Nokia Oyj (NOK) Key Metrics
NOK key metrics, 2016–2025
Fiscal year ended December 31, 2025 · eurosNOK returns How much profit the business earns on the capital it uses.
NOK financial health Debt, liquidity and how easily interest is covered.
NOK efficiency & capital use Working capital cycle and where the cash goes.
NOK returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NOK debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NOK cash returned to shareholders
NOK key metrics in euros
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 3.1% | 6.2% | 3.2% | 22.0% | 10.0% | −15.5% | 0.0% | −2.1% | −8.0% | −4.9% |
| Return on invested capital (ROIC) | 3.0% | 7.7% | 4.2% | 15.7% | 13.9% | 3.0% | 1.7% | −0.4% | 0.1% | −9.7% |
| Return on assets (ROA) | 1.7% | 3.2% | 1.6% | 10.2% | 3.7% | −5.5% | 0.0% | −0.8% | −3.5% | −2.3% |
| Return on tangible assets | 2.2% | 3.9% | 2.0% | 11.8% | 4.9% | −6.7% | 0.0% | −1.1% | −4.7% | −2.3% |
| Free cash flow margin | 7.4% | 10.5% | 3.1% | 3.7% | 9.3% | 5.9% | −1.3% | −1.4% | 5.2% | −8.2% |
| Income quality (OCF / net income) | 3.18 | 1.95 | 1.98 | 0.35 | 1.62 | — | 55.71 | — | — | — |
| Financial health | ||||||||||
| Total debt | €5.21B | €4.75B | €5.19B | €5.52B | €5.66B | €7.94B | €5.96B | €3.82B | €3.77B | €4.03B |
| Cash & short-term investments | €6.42B | €8.91B | €8.24B | €9.16B | €9.60B | €9.86B | €6.74B | €7.12B | €8.58B | €9.62B |
| Net debt | −€1.21B | −€4.16B | −€3.05B | −€3.64B | −€3.94B | −€1.93B | −€785.8M | −€3.29B | −€4.82B | −€5.59B |
| Debt / equity | 0.25 | 0.23 | 0.25 | 0.26 | 0.33 | 0.52 | 0.35 | 0.25 | 0.23 | 0.19 |
| Debt / assets | 0.14 | 0.12 | 0.13 | 0.13 | 0.14 | 0.17 | 0.13 | 0.10 | 0.09 | 0.09 |
| Net debt / EBITDA | −0.54 | −1.21 | −1.05 | −1.03 | −1.22 | −0.91 | −0.37 | −2.39 | −3.03 | −10.32 |
| Current ratio | 1.58 | 1.58 | 1.66 | 1.59 | 1.62 | 1.55 | 1.39 | 1.29 | 1.55 | 1.64 |
| Quick ratio | 1.36 | 1.39 | 1.41 | 1.33 | 1.42 | 1.36 | 1.15 | 1.07 | 1.34 | 1.44 |
| Interest coverage | 3.6 | 4.4 | 4.8 | 9.0 | 7.7 | 3.6 | 1.8 | -0.2 | 0.0 | -3.2 |
| Working capital | €5.79B | €6.59B | €7.23B | €7.49B | €7.50B | €7.90B | €5.34B | €4.15B | €7.06B | €8.11B |
| Invested capital | €19.75B | €16.49B | €17.48B | €17.69B | €13.42B | €13.32B | €16.42B | €11.99B | €11.40B | €15.38B |
| Tangible asset value | €13.66B | €14.21B | €14.04B | €14.50B | €10.41B | €6.75B | €8.36B | €6.57B | €7.00B | €10.01B |
| Net current asset value | −€746.7M | −€415.0M | −€1.07B | −€1.25B | −€2.99B | −€8.89B | −€9.66B | −€5.90B | −€4.94B | −€3.21B |
| Capital allocation | ||||||||||
| Dividends paid | €759.0M | €723.0M | €611.0M | €353.0M | €9.0M | €148.0M | €570.0M | €1.08B | €970.0M | €1.51B |
| Share buybacks (net) | €624.0M | €680.0M | €300.0M | €300.0M | €0 | €0 | €0 | €0 | €785.0M | €216.0M |
| Dividend payout ratio | 116.6% | 56.6% | 91.9% | 8.3% | 0.6% | — | — | — | — | — |
| Dividends + buybacks / free cash flow | 94.4% | 69.4% | 137.0% | 74.8% | 0.4% | 11.6% | — | — | 144.9% | — |
| Capex / revenue | 3.0% | 2.5% | 3.1% | 2.5% | 2.5% | 2.2% | 3.0% | 3.0% | 2.6% | 2.0% |
| Capex / operating cash flow | 29.3% | 18.9% | 49.5% | 40.8% | 21.3% | 27.2% | 176.9% | 186.7% | 33.2% | — |
