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Manufactures car, truck and specialty tires, historically known for winter tire technology.
Manufactures car, truck and specialty tires, historically known for winter tire technology.
Replacement tyres sold through dealers and retail chains carry the business, and winter tyres are bought seasonally in the autumn, so earnings concentrate in the second half. It exited Russia, once its main factory base, and has been rebuilding production in Finland, Romania and a new plant in Tennessee.
Moat: narrow (brand, IP / patents). Strong Nordic winter-tire brand and technology heritage, though manufacturing base has shifted post-Russia exit.
Headquarters: Nokia, Finland · Founded: 1898 · Employees: 3,959
Size Nokian Renkaat (TYRES.HE) is a Finland Consumer Discretionary company (Automotive Aftermarket) with a market value of $2.21B, the 23rd largest of 65 Finland companies the cockpit tracks. Shares closed at €14.23 on 6 Nov 2026.
Performance Over six months the shares gained 36.7%, against -6.1% for the median peer and -2.9% for the Finland market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 4.6% over the last twelve months (peer median +5.2%); the operating margin is 6.2% (peer median 8.2%).
Valuation It trades at 27.4× forward earnings against a peer median of 16.6× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +1%, 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 5.3 points below its cost of capital (8.8% WACC).
Credit Nokian Renkaat has 1 bond outstanding ($111M).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.44B | €1.37B | €1.29B | €1.17B | €1.35B |
| Revenue growth | — | +6% | +10% | -13% | — |
| Gross profit | €354M | €230M | €187M | €198M | €262M |
| EBITDA | €233M | €178M | €124M | €138M | €164M |
| Net income | €36.7M | -€15.0M | -€22.8M | €10.3M | -€176M |
| Free cash flow | €125M | -€13.3M | -€273M | -€170M | -€130M |
| Capital expenditure | €74.6M | €160M | €350M | €252M | €125M |
| Total debt | €1.00B | €811M | €789M | €638M | €400M |
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 |
|---|---|---|---|---|---|---|
| Nokian Renkaat TYRES.HE | $2.21B | +37% | +5% | 6% | 27.4× | 19.4% |
| Cie Generale des Etablissements Michelin ML.PA | $25.1B | +5% | -4% | 10% | 12.6× | 3.7% |
| Continental CON.DE | $15.8B | +2% | -35% | n/a | 12.1× | -0.2% |
| Bridgestone 5108.T | $31.7B | +28% | +6% | 12% | 14.0× | -1.9% |
| Goodyear Tire & Rubber GT | $1.26B | -33% | -4% | 3% | n/a | 5.9% |
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 | TYRES.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.3% | +0.7% | 9th lowest of 21 |
| 6-month return | +36.7% | -6.1% | highest of 21 |
| Distance from 52-week high | -14.8% | -29.2% | 4th highest of 21 |
| Revenue growth (TTM) | +4.6% | +5.2% | 10th lowest of 21 |
| Operating margin | 6.2% | 8.2% | 5th lowest of 21 |
| Forward P/E | 27.4× | 16.6× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 19.4% | -0.4% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +0.9% | +9.7% | 2nd lowest of 14 |
| Hurdle (Req g minus delivered) | +18.5 pp | -9.4 pp | most demanding of 14 |
| ROIC minus cost of capital | -5.3 pp | +0.7 pp | 4th lowest of 21 |
| EV / EBITDA | 12.3× | 6.9× | 3rd most expensive of 13 |
| Net debt / EBITDA | 3.9× | 1.2× | 2nd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nokian Renkaat TYRES.HE | Finland | $2.21B | +37% | +5% | 6% | 27.4× | 19.4% | +0.9% |
| Shandong Linglong Tyre 601966.SS | China | $2.32B | -19% | +8% | 3% | 50.3× | -0.4% | +6.0% |
| Qingdao Sentury Tire 002984.SZ | China | $2.62B | -25% | +2% | 8% | 16.7× | 3.4% | +12.8% |
| Haian Rubber 001233.SZ | China | $1.82B | +9% | -4% | 23% | 25.6× | 1.8% | +13.7% |
| Zhongce Rubber Group Co., Ltd. A 603049.SS | China | $2.70B | -19% | +14% | 8% | 9.7× | n/a | n/a |
| Apollo Tyres APOLLOTYRE.NS | India | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% | +10.7% |
| Cheng Shin Rubber Ind 2105.TW | Taiwan | $2.95B | -3% | -1% | 9% | 20.3× | -9.3% | -1.2% |
| Toyo Tire 5105.T | Japan | $3.17B | +6% | +4% | 15% | 8.2× | -7.3% | +11.6% |
| CEAT CEATLTD.NS | India | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% | +15.5% |
| Qingdao Doublestar 000599.SZ | China | $1.45B | -34% | +390% | 8% | n/a | -2.9% | +1.0% |
| Sumitomo Rubber Industries 5110.T | Japan | $3.40B | +1% | +5% | 8% | 9.8× | -3.3% | +8.8% |
| Triangle Tyre 601163.SS | China | $1.38B | -21% | +2% | 5% | 18.2× | -7.2% | +2.9% |
| Goodyear Tire & Rubber GT | United States | $1.26B | -33% | -4% | 3% | n/a | 5.9% | +8.2% |
| TS Tech 7313.T | Japan | $1.25B | -3% | 0% | 2% | 23.3× | n/a | n/a |
| Dorman Products DORM | United States | $4.03B | +10% | +2% | 16% | 15.8× | 4.3% | +14.3% |
| Kumhotire 073240.KS | South Korea | $1.12B | -9% | +2% | 12% | 4.2× | n/a | n/a |
| JK Tyre & Industries JKTYRE.NS | India | $1.10B | -12% | +13% | 7% | 20.6× | n/a | n/a |
| XPEL XPEL | United States | $1.06B | -12% | +13% | 14% | 16.5× | n/a | n/a |
| Standard Motor Products SMP | United States | $993M | +10% | +6% | 11% | 9.3× | -8.5% | +9.7% |
| Balkrishna Industries BALKRISIND.NS | India | $4.93B | +7% | +20% | 15% | 30.5× | n/a | n/a |
| Guizhou Tyre 000589.SZ | China | $974M | -18% | +8% | 8% | 8.7× | n/a | n/a |
Nokian Renkaat has 1 bond outstanding with $111M face value.