Nokia Oyj (NOK) AI Stock Analysis

Nokia Oyj is a global provider of mobile, fixed, and cloud network solutions operating across four main segments: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. Its Mobile Networks segment supplies radio access solutions ranging from 2G to 5G as well as microwave transport links. The Network Infrastructure division delivers fixed networking infrastructure, including fiber and copper access, Wi-Fi mesh systems, IP routing solutions, and optical networks for metro, data center, and long-haul links. In addition, Nokia offers cloud services, core network software, and enterprise business applications.

Nokia's revenue moved from $22.20B in FY2021 to $23.76B in FY2022, before dropping to $21.14B in FY2023 and $19.22B in FY2024. In FY2025, revenue rose 3.5% to $19.89B, while net income stood at $651.0M compared to $4.25B in FY2022. Operating margin contracted to 3.9% in FY2025, down from 8.3% in FY2024 and 10.3% in FY2022. Over the trailing twelve months ended June 30, 2026, revenue totaled $20.39B with EPS of $0.14. For the latest quarter, quarterly revenue grew 8.4% year-over-year, while quarterly earnings declined 97.9%.

As of June 30, 2026, Nokia held $5.13B in cash and short-term investments against $3.36B in total debt, resulting in a net cash position of $1.77B. Shareholders' equity was $21.20B, with a current ratio of 1.51 and a debt-to-equity ratio of 0.16. In FY2025, the company generated $2.07B in operating cash flow and $1.47B in free cash flow. Nokia utilized cash by spending $606.0M on capital expenditures, repurchasing $624.0M in shares, and paying $759.0M in dividends.

At a share price of $9.14 on October 16, 2026, Nokia carried a market capitalization of $51.17B and an enterprise value of $58.51B. The stock trades at a trailing P/E of 65.3x and a forward P/E of 24.4x, compared to the median of its US-listed Technology peers of 28.1x and 18.8x, respectively. Its EV/to EBITDA multiple of 25.5x also trades above the peer median of 16.6x, though its price-to-sales ratio of 2.5x is lower than the peer median of 2.8x. Nokia's 1-year return of 63.5% outpaced the S&P 500 return of 16.8%.

Nokia pays a quarterly dividend with an annualized forward payout of $0.16 per share, representing a dividend yield of 1.79%. The dividend payout ratio stands at 32.9%, and the company has recorded 5 consecutive years of dividend payments. The last ex-dividend date occurred on July 28, 2026.

Wall Street coverage includes 7 Strong Buy, 4 Buy, and 2 Hold ratings, with zero Sell or Strong Sell recommendations. The mean price target is $14.97, implying a 63.7% upside relative to the closing price of $9.14. For the fiscal year ending December 31, 2026, consensus estimates project EPS of $0.40 on revenue of $20.77B. Nokia has beaten EPS estimates in each of the last 4 quarters, with its next earnings report scheduled for October 22, 2026.

This page is an AI-written research summary of Nokia Oyj (NOK). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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