olivLaw · US equity research
Nokia Corporation NOK
Radio & Tv Broadcasting & Communications Equipment · SIC 3663 · Vertical: Radio & Tv Broadcasting & Communications Equipment (SIC 3663)
At the close of 04 Nov 2026, Nokia Corporation (NOK) stock was 8.26 USD (−2.59% on the day), with beta 1.08, 52-week range 5.87–16.85 USD.
Data as of · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.9
- weak (30–45)
- Bollinger (20, 2)
- 7.73 – 10.41
- in the lower half of the band · %B 0.20 · band width 29.5%
- SMA 50 / 200
- 9.86 / 10.33
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.44 / -0.41
- MACD below 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 | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.0% | −1.1% | −17.9 pp | — |
| 3 months | −13.8% | −0.5% | −13.3 pp | — |
| 6 months | −37.4% | +4.4% | −41.8 pp | — |
| Year to date | +27.7% | +12.3% | +15.3 pp | — |
| 1 year | +21.3% | +13.5% | +7.7 pp | +0.5% |
| 3 years | +138.7% | +76.4% | +62.3 pp | +53.9% |
| 5 years | +43.2% | +63.7% | −20.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.6 bn | 23.3 bn | 21.9 bn | 22.2 bn | 23.8 bn | 21.1 bn | 19.2 bn | 19.9 bn |
| Revenue YoY | −2.5% | +3.3% | −6.3% | +1.6% | +7.0% | −11.0% | −9.1% | +3.5% |
| Net income | -340.0 m | 7.0 m | -2.5 bn | 1.6 bn | 4.3 bn | 665.0 m | 1.3 bn | 651.0 m |
| Net income YoY | unavailable | unavailable | −36,142.9% | unavailable | +161.9% | −84.4% | +92.0% | −49.0% |
| Diluted EPS | -0.06 | 0.00 | -0.45 | 0.29 | 0.75 | 0.12 | 0.23 | 0.12 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | +158.6% | −84.0% | +91.7% | −47.8% |
| net % | -1.5% | 0.0% | -11.5% | 7.3% | 17.9% | 3.1% | 6.6% | 3.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.5 bn EUR
- Financial debt
- 2.3 bn EUR
- Net debt
- -3.1 bn EUR
- Equity
- 21.1 bn EUR
- Total assets
- 37.6 bn EUR
- Debt / equity
- 0.11x
- Current ratio
- 1.58x
- ROE
- 3.1%
- ROA
- 1.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 21.9 bn | 22.2 bn | 23.8 bn | 21.1 bn | 19.2 bn | 19.9 bn | SEC (XBRL)· 05 Mar 2026verified |
| Cost of revenue | 13.7 bn | 13.4 bn | 13.7 bn | 12.6 bn | 10.4 bn | 11.2 bn | SEC (XBRL)· 05 Mar 2026verified |
| Gross profit | 8.2 bn | 8.8 bn | 10.1 bn | 8.5 bn | 8.9 bn | 8.7 bn | SEC (XBRL)· 05 Mar 2026verified |
| Research & development | 4.1 bn | 4.2 bn | 4.5 bn | 4.3 bn | 4.5 bn | 4.9 bn | SEC (XBRL)· 05 Mar 2026verified |
| Operating income | 885.0 m | 2.2 bn | 2.3 bn | 1.7 bn | 2.0 bn | 885.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Depreciation & amortisation | 1.1 bn | 1.1 bn | 1.1 bn | 1.0 bn | 973.0 m | 1.1 bn | SEC (XBRL)· 05 Mar 2026verified |
| EBITDA | 2.0 bn ≈ | 3.3 bn ≈ | 3.4 bn ≈ | 2.7 bn ≈ | 2.9 bn ≈ | 2.0 bn ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Interest expense | 329.0 m | 310.0 m | 282.0 m | 579.0 m | 320.0 m | 246.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Pre-tax income | 743.0 m | 1.9 bn | 2.2 bn | 1.5 bn | 2.1 bn | 915.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Income tax | 3.3 bn | 272.0 m | -2.0 bn | 820.0 m | 380.0 m | 277.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Net income | -2.5 bn | 1.6 bn | 4.3 bn | 665.0 m | 1.3 bn | 651.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Diluted EPS | -0.45 | 0.29 | 0.75 | 0.12 | 0.23 | 0.12 | SEC (XBRL)· 05 Mar 2026verified |
