Nokia Oyj (NOK) Financial Ratios
30 years of historical data (1996–2025) · Technology · Communication Equipment
EV/EBITDA
↑
35.35
↑+238% vs avg
5yr avg: 10.45
30Y Low4.8·High48.9
P/FCF
↑
47.94
↑+111% vs avg
5yr avg: 22.68
30Y Low9.4·High143.6
P/B Ratio
↓
3.08
↑+119% vs avg
5yr avg: 1.41
30Y Low0.9·High18.9
ROE
↓
3.1%
↑-65% vs avg
5yr avg: 8.8%
30Y Low-27%·High49%
Debt/EBITDA
↑
2.74
↑+39% vs avg
5yr avg: 1.97
30Y Low0.0·High30.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NOK Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Nokia Oyj trades at 107.2x earnings, 299% above its 5-year average of 26.8x, sitting at the 95th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a premium of 269%. On a free-cash-flow basis, the stock trades at 47.9x P/FCF, 111% above the 5-year average of 22.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $77.2B | $35.6B | $24.5B | $19.1B | $26.3B | $35.4B | $21.9B | $20.9B | $32.5B | $26.3B | $27.6B |
| Enterprise Value | $76.9B | $35.4B | $22.6B | $18.1B | $26.4B | $34.3B | $21.4B | $20.2B | $30.1B | $22.7B | $24.1B |
| P/E Ratio → | 107.17 | 58.82 | 19.26 | 28.50 | 6.19 | 21.45 | — | 1159.38 | — | — | — |
| P/S Ratio | 3.39 | 1.79 | 1.28 | 0.90 | 1.11 | 1.59 | 1.00 | 0.90 | 1.44 | 1.14 | 1.17 |
| P/B Ratio | 3.08 | 1.69 | 1.18 | 0.93 | 1.23 | 2.02 | 1.43 | 1.21 | 2.12 | 1.62 | 1.32 |
| P/FCF | 47.94 | 25.30 | 12.13 | 28.73 | 30.14 | 17.12 | 17.14 | — | — | 21.75 | — |
| P/OCF | 33.91 | 17.90 | 9.83 | 14.51 | 17.85 | 13.47 | 12.48 | 53.52 | 90.34 | 14.54 | — |
P/E links to full P/E history page with 30-year chart
NOK EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Nokia Oyj's enterprise value stands at 35.4x EBITDA, 238% above its 5-year average of 10.5x. The Technology sector median is 16.7x, placing the stock at a 111% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.78 | 1.18 | 0.85 | 1.11 | 1.55 | 0.98 | 0.87 | 1.33 | 0.98 | 1.02 |
| EV / EBITDA | 35.35 | 18.60 | 8.69 | 7.06 | 7.36 | 10.55 | 10.60 | 9.42 | 21.55 | 14.15 | 48.88 |
| EV / EBIT | 85.95 | 31.17 | 9.36 | 9.91 | 11.03 | 16.10 | 21.67 | 43.16 | — | — | — |
| EV / FCF | — | 25.12 | 11.20 | 27.15 | 30.20 | 16.62 | 16.71 | — | — | 18.77 | — |
NOK Profitability
Margins and return-on-capital ratios measuring operating efficiency
Nokia Oyj earns an operating margin of 3.9%. Operating margins have compressed from 7.0% to 3.9% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 3.1% is modest. ROIC of 3.0% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.5% | 43.5% | 46.1% | 40.4% | 42.5% | 39.8% | 37.5% | 35.4% | 36.8% | 39.5% | 36.1% |
| Operating Margin | 3.9% | 3.9% | 8.3% | 7.0% | 10.3% | 9.7% | 4.0% | 2.1% | -0.3% | 0.1% | -4.7% |
| Net Profit Margin | 3.3% | 3.3% | 6.6% | 3.1% | 17.9% | 7.3% | -11.5% | 0.0% | -1.5% | -6.5% | -3.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.1% | 3.1% | 6.2% | 3.2% | 21.9% | 9.9% | -15.5% | 0.0% | -2.1% | -8.0% | -4.9% |
| ROA | 1.7% | 1.7% | 3.2% | 1.6% | 10.2% | 3.7% | -5.5% | 0.0% | -0.8% | -3.5% | -2.3% |
| ROIC | 3.0% | 3.0% | 6.2% | 5.4% | 9.7% | 10.4% | 4.2% | 2.5% | -0.3% | 0.1% | -7.2% |
| ROCE | 2.8% | 2.8% | 5.6% | 5.0% | 8.4% | 7.2% | 2.7% | 1.7% | -0.2% | 0.1% | -4.7% |
NOK Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Nokia Oyj carries a Debt/EBITDA ratio of 2.7x, which is moderately leveraged (7% below the sector average of 2.9x). The company holds a net cash position — cash of $5.5B exceeds total debt of $5.2B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.25 | 0.25 | 0.23 | 0.25 | 0.26 | 0.32 | 0.52 | 0.34 | 0.25 | 0.23 | 0.19 |
| Debt / EBITDA | 2.74 | 2.74 | 1.82 | 2.03 | 1.54 | 1.74 | 3.93 | 2.78 | 2.74 | 2.34 | 8.15 |
| Net Debt / Equity | — | -0.01 | -0.09 | -0.05 | 0.00 | -0.06 | -0.04 | -0.04 | -0.16 | -0.22 | -0.17 |
| Net Debt / EBITDA | -0.13 | -0.13 | -0.72 | -0.41 | 0.01 | -0.32 | -0.28 | -0.32 | -1.75 | -2.24 | -7.02 |
| Debt / FCF | — | -0.18 | -0.93 | -1.57 | 0.06 | -0.50 | -0.43 | — | — | -2.98 | — |
| Interest Coverage | — | — | 6.71 | 6.00 | 8.84 | 7.58 | 4.05 | 1.75 | -0.28 | -0.00 | -3.05 |
