Nokia (NOK)
Market Price (10/19/2025): $5.75 | Market Cap: $30.9 BilSector: Information Technology | Industry: Communications Equipment
Nokia (NOK)
Market Price (10/19/2025): $5.75Market Cap: $30.9 BilSector: Information TechnologyIndustry: 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 volatilityVol 12M is 31% | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.2% |
Weak multi-year price returns3Y Excs Rtn is -41% |
Low stock price volatilityVol 12M is 31% |
Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
Weak multi-year price returns3Y Excs Rtn is -41% |
Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.2% |
Market Valuation & Key Metrics
NOK Stock
Return vs. Risk
Price Returns Compared
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
---|---|---|---|---|---|---|---|
Returns | |||||||
NOK Return | 5% | 59% | -24% | -24% | 34% | 33% | 72% |
Peers Return | 38% | 12% | -23% | 63% | 40% | 5% | 184% |
S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 13% | 106% |
Monthly Win Rates [3] | |||||||
NOK Win Rate | 58% | 67% | 33% | 42% | 67% | 67% | |
Peers Win Rate | 43% | 37% | 18% | 40% | 46% | 64% | |
S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 67% | |
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 10/17/2025 (YTD)
Downturns Compared
Event | NOK | S&P 500 |
---|---|---|
2022 Inflation Shock | ||
% Loss | -54.2% | -25.4% |
% Gain to Breakeven | 118.3% | 34.1% |
Time to Breakeven | Not Fully Recovered days | 464 days |
2020 Covid Pandemic | ||
% Loss | -45.1% | -33.9% |
% Gain to Breakeven | 82.2% | 51.3% |
Time to Breakeven | 81 days | 148 days |
2018 Correction | ||
% Loss | -49.2% | -19.8% |
% Gain to Breakeven | 97.0% | 24.7% |
Time to Breakeven | Not Fully Recovered days | 120 days |
2008 Global Financial Crisis | ||
% Loss | -78.7% | -56.8% |
% Gain to Breakeven | 370.3% | 131.3% |
Time to Breakeven | Not Fully Recovered days | 1480 days |
How Low Can It Go?
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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Latest Trefis Analyses
Title | Topic | Date | |
---|---|---|---|
DASHBOARDS | |||
Nokia Stock Jumped 21% in a Month, What Now? | Return | ||
NOK Dip Buy Analysis | |||
Nokia (NOK) Valuation Ratios Comparison | Financials | ||
Nokia Total Shareholder Return (TSR): 34.3% in 2024 and -8.3% 3-yr compounded annual returns (below peer average) | |||
Nokia (NOK) Operating Cash Flow Comparison | Financials | ||
Nokia (NOK) Net Income Comparison | Financials | ||
Nokia (NOK) Operating Income Comparison | Financials | ||
Nokia (NOK) Revenue Comparison | Financials | ||
Nokia (NOK) worth $21 Bil (down $0), more valuable than J.B. Hunt Transport Services | Notification | ||
Nokia (NOK) Stock Has 61% Chance Of Rise In The Next One Month | |||
ARTICLES | |||
What’s Next For Nokia Stock? | September 11th, 2025 | ||
NOK Lost 6.1% In A Day. Past Slides Turned Into Crashes. | July 23rd, 2025 | ||
What Is Fueling Nokia’s 50% Stock Price Increase? | February 21st, 2025 | ||
Why Is Nokia Stock Up Nearly 40% Over The Last Year? | January 16th, 2025 | ||
Is Nokia Stock A Buy At $4? | August 17th, 2023 |
Trade Ideas
Select past ideas related to NOK. For more, see Trefis Trade Ideas.
Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
---|---|---|---|---|---|---|---|
09302025 | ADBE | Adobe | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -5.5% | -5.5% | -6.7% |
09302025 | CRM | Salesforce | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.6% | 2.6% | -0.6% |
09302025 | MPWR | Monolithic Power Systems | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 9.1% | 9.1% | -1.8% |
09262025 | POWI | Power Integrations | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 13.6% | 13.6% | -13.4% |
09262025 | ROP | Roper Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.2% | 1.2% | -0.3% |
Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
---|---|---|---|---|---|---|---|
09302025 | ADBE | Adobe | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -5.5% | -5.5% | -6.7% |
09302025 | CRM | Salesforce | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.6% | 2.6% | -0.6% |
09302025 | MPWR | Monolithic Power Systems | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 9.1% | 9.1% | -1.8% |
09262025 | POWI | Power Integrations | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 13.6% | 13.6% | -13.4% |
09262025 | ROP | Roper Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.2% | 1.2% | -0.3% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Nokia
Financials
Median | |
---|---|
Name | |
Mkt Price | 7.64 |
Mkt Cap | 49.1 |
Rev LTM | 19,246 |
Op Inc LTM | 1,583 |
FCF LTM | 15,821 |
FCF 3Y Avg | 13,074 |
CFO LTM | 17,693 |
CFO 3Y Avg | 15,469 |
Growth & Margins
Median | |
---|---|
Name | |
Rev Chg LTM | 1.1% |
Rev Chg 3Y Avg | -1.9% |
Rev Chg Q | 5.7% |
QoQ Delta Rev Chg LTM | 2.1% |
Op Mgn LTM | 15.4% |
Op Mgn 3Y Avg | 8.0% |
QoQ Delta Op Mgn LTM | 0.1% |
CFO/Rev LTM | 14.9% |
CFO/Rev 3Y Avg | 12.5% |
FCF/Rev LTM | 13.1% |
FCF/Rev 3Y Avg | 10.6% |
Valuation
Median | |
---|---|
Name | |
Mkt Cap | 49.1 |
P/S | 4.5 |
P/EBIT | 24.0 |
P/E | 34.2 |
P/CFO | 34.6 |
Total Yield | 3.2% |
Dividend Yield | 0.0% |
FCF Yield 3Y Avg | 3.2% |
D/E | 0.1 |
Net D/E | -0.0 |
Returns
Median | |
---|---|
Name | |
1M Rtn | 13.2% |
3M Rtn | 20.9% |
6M Rtn | 18.9% |
12M Rtn | 16.3% |
3Y Rtn | 73.5% |
1M Excs Rtn | 12.7% |
3M Excs Rtn | 14.8% |
6M Excs Rtn | -7.2% |
12M Excs Rtn | 1.3% |
3Y Excs Rtn | -3.8% |
Segment Financials
Revenue by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Mobile Networks | 9,797 | 10,671 | 9,717 | 10,394 | |
Network infrastructure | 6,917 | 7,897 | 7,674 | 6,735 | |
Cloud and Network Services | 3,220 | 3,351 | 3,089 | 3,086 | |
Nokia Technologies | 1,085 | 1,595 | 1,502 | 1,389 | 1,473 |
Group Common and Other | 130 | 295 | 257 | 250 | 897 |
Eliminations and unallocated items | -11 | -48 | -37 | -2 | -29 |
Networks | 18,207 | ||||
Nokia Software | 2,767 | ||||
Total | 21,138 | 23,761 | 22,202 | 21,852 | 23,315 |
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Network infrastructure | 1,016 | 1,069 | 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 | -777 | -617 | -1,196 | -1,518 |
Networks | 665 | ||||
Nokia Software | 589 | ||||
Total | 1,661 | 2,299 | 2,158 | 885 | 485 |
Returns Analyses
SEC Filings
Expand for MoreReport Date | Filing Date | Filing |
---|---|---|
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 |
9302021 | 10282021 | 6-K 9/30/2021 |
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