Tearsheet

Nokia (NOK)

Market Price (11/6/2025): $6.84 | Market Cap: $36.9 Bil
Sector: Information Technology | Industry: Communications Equipment

Nokia (NOK)

Market Price (11/6/2025): $6.84
Market Cap: $36.9 Bil
Sector: Information Technology
Industry: Communications Equipment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

Low stock price volatility
Vol 12M is 40%

Weak multi-year price returns
3Y Excs Rtn is -3.6%

Weak revenue growth
is -5.7%

0	Low stock price volatility Vol 12M is 40%
1	Weak multi-year price returns 3Y Excs Rtn is -3.6%
2	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.7%

Market Valuation & Key Metrics

	11/6/25	2024	2023	2022	2021
Share Price CYE	$6.84	$4.29	$3.19	$4.20	$5.56
Market Cap CYE ($ Bil)	36.9	23.2	17.6	23.5	31.3
Total Debt ($ Bil)	4.1	4.8	5.2	5.5	5.7
Total Cash ($ Bil)	6.1	8.9	8.2	9.2	9.6
Enterprise Value ($ Bil)	34.9	28.0	22.8	29.0	37.0
Valuation Ratios
P/S TTM	1.9	1.3	0.9	1.1	1.6
P/EBIT TTM	23.4	10.0	10.4	10.9	16.4
P/E TTM	39.8	19.0	28.5	6.1	21.6
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8	2.5	4.7
P/EBIT TTM (Sector)	1.6	-0.0	-0.1	-0.5	1.7
P/E TTM (Sector)	-0.3	-0.3	-0.4	-0.6	0.1

	11/6/25	2024	2023
Share Price CYE	$6.84	$4.29	$3.19
Market Cap CYE ($ Bil)	36.9	23.2	17.6
Total Debt ($ Bil)	4.1	4.8	5.2
Total Cash ($ Bil)	6.1	8.9	8.2
Enterprise Value ($ Bil)	34.9	28.0	22.8
Valuation Ratios
P/S TTM	1.9	1.3	0.9
P/EBIT TTM	23.4	10.0	10.4
P/E TTM	39.8	19.0	28.5
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8
P/EBIT TTM (Sector)	1.6	-0.0	-0.1
P/E TTM (Sector)	-0.3	-0.3	-0.4

	NOK	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	19.7
Rev Chg Q	11.6%	6.9%
Rev Chg LTM	5.9%	5.6%
Rev Chg 3Y Avg	-5.7%	5.3%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.7
CFO LTM ($ Bil)	1.9
Net Inc LTM ($ Bil)	0.9
Op Mgn LTM	3.7%	18.8%
CFO/Rev LTM	9.6%	20.4%
Net Inc Mgn	4.7%	12.9%
VALUATION	HIGH
P/S	1.9	3.2
P/CFO	19.4	15.4
P/FCF	28.7	20.3
P/E	39.8	23.8
STABILITY	VERY GOOD
Debt/Equity	0.11	0.21
Cash/Assets	0.17	0.07

AI Generated Analysis | Feedback

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NOK Stock

Return (1M):

Factor Drivers of Stock Movement

The 67.2% change in NOK stock from 8/6/2025 to 11/5/2025 was primarily driven by a 84.3% change in the company's P/E Multiple.

	8062025	11052025	Change
Stock Price ($)	4.10	6.85	67.18%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	19246.00	19748.00	2.61%
Net Income Margin (%)	5.30%	4.70%	-11.24%
P/E Multiple	21.60	39.82	84.33%
Shares Outstanding (Mil)	5378.14	5400.89	-0.42%
Cumulative Contribution			67.17%

LTM = Last Twelve Months as of date shown

The 37.6% change in NOK stock from 5/7/2025 to 11/5/2025 was primarily driven by a 16.6% change in the company's P/E Multiple.

	5072025	11052025	Change
Stock Price ($)	4.98	6.85	37.62%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	19166.00	19748.00	3.04%
Net Income Margin (%)	4.09%	4.70%	15.00%
P/E Multiple	34.15	39.82	16.60%
Shares Outstanding (Mil)	5379.66	5400.89	-0.39%
Cumulative Contribution			37.62%

LTM = Last Twelve Months as of date shown

The 50.2% change in NOK stock from 11/5/2024 to 11/5/2025 was primarily driven by a 113.5% change in the company's Net Income Margin (%).

	11052024	11052025	Change
Stock Price ($)	4.56	6.85	50.18%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	18652.00	19748.00	5.88%
Net Income Margin (%)	2.20%	4.70%	113.49%
P/E Multiple	60.64	39.82	-34.33%
Shares Outstanding (Mil)	5463.94	5400.89	1.15%
Cumulative Contribution			50.16%

LTM = Last Twelve Months as of date shown

The 73.1% change in NOK stock from 11/6/2022 to 11/5/2025 was primarily driven by a 218.1% change in the company's P/E Multiple.

