
Nokian Renkaat competes with global tyre producers in passenger car and commercial vehicle markets. The annual report notes that other tyre makers were also named in the US and Canadian antitrust cases, which points to a shared competitive context in the industry 1.
- Michelin
Global tyre producer with strong positions in European and American markets, considered a direct rival in the premium and commercial vehicle segments.
- Bridgestone
Japanese global tyre producer active in most of the segments where the Finnish company operates.
- GoodyearGT
American tyre producer present in North American and European markets, also named like Nokian in the antitrust proceedings.
- Continental
German group with a tyre division, competing in passenger car and commercial vehicle segments in the European market.
News & filings
In the press
- FOTO Mega-investiție în România. Anvelopă nouă lansată de finalndezii de la Nokian Tyres în marele proiect dezvoltat la OradeaProfit.ro · 08 Sept 2026 · RO
- FOTO Mega-investiție în România. Anvelopă nouă lansată de finlandezii de la Nokian Tyres în marele proiect dezvoltat la OradeaProfit.ro · 08 Sept 2026 · RO
- Bursă. Erste, Raiffeisen, UniCredit, Medicover, OMV, Rheinmetall, Nokian Tyres, Ahold Delhaize, CTP: România a devenit subiect în teleconferinţe, între întrebări despre criza politică, plafonarea marjelor la carburanţi, dosarul ROBOR şi consumul slab. Ce răspunsuri au primit analiştiiZiarul Financiar · 10 Aug 2026 · RO
- Fabrica Nokian Tyres din România accelerează peste plan: producția se va dubla în 2026, iar compania atribuie uzinei de la Oradea creșterea puternică din Europa CentralăEconomedia · 23 Jul 2026 · RO
- Nokian Tyres: Fabrica din Oradea produce peste așteptări și va depăși 2 milioane de anvelope în 2026CursDeGuvernare.ro · 18 Jul 2026 · RO
- Fabrica Nokian Tyres din Oradea îşi dublează producţia la 2 milioane de anvelope în 2026: acţiunile finlandezilor cresc cu 18%, la maximul ultimului an. CEO: România merge peste planul nostruZiarul Financiar · 17 Jul 2026 · RO
- Primul an întreg de producţie la fabrica Nokian Tyres de la Oradea: Nokian Tyres Europe Operations a ajuns în 2025 la afaceri de 421 mil. lei, de 4,5 ori mai mari decât în 2024, şi la un profit net de 13,6 mil. leiZiarul Financiar · 17 Jul 2026 · RO
- Nokian Tyres, investiţia de 650 mil. euro din Oradea, a ajuns la 560 de locuri de muncă create. „Continuăm angajările“Ziarul Financiar · 24 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202510 Mar 2026
- Annual report 202410 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Nokian Renkaat Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.