Nokia Oyj (NOK) 10-Year Financial Performance & Capital Metrics

NOK • • Industrial / General

TechnologyCommunication EquipmentWireless Infrastructure & BackhaulWireless Backhaul Systems

AboutNokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. It offers products and services for radio access networks covering technologies from 2G to 5G, and microwave radio links for transport networks. The company provides fixed networking solutions, such as fiber and copper-based access infrastructure, and cloud and virtualization services, as well as wi-fi portfolio, including mesh solutions and cloud-based controllers; IP routing solutions for IP aggregation, and edge and core applications for residential, business, mobile, and industrial services; a portfolio of optical networks comprising portfolio coherent optical transponders, optical transport network switchers, wavelength-division multiplexers, reconfigurable optical add-drop multiplexer solutions, and optical line systems for metro access and aggregation, data center interconnect, regional, and long-haul/ultra-long-haul applications; and submarine networks. In addition, it offers business applications software, cloud and cognitive services, core networks software, and enterprise solutions. Further, the company provides hardware, software, and services, as well as licensing of intellectual property, including patents, technologies, and the Nokia brand. It serves communications service providers, webscales, hyperscalers, digital industries, and government. Nokia Oyj was founded in 1865 and is headquartered in Espoo, Finland.Show more

Revenue $19.22B -9.1%
EBITDA $3.01B +19.0%
Net Income $1.28B +92.0%
EPS (Diluted) 0.23 +91.7%
Gross Margin 46.12% +12.2%
EBITDA Margin 15.68% +30.9%
Operating Margin 10.4% +32.4%
Net Margin 6.64% +111.2%
ROE 6.17% +95.2%
ROIC 7.8% +28.5%
Debt/Equity 0.23 -9.0%
Interest Coverage 6.11 +31.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 183.3%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.2%

5Y-3.79%

3Y-4.69%

TTM2.04%

Profit (Net Income) CAGR

10Y-9.49%

5Y183.28%

3Y-7.68%

TTM156.32%

EPS CAGR

10Y-12.15%

5Y135.13%

3Y-7.44%

TTM36407757.4%

ROCE

10Y Avg3.93%

5Y Avg6.12%

3Y Avg6.88%

Latest7.05%

Peer Comparison

Wireless Backhaul Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AVNWAviat Networks, Inc.	283.45M	22.08	220.80	6.5%	2.6%	4.44%		0.35
NOKNokia Oyj	36.66B	6.61	28.74	-9.07%	5.95%	6.09%	5.51%	0.23
CRNTCeragon Networks Ltd.	210.34M	2.34	8.67	13.54%	0.38%	0.81%	4.63%	0.25
ERICTelefonaktiebolaget LM Ericsson (publ)	29.18B	9.50		3.83%	10.24%	23.76%	100%	0.49