	11062022	11052025	Change
Stock Price ($)	3.96	6.85	73.12%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	23876.00	19748.00	-17.29%
Net Income Margin (%)	7.42%	4.70%	-36.61%
P/E Multiple	12.52	39.82	218.06%
Shares Outstanding (Mil)	5607.16	5400.89	3.68%
Cumulative Contribution			72.88%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

AI Generated Analysis | Feedback

Here are the key points explaining why Nokia (NOK) stock moved by approximately 68.8% from July 31, 2025, to November 6, 2025: 1. Nvidia's $1 billion equity investment and strategic partnership. On October 28, 2025, NVIDIA announced a $1 billion equity investment in Nokia, acquiring a 2.9% stake through a directed issuance of 166 million new shares at $6.01 apiece. This landmark partnership immediately repositioned Nokia from a traditional 5G supplier to a key player in AI network infrastructure, leading to a significant surge in its stock price, including a 28.14% rise in a single trading day.

2. Strong Q3 2025 earnings report. Nokia reported stronger-than-expected third-quarter 2025 results on October 23, 2025. The company's revenue rose 11.6% year-over-year to €4.83 billion ($5.6B), surpassing analyst estimates. This performance was largely driven by robust demand from artificial intelligence (AI) and cloud customers, particularly in its Optical and IP Networks segments, which initially caused the stock to jump by 10-11%.

3. Strategic pivot towards AI infrastructure. Under CEO Justin Hotard, Nokia has accelerated its transition towards AI infrastructure, focusing on enterprise-grade, AI-integrated network clients. This strategic shift has been crucial in aligning Nokia with the "AI supercycle" and has been a significant factor in the re-evaluation of its growth prospects by investors.

4. Analyst upgrades and increased price targets. Following the positive developments, including the Nvidia partnership and strong Q3 results, Wall Street analysts showed renewed confidence in Nokia. Firms such as Jefferies, JPMorgan, and Northland Securities upgraded Nokia's stock to "Buy" and/or raised their price targets, with some analysts maintaining a "Strong Buy" consensus.

5. New 5G infrastructure deals and operational tailwinds. Nokia secured a multi-year, multi-billion-dollar 5G infrastructure deal with a major North American telecom operator. This contract, which includes the deployment of Nokia's AirScale portfolio and cloud-native core solutions, reinforced its leadership in 5G and contributed to robust order intake in its Network Infrastructure segment.

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NOK Return	5%	59%	-24%	-24%	34%	60%	107%
Peers Return	38%	12%	-23%	63%	40%	9%	196%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	110%
Monthly Win Rates [3]
NOK Win Rate	58%	67%	33%	42%	67%	70%
Peers Win Rate	43%	37%	18%	40%	46%	61%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
NOK Max Drawdown	-35%	-2%	-33%	-33%	-3%	-6%
Peers Max Drawdown	-21%	-6%	-29%	-7%	-8%	-31%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: AAPL, VRT, ERIC, FIEE, SYNX. See NOK Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/5/2025 (YTD)

How Low Can It Go

Unique Key	Event	NOK	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-54.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	118.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	693 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-45.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	82.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	81 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-49.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	97.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	2169 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-78.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	370.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1480 days

Compare to AAPL, VRT, ERIC, FIEE, SYNX

In The Past

Nokia's stock fell -54.2% during the 2022 Inflation Shock from a high on 1/27/2021. A -54.2% loss requires a 118.3% gain to breakeven.

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Asset Allocation

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About Nokia (NOK)

Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. It offers products and services for radio access networks covering technologies from 2G to 5G, and microwave radio links for transport networks. The company provides fixed networking solutions, such as fiber and copper-based access infrastructure, and cloud and virtualization services, as well as wi-fi portfolio, including mesh solutions and cloud-based controllers; IP routing solutions for IP aggregation, and edge and core applications for residential, business, mobile, and industrial services; a portfolio of optical networks comprising portfolio coherent optical transponders, optical transport network switchers, wavelength-division multiplexers, reconfigurable optical add-drop multiplexer solutions, and optical line systems for metro access and aggregation, data center interconnect, regional, and long-haul/ultra-long-haul applications; and submarine networks. In addition, it offers business applications software, cloud and cognitive services, core networks software, and enterprise solutions. Further, the company provides hardware, software, and services, as well as licensing of intellectual property, including patents, technologies, and the Nokia brand. It serves communications service providers, webscales, hyperscalers, digital industries, and government. Nokia Oyj was founded in 1865 and is headquartered in Espoo, Finland.

