Nokia Oyj

NOK

Communication Equipment · Technology

Price

$10.21

+0.06 (+0.54%)

Market Cap

$55.12B

Exchange

NYSE

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Mixed

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Share count falling — buybacks

−3.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 5.68B (2021) → 5.50B (2025)

Winston Score History

The full picture

Nokia is a Finnish company that makes the equipment used to build wireless and internet networks. Its main products include radios, antennas, and software that phone carriers like AT&T, Verizon, and T-Mobile use to run their 4G and 5G networks. Nokia also sells networking gear to large businesses, governments, and internet providers around the world.

Nokia earns money by selling hardware, software licenses, and long-term service contracts to telecom operators and enterprises. It operates globally, with significant revenue from Europe, North America, and Asia, and generates roughly $23 billion in annual sales. Nokia holds a large portfolio of wireless technology patents, which gives it a steady stream of licensing income and some protection against competitors. The key growth driver is continued 5G network buildout worldwide, but Nokia faces intense competition from Ericsson and Huawei, and telecom carriers have been cautious with spending, which has pressured margins in recent periods.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-100.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€4.9B/ year

↑ Rising (+8% vs prior year)

24.4% of revenue

1.6x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

€6.9B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

€6.9B cash & investments at current burn rate

Heavy R&D investment

Nokia Oyj is putting 24% of revenue into R&D and that number is rising. That's 1.6x the sector average. With 2+ years of cash runway, they have time to let it pay off.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

44.6%

Healthy — 44.6% gross margin

Profit after running costs

Operating Margin

-1.0%

Losing money on operations — -1.0%

Return on the money invested

ROCE

2.9%

Weak — 2.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+5.3%

Slow sales growth (+5.3% YoY)

Profit growth

EPS YoY

+39.8%

Earnings growing fast (+39.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

161%

Turns 161% of profit into real cash

Spare cash per sale

FCF Margin

2.7%

Thin free cash flow (2.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.11

Conservative — low debt load (0.11)

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

82.6x

Expensive — P/E 82.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+58.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (82.6 → 24.5)

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Dividends

Dividend

Dividend Yield

1.81%

Small dividend — 1.81% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+5.6%

Dividend growing modestly (5.6% YoY)

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