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	12.5B	23.61B	23.15B	22.56B	23.32B	21.87B	22.2B	24.91B	21.14B	19.22B
Revenue Growth %	-0.02%	0.89%	-0.02%	-0.03%	0.03%	-0.06%	0.02%	0.12%	-0.15%	-0.09%
Cost of Goods Sold+	7.04B	15.16B	14.01B	14.12B	14.76B	13.65B	13.37B	14.69B	12.44B	10.36B
COGS % of Revenue	0.56%	0.64%	0.61%	0.63%	0.63%	0.62%	0.6%	0.59%	0.59%	0.54%
Gross Profit+	5.45B	8.46B	9.14B	8.45B	8.55B	8.21B	8.83B	10.22B	8.69B	8.86B
Gross Margin %	0.44%	0.36%	0.39%	0.37%	0.37%	0.38%	0.4%	0.41%	0.41%	0.46%
Gross Profit Growth %	-0.03%	0.55%	0.08%	-0.08%	0.01%	-0.04%	0.08%	0.16%	-0.15%	0.02%
Operating Expenses+	3.78B	8.72B	8.53B	8.08B	8.07B	7.3B	6.68B	7.9B	7.04B	6.87B
OpEx % of Revenue	0.3%	0.37%	0.37%	0.36%	0.35%	0.33%	0.3%	0.32%	0.33%	0.36%
Selling, General & Admin	1.65B	3.82B	3.62B	3.46B	0	2.9B	2.79B	3.01B	2.6B	2.89B
SG&A % of Revenue	0.13%	0.16%	0.16%	0.15%	-	0.13%	0.13%	0.12%	0.12%	0.15%
Research & Development	2.13B	4.9B	4.92B	4.62B	4.53B	4.09B	4.21B	4.55B	4.28B	4.51B
R&D % of Revenue	0.17%	0.21%	0.21%	0.2%	0.19%	0.19%	0.19%	0.18%	0.2%	0.23%
Other Operating Expenses	12M	0	0	0	3.53B	311M	-330M	341M	157M	-537M
Operating Income+	1.69B	-1.1B	16M	-59M	485M	885M	2.16B	2.32B	1.66B	2B
Operating Margin %	0.14%	-0.05%	0%	-0%	0.02%	0.04%	0.1%	0.09%	0.08%	0.1%
Operating Income Growth %	8.93%	-1.65%	1.01%	-4.69%	9.22%	0.82%	1.44%	0.07%	-0.28%	0.2%
EBITDA+	2.01B	494M	1.61B	1.4B	2.15B	1.79B	3.04B	3.46B	2.53B	3.01B
EBITDA Margin %	0.16%	0.02%	0.07%	0.06%	0.09%	0.08%	0.14%	0.14%	0.12%	0.16%
EBITDA Growth %	3.3%	-0.75%	2.25%	-0.13%	0.54%	-0.16%	0.69%	0.14%	-0.27%	0.19%
D&A (Non-Cash Add-back)	320M	1.59B	1.59B	1.46B	1.66B	909M	881M	1.14B	871M	1.01B
EBIT	1.69B	-1.05B	-1M	-78M	1.07B	1.02B	1.79B	2.41B	2B	2.42B
Net Interest Income+	-94M	-252.21M	-341M	-214M	-241M	-176M	-157M	-125M	43M	74M
Interest Income	37M	92.92M	60M	76M	73M	68M	75M	174M	407M	478M
Interest Expense	139M	345.13M	509M	282M	308M	244M	206M	222M	357M	327M
Other Income/Expense	-157M	-1.63B	-1.61B	-301M	-329M	-142M	-232M	-134M	-192M	92M
Pretax Income+	1.54B	-1.37B	-510M	-360M	156M	743M	1.93B	2.18B	1.47B	2.09B
Pretax Margin %	0.12%	-0.06%	-0.02%	-0.02%	0.01%	0.03%	0.09%	0.09%	0.07%	0.11%
Income Tax+	346M	-457M	927M	189M	138M	3.25B	272M	-2.03B	820M	380M
Effective Tax Rate %	1.6%	0.56%	2.93%	0.94%	0.04%	-3.4%	0.84%	1.95%	0.45%	0.61%
Net Income+	2.47B	-766M	-1.49B	-340M	7M	-2.52B	1.62B	4.25B	665M	1.28B
Net Margin %	0.2%	-0.03%	-0.06%	-0.02%	0%	-0.12%	0.07%	0.17%	0.03%	0.07%
Net Income Growth %	-0.29%	-1.31%	-0.95%	0.77%	1.02%	-361.43%	1.64%	1.62%	-0.84%	0.92%
Net Income (Continuing)	1.19B	-912M	-1.44B	-549M	18M	-2.51B	1.65B	4.21B	649M	1.71B
Discontinued Operations	0	0	0	0	-7M	-3M	-9M	49M	30M	-427M
Minority Interest	21M	881M	80M	82M	85.31M	97.88M	102M	93M	91M	90M
EPS (Diluted)+	0.62	-0.13	-0.26	-0.06	0.00	-0.45	0.29	0.75	0.12	0.23
EPS Growth %	-0.26%	-1.21%	-1%	0.77%	1.05%	-	1.64%	1.59%	-0.84%	0.92%
EPS (Basic)	0.67	-0.13	-0.26	-0.06	0.00	-0.45	0.29	0.76	0.12	0.23
Diluted Shares Outstanding	3.95B	5.74B	5.65B	5.59B	5.63B	5.61B	5.68B	5.67B	5.59B	5.53B
Basic Shares Outstanding	3.67B	5.73B	5.65B	5.54B	5.6B	5.61B	5.63B	5.61B	5.55B	5.46B
Dividend Payout Ratio	0.21%	-	-	-	81.43%	-	0.01%	0.08%	0.92%	0.57%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	15.82B	20.72B	19.86B	18.26B	18.87B	22.29B	19.6B	20.27B	18.17B	17.99B