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Interactive Breakdown

Nokia Interactive Breakdown Analysis

Better Bets than Nokia (NOK)

	NOK	Better Performance than NOK
Metric	Value	Industry (Communications Equipment)
Rev Chg LTM	5.9%	ANET (27.8%), MSI (6.4%), UI (33.4%), CIEN (13.0%), ASTS (249.4%)
Rev Chg 3Y Avg	-5.7%	CSCO (3.4%), ANET (29.4%), MSI (9.5%), UI (15.8%), ERIC (-1.9%)
Op Mgn LTM	3.7%	CSCO (22.1%), ANET (42.9%), MSI (25.1%), UI (32.5%), ERIC (15.4%)
CFO/Rev LTM	9.6%	CSCO (25.1%), ANET (49.0%), MSI (23.5%), UI (24.9%), ERIC (14.1%)
FCF/Rev LTM	6.5%	CSCO (23.5%), ANET (47.9%), MSI (21.5%), UI (24.4%), ERIC (12.7%)
Total Yield	2.5%	CSCO (5.8%), MSI (4.3%), ERIC (75.8%), FFIV (4.7%), IDCC (5.5%)

	NOK	Better Performance than NOK
Metric	Value	Sector (Information Technology)
Rev Chg LTM	5.9%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), AVGO (28.0%), ORCL (9.7%)
Rev Chg 3Y Avg	-5.7%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), AVGO (24.0%), ORCL (10.2%)
Op Mgn LTM	3.7%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), AVGO (39.0%), ORCL (31.6%)
CFO/Rev LTM	9.6%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), AVGO (42.4%), ORCL (36.5%)
FCF/Rev LTM	6.5%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), AVGO (41.6%), PLTR (46.0%)
Total Yield	2.5%	AAPL (2.8%), MSFT (3.4%), IBM (4.9%), CSCO (5.8%), MU (3.4%)

	NOK	Better Performance than NOK
Metric	Value	All Other Sectors
Rev Chg LTM	5.9%	GOOGL (13.4%), AMZN (10.9%), META (21.3%), JPM (8.6%), LLY (36.8%)
Rev Chg 3Y Avg	-5.7%	GOOGL (11.0%), AMZN (11.3%), META (17.3%), TSLA (9.3%), BRK-B (19.8%)
Op Mgn LTM	3.7%	GOOGL (32.2%), AMZN (11.4%), META (43.2%), TSLA (5.1%), LLY (43.0%)
CFO/Rev LTM	9.6%	GOOGL (39.3%), AMZN (18.1%), META (56.8%), TSLA (16.5%), BRK-B (9.8%)
FCF/Rev LTM	6.5%	GOOGL (19.1%), META (23.7%), TSLA (7.1%), V (56.8%), MA (52.5%)
Total Yield	2.5%	GOOGL (3.9%), AMZN (2.7%), META (4.0%), BRK-B (6.4%), JPM (6.7%)

		Best Bets In Information Technology Sector
	NOK	VRSN	NVDA	RMBS	YOU	GEN	IDCC	DBX	QCOM	MPWR	ENPH
What You Pay
P/E	39.8	28.1	54.9	51.1	16.8	26.7	20.0	16.3	17.0	25.3	21.5
P/EBIT	23.4	20.3	47.1	43.5	20.0	9.8	16.2	13.9	15.1	69.2	17.4
What You Get
Rev Chg Q	11.6%	7.3%	55.6%	22.7%	17.5%	30.3%	28.0%	-1.4%	10.3%	18.9%	7.8%
Rev Chg LTM	5.9%	5.5%	71.6%	31.0%	19.8%	10.6%	28.8%	-0.0%	15.8%	30.5%	21.0%
Rev Chg 3Y Avg	-5.7%	5.2%	92.0%	17.3%	35.5%	14.8%	27.1%	4.1%	1.4%	17.2%	0.5%
FCF/Rev 3Y Avg	7.7%	57.4%	41.3%	39.3%	37.3%	35.9%	54.2%	32.9%	26.1%	28.6%	23.7%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Nokia Stock Dropped 6.5% - Have You Assessed the Risk	Return
2	NOK Dip Buy Analysis
3	Nokia (NOK) Valuation Ratios Comparison	Financials
4	Nokia Total Shareholder Return (TSR): 34.3% in 2024 and -8.3% 3-yr compounded annual returns (below peer average)
5	Nokia (NOK) Operating Cash Flow Comparison	Financials
6	Nokia (NOK) Net Income Comparison	Financials
7	Nokia (NOK) Operating Income Comparison	Financials
8	Nokia (NOK) Revenue Comparison	Financials
9	Nokia (NOK) worth $21 Bil (down $0), more valuable than J.B. Hunt Transport Services	Notification
10	Nokia (NOK) Stock Has 61% Chance Of Rise In The Next One Month
11	ARTICLES
12	Nokia Surges as Nvidia Bets $1 Billion on Its AI Future		October 29th, 2025
13	What’s Next For Nokia Stock?		September 11th, 2025
14	NOK Lost 6.1% In A Day. Past Slides Turned Into Crashes.		July 23rd, 2025
15	What Is Fueling Nokia’s 50% Stock Price Increase?		February 21st, 2025
16	Why Is Nokia Stock Up Nearly 40% Over The Last Year?		January 16th, 2025

