Last 48 quarters of trend data · Technology · Communication Equipment
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Nokia Oyj's quarterly P/E stands at 100.5x. EV/EBITDA has expanded 26.5% YoY to 40.8x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 107.17 | 100.50 | 17.28 | 84.68 | 64.75 | — | 20.51 | 34.57 | 14.23 | 11.35 | — | 37.70 | 20.16 |
| — | — | -15.7% | +144.9% | +355.0% | — | — | -8.3% | -29.4% | -54.3% | — | +165.9% | +40.8% | |
| P/S Ratio | 3.39 | 2.56 | 1.45 | 1.37 | 1.56 | 1.61 | 1.02 | 1.40 | 1.17 | 1.11 | 0.83 | 1.11 | 1.07 |
| — | +58.4% | +41.9% | -2.2% | +34.2% | +45.7% | +23.7% | +25.7% | +8.5% | -6.4% | -6.0% | +14.6% | -3.6% | |
| P/B Ratio | 3.08 | 2.16 | 1.69 | 1.34 | 1.44 | 1.36 | 1.18 | 1.18 | 0.99 | 0.93 | 0.92 | 0.93 | 1.01 |
| — | +58.8% | +43.2% | +13.5% | +44.9% | +46.8% | +29.0% | +27.6% | -1.5% | -22.3% | -20.1% | -24.2% | -26.8% | |
| P/FCF | 47.94 | 18.29 | 39.51 | 12.81 | 80.82 | 9.83 | 122.54 | 8.91 | 13.22 | 5.16 | 2.74 | — | — |
| — | +86.0% | -67.8% | +43.8% | +511.5% | +90.6% | +4365.3% | — | — | — | -84.2% | — | — | |
| EV / EBITDA | 35.35 | 40.79 | 12.26 | 12.18 | 19.01 | 32.26 | 7.86 | 10.49 | 6.64 | 6.72 | 5.38 | 10.68 | 7.92 |
| — | +26.5% | +56.0% | +16.0% | +186.4% | +380.3% | +46.0% | -1.8% | -16.2% | -34.3% | -3.5% | +39.3% | +1.3% | |
| EV / EBIT | 85.95 | 176.13 | 11.20 | 26.75 | 86.72 | — | 4.35 | 19.48 | 10.75 | 11.07 | 6.23 | 22.72 | 12.51 |
| — | — | +157.7% | +37.3% | +706.5% | — | -30.2% | -14.2% | -14.0% | -33.2% | -8.0% | +90.2% | +6.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Nokia Oyj's operating margin was 1.4% in Q1 2026, down 5.7 pp QoQ and up 2.5 pp YoY. The trailing four-quarter average of 3.8% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin expanded 6.4% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.5% | 44.2% | 45.0% | 43.7% | 43.4% | 41.5% | 45.6% | 46.0% | 43.3% | 49.7% | 41.8% | 40.9% | 39.5% |
| — | +6.4% | -1.3% | -5.1% | +0.0% | -16.5% | +9.0% | +12.6% | +9.7% | +32.7% | -2.3% | +1.9% | -1.7% | |
| Operating Margin | 3.9% | 1.4% | 7.1% | 5.0% | 1.8% | -1.1% | 7.9% | 6.4% | 9.7% | 9.1% | 9.6% | 5.0% | 8.6% |
| — | +228.1% | -10.1% | -23.0% | -81.8% | -112.0% | -17.2% | +27.7% | +12.2% | +25.3% | -19.1% | -39.4% | -10.2% | |
| Net Margin | 3.3% | 1.9% | 8.8% | 1.6% | 2.0% | -1.3% | 13.7% | 3.9% | -3.3% | 9.8% | -0.8% | 2.8% | 5.3% |
| — | +242.3% | -35.4% | -58.6% | +160.6% | -113.8% | +1918.6% | +38.3% | -161.3% | +105.1% | -101.8% | -58.7% | -31.5% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.1% | 0.4% | 2.7% | 0.4% | 0.4% | -0.3% | 4.0% | 0.8% | -0.7% | 2.1% | -0.2% | 0.6% | 1.2% |
| — | +243.1% | -33.1% | -51.5% | +164.1% | -113.7% | +2101.3% | +40.4% | -155.3% | +71.3% | -101.3% | -73.6% | -49.3% | |
| ROA | 1.7% | 0.2% | 1.5% | 0.2% | 0.2% | -0.2% | 2.1% | 0.4% | -0.4% | 1.1% | -0.1% | 0.3% | 0.6% |
| — | +252.6% | -30.8% | -50.8% | +164.3% | -113.8% | +2149.0% | +44.7% | -157.7% | +84.5% | -101.5% | -70.1% | -42.6% | |
| ROIC | 3.0% | 0.2% | 1.7% | 0.9% | 0.3% | -0.2% | 1.9% | 1.1% | 1.7% | 1.6% | 1.9% | 0.8% | 1.5% |
| — | +227.3% | -14.4% | -16.7% | -82.1% | -111.8% | +0.7% | +48.3% | +13.6% | +13.8% | -37.4% | -61.1% | -35.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Nokia Oyj's Debt/EBITDA ratio is 12.2x, up from 7.2x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 15.1% YoY to 1.57x, strengthening the short-term liquidity position.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.25 | 0.16 | 0.25 | 0.21 | 0.21 | 0.24 | 0.23 | 0.23 | 0.22 | 0.22 | 0.25 | 0.24 | 0.24 |
| — | -35.8% | +8.1% | -8.3% | -5.6% | +8.6% | -9.0% | -7.0% | -10.4% | -10.4% | -2.4% | -15.8% | -18.9% | |
| Debt / EBITDA | 2.74 | 12.22 | 7.22 | 7.74 | 11.23 | 23.45 | 6.60 | 8.90 | 6.58 | 7.14 | 6.26 | 10.86 | 7.66 |
| — | -47.9% | +9.5% | -13.0% | +70.7% | +228.4% | +5.4% | -18.1% | -14.1% | -14.9% | +25.2% | +53.6% | +12.9% | |
| Current Ratio | 1.58 | 1.57 | 1.58 | 1.48 | 1.46 | 1.36 | 1.58 | 1.68 | 1.68 | 1.64 | 1.65 | 1.64 | 1.60 |
| — | +15.1% | -0.0% | -11.8% | -13.3% | -17.2% | -4.6% | +2.1% | +4.9% | +6.1% | +4.3% | +7.1% | +0.5% | |
| Quick Ratio | 1.36 | 1.32 | 1.36 | 1.23 | 1.21 | 1.15 | 1.39 | 1.44 | 1.45 | 1.40 | 1.41 | 1.35 | 1.32 |
| — | +15.0% | -2.2% | -14.1% | -16.9% | -17.9% | -1.2% | +6.5% | +10.2% | +8.8% | +5.6% | +5.0% | -3.2% | |
| Interest Coverage | — | — | 112.71 | 34.14 | — | — | 3.61 | — | — | — | 17.07 | 6.41 | 8.69 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying NOK stock.
Nokia Oyj's current P/E is 107.2x. The average P/E over the last 4 quarters is 66.8x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Nokia Oyj's current operating margin is 3.9%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Nokia Oyj's business trajectory between earnings reports.