Loading…
Finnish telecom equipment maker selling mobile network gear, fixed broadband and optical networking to telecom operators worldwide.
Finnish telecom equipment maker selling mobile network gear, fixed broadband and optical networking to telecom operators worldwide.
Sells network equipment to phone operators on projects timed to their spending plans, so sales swing with carrier budgets, while patent licence fees from device makers arrive steadily under multi-year agreements. Since selling its handset business to Microsoft in 2014 it has been purely a network and technology company; the 2025 purchase of Infinera added optical networking.
In one line: Finland's Cisco/Ericsson peer..
Moat: narrow (IP / patents, switching costs, installed base). Deep patent portfolio (licensing income) plus embedded, hard-to-swap network infrastructure at major carriers.
Headquarters: Espoo, Finland · Founded: 1865
Size Nokia (NOKIA.HE) is a Finland Information Technology company (Telecommunications Equipment) with a market value of $44.3B, the 2nd largest of 65 Finland companies the cockpit tracks. Shares closed at €6.98 on 6 Nov 2026.
Performance Over six months the shares fell 37.0%, against -12.6% for the median peer and -2.9% for the Finland market (cap-weighted) — 3rd lowest of 14 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +14.0%); the operating margin is 13.6% (peer median 5.3%).
Valuation It trades at 19.2× forward earnings against a peer median of 17.5× (7th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +19 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.8 points below its cost of capital (12.9% WACC).
Credit Nokia has 2 bonds outstanding ($1.11B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 124 bp.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €20.6B | €19.9B | €19.2B | €21.1B | €24.9B |
| Revenue growth | — | +3% | -9% | -15% | — |
| Gross profit | €9.18B | €8.81B | €9.02B | €8.70B | €10.4B |
| EBITDA | €3.70B | €2.77B | €3.41B | €2.86B | €3.97B |
| Net income | €772M | €629M | €1.25B | €665M | €4.25B |
| Free cash flow | €5.00M | €1.47B | €2.02B | €665M | €873M |
| Capital expenditure | €624M | €606M | €472M | €652M | €601M |
| Total debt | €3.37B | €4.41B | €4.75B | €5.19B | €5.52B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nokia NOKIA.HE | $44.3B | -37% | +4% | 14% | 19.2× | 17.4% |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
| ZTE 000063.SZ | $19.0B | -23% | +14% | 1% | 24.2× | 19.0% |
| Ciena CIEN | $34.5B | -56% | +33% | 14% | 23.4× | 29.0% |
| Arista Networks ANET | $215B | +20% | +41% | 44% | 30.4× | 29.8% |
| ADTRAN ADTN | $329M | -73% | +10% | 0% | 12.9× | n/a |
| Calix CALX | $1.89B | -29% | +23% | 5% | 13.9× | 23.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NOKIA.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.2% | -3.8% | 4th lowest of 14 |
| 6-month return | -37.0% | -12.6% | 3rd lowest of 14 |
| Distance from 52-week high | -53.4% | -32.6% | 3rd lowest of 14 |
| Revenue growth (TTM) | +4.2% | +14.0% | 3rd lowest of 14 |
| Operating margin | 13.6% | 5.3% | 7th highest of 14 |
| Forward P/E | 19.2× | 17.5× | 7th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 17.4% | 16.9% | 6th least demanding of 11 |
| Growth delivered (Del g) | -1.9% | +8.7% | lowest of 11 |
| Hurdle (Req g minus delivered) | +19.2 pp | +8.7 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | -1.8 pp | +7.1 pp | 4th lowest of 14 |
| EV / EBITDA | 10.4× | 25.0× | 2nd cheapest of 7 |
| Net debt / EBITDA | -0.3× | -0.4× | 4th least indebted of 7 |
| Bond spread | 124 bp | 95 bp | widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nokia NOKIA.HE | Finland | $44.3B | -37% | +4% | 14% | 19.2× | 17.4% | -1.9% |
| Hangzhou Hikvision Digital Technology 002415.SZ | China | $49.1B | -3% | +8% | 19% | 17.5× | 2.6% | +7.8% |
| Ubiquiti UI | United States | $35.9B | -30% | +27% | 36% | 33.5× | 22.2% | +11.5% |
| Telefonaktiebolaget LM Ericsson ERIC-A.ST | Sweden | $34.9B | -9% | -4% | 14% | 17.3× | -8.7% | +0.4% |
| Ciena CIEN | United States | $34.5B | -56% | +33% | 14% | 23.4× | 29.0% | +6.2% |
| Motorola Solutions MSI | United States | $85.1B | +34% | +10% | 25% | 27.0× | 16.4% | +9.5% |
| Accton Technology 2345.TW | Taiwan | $21.6B | -49% | +82% | 14% | 12.5× | 4.5% | +35.4% |
| Xiaomi-w 1810.HK | Hong Kong | $99.0B | -2% | +6% | 3% | 27.8× | 24.3% | +12.4% |
| ZTE 0763.HK | Hong Kong | $19.0B | -27% | +20% | 1% | 14.6× | 17.5% | +4.9% |
| ZTE 000063.SZ | China | $19.0B | -23% | +14% | 1% | 24.2× | 19.0% | +5.6% |
| Foxconn Industrial Internet 601138.SS | China | $120B | -35% | +60% | 5% | 13.1× | n/a | n/a |
| TCL Technology 000100.SZ | China | $15.0B | +7% | +5% | 0% | 13.1× | -4.7% | +19.1% |
| Huaqin 603296.SS | China | $12.7B | -13% | +28% | 2% | 17.1× | n/a | n/a |
| Shenzhen Transsion 688036.SS | China | $11.6B | +13% | -1% | 5% | 21.8× | n/a | n/a |
Nokia has 2 bonds outstanding with $1.11B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 4.29%, a spread of 124 bp over government bonds.