	Title
0	DASHBOARDS
1	Nokia Stock Dropped 6.5% - Have You Assessed the Risk
2	NOK Dip Buy Analysis
3	Nokia (NOK) Valuation Ratios Comparison
4	Nokia Total Shareholder Return (TSR): 34.3% in 2024 and -8.3% 3-yr compounded annual returns (below peer average)
5	Nokia (NOK) Operating Cash Flow Comparison
6	Nokia (NOK) Net Income Comparison
7	Nokia (NOK) Operating Income Comparison
8	Nokia (NOK) Revenue Comparison
9	Nokia (NOK) worth $21 Bil (down $0), more valuable than J.B. Hunt Transport Services
10	Nokia (NOK) Stock Has 61% Chance Of Rise In The Next One Month
11	ARTICLES
12	Nokia Surges as Nvidia Bets $1 Billion on Its AI Future
13	What’s Next For Nokia Stock?
14	NOK Lost 6.1% In A Day. Past Slides Turned Into Crashes.
15	What Is Fueling Nokia’s 50% Stock Price Increase?
16	Why Is Nokia Stock Up Nearly 40% Over The Last Year?

Trade Ideas

Select past ideas related to NOK. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ZBRA_10312025_Dip_Buyer_FCFYield	10312025	ZBRA	Zebra Technologies	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-1.1%	-1.1%	-3.3%
ACN_10312025_Dip_Buyer_ValueBuy	10312025	ACN	Accenture	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-0.9%	-0.9%	-2.9%
ADBE_10312025_Dip_Buyer_ValueBuy	10312025	ADBE	Adobe	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.4%	-1.4%	-1.5%
TXN_10312025_Monopoly_xInd_xCD_Getting_Cheaper	10312025	TXN	Texas Instruments	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.3%	1.3%	-1.3%
MRVL_10242025_Monopoly_xInd_xCD_Getting_Cheaper	10242025	MRVL	Marvell Technology	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	10.4%	10.4%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ZBRA_10312025_Dip_Buyer_FCFYield	10312025	ZBRA	Zebra Technologies	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-1.1%	-1.1%	-3.3%
ACN_10312025_Dip_Buyer_ValueBuy	10312025	ACN	Accenture	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-0.9%	-0.9%	-2.9%
ADBE_10312025_Dip_Buyer_ValueBuy	10312025	ADBE	Adobe	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.4%	-1.4%	-1.5%
TXN_10312025_Monopoly_xInd_xCD_Getting_Cheaper	10312025	TXN	Texas Instruments	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.3%	1.3%	-1.3%
MRVL_10242025_Monopoly_xInd_xCD_Getting_Cheaper	10242025	MRVL	Marvell Technology	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	10.4%	10.4%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SLDP	Solid Power	1.5	51.6%	350.3%
LMND	Lemonade	5.8	34.2%	114.6%
RIGL	Rigel Pharmaceuticals	0.7	33.4%	125.0%
TDC	Teradata	2.6	32.6%	-11.8%
KW	Kennedy-Wilson	1.4	31.2%	2.7%
SEDG	SolarEdge Technologies	2.4	28.9%	201.6%
VCYT	Veracyte	3.6	27.5%	16.3%
AIP	Arteris	0.6	26.1%	52.4%
DAWN	Day One Biopharmaceuticals	0.9	25.2%	-27.9%
ALGT	Allegiant Travel	1.3	25.1%	-22.9%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BHVN	Biohaven	0.9	-40.2%	-77.7%
TREX	Trex	3.5	-31.1%	-53.0%
SLNO	Soleno Therapeutics	2.4	-26.6%	4.3%
PRGO	Perrigo	2.1	-25.2%	-39.3%
WWW	Wolverine World Wide	1.4	-24.3%	-23.1%
PINS	Pinterest	17.4	-21.8%	-11.2%
ACMR	ACM Research	2.0	-19.9%	106.2%
RPD	Rapid7	0.9	-19.9%	-64.6%
INNV	InnovAge	0.5	-17.6%	1.5%
SUPN	Supernus Pharmaceuticals	2.6	-17.4%	30.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	126.8%	228.3%
SLDP	Solid Power	1.5	54.2%	350.3%
CSIQ	Canadian Solar	1.7	42.3%	124.8%
CSTL	Castle Biosciences	1.0	41.4%	26.0%
MTSR	Metsera	7.5	36.7%	71379900.0%