| Weighted average diluted shares | 5.6 bn | 5.7 bn | 5.7 bn | 5.6 bn | 5.5 bn | 5.5 bn | SEC (XBRL)· 05 Mar 2026verified |
| Dividend per share | 0.03 | 0.00 | 0.06 | 0.11 | 0.13 | 0.13 | SEC (XBRL)· 05 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.9 bn | 6.7 bn | 5.5 bn | 6.2 bn | 6.6 bn | 5.5 bn | SEC (XBRL)· 05 Mar 2026verified |
| Receivables | 5.5 bn | 5.4 bn | 5.5 bn | 4.9 bn | 5.2 bn | 5.0 bn | SEC (XBRL)· 05 Mar 2026verified |
| Inventories | 2.2 bn | 2.4 bn | 3.3 bn | 2.7 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 05 Mar 2026verified |
| Current assets | 18.2 bn | 19.6 bn | 20.3 bn | — | 18.0 bn | 15.8 bn | SEC (XBRL)· 05 Mar 2026verified |
| Property, plant & equipment, net | 1.8 bn | 1.9 bn | 2.0 bn | 2.0 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 05 Mar 2026verified |
| Goodwill | — | — | 5.7 bn | 5.5 bn | 5.7 bn | 6.0 bn | SEC (XBRL)· 05 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.0 bn | 1.6 bn | 1.3 bn | 1.1 bn | 802.0 m | 1.4 bn | SEC (XBRL)· 05 Mar 2026verified |
| Total assets | 36.2 bn | 40.0 bn | 42.9 bn | 39.9 bn | 39.1 bn | 37.6 bn | SEC (XBRL)· 05 Mar 2026verified |
| Accounts payable | 3.2 bn | 3.7 bn | 4.7 bn | 3.4 bn | 3.2 bn | 3.0 bn | SEC (XBRL)· 05 Mar 2026verified |
| Long-term debt | 5.0 bn | 4.5 bn | 4.2 bn | 3.6 bn | 2.9 bn | 2.3 bn | SEC (XBRL)· 05 Mar 2026verified |
| Current liabilities | 11.8 bn | 12.1 bn | 12.8 bn | 10.9 bn | 11.4 bn | 10.0 bn | SEC (XBRL)· 05 Mar 2026verified |
| Total liabilities | 23.6 bn | 22.6 bn | 21.5 bn | 19.2 bn | 18.4 bn | 16.5 bn | SEC (XBRL)· 05 Mar 2026verified |
| Equity | 12.5 bn | 17.5 bn | 21.4 bn | 20.6 bn | 20.7 bn | 21.1 bn | SEC (XBRL)· 05 Mar 2026verified |
| Shares outstanding at year end | 5.7 bn | 5.7 bn | 5.6 bn | 5.6 bn | 5.6 bn | 5.7 bn | SEC (XBRL)· 05 Mar 2026verified |
Cash flow · EUR
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.8 bn | 2.6 bn | 1.5 bn | 1.3 bn | 2.5 bn | 2.1 bn | SEC (XBRL)· 05 Mar 2026verified |
| Investing cash flow | -1.4 bn | -1.8 bn | -1.9 bn | 1.0 bn | -117.0 m | -1.4 bn | SEC (XBRL)· 05 Mar 2026verified |
| Financing cash flow | 883.0 m | -1.2 bn | -837.0 m | -1.5 bn | -2.0 bn | -1.6 bn | SEC (XBRL)· 05 Mar 2026verified |
| Dividends paid | 149.0 m | 9.0 m | 353.0 m | 621.0 m | 723.0 m | 759.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Share repurchases | — | 0 | 300.0 m | 300.0 m | 680.0 m | 624.0 m | SEC (XBRL)· 05 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 57.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
57% · 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: 3.00 – 20.98 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/Sales3.00 – 20.98 (Mid 6.37)11 companies used · median multiple 1.7x · quartiles 0.7x – 5.9xAVNW, BKSY, CRNT, GILT, HLIT, KUST, MSI, QCOM, UI, VISN, WATT
- Peers: EV/EBITDA3.13 – 8.25 (Mid 4.87)7 companies used · median multiple 12.4x · quartiles 7.4x – 22.1xAVNW, CRNT, GILT, MSI, QCOM, UI, VISN
