Nokia Oyj (NOKIA.HE) 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

-12.1%

€6.55

vs €7.46 price

Levered DCF

€7.17

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.51

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	46.42×	18.57×	25.42×	5.7×	19.21×	-7.33×	1,031.25×	-81.6×
P/B	1.44×	1.13×	0.82×	1.14×	1.81×	1.41×	1.21×	1.82×
P/S	1.52×	1.22×	0.76×	0.98×	1.41×	0.81×	0.79×	1.23×
EV / EBITDA	14.44×	6.27×	5.45×	6.87×	9.33×	8.31×	8.75×	18.52×
Gross margin	42.1%	46.1%	39.7%	41.0%	39.8%	37.6%	35.7%	37.4%
Operating margin	8.3%	10.4%	7.6%	9.3%	9.7%	4.2%	3.5%	-0.3%
Net margin	3.2%	6.6%	3.0%	17.1%	7.3%	-11.1%	0.1%	-1.5%
Current ratio	1.58×	1.58×	1.65×	1.59×	1.62×	1.55×	1.39×	1.29×
Debt / equity	0.21×	0.23×	0.25×	0.26×	0.33×	0.52×	0.35×	0.25×
Interest coverage	6.56×	6×	4.73×	10.44×	9.07×	3.91×	2.64×	-0.21×
Dividend yield	2.5%	3.1%	3.6%	1.5%	0.0%	0.8%	3.0%	3.9%
Payout ratio	119.7%	56.6%	91.9%	8.3%	0.6%	-6.1%	3111.1%	-317.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.0%	6.2%	3.2%	19.9%	9.3%	-19.3%	0.1%	-2.2%
Return on invested capital	4.0%	5.7%	2.6%	7.6%	6.6%	-10.5%	0.3%	-0.2%
Return on assets	1.7%	3.3%	1.7%	9.9%	4.1%	-6.7%	0.0%	-0.9%
Free cash flow yield	4.9%	8.6%	3.9%	3.6%	6.6%	7.2%	-1.6%	-1.1%
Earnings yield	2.1%	5.5%	3.9%	17.5%	5.2%	-13.7%	0.1%	-1.2%
Enterprise value	€29.1B	€21.5B	€15.9B	€24.4B	€30.3B	€17.2B	€17.9B	€25.3B
Net debt / EBITDA	-0.52×	-0.55×	-0.36×	0.01×	-0.32×	-0.22×	-0.3×	-1.78×
Cash conversion cycle (days)	101	91	95	72	72	85	86	72