GH	Guardant Health	11.8	31.5%	211.1%
KW	Kennedy-Wilson	1.4	31.4%	2.7%
TDC	Teradata	2.6	30.5%	-11.8%
VCYT	Veracyte	3.6	30.0%	16.3%
DAWN	Day One Biopharmaceuticals	0.9	29.8%	-27.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.4	-63.1%	47.6%
SOC	Sable Offshore	0.5	-57.2%	-75.2%
FMC	FMC	1.7	-54.0%	-71.3%
BHVN	Biohaven	0.9	-53.9%	-77.7%
DD	DuPont de Nemours	16.6	-51.8%	-47.2%
ALVO	Alvotech	1.4	-38.2%	-63.1%
WOLF	Wolfspeed	3.2	-36.7%
SVV	Savers Value Village	1.3	-35.2%	-16.1%
NWL	Newell Brands	1.3	-34.7%	-66.5%
APLS	Apellis Pharmaceuticals	2.5	-33.6%	-37.5%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	3.5	216.4%	113.9%
INBX	Inhibrx Biosciences	1.3	145.6%	434.2%
TERN	Terns Pharmaceuticals	1.7	127.7%	228.3%
VTYX	Ventyx Biosciences	0.6	126.1%	311.0%
PUMP	ProPetro	1.1	99.3%	16.2%
VICR	Vicor	4.3	95.1%	96.4%
REPL	Replimune	0.8	84.5%	-29.1%
SNDK	SanDisk	31.4	79.0%
CSIQ	Canadian Solar	1.7	73.3%	124.8%
ATXS	Astria Therapeutics	0.7	68.9%	41.2%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	0.5	-70.6%	-75.2%
FMC	FMC	1.7	-57.1%	-71.3%
QURE	uniQure	1.4	-55.0%	47.6%
DD	DuPont de Nemours	16.6	-49.8%	-47.2%
FI	Fiserv	35.3	-49.5%	-68.8%
LRN	Stride	3.1	-48.6%	-30.8%
ONDS	Ondas	0.9	-45.9%	134.4%
BHVN	Biohaven	0.9	-44.5%	-77.7%
LAC	Lithium Americas	1.0	-44.3%	55.2%
ALVO	Alvotech	1.4	-43.5%	-63.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SLDP	Solid Power	1.5	51.6%	350.3%
LMND	Lemonade	5.8	34.2%	114.6%
RIGL	Rigel Pharmaceuticals	0.7	33.4%	125.0%
TDC	Teradata	2.6	32.6%	-11.8%
KW	Kennedy-Wilson	1.4	31.2%	2.7%
SEDG	SolarEdge Technologies	2.4	28.9%	201.6%
VCYT	Veracyte	3.6	27.5%	16.3%
AIP	Arteris	0.6	26.1%	52.4%
DAWN	Day One Biopharmaceuticals	0.9	25.2%	-27.9%
ALGT	Allegiant Travel	1.3	25.1%	-22.9%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BHVN	Biohaven	0.9	-40.2%	-77.7%
TREX	Trex	3.5	-31.1%	-53.0%
SLNO	Soleno Therapeutics	2.4	-26.6%	4.3%
PRGO	Perrigo	2.1	-25.2%	-39.3%
WWW	Wolverine World Wide	1.4	-24.3%	-23.1%
PINS	Pinterest	17.4	-21.8%	-11.2%
ACMR	ACM Research	2.0	-19.9%	106.2%
RPD	Rapid7	0.9	-19.9%	-64.6%
INNV	InnovAge	0.5	-17.6%	1.5%
SUPN	Supernus Pharmaceuticals	2.6	-17.4%	30.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	126.8%	228.3%
SLDP	Solid Power	1.5	54.2%	350.3%
CSIQ	Canadian Solar	1.7	42.3%	124.8%
CSTL	Castle Biosciences	1.0	41.4%	26.0%
MTSR	Metsera	7.5	36.7%	71379900.0%
GH	Guardant Health	11.8	31.5%	211.1%
KW	Kennedy-Wilson	1.4	31.4%	2.7%
TDC	Teradata	2.6	30.5%	-11.8%
VCYT	Veracyte	3.6	30.0%	16.3%
DAWN	Day One Biopharmaceuticals	0.9	29.8%	-27.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.4	-63.1%	47.6%
SOC	Sable Offshore	0.5	-57.2%	-75.2%
FMC	FMC	1.7	-54.0%	-71.3%
BHVN	Biohaven	0.9	-53.9%	-77.7%
DD	DuPont de Nemours	16.6	-51.8%	-47.2%
ALVO	Alvotech	1.4	-38.2%	-63.1%
WOLF	Wolfspeed	3.2	-36.7%
SVV	Savers Value Village	1.3	-35.2%	-16.1%
NWL	Newell Brands	1.3	-34.7%	-66.5%
APLS	Apellis Pharmaceuticals	2.5	-33.6%	-37.5%

Peer Comparisons for Nokia

Financials

	NOK	AAPL	VRT	ERIC	FIEE	SYNX	Median
Name	Nokia	Apple	Vertiv	Telefona.	FiEE	Silynxcom
Mkt Price	6.85	270.14	190.71	9.75	2.52	1.55	8.30
Mkt Cap	37.0	4,025.9	72.9	32.5	-	-	54.9
Rev LTM	19,748	408,625	9,696	240,309	0	-	19,748
Op Inc LTM	735	130,214	1,748	37,012	-1	-	1,748
FCF LTM	1,288	96,184	1,365	30,403	-1	-	1,365
FCF 3Y Avg	1,432	100,503	1,015	25,295	-1	-	1,432
CFO LTM	1,904	108,565	1,560	33,960	-1	-	1,904
CFO 3Y Avg	2,024	111,559	1,178	29,927	-1	-	2,024

