Nokia Oyj (NOKIA.HE) stock analysis

In our weekly check, Nokia Oyj is graded C (A to F). Of 24 checks on debt, profit, cash flow and trend: 12 pass, warnings: 5, red flags: 7.

About Nokia Oyj

Nokia Oyj is a Technology company (Communication Equipment) based in Finland, listed on HEL as NOKIA.HE.

What our checks show for NOKIA.HE

Red flags

• The net margin fell by 3.6 points over 5 years, to 3.7%: the company keeps less of each sale as profit.
• Revenue fell 6.2% a year over the last 3 years.
• The net margin is only 3.7%: little room if costs rise.
• The dividend takes 101% of profit: little cushion if profit falls.
• The price swings a lot: 58.4% annual volatility. Expect large ups and downs.
• The stock has fallen as much as 95% from a peak. Would you have held through that?
• Pay in shares equals 2267% of free cash flow: it dilutes shareholders.

Warning signs

• Earnings per share fell 43.2% a year over the last 3 years.
• Net profit fell 43.4% a year over the last 3 years.
• Free cash flow is only 0% of revenue.
• The stock is still below its previous peak.
• Return on capital (ROCE) is only 7.6%.

Strengths

• Debt is low: 0.16x equity.
• The gross margin is 44.5% and has risen by 4.7 points: pricing power is holding.
• Analysts expect earnings per share to grow about 75.3% a year over the next years.
• Analysts expect the net margin to improve by 7.9 points from today's 3.7%.
• A large company: market value $46.19 billion.
• Actively traded: about 18.1 million shares a day.

Similar companies

LITE · CIEN · MSI · UI · ZBRA · VSAT

Questions

What grade does Nokia Oyj (NOKIA.HE) have?

In our weekly check, Nokia Oyj is graded C (A to F). Of 24 checks on debt, profit, cash flow and trend: 12 pass, warnings: 5, red flags: 7. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of NOKIA.HE stock?

This week's biggest flags for Nokia Oyj: Margins falling, Weak revenue growth, Thin margins. In total 12 of 24 checks show a warning or a red flag.

What does Nokia Oyj do?

Nokia Oyj is a Technology company (Communication Equipment) based in Finland, listed on HEL as NOKIA.HE.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

Open the full analysis