Nokia Oyj (NOK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-26.5%

$6.22

vs $8.47 price

Levered DCF

$6.62

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.38

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	50.06×	18.6×	25.78×	5.7×	18.86×	-7.11×	1,033.81×	-82.66×
P/B	1.42×	1.13×	0.84×	1.14×	1.77×	1.18×	1.08×	1.84×
P/S	1.5×	1.22×	0.81×	1.02×	1.39×	0.82×	0.79×	1.25×
EV / EBITDA	13.13×	6.27×	5.54×	6.91×	9.22×	8.21×	8.39×	18.65×
Gross margin	43.5%	46.1%	40.4%	42.5%	39.8%	37.5%	35.4%	36.8%
Operating margin	3.9%	8.3%	7.0%	10.3%	9.7%	4.0%	2.1%	-0.3%
Net margin	3.3%	6.6%	3.1%	17.9%	7.3%	-11.5%	0.0%	-1.5%
Current ratio	1.58×	1.58×	1.66×	1.59×	1.62×	1.55×	1.39×	1.29×
Debt / equity	0.25×	0.23×	0.25×	0.26×	0.33×	0.52×	0.35×	0.25×
Interest coverage	3.57×	4.41×	4.84×	9.05×	7.67×	3.63×	1.81×	-0.21×
Dividend yield	2.5%	3.1%	3.6%	1.5%	0.0%	0.8%	3.1%	3.8%
Payout ratio	116.6%	56.6%	91.9%	8.3%	0.6%	-5.9%	8142.9%	-322.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.1%	6.2%	3.2%	19.9%	9.3%	-16.5%	0.0%	-2.2%
Return on invested capital	1.9%	4.5%	2.2%	8.0%	6.6%	-9.1%	0.2%	-0.2%
Return on assets	1.7%	3.3%	1.7%	9.9%	4.1%	-5.4%	0.0%	-0.8%
Free cash flow yield	4.9%	8.6%	3.9%	3.6%	6.7%	7.1%	-1.6%	-1.1%
Earnings yield	2.2%	5.5%	3.9%	17.5%	5.3%	-14.1%	0.0%	-1.2%
Enterprise value	$29.6B	$21.5B	$16.1B	$24.4B	$29.8B	$17.4B	$17.8B	$25.7B
Net debt / EBITDA	-0.11×	-0.55×	-0.36×	0.01×	-0.32×	-0.26×	-0.32×	-1.77×
Cash conversion cycle (days)	100	91	99	65	76	110	97	73