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
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: score weight coverage: 57.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 43.5% | 9 (on a fixed band) | 19% |
| EBIT margin · Quality | 4.4% | 65 (vs peers) | 15% |
| FCF margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -5.8% | 0 (on a fixed band) | 30% |
| Revenue growth (YoY) · Growth | 3.5% | 40 (vs peers) | 15% |
| Net debt / EBITDA · Balance sheet | -1.6x | 88 (vs peers) | 11% |
| Current ratio · Balance sheet | 1.6x | 46 (on a fixed band) | 11% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet67/100 · 2/2 factors with a value
- Growth13/100 · 2/2 factors with a value
- Quality34/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 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
Nokia Corporation (NOK). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 19.9 bn EUR in 2025; YoY growth 3.5%; net margin 3.3%; ROE 3.1%; net debt/EBITDA -1.6x.
The estimated value range is 3.07–14.62 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 57.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -1.6x
What contradicts it
- Gross margin: 43.5%
- Revenue CAGR 3Y: -5.8%
Not assessed (insufficient data or a ratio without meaning): FCF margin, EV/Sales, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Radio & Tv Broadcasting & Communications Equipment (SIC 3663) · same industry (4-digit SIC) · compared with 20 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 | |
|---|---|---|---|---|---|---|
| QCOMQualcomm Inc | 185.3 bn | 13.6 | 52.8% | 31.6% | −2.6% | +3% / +34% |
| MSIMotorola Solutions, Inc. | 82.2 bn | 40.0 | 77.2% | 16.5% | +8.0% | +34% / +54% |
| UIUbiquiti Inc. | 34.0 bn | 35.4 | 91.1% | 29.3% | +27.2% | −4% / +400% |
| PLPlanet Labs PBC | 3.3 bn | — | -72.0% | -95.1% | +25.9% | +6% / +421% |
| ONDSOndas Inc. | 3.0 bn | 18.0 | 20.1% | 96.0% | +605.3% | −33% / +381% |
| VISNVistance Networks, Inc. | 1.5 bn | 0.2 | 22,304.0% | 247.7% | +39.7% | −67% / +286% |
| HLITHarmonic Inc. | 1.1 bn | — | -11.7% | -13.7% | −26.2% | +7% / −8% |
| BKSYBlacksky Technology Inc | 686.3 m | — | -44.8% | -61.2% | +4.4% | −5% / +59% |
| UMACUnusual Machines, Inc. | 650.9 m | — | -2.9% | -20.3% | +101.2% | +49% / unavailable |
| GILTGilat Satellite Networks Ltd. | 521.2 m | 20.8 | 5.2% | 4.6% | +47.9% | −39% / +10% |
| AVNWAviat Networks, Inc. | 254.8 m | 104.7 | 1.0% | 0.6% | +1.2% | −10% / −34% |
| BKTIBK Technologies Corp | 252.4 m | 19.7 | 30.6% | 15.0% | +12.5% | +5% / +415% |
| CRNTCeragon Networks Ltd | 176.8 m | — | -1.2% | -0.6% | −14.1% | −2% / +6% |
| VUZIVuzix Corp | 171.4 m | — | -122.7% | -519.0% | +9.1% | −25% / −3% |
| SATLSatellogic Inc. | 87.6 m | — | — | -325.6% | +37.6% | +95% / +140% |
| AIRGAirgain, Inc. | 55.4 m | — | -23.7% | -13.6% | −14.6% | +4% / +76% |
| WATTEnergous Corporation | 45.0 m | — | -32.8% | -76.4% | +633.1% | +30% / −87% |
| CMTLComtech Telecommunications Corp | 37.4 m | — | -50.5% | -14.5% | −17.0% | −59% / −90% |
| KUSTKustom Entertainment, Inc. | 22.6 m | — | -323.8% | -126.5% | +1.7% | −98% / −100% |
| ERICEricsson Lm Telephone Co | — | — | 27.9% | 12.0% | −4.5% | +15% / +126% |