Cash & Short-Term Investments	9.96B	9.62B	8.58B	7.12B	6.74B	9.86B	9.6B	9.16B	8.24B	8.91B
Cash Only	7B	7.5B	7.37B	6.26B	6.63B	8.49B	6.69B	5.47B	6.23B	6.62B
Short-Term Investments	2.96B	2.13B	1.21B	855M	108.88M	1.37B	2.91B	3.69B	2.01B	2.29B
Accounts Receivable	4.26B	7.07B	7.11B	7.03B	7.66B	8.41B	6.76B	6.75B	6.94B	6.74B
Days Sales Outstanding	124.55	109.33	112.15	113.64	119.95	140.33	111.22	98.93	119.85	127.96
Inventory	1.01B	2.51B	2.65B	3.18B	3.3B	2.74B	2.39B	3.27B	2.72B	2.16B
Days Inventory Outstanding	52.54	60.35	68.94	82.22	81.48	73.34	65.31	81.13	79.78	76.24
Other Current Assets	0	44M	23M	5M	206.54M	285.09M	0	664M	79M	0
Total Non-Current Assets+	5.05B	24.18B	21.16B	21.27B	26.95B	24.23B	20.45B	22.68B	21.69B	21.16B
Property, Plant & Equipment	695M	1.98B	1.85B	1.79B	3.11B	3.17B	2.81B	2.94B	2.86B	2.12B
Fixed Asset Turnover	17.98x	11.92x	12.49x	12.61x	7.50x	6.91x	7.91x	8.46x	7.40x	9.07x
Goodwill	237M	5.72B	5.25B	5.45B	6.2B	6.21B	5.43B	5.67B	5.5B	5.74B
Intangible Assets	323M	5.24B	3.97B	3.35B	2.73B	2.39B	1.62B	1.26B	1.09B	802M
Long-Term Investments	1.03B	1.41B	1.16B	1.21B	1.52B	1.57B	1.33B	1.98B	1.9B	1.76B
Other Non-Current Assets	125M	4.13B	4.35B	4.55B	5.75B	6.43B	8B	6.99B	6.47B	7.14B
Total Assets+	20.87B	44.9B	41.02B	39.53B	45.81B	46.52B	40.05B	42.94B	39.86B	39.15B
Asset Turnover	0.60x	0.53x	0.56x	0.57x	0.51x	0.47x	0.55x	0.58x	0.53x	0.49x
Asset Growth %	-0.01%	1.15%	-0.09%	-0.04%	0.16%	0.02%	-0.14%	0.07%	-0.07%	-0.02%
Total Current Liabilities+	6.39B	12.61B	12.81B	14.12B	13.53B	14.39B	12.1B	12.77B	10.93B	11.39B
Accounts Payable	1.91B	3.78B	4B	4.77B	4.25B	3.88B	3.68B	4.73B	3.42B	3.21B
Days Payables Outstanding	98.96	91.05	104.11	123.41	105.06	103.82	100.45	117.53	100.44	113.24
Short-Term Debt	51M	370M	309M	994M	618.5M	917.66M	116M	228M	554M	969M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.07B	2.8B	2.36B	2.51B	3.8B	4.57B	2B	2.47B	2.46B	3.21B
Current Ratio	2.48x	1.64x	1.55x	1.29x	1.39x	1.55x	1.62x	1.59x	1.66x	1.58x
Quick Ratio	2.32x	1.44x	1.34x	1.07x	1.15x	1.36x	1.42x	1.33x	1.41x	1.39x
Cash Conversion Cycle	78.13	78.62	76.97	72.46	96.36	109.84	76.08	62.53	99.2	90.95
Total Non-Current Liabilities+	4.01B	11.32B	12B	10.04B	14.99B	16.78B	10.49B	8.74B	8.3B	7.01B
Long-Term Debt	2.02B	3.66B	3.46B	2.83B	4.47B	6.14B	4.54B	4.25B	3.64B	2.92B
Capital Lease Obligations	0	0	0	2M	865.45M	882.18M	824M	858M	799M	664M
Deferred Tax Liabilities	62M	403M	413M	350M	2.33B	2.56B	282M	332M	725M	562M
Other Non-Current Liabilities	1.99B	7.66B	8.54B	7.21B	5.61B	5.95B	4.18B	3.18B	2.93B	2.68B
Total Liabilities	10.4B	23.93B	24.81B	24.16B	28.52B	31.17B	22.59B	21.52B	19.23B	18.4B
Total Debt+	2.07B	4.03B	3.77B	3.82B	5.96B	7.94B	5.66B	5.52B	5.19B	4.75B
Net Debt	-4.92B	-3.47B	-3.6B	-2.44B	-676.87M	-555.49M	-1.03B	52M	-1.05B	-1.87B
Debt / Equity	0.20x	0.19x	0.23x	0.25x	0.34x	0.52x	0.32x	0.26x	0.25x	0.23x
Debt / EBITDA	1.03x	8.15x	2.34x	2.74x	2.78x	4.42x	1.86x	1.60x	2.05x	1.58x
Net Debt / EBITDA	-2.45x	-7.02x	-2.24x	-1.75x	-0.32x	-0.31x	-0.34x	0.02x	-0.41x	-0.62x
Interest Coverage	12.14x	-3.19x	0.03x	-0.21x	1.57x	3.63x	10.48x	10.44x	4.65x	6.11x
Total Equity+	10.47B	20.97B	16.22B	15.37B	17.29B	15.35B	17.46B	21.43B	20.63B	20.75B