| Capex / depreciation | 0.54 | 0.47 | 0.60 | 0.53 | 0.51 | 0.42 | 0.42 | 0.46 | 0.38 | 0.30 |
| Stock-based compensation / revenue | 1.7% | 1.3% | 1.0% | 0.6% | 0.5% | 0.3% | 0.3% | 0.3% | 0.4% | 0.5% |
| R&D / revenue | 24.4% | 23.5% | 20.2% | 19.0% | 19.0% | 18.7% | 19.4% | 21.2% | 21.2% | 21.1% |
| SG&A / revenue | 15.5% | 15.0% | 14.1% | 12.7% | 12.6% | 13.3% | 13.3% | 15.7% | 15.8% | 16.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 124.4 | 129.9 | 118.2 | 103.8 | 124.7 | 134.2 | 115.0 | 114.3 | 111.8 | 87.5 |
| Days of inventory on hand | 71.0 | 86.0 | 86.7 | 75.6 | 70.1 | 80.7 | 78.5 | 74.6 | 67.1 | 42.5 |
| Days payables outstanding | 100.6 | 116.9 | 118.2 | 112.3 | 103.2 | 108.7 | 109.4 | 112.3 | 101.3 | 68.7 |
| Cash conversion cycle (days) | 94.8 | 99.0 | 86.8 | 67.1 | 91.6 | 106.2 | 84.1 | 76.7 | 77.6 | 61.3 |
| Receivables turnover | 2.93 | 2.81 | 3.09 | 3.52 | 2.93 | 2.72 | 3.17 | 3.19 | 3.26 | 4.17 |
| Payables turnover | 3.63 | 3.12 | 3.09 | 3.25 | 3.54 | 3.36 | 3.34 | 3.25 | 3.60 | 5.31 |
| Inventory turnover | 5.14 | 4.24 | 4.21 | 4.83 | 5.21 | 4.52 | 4.65 | 4.89 | 5.44 | 8.59 |
| Asset turnover | 0.52 | 0.49 | 0.51 | 0.57 | 0.51 | 0.47 | 0.55 | 0.56 | 0.54 | 0.72 |
| Average receivables | €6.78B | €6.84B | €6.85B | €6.76B | €7.59B | €8.03B | €7.34B | €7.07B | €7.09B | €5.67B |
| Average payables | €3.09B | €3.32B | €4.08B | €4.20B | €3.78B | €4.07B | €4.51B | €4.38B | €3.89B | €2.85B |
| Average inventory | €2.19B | €2.44B | €2.99B | €2.83B | €2.57B | €3.02B | €3.24B | €2.91B | €2.58B | €1.76B |
| Intangibles / total assets | 19.7% | 16.7% | 16.5% | 16.1% | 17.6% | 18.5% | 19.5% | 22.3% | 22.5% | 24.4% |
Computed from NOK's annual financial statements (latest annual report filed March 5, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in euros; data from EODHD. Averages use the opening and closing balance of each year.
NOK valuation and financial ratios
Nokia Oyj earned a return on equity of 3.1% and a return on invested capital of 3.0% in fiscal 2025. It ended the year with €5.2 billion of debt and €6.4 billion in cash and short-term investments, a net cash position of €1.2 billion. It returned €1.4 billion to shareholders: €759.0 million in dividends and €624.0 million in share buybacks, 94% of free cash flow.
See the NOK income statement, the NOK chart for price history, or the NOK stock overview for the latest quote and news.
NOK key metrics FAQ
What is Nokia Oyj's return on equity?
Nokia Oyj's return on equity (ROE) was 3.1% in fiscal 2025: net income of €651.0 million on average shareholders' equity of €20.8 billion.
What is Nokia Oyj's ROIC?
Nokia Oyj's return on invested capital was 3.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Nokia Oyj have?
Nokia Oyj had total debt of €5.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.25 and more cash than debt.
Does Nokia Oyj buy back its shares?
Yes. Nokia Oyj spent €624.0 million on net share repurchases in fiscal 2025.
What is Nokia Oyj's current ratio?
Nokia Oyj's current ratio was 1.58 at the end of fiscal 2025: current assets were 1.58 times current liabilities.