| NOKNokia Corporation | — | — | 3.1% | 3.3% | +3.5% | +21% / +139% |
1- and 3-year price returns: for NOK 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
Scenarios are not available. input data missing
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Șase corporații gigant din țările nordice vor colabora în domeniul apărării / Ericsson, Kongsberg, Nokia, Terma, Patria și Saab și-au prezentat planurile la Göteborg, la reuniunea Nordic CompassG4Media · 05 Nov 2026 · RO
- Five UK startups secure eight patents from Panasonic, Nokia, NEC and DENSOTech.eu · 05 Nov 2026 · EN
- 🇪🇺 🇺🇸 ⚡ European companies involved in satellite technologies are expanding thei…Telegram — Intel Slava Z (pro-RU OSINT EN) · 02 Nov 2026 · EN
- De ce a ales gigantul chinez BYD Ungaria în locul României pentru fabrica sa auto. Ce planuri are acum pentru țara noastrăSpotMedia.ro · 02 Nov 2026 · RO
- 🇪🇺 🇺🇦 ⚡️ — European satellite companies are stepping up efforts to challenge Elo…Telegram — Intel Slava Z (pro-RU OSINT EN) · 28 Oct 2026 · EN
- Top angajatori România 2026: Companiile în care salariații se simt cel mai bine. Promovările, tot mai greu de obținutStartupCafe.ro · 28 Oct 2026 · RO
- Ukraine's Starlink woes spur Europe to look for non-Musk alternativesAxios · 28 Oct 2026 · EN
- O nouă etapă în războiul tehnologic dintre Ucraina și Rusia. Ambele țări dezvoltă alternative la StarlinkMediafax · 28 Oct 2026 · RO
- Ucraina a lansat primul satelit pentru a scăpa de sub controlul lui Elon MuskSpotMedia.ro · 27 Oct 2026 · RO
- Viettel este prima întreprindere vietnameză premiată la Premiile de Excelență Telecom Review. - Vietnam.vnSurge — Google News · 27 Oct 2026 · RO
- The Download: everyday AI harms and the race to nuclear spaceflightMIT Technology Review · 26 Oct 2026 · EN
- Students in Serbia Are Taking Over. Embrace Democracy Renewal’s New PlaybookVisegrad Insight (EN) · 26 Oct 2026 · EN
- Galerii FOTO - Altele - Pagina 181 - Mobilissimo.roSurge — Google News · 26 Oct 2026 · RO
- Ucraina vrea să-și dezvolte propria rețea de sateliți de comunicații, după limitările Starshield – scrisoare de intenție semnată cu companiile finlandeze Iceye și NokiaCursDeGuvernare.ro · 25 Oct 2026 · RO
- Galerie foto: Windows 11 - AI Search - Mobilissimo.roSurge — Google News · 24 Oct 2026 · RO
- Sikorski: Musk Should Fly to Mars, Avoid Mixing Business and PoliticsKyiv Post · 24 Oct 2026 · EN
- Ukraine , ICEYE & Nokia sign satcom defence agreementSurge — GDELT DOC · 23 Oct 2026 · RO
- Starlink dă dependență. Kievul vrea să scape șantajul lui Trump și vrea sateliți în cooperare cu EuropaDefenseRomania.ro · 23 Oct 2026 · RO
- Starlink dă dependență. Kievul vrea să scape șantajul lui Trump și vrea sateliți în cooperare cu... - DefenseRomania.roDefenseRomania.ro · 23 Oct 2026 · RO
- In hunt for Starlink alternative, Ukraine partners with Nokia and satellite maker ICEYECNBC — Top News · 23 Oct 2026 · EN
SEC filings
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)27 Jul 2026
- Current report (foreign issuer)23 Jul 2026
- Current report (foreign issuer)10 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.