Net cash position: cash ($5.5B) exceeds total debt ($5.2B)
NOK Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.58x means Nokia Oyj can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.66x to 1.58x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.58 | 1.58 | 1.58 | 1.66 | 1.59 | 1.62 | 1.55 | 1.39 | 1.29 | 1.55 | 1.64 |
| Quick Ratio | 1.36 | 1.36 | 1.39 | 1.41 | 1.33 | 1.42 | 1.36 | 1.15 | 1.07 | 1.34 | 1.44 |
| Cash Ratio | 0.64 | 0.64 | 0.78 | 0.75 | 0.72 | 0.79 | 0.69 | 0.50 | 0.50 | 0.67 | 0.76 |
| Asset Turnover | — | 0.53 | 0.49 | 0.53 | 0.55 | 0.55 | 0.47 | 0.51 | 0.57 | 0.56 | 0.53 |
| Inventory Turnover | 5.09 | 5.09 | 4.79 | 4.63 | 4.18 | 5.59 | 4.98 | 4.57 | 4.48 | 5.29 | 6.03 |
| Days Sales Outstanding | — | 125.11 | 127.96 | 119.85 | 103.72 | 111.22 | 140.42 | 119.95 | 113.64 | 112.15 | 109.20 |
NOK Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Nokia Oyj returns 2.0% to shareholders annually — split between a 1.1% dividend yield and 0.9% buyback yield. The payout ratio exceeds 100% at 111.1%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 0.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 2.0% | 3.0% | 3.2% | 1.3% | 0.0% | 0.7% | 2.7% | 3.3% | 3.7% | 5.5% |
| Payout Ratio | 111.1% | 111.1% | 56.6% | 91.9% | 8.3% | 0.6% | — | 8142.9% | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.9% | 1.7% | 5.2% | 3.5% | 16.2% | 4.7% | — | 0.1% | — | — | — |
| FCF Yield | 2.1% | 4.0% | 8.2% | 3.5% | 3.3% | 5.8% | 5.8% | — | — | 4.6% | — |
| Buyback Yield | 0.9% | 1.7% | 2.8% | 1.6% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 3.0% | 0.8% |
| Total Shareholder Yield | 2.0% | 3.7% | 5.7% | 4.8% | 2.5% | 0.0% | 0.7% | 2.7% | 3.3% | 6.7% | 6.3% |
| Shares Outstanding | — | $5.5B | $5.5B | $5.6B | $5.7B | $5.7B | $5.6B | $5.6B | $5.6B | $5.7B | $5.7B |
Peer Comparison
Compare NOK with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NOKYou | $77B | 107.2 | 35.4 | 47.9 | 43.5% | 3.9% | 3.1% | 3.0% | 2.7 |
 ERIC | $35B | 13.7 | 8.9 | 11.8 | 48.1% | 13.8% | 26.3% | 22.3% | 1.2 |
 CSCO | $471B | 46.9 | 33.6 | 35.5 | 64.9% | 20.8% | 22.1% | 13.0% | 1.9 |
 HPE | $63B | -1063.0 | 18.5 | 100.1 | 28.8% | 4.8% | 0.2% | 3.4% | 5.5 |
 CIEN | $61B | 503.8 | 135.5 | 91.1 | 42.0% | 6.5% | 4.4% | 6.9% | 3.5 |
 VIAV | $11B | 314.5 | 83.7 | 176.0 | 56.8% | 6.5% | 4.8% | 5.5% | 5.2 |
 CALX | $2B | 146.0 | 60.3 | 21.2 | 56.8% | 2.1% | 2.2% | 2.1% | 0.7 |
 QCOM | $238B | 45.1 | 17.7 | 18.6 | 55.4% | 27.9% | 23.3% | 29.1% | 1.2 |
 MRVL | $272B | 101.2 | 104.2 | 194.6 | 51.0% | 16.3% | 19.3% | 6.0% | 1.8 |
 INTC | $673B | -2274.9 | 60.4 | — | 34.8% | -0.0% | -0.2% | -0.0% | 4.0 |
 T | $154B | 7.2 | 6.9 | 7.9 | 79.8% | 19.2% | 17.6% | 6.7% | 3.9 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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DCF models, multiple analysis, and analyst estimates.
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10-year return with dividends reinvested.
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NOK — Frequently Asked Questions
Quick answers to the most common questions about buying NOK stock.
What is Nokia Oyj's P/E ratio?
Nokia Oyj's current P/E ratio is 107.2x. The historical average is 36.3x. This places it at the 95th percentile of its historical range.
What is Nokia Oyj's EV/EBITDA?
Nokia Oyj's current EV/EBITDA is 35.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.7x.
What is Nokia Oyj's ROE?
Nokia Oyj's return on equity (ROE) is 3.1%. The historical average is 15.4%.
Is NOK stock overvalued?
Based on historical data, Nokia Oyj is trading at a P/E of 107.2x. This is at the 95th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Nokia Oyj's dividend yield?
Nokia Oyj's current dividend yield is 1.11% with a payout ratio of 111.1%.
What are Nokia Oyj's profit margins?
Nokia Oyj has 43.5% gross margin and 3.9% operating margin.
How much debt does Nokia Oyj have?
Nokia Oyj's Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.