Growth & Margins

	NOK	AAPL	VRT	ERIC	FIEE	SYNX	Median
Name	Nokia	Apple	Vertiv	Telefona.	FiEE	Silynxcom
Rev Chg LTM	5.9%	6.0%	28.8%	-2.6%	-99.5%	-	5.9%
Rev Chg 3Y Avg	-5.7%	1.8%	21.4%	-1.9%	-65.6%	-	-1.9%
Rev Chg Q	11.6%	9.6%	29.0%	-9.0%	-	-	10.6%
QoQ Delta Rev Chg LTM	2.6%	2.1%	6.6%	-2.3%	35,994.4%	-	2.6%
Op Mgn LTM	3.7%	31.9%	18.0%	15.4%	-3,292.4%	-	15.4%
Op Mgn 3Y Avg	7.0%	30.8%	15.3%	8.0%	-1,146.9%	-	8.0%
QoQ Delta Op Mgn LTM	-0.3%	0.1%	0.6%	4.2%	1,197,542.8%	-	0.6%
CFO/Rev LTM	9.6%	26.6%	16.1%	14.1%	-1,599.2%	-	14.1%
CFO/Rev 3Y Avg	10.7%	28.4%	14.5%	12.1%	-535.9%	-	12.1%
FCF/Rev LTM	6.5%	23.5%	14.1%	12.7%	-1,599.2%	-	12.7%
FCF/Rev 3Y Avg	7.7%	25.6%	12.5%	10.3%	-536.4%	-	10.3%

Valuation

	NOK	AAPL	VRT	ERIC	FIEE	SYNX	Median
Name	Nokia	Apple	Vertiv	Telefona.	FiEE	Silynxcom
Mkt Cap	37.0	4,025.9	72.9	32.5	-	-	54.9
P/S	1.9	9.9	7.5	0.1	-	-	4.7
P/EBIT	23.4	30.9	47.8	0.9	-	-	27.2
P/E	39.8	40.6	70.4	1.3	-	-	40.2
P/CFO	19.4	37.1	46.7	1.0	-	-	28.3
Total Yield	2.5%	2.8%	1.5%	75.8%	-	-	2.7%
Dividend Yield	0.0%	0.4%	0.1%	0.0%	-	-	0.0%
FCF Yield 3Y Avg	5.7%	3.1%	3.2%	101.3%	-	-	4.4%
D/E	0.1	0.0	0.0	1.4	-	-	0.1
Net D/E	-0.1	0.0	0.0	-0.3	-	-	-0.0

