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Nokia Oyj NOKIA.HE

FI · Nasdaq Helsinki · XHEL · stock · Technology · website

Nokia Oyj statistics & valuation

Market cap€51.5B
P / E79.2×
P / S2.6×
P / B2.5×
P / FCF35.2×
Net margin3.3%
FCF margin7.4%
Net cash€1.0B
Enterprise value USD$58.4B
Earnings yield EBIT/EV1.5%
Return on capital2.8%
Graham number -65.5%€3.18

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (€3.18); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
17.90% 3.10% 6.60% 3.30% 2022202320242025
Gross margin (%)
42.50% 40.40% 46.10% 43.50% 2022202320242025
Operating margin (%)
10.30% 7.00% 8.30% 3.90% 2022202320242025
Return on equity (%)
19.90% 3.20% 6.20% 3.10% 2022202320242025
Shares outstanding
5.58B 5.58B 5.58B 5.58B 2022202320242025
Net debt (€)
€52.0M -€1.05B -€1.87B -€1.05B 2022202320242025
Share buybacks (€)
€300.0M €300.0M €680.0M €624.0M 2022202320242025
Return on assets (%)
9.90% 1.70% 3.30% 1.70% 2022202320242025
Free cash flow margin (%)
3.70% 3.10% 10.50% 7.40% 2022202320242025
Debt / equity (×)
0.26× 0.25× 0.23× 0.21× 2022202320242025
EPS (€)
€0.75 €0.12 €0.23 €0.12 2022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Nokia Oyj trades at about 76.9× earnings — above its 10-year norm (10-year range 5.8×–45.2×, median 27.7×).

5.8× 76.9×

Shaded band = 10-year range (5.8×–45.2×); dot = today's 76.9×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022
Gross margin43.5%46.1%40.4%42.5%
Operating margin3.9%8.3%7.0%10.3%
Net margin3.3%6.6%3.1%17.9%
FCF margin7.4%10.5%3.1%3.7%
Return on assets1.7%3.3%1.7%9.9%
Return on equity3.1%6.2%3.2%19.9%
Debt / equity0.11×0.14×0.18×0.20×
Current ratio1.581.581.661.59

Computed from company filings · FI · as of 2025-12-31. Figures in EUR. Facts plus Stocktoria's own computed scores — not investment advice.