Nokia Oyj

NOKIA-SEK.ST

Communication Equipment · Technology

Price

kr 96.84

-0.38 (-0.39%)

Market Cap

kr 540.61B

Exchange

Stockholm Stock Exchange

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

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Mixed

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Share count falling — buybacks

−2.3% over 4y

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

Diluted shares outstanding: 5.63B (2021) → 5.50B (2025)

Winston Score History

The full picture

Nokia is a Finnish company that makes the equipment used to build mobile phone networks. Its main products include radio towers, antennas, and software that help telecom companies like AT&T, Verizon, and Deutsche Telekom run their 4G and 5G networks. Nokia is one of only three major global suppliers of this equipment, alongside Ericsson and Huawei.

Nokia earns money by selling network hardware and software licenses to telecom operators, and increasingly through multi-year service and maintenance contracts. It operates worldwide, with strong presence in Europe, North America, and Asia, and generates roughly €22 billion in annual revenue. Its main competitive advantage is its deep portfolio of wireless patents, which also earns it licensing fees from other tech companies. The biggest growth driver is global 5G network buildout, but the main risk is intense price competition from Huawei, which benefits from lower costs and government backing in many markets.

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

-98.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€4.6B/ year

→ Flat (+2% vs prior year)

23.2% of revenue

1.5x the sector average (15%)

Steady R&D investment year-over-year

Insider Activity

20.4%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

Growth context

Nokia Oyj is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

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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

5.3%

Weak — 5.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+5.3%

Slow sales growth (+5.3% YoY)

Profit growth

EPS YoY

-33.5%

Earnings shrinking (-33.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

133%

Turns 133% of profit into real cash

Spare cash per sale

FCF Margin

3.1%

Thin free cash flow (3.1%)

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

179.32x

Comfortably covers interest (179.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

69.1x

Expensive — P/E 69.1

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

Cheaper or dearer next year

P/E vs Forward

+43.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (69.1 → 25.9)

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Dividends

Dividend

Dividend Yield

1.52%

Small dividend — 1.52% yield

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

Dividend record

Dividend Growth

+6.5%

Dividend growing modestly (6.5% YoY)

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