Nokian Renkaat Oyj (TYRES.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

-148.1%

-€6.36

vs €13.24 price

Levered DCF

-€13.48

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.13

Grey zone

Rating

Overall 2 / 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	-86.09×	-43.24×	-3.55×	-7.54×	22.35×	46.48×	8.87×	12.6×
P/B	1.12×	0.8×	0.86×	0.92×	2.83×	2.62×	2×	2.5×
P/S	0.95×	0.79×	0.98×	0.75×	2.69×	3.04×	2.22×	2.33×
EV / EBITDA	11.07×	12.42×	9.25×	8.69×	11.09×	16.07×	7.58×	7.28×
Gross margin	20.5%	18.1%	20.5%	16.1%	32.2%	30.5%	42.8%	45.8%
Operating margin	2.6%	0.1%	2.7%	-6.3%	15.6%	9.1%	19.8%	23.3%
Net margin	-1.1%	-1.8%	-27.7%	-9.9%	12.0%	6.5%	25.1%	18.5%
Current ratio	2.08×	2.39×	2.57×	2.14×	2.64×	2.34×	3.98×	2.31×
Debt / equity	0.7×	0.62×	0.47×	0.28×	0.18×	0.32×	0.15×	0.09×
Interest coverage	0.86×	0.05×	1.28×	-10.64×	29.8×	11.76×	30.14×	71.62×
Dividend yield	2.9%	7.1%	6.2%	6.8%	3.4%	3.8%	6.2%	5.8%
Payout ratio	-255.3%	-315.8%	-22.2%	-51.1%	77.0%	176.3%	54.5%	72.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.3%	-1.8%	-24.2%	-12.2%	12.7%	5.7%	22.6%	19.9%
Return on invested capital	1.7%	0.1%	1.4%	-6.0%	11.0%	4.8%	15.3%	18.4%
Return on assets	-0.6%	-0.9%	-14.0%	-7.9%	8.7%	3.7%	17.1%	14.1%
Free cash flow yield	-1.0%	-26.9%	-14.7%	-9.8%	6.0%	6.8%	-2.0%	8.4%
Earnings yield	-1.1%	-2.2%	-28.2%	-13.3%	4.5%	2.2%	11.3%	7.9%
Enterprise value	€2B	€1.6B	€1.4B	€1.5B	€4.5B	€4B	€3.6B	€3.4B
Net debt / EBITDA	3.73×	4.68×	1.5×	0.84×	-0.24×	-0.07×	0.09×	-0.67×
Cash conversion cycle (days)	168	195	192	173	152	187	238	109