Nokia's post-2024 revenue recovery appears to be losing momentum, with growth decelerating from 11.6% in Q3 2025 to 6.1% in Q3 2026 while gross margin compressed to 43.7%, roughly 4.4 percentage points below Ericsson's 48.1%, suggesting structural pricing pressure in Mobile Networks persists.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue growth has settled into the 5.9–6.1% range over the last two quarters, but gross margin of 43.7% in Q3 2026 remains below the 45–46% levels seen in late 2024, while net margin of 2.9% and EPS growth dispersion ranging from -114% to +85% across consecutive quarters indicate heavy dependence on non-operating items.
Nokia is transitioning from a traditional 5G vendor to a key player in AI-native networks, edge AI, 6G, and telecom compute, leveraging AI/data center demand to offset weaker 5G spending.
Nokia has a buy consensus from 52 analysts, with a predicted stock price target of $15.28 by 2026, indicating significant upside potential.
Nokia is well-positioned to capitalize on emerging technologies like edge AI and data center networking, which could drive future growth beyond traditional telecom equipment.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 22, 2026 | $0.10+25.0% vs $0.08 | $5.8B+0.9% vs $5.7B |
Q3 2026 Jul 23, 2026 | $0.08+14.3% vs $0.07 | $5.5B-1.7% vs $5.6B |
Q2 2026 Apr 23, 2026 | $0.06+0.0% vs $0.06 | $5.3B-1.2% vs $5.3B |
Q1 2026 Jan 29, 2026 | $0.21+23.5% vs $0.17 | $7.3B+2.6% vs $7.1B |
AT&T currently looks stronger on the top line, generating consistently higher overall revenue than Nokia across the last eight quarters. Over the past two years, AT&T maintained mostly steady quarter-over-quarter revenue with slight end-of-year increases, while Nokia displayed cyclical patterns featuring recurring revenue spikes during its fourth quarters.
Over the past eight quarters, Verizon consistently generated a higher volume of revenue than Nokia, maintaining a clear gap between the two companies. Verizon generally demonstrates stable quarter-over-quarter revenue totals, while Nokia displays a cyclical pattern characterized by notable peaks at the end of each calendar year.
Nokia edges out Ericsson as the better 5G infrastructure stock, backed by stronger 2026 growth estimates and stock gains, despite its higher valuation.
Nokia Oyj is rated Buy, driven by strong optical and IP network demand, new design wins, and manufacturing expansion. NOK guides for 25%-30% optical and IP network growth in 2027, with margin improvement from operating leverage and Infinera integration. Weaker near-term cash flow guidance reflects proactive investment in working capital and restructuring, supporting long-term growth and profitability.
Benchmark NOK against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Nokia Oyj (NOK)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $7.66 | $44.01B | 62.31 | 3.48% | 3.27% | 3.12% | 2.01% | |
| $10.26 | $33.78B | 12.65 | -14.22% | 8.29% | 18% | 2.65% | |
| $93.85 | $369.9B | 28.18 | 11.77% | 20.95% | 27.39% | 1.75% | |
| $44.76 | $59.26B | -1003.48 | 14.06% | 6.57% | 10.85% | 1.34% | |
| $243.39 | $34.45B | 286.34 | 18.79% | 10.87% | 22.82% | — | |
| $28.47 | $7.02B | 189.80 | 8.39% | -2% | -3.16% | — |
Nokia Oyj (NOK) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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Nokia Oyj (NOK) stock FAQ — growth, dividends, profitability & financials explained
Nokia Oyj (NOK) reported $20.56B in revenue over the trailing twelve months. Revenue was $19.89B in fiscal year 2025. That is 193% more than the $6.79B of fiscal year 1996.
Nokia Oyj (NOK) grew revenue by 3.5% in fiscal year 2025, compared with the prior fiscal year.
Yes. Nokia Oyj (NOK) earned $781.1M in net income over the trailing twelve months (a 3.8% net margin).
Yes. Nokia Oyj (NOK) pays a dividend that yields 2.01% at the current price, a moderate yield.
Nokia Oyj (NOK) had a return on equity (ROE) of 3.1% in fiscal year 2025. That is below the market's typical 10-15%.
Nokia Oyj (NOK) generated $6.2M in free cash flow over the trailing twelve months.