Returns

	NOK	AAPL	VRT	ERIC	FIEE	SYNX	Median
Name	Nokia	Apple	Vertiv	Telefona.	FiEE	Silynxcom
1M Rtn	39.1%	5.2%	17.1%	15.8%	-6.3%	-8.3%	10.5%
3M Rtn	67.2%	26.7%	36.5%	34.4%	-7.7%	-12.4%	30.5%
6M Rtn	37.6%	38.0%	99.8%	18.8%	-	-16.2%	37.6%
12M Rtn	50.2%	21.5%	69.8%	21.0%	-	-45.7%	21.5%
3Y Rtn	73.1%	98.0%	1,249.7%	100.4%	-	-	99.2%
1M Excs Rtn	34.6%	4.1%	18.8%	14.4%	-9.9%	-7.8%	9.3%
3M Excs Rtn	60.4%	15.6%	29.7%	25.2%	-16.2%	-21.1%	20.4%
6M Excs Rtn	16.9%	17.3%	79.1%	-1.9%	-	-36.9%	16.9%
12M Excs Rtn	30.9%	3.1%	60.0%	0.7%	-	-63.3%	3.1%
3Y Excs Rtn	-3.6%	3.4%	1,161.9%	23.0%	-	-	13.2%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/23/2025	3/13/2025	2/29/2024	3/2/2023	3/3/2022	3/4/2021	3/5/2020
Key Financials
Total Revenue	19,748	19,220	21,138	23,761	22,202	21,852	23,315
EBITDA	2,661	3,432	2,913	3,529	3,227	2,119	2,128
Operating Income	735	1,572	1,455	2,444	1,769	1,016	505
Net Income	929	1,277	665	4,250	1,623	-2,523	7
EPS	0.17	0.23	0.12	0.76	0.29	-0.45	0.00
Growth Rates
Total Revenue Growth	5.9%	-9.1%	-11.0%	7.0%	1.6%	-6.3%	3.3%
EBITDA Growth	-7.1%	17.8%	-17.5%	9.4%	52.3%	-0.4%	54.5%
Operating Income Growth	-49.1%	8.0%	-40.5%	38.2%	74.1%	101.2%	620.6%
Net Income Growth	126.0%	92.0%	-84.4%	161.9%	164.3%	-36142.9%	102.1%
Margins
EBITDA Margin	13.5%	17.9%	13.8%	14.9%	14.5%	9.7%	9.1%
Operating Income Margin	3.7%	8.2%	6.9%	10.3%	8.0%	4.6%	2.2%
Net Income Margin	4.7%	6.6%	3.1%	17.9%	7.3%	-11.5%	0.0%
Cash & Debt
Total Cash	6,065	8,913	8,240	9,162	9,604	8,275	6,171
Total Debt	4,065	4,750	5,188	5,519	5,662	6,486	5,307
Net Debt / (Cash)	-2,000	-4,163	-3,052	-3,643	-3,942	-1,789	-864
Cash Flows
Net Cash from Operations	1,904	2,493	1,317	1,474	2,625	1,759	390
Free Cash from Operations	1,288	2,021	665	873	2,065	1,280	-300
Returns to Shareholders
Dividends	758	723	621	353	9	149	570
Share Repurchases	1,010	680	300	300	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/23/2025	7/24/2025	4/24/2025	3/13/2025	10/17/2024	7/18/2024	4/18/2024	2/29/2024	10/19/2023	7/20/2023	4/20/2023	3/2/2023
Key Financials Quarterly
Total Revenue	4,828	4,546	4,390	5,984	4,326	4,466	4,444	5,416	4,709	5,438	5,859	6,299
Ebitda	525	365	216	1,555	519	700	665	981	504	741	693	1,249
Operating Income	239	80	-48	464	279	432	404	328	237	469	427	1,008
Net Income	78	90	-59	820	169	-146	434	-46	133	290	279	3,154
EPS	0.01	0.02	-0.01	0.15	0.03	-0.03	0.08	-0.01	0.02	0.05	0.05	0.56
Key Financials TTM
Total Revenue TTM	19,748	19,246	19,166	19,220	18,652	19,035	20,007	21,422	22,305	23,837	24,272	23,761
Ebitda TTM	2,661	2,655	2,990	3,439	2,865	2,850	2,891	2,919	3,187	3,487	3,592	3,527
Operating Income TTM	735	775	1,127	1,579	1,443	1,401	1,438	1,461	2,141	2,421	2,516	2,443
Net Income TTM	929	1,020	784	1,277	411	375	811	656	3,856	4,150	4,317	4,250
Growth Rates Quarterly
Total Revenue Growth	11.6%	1.8%	-1.2%	10.5%	-8.1%	-17.9%	-24.2%	-14.0%	-24.5%	-7.4%	9.6%	-1.8%
EBITDA Growth	1.2%	-47.9%	-67.5%	58.5%	3.0%	-5.5%	-4.0%	-21.5%	-37.3%	-12.4%	10.4%	26.0%
Operating Income Growth	-14.3%	-81.5%	-111.9%	41.5%	17.7%	-7.9%	-5.4%	-67.5%	-54.2%	-16.8%	20.6%	187.2%
Net Income Growth	-53.8%	161.6%	-113.6%	1882.6%	27.1%	-150.3%	55.6%	-101.5%	-68.9%	-36.5%	31.6%	366.6%
Margins Quarterly
EBITDA Margin	10.9%	8.0%	4.9%	26.0%	12.0%	15.7%	15.0%	18.1%	10.7%	13.6%	11.8%	19.8%
Operating Income Margin	5.0%	1.8%	-1.1%	7.8%	6.4%	9.7%	9.1%	6.1%	5.0%	8.6%	7.3%	16.0%
Net Income Margin	1.6%	2.0%	-1.3%	13.7%	3.9%	-3.3%	9.8%	-0.8%	2.8%	5.3%	4.8%	50.1%
Cash & Debt
Total Cash	6,065	6,081	7,222	8,913	-	9,078	8,826	8,240	6,823	7,479	8,288	9,162
Total Debt	4,065	4,100	5,065	4,750	0	4,607	4,756	5,188	5,172	5,203	5,342	5,519
Net Debt / (Cash)	-2,000	-1,981	-2,157	-4,163	-	-4,471	-4,070	-3,052	-1,651	-2,276	-2,946	-3,643
Cash Flows Quarterly
FCF from Operations	597	209	890	208	728	489	1,067	1,870	-303	-333	83	567
Cash Flows TTM
FCF from Operations TTM	1,904	2,035	2,315	2,492	4,154	3,123	2,301	1,317	14	708	998	1,474
Returns to Shareholders Quarterly
Dividends	216	215	161	166	166	225	166	171	171	167	112	124
Share Repurchases	-0	78	546	386	196	90	8	45	92	82	81	66
Return on Invested Capital (ROIC) Quarterly
ROIC	2.1%	1.4%	-1.2%	10.4%	-	9.4%	10.5%	2.4%	3.5%	8.0%	7.6%	25.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	3.1%	3.6%	5.4%	9.2%	-	5.9%	5.6%	4.8%	12.3%	14.5%	15.4%	15.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Mobile Networks	9,797	10,671	9,711	10,394
Network infrastructure	6,917	9,047	7,673	6,735
Cloud and Network Services	3,220	3,351	3,088	3,086
Nokia Technologies	1,085	1,595	1,490	1,389	1,473
Group Common and Other	130	295	240	250	897
Eliminations and unallocated items	-11	-48		-2	-29
Networks					18,207
Nokia Software					2,767
Total	21,138	24,911	22,202	21,852	23,315

