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Earnings transcript
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NOK
Nokia Oyj
$8.48
0.19
(2.23%)
| Exchange: | NYSE |
| Market Cap: | 45.8B |
| Shares Outstanding: | 4.793B |
Delayed data
About The Company
| Sector: | TechnologyView sector performance | |||||
| Industry: | Communication EquipmentView industry performance | |||||
| CEO: | Justin Hotard | |||||
| Full Time Employees: | 78434 | |||||
| Address: |
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| Website: | https://www.nokia.com |
Nokia Oyj stands as a global technology leader, delivering comprehensive network infrastructure and solutions across mobile, fixed, and cloud domains. Its operations are structured into four primary divisions: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. The Mobile Networks segment furnishes radio access network technologies, spanning from 2G to 5G, alongside crucial microwave radio links for transport. Within Network Infrastructure, Nokia provides fixed access solutions such as fiber and copper, coupled with cloud and virtualization services. This segment also encompasses a robust Wi-Fi portfolio, featuring mesh solutions and cloud-based controllers, as well as sophisticated IP routing solutions for aggregation, edge, and core applications tailored for residential, business, mobile, and industrial sectors. Its extensive optical network offerings include coherent optical transponders, optical transport network switchers, wavelength-division multiplexers, reconfigurable optical add-drop multiplexer solutions, and optical line systems designed for metro access, data center interconnect, regional, and long/ultra-long-haul applications. Additionally, Nokia provides capabilities for submarine networks. The Cloud and Network Services division delivers business application software, advanced cloud and cognitive services, core network software, and specialized enterprise solutions. Through Nokia Technologies, the company engages in licensing its valuable intellectual property, encompassing patents, various technologies, and the iconic Nokia brand, in addition to offering hardware, software, and related services. Serving a diverse clientele, Nokia’s customers include communications service providers, major internet companies (webscales and hyperscalers), digital industries, and governmental entities. Nokia Oyj was founded in 1865 and maintains its headquarters in Espoo, Finland.
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Revenue Segmentation
Revenue by region
NOK full analysis
Welcome back to MarketSnap. Here's the contradiction I want to sit with for a few minutes. Nokia is up roughly 40% over the past year — and down about 14% in the last month. Around nine dollars a share right now. So a stock that surged on AI excitement is quietly giving some of it back, even though the business just reported its best AI quarter yet: AI and cloud sales more than doubled, margins expanded, and the guidance going…
Industry Peers
| TICKER | COMPANY | MKT CAP | P/E | FWD P/E | ROIC |
|---|---|---|---|---|---|
| NOK | Nokia Oyj | 45.8B | 55.6 | 21.0 | 5.5% |
 CIEN | Ciena Corporation | 42.6B | 69.4 | 41.9 | 11.6% |
 ERIC | Telefonaktiebolaget LM Ericsson (publ) | 36.0B | 18.7 | 17.4 | 14.0% |
 UI | Ubiquiti Inc. | 33.0B | 35.5 | 35.8 | 60.7% |
 LITE | Lumentum Holdings Inc. | 61.6B | — | 82.6 | 7.9% |
 ZBRA | Zebra Technologies Corporation | 15.6B | 33.8 | 15.6 | 10.3% |
EPS
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Earnings Call
AI summary
Key takeaways
Short, structured highlights from the call so you can focus on what matters.
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 21,138,000 | 19,220,000 | 19,889,000 |
| Gross Profit | 8,546,000 | 8,864,000 | 8,659,000 |
| EBITDA | 2,910,000 | 3,431,000 | 2,253,000 |
| Operating Income | 1,470,000 | 1,590,000 | 782,000 |
| Net Income | 665,000 | 1,277,000 | 651,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 39,860,000 | 39,149,000 | 37,580,999 |
| Total Liabilities | 19,232,000 | 18,402,000 | 16,531,961 |
| Total Stockholders Equity | 20,537,000 | 20,657,000 | 20,958,076 |
| Total Debt | 5,188,000 | 4,750,000 | 5,207,783 |
| Cash and Cash Equivalents | 6,234,000 | 6,623,000 | 5,459,675 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 1,317,000 | 2,493,000 | 1,989,263.208 |
| Capital Expenditure | -652,000 | -472,000 | -582,082.809 |
| Free Cash Flow | 665,000 | 2,021,000 | 1,407,180.398 |
| Net Income | 679,000 | 1,284,000 | 604,175.063 |
| Net Change in Cash | 767,000 | 389,000 | -377,267.607 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 26,625,288.355 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 29,217,761.624 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 28,392,147.308 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 6,591,420.493 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 7,297,377.954 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 7,072,554.613 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 3,954,848.705 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 4,465,616.837 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 4,302,954.631 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 3,671,832.005 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 4,029,354.005 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 3,915,495.442 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 0.780 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 0.810 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 0.720 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 8 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 5 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- AI and cloud net sales grew 123% year over year in Q3 2026, driving total net sales up 9% (constant currency) and expanding the comparable operating margin by 220 basis points to 11.7%; gross margin held stable at 44.6% on EUR 2.3 billion gross profit.
- Balance sheet remains conservative: debt-to-equity of 0.159, current ratio of 1.46, quick ratio of 1.18, and a net cash position of EUR 2.6 billion, with FY2025 free cash flow of approximately EUR 1.41 billion.
- Portfolio simplification (planned ECE divestiture, Enterprise Campus Edge sale) sharpens focus on core AI networking competencies, with AI and cloud orders reported at EUR 2.8 billion.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates NOK intrinsic value between $12.16 – $12.59 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about NOK valuation
Is Nokia Oyj (NOK) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for Nokia Oyj (NOK) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is NOK a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether NOK trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is NOK’s P/E ratio?
You can see NOK’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for NOK?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is NOK a good long-term investment?
Whether NOK fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
NOK
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Daily snapshot
2.23
Trading Metrics:
| Open: | 8.53 | Previous Close: | 8.3 | |
| Day Low: | 8.46 | Day High: | 8.63 | |
| Year Low: | 5.86 | Year High: | 17.45 | |
| Price Avg 50: | 9.93 | Price Avg 200: | 10.32 | |
| Volume: | 53.427M | Average Volume: | 83.486M |
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