Equity Growth %	0.21%	1%	-0.23%	-0.05%	0.12%	-0.11%	0.14%	0.23%	-0.04%	0.01%
Book Value per Share	2.65	3.65	2.87	2.75	3.07	2.73	3.07	3.78	3.69	3.75
Total Shareholders' Equity	10.45B	20.09B	16.14B	15.29B	17.2B	15.25B	17.36B	21.33B	20.54B	20.66B
Common Stock	246M	246M	246M	246M	276.13M	300.99M	246M	246M	246M	246M
Retained Earnings	6.28B	3.59B	1.15B	-1.06B	-1.81B	-5.07B	-2.54B	1.38B	1.4B	1.96B
Treasury Stock	-718M	-881M	-1.48B	-408M	-395.12M	-430.69M	-352M	-352M	-352M	-431M
Accumulated OCI	4.26B	16.7B	15.78B	16.08B	18.65B	19.91B	19.55B	19.56B	18.61B	18.15B
Minority Interest	21M	881M	80M	82M	85.31M	97.88M	102M	93M	91M	90M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	507M	-1.46B	1.81B	360M	390M	1.76B	2.63B	1.47B	1.32B	2.49B
Operating CF Margin %	0.04%	-0.06%	0.08%	0.02%	0.02%	0.08%	0.12%	0.06%	0.06%	0.13%
Operating CF Growth %	-0.6%	-3.87%	2.25%	-0.8%	0.08%	3.51%	0.49%	-0.44%	-0.11%	0.89%
Net Income	2.47B	-927M	-1.46B	-335M	11M	-2.42B	1.65B	4.26B	679M	1.28B
Depreciation & Amortization	320M	1.59B	1.59B	1.46B	1.66B	1.13B	1.09B	1.14B	1.09B	1.01B
Stock-Based Compensation	49M	113M	92M	68M	81M	76M	108M	149M	202M	241M
Deferred Taxes	338M	-429M	937M	64M	140M	3.25B	273M	-2.03B	825M	385M
Other Non-Cash Items	-1.65B	1.26B	52M	51M	286M	465M	-228M	-201M	-194M	138M
Working Capital Changes	-1.02B	-3.06B	598M	-943M	-1.79B	-744M	-268M	-1.84B	-1.28B	-569M
Change in Receivables	-693M	18M	-421M	246M	159M	-418M	239M	-451M	304M	-364M
Change in Inventory	341M	24M	-296M	-544M	285M	547M	-48M	-991M	478M	404M
Change in Payables	0	-2.76B	1.31B	-645M	0	-845M	0	0	0	0
Cash from Investing+	1.9B	6.84B	9M	-315M	-290M	-1.52B	-1.79B	-1.88B	1.04B	-117M
Capital Expenditures	-314M	-477M	-601M	-672M	-690M	-479M	-560M	-601M	-652M	-472M
CapEx % of Revenue	0.03%	0.02%	0.03%	0.03%	0.03%	0.02%	0.03%	0.02%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-17M	59M	67M	88M	-101M	23M	45M	2M	219M	158M
Cash from Financing+	-584M	-4.92B	-1.75B	-969M	-479M	883M	-1.21B	-837M	-1.5B	-2B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-512M	-1.51B	-970M	-1.08B	-570M	-149M	-9M	-353M	-611M	-723M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	4M	-718M	-37M	2M	-1M	0	0	0	-10M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	193M	-1.93B	1.21B	-312M	-300M	1.28B	2.06B	873M	665M	2.02B
FCF Margin %	0.02%	-0.08%	0.05%	-0.01%	-0.01%	0.06%	0.09%	0.04%	0.03%	0.11%
FCF Growth %	-0.8%	-11.01%	1.63%	-1.26%	0.04%	5.27%	0.61%	-0.58%	-0.24%	2.04%
FCF per Share	0.05	-0.34	0.21	-0.06	-0.05	0.23	0.36	0.15	0.12	0.37
FCF Conversion (FCF/Net Income)	0.21x	1.90x	-1.21x	-1.06x	55.71x	-0.70x	1.62x	0.35x	1.98x	1.95x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	25.77%	-4.87%	-8.03%	-2.15%	0.04%	-15.46%	9.89%	21.86%	3.16%	6.17%
Return on Invested Capital (ROIC)	21.57%	-7.16%	0.08%	-0.35%	2.46%	4.23%	10.37%	9.17%	6.07%	7.8%
Gross Margin	43.64%	35.81%	39.48%	37.43%	36.68%	37.56%	39.79%	41.03%	41.1%	46.12%
Net Margin	19.73%	-3.24%	-6.45%	-1.51%	0.03%	-11.54%	7.31%	17.06%	3.15%	6.64%
Debt / Equity	0.20x	0.19x	0.23x	0.25x	0.34x	0.52x	0.32x	0.26x	0.25x	0.23x
Interest Coverage	12.14x	-3.19x	0.03x	-0.21x	1.57x	3.63x	10.48x	10.44x	4.65x	6.11x
FCF Conversion	0.21x	1.90x	-1.21x	-1.06x	55.71x	-0.70x	1.62x	0.35x	1.98x	1.95x
Revenue Growth	-1.83%	88.93%	-1.98%	-2.52%	3.33%	-6.21%	1.53%	12.2%	-15.15%	-9.07%