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Network infrastructure	1,016	1,102	784	457
Nokia Technologies	734	1,208	1,185	1,123	1,239
Mobile Networks	723	940	765	819
Cloud and Network Services	255	177	166	-67
Group Common and Other	-391	-318	-125	-251	-490
Eliminations and unallocated items	-676	-791	-617	-1,196	-1,518
Networks					665
Nokia Software					589
Total	1,661	2,318	2,158	885	485

Price Behavior

Price Behavior

Market Price	$6.85
Market Cap ($ Bil)	37.0
First Trading Date	01/03/1994
Distance from 52W High	-11.8%
	50 Days	200 Days
DMA Price	$5.25	$4.93
DMA Trend	up	up
Distance from DMA	30.4%	38.9%
	3M	1YR
Volatility	57.8%	40.0%
Downside Capture	5.40	44.65
Upside Capture	270.71	77.08
Correlation (SPY)	16.5%	29.0%

NOK Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.33	0.68	0.62	0.67	0.58	0.80
Up Beta	-2.25	-0.56	-0.07	0.80	0.51	0.67
Down Beta	-0.47	-0.56	-0.21	-0.06	0.65	0.69
Up Capture	443%	398%	275%	108%	63%	83%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	16	28	39	66	131	386
Down Capture	-85%	-11%	-28%	54%	52%	99%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	7	15	22	54	103	317

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of NOK With Other Asset Classes (Last 1Y)
	NOK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	50.2%	33.5%	20.3%	44.6%	1.0%	-2.3%	44.1%
Annualized Volatility	39.8%	27.2%	19.5%	19.9%	16.3%	18.0%	37.0%
Sharpe Ratio	1.10	1.03	0.82	1.74	-0.12	-0.28	0.78
Correlation With Other Assets		26.5%	28.9%	6.3%	5.0%	20.9%	3.2%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of NOK With Other Asset Classes (Last 5Y)
	NOK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.6%	22.4%	17.3%	15.8%	13.5%	7.1%	50.1%
Annualized Volatility	41.7%	24.6%	17.1%	15.6%	18.9%	19.1%	49.2%
Sharpe Ratio	0.43	0.81	0.83	0.81	0.59	0.28	0.77
Correlation With Other Assets		31.6%	34.4%	9.8%	11.6%	28.7%	8.5%

Based On 10-Year Data

		Comparison of NOK With Other Asset Classes (Last 10Y)
	NOK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.9%	22.4%	14.4%	12.7%	5.1%	5.1%	78.7%
Annualized Volatility	39.0%	24.2%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.20	0.85	0.69	0.71	0.22	0.21	0.96
Correlation With Other Assets		39.0%	41.9%	6.2%	17.9%	32.6%	11.1%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	43,408,032
Short Interest: % Change Since 9302025	-6.8%
Average Daily Volume	41,967,172
Days-to-Cover Short Interest	1.03
Basic Shares Quantity	5,400,892,000
Short % of Basic Shares	0.8%

Returns Analyses

	Title
0	Nokia Stock Dropped 6.5% - Have You Assessed the Risk
1	Nokia (NOK) Stock Has 56% Chance Of Rise In The Next One Month
2	Nokia Stock Return Comparison

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10232025	6-K 9/30/2025
6302025	7242025	6-K 6/30/2025
3312025	4242025	6-K 3/31/2025
12312024	3132025	20-F 12/31/2024
9302024	10172024	6-K 9/30/2024
6302024	7182024	6-K 6/30/2024
3312024	4182024	6-K 3/31/2024
12312023	2292024	20-F 12/31/2023
9302023	10192023	6-K 9/30/2023
6302023	7202023	6-K 6/30/2023
3312023	4202023	6-K 3/31/2023
12312022	3022023	20-F 12/31/2022
9302022	10202022	6-K 9/30/2022
6302022	7212022	6-K 6/30/2022
3312022	4282022	6-K 3/31/2022
12312021	3032022	20-F 12/31/2021

Insider Activity

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5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Nokia (NOK)

Market Price (11/6/2025): $6.84 | Market Cap: $36.9 BilSector: Information Technology | Industry: Communications Equipment

Nokia (NOK)

Market Price (11/6/2025): $6.84Market Cap: $36.9 BilSector: Information TechnologyIndustry: Communications Equipment

Market Valuation & Key Metrics

NOK Stock

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Price Returns Compared

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About Nokia (NOK)

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Market Price (11/6/2025): $6.84 | Market Cap: $36.9 Bil
Sector: Information Technology | Industry: Communications Equipment

Market Price (11/6/2025): $6.84
Market Cap: $36.9 Bil
Sector: Information Technology
Industry: Communications Equipment