Revenue by Geography

	2017	2018	2019	2020	2021	2022
North America	-	6.57B	6.95B	7.12B	7.28B	8.39B
North America Growth	-	-	5.69%	2.49%	2.23%	15.22%
Europe	-	6.49B	6.62B	6.62B	6.63B	6.66B
Europe Growth	-	-	2.02%	0.00%	0.23%	0.41%
Asia Pacific	-	4.08B	4.56B	3.85B	2.56B	2.65B
Asia Pacific Growth	-	-	11.64%	-15.56%	-33.40%	3.36%
Middle East and Africa	-	-	-	-	1.92B	1.97B
Middle East and Africa Growth	-	-	-	-	-	2.82%
China	-	2.17B	1.84B	1.38B	1.54B	1.58B
China Growth	-	-	-14.87%	-25.34%	12.28%	2.33%
India region	-	-	-	-	1.04B	1.29B
India region Growth	-	-	-	-	-	24.16%
Latin America	-	1.38B	1.47B	995M	1.23B	1.22B
Latin America Growth	-	-	6.67%	-32.40%	23.22%	-0.24%
Middle East And Africa	-	1.87B	1.88B	1.89B	-	-
Middle East And Africa Growth	-	-	0.11%	0.91%	-	-
Other Country	7.69B	10.24B	-	-	-	-
Other Country Growth	-	33.10%	-	-	-	-
U	5.99B	6.2B	-	-	-	-
U Growth	-	3.56%	-	-	-	-
C	2.08B	1.75B	-	-	-	-
C Growth	-	-15.75%	-	-	-	-
I	514M	1.63B	-	-	-	-
I Growth	-	216.93%	-	-	-	-
J	759M	-	-	-	-	-
J Growth	-	-	-	-	-	-
G	637M	-	-	-	-	-
G Growth	-	-	-	-	-	-
D	523M	-	-	-	-	-
D Growth	-	-	-	-	-	-
S	499M	-	-	-	-	-
S Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Nokia Oyj (NOK) has a price-to-earnings (P/E) ratio of 28.7x. This suggests investors expect higher future growth.

Growth & Financials

Nokia Oyj (NOK) reported $20.15B in revenue for fiscal year 2024. This represents a 48% decrease from $38.66B in 2011.

Nokia Oyj (NOK) saw revenue decline by 9.1% over the past year.

Yes, Nokia Oyj (NOK) is profitable, generating $1.20B in net income for fiscal year 2024 (6.6% net margin).

Dividend & Returns

Yes, Nokia Oyj (NOK) pays a dividend with a yield of 1.98%. This makes it attractive for income-focused investors.

Nokia Oyj (NOK) has a return on equity (ROE) of 6.2%. This is below average, suggesting room for improvement.

Nokia Oyj (NOK) generated $1.37B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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