Tearsheet

Nokia (NOK)


Market Price (10/19/2025): $5.75 | Market Cap: $30.9 Bil
Sector: Information Technology | Industry: Communications Equipment

Nokia (NOK)


Market Price (10/19/2025): $5.75
Market Cap: $30.9 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


0 Low stock price volatility
Vol 12M is 31%
Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.2%
1  Weak multi-year price returns
3Y Excs Rtn is -41%
 
0 Low stock price volatility
Vol 12M is 31%
1 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
2 Weak multi-year price returns
3Y Excs Rtn is -41%
3 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.2%

Market Valuation & Key Metrics

NOK Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
NOK Return5%59%-24%-24%34%33%72%
Peers Return38%12%-23%63%40%5%184%
S&P 500 Return16%27%-19%24%23%13%106%

Monthly Win Rates [3]
NOK Win Rate58%67%33%42%67%67% 
Peers Win Rate43%37%18%40%46%64% 
S&P 500 Win Rate58%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

Unique KeyEventNOKS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-54.2%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven118.3%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-45.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven82.2%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven81 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-49.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven97.0%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-78.7%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven370.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1480 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.

Preserve Wealth

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Asset Allocation

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Interactive Breakdown

Nokia Interactive Breakdown Analysis

Better Bets than Nokia (NOK)

Latest Trefis Analyses

Trade Ideas

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

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | 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
-5.5%-5.5%-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | 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
2.6%2.6%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | 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
9.1%9.1%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
13.6%13.6%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | 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
1.2%1.2%-0.3%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | 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
-5.5%-5.5%-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | 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
2.6%2.6%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | 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
9.1%9.1%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
13.6%13.6%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | 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
1.2%1.2%-0.3%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Nokia

Financials

NOKAAPLVRTERICFIEESYNXMedian
NameNokia Apple Vertiv Telefona.FiEE Silynxcom 
Mkt Price5.74252.29174.009.542.451.667.64
Mkt Cap30.93,759.866.431.8--49.1
Rev LTM19,246408,6259,094240,3090-19,246
Op Inc LTM768130,2141,58337,012-1-1,583
FCF LTM-96,1841,23930,403-1-15,821
FCF 3Y Avg-100,50385425,295-1-13,074
CFO LTM-108,5651,42633,960-1-17,693
CFO 3Y Avg-111,5591,01029,927-1-15,469

Growth & Margins

NOKAAPLVRTERICFIEESYNXMedian
NameNokia Apple Vertiv Telefona.FiEE Silynxcom 
Rev Chg LTM1.1%6.0%26.3%-2.6%-99.5%-1.1%
Rev Chg 3Y Avg-5.2%1.8%20.7%-1.9%-65.6%--1.9%
Rev Chg Q1.8%9.6%35.1%-9.0%--5.7%
QoQ Delta Rev Chg LTM0.4%2.1%8.1%-2.3%35,994.4%-2.1%
Op Mgn LTM4.0%31.9%17.4%15.4%-3,292.4%-15.4%
Op Mgn 3Y Avg7.2%30.8%14.0%8.0%-1,146.9%-8.0%
QoQ Delta Op Mgn LTM-1.9%0.1%-0.1%4.2%1,197,542.8%-0.1%
CFO/Rev LTM-26.6%15.7%14.1%-1,599.2%-14.9%
CFO/Rev 3Y Avg-28.4%12.9%12.1%-535.9%-12.5%
FCF/Rev LTM-23.5%13.6%12.7%-1,599.2%-13.1%
FCF/Rev 3Y Avg-25.6%10.9%10.3%-536.4%-10.6%

Valuation

NOKAAPLVRTERICFIEESYNXMedian
NameNokia Apple Vertiv Telefona.FiEE Silynxcom 
Mkt Cap30.93,759.866.431.8--49.1
P/S1.69.27.30.1--4.5
P/EBIT19.128.950.50.8--24.0
P/E30.537.981.71.3--34.2
P/CFO-34.646.50.9--34.6
Total Yield3.3%3.0%1.3%77.5%--3.2%
Dividend Yield0.0%0.4%0.0%0.0%--0.0%
FCF Yield 3Y Avg-3.2%3.1%101.3%--3.2%
D/E0.10.00.01.4--0.1
Net D/E-0.10.00.0-0.3---0.0

Returns

NOKAAPLVRTERICFIEESYNXMedian
NameNokia Apple Vertiv Telefona.FiEE Silynxcom 
1M Rtn20.6%6.1%22.6%20.4%-12.8%3.1%13.2%
3M Rtn22.2%19.6%34.9%30.2%-13.1%-4.0%20.9%
6M Rtn14.6%28.4%137.8%18.9%--4.6%18.9%
12M Rtn25.0%7.9%55.2%16.3%--41.8%16.3%
3Y Rtn38.9%78.1%1,431.7%68.8%--73.5%
1M Excs Rtn20.1%5.6%22.1%19.9%-13.3%2.6%12.7%
3M Excs Rtn16.5%13.2%32.2%24.4%-18.5%-11.9%14.8%
6M Excs Rtn-11.6%2.2%111.7%-7.2%--30.7%-7.2%
12M Excs Rtn20.0%-6.2%47.5%1.3%--59.0%1.3%
3Y Excs Rtn-40.7%-1.1%1,414.2%-6.5%---3.8%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Mobile Networks9,79710,6719,71710,394 
Network infrastructure6,9177,8977,6746,735 
Cloud and Network Services3,2203,3513,0893,086 
Nokia Technologies1,0851,5951,5021,3891,473
Group Common and Other130295257250897
Eliminations and unallocated items-11-48-37-2-29
Networks    18,207
Nokia Software    2,767
Total21,13823,76122,20221,85223,315


Operating Income by Segment
$ Mil20242023202220212020
Network infrastructure1,0161,069784457 
Nokia Technologies7341,2081,1851,1231,239
Mobile Networks723940765819 
Cloud and Network Services255177166-67 
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
Total1,6612,2992,158885485


Price Behavior

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity46,591,526
Short Interest: % Change Since 91520252.1%
Average Daily Volume36,426,520
Days-to-Cover Short Interest1.28
Basic Shares Quantity5,378,143,000
Short % of Basic Shares0.9%

SEC Filings

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Report DateFiling DateFiling
630202572420256-K 6/30/2025
331202542420256-K 3/31/2025
12312024313202520-F 12/31/2024
9302024101720246-K 9/30/2024
630202471820246-K 6/30/2024
331202441820246-K 3/31/2024
12312023229202420-F 12/31/2023
9302023101920236-K 9/30/2023
630202372020236-K 6/30/2023
331202342020236-K 3/31/2023
12312022302202320-F 12/31/2022
9302022102020226-K 9/30/2022
630202272120226-K 6/30/2022
331202242820226-K 3/31/2022
12312021303202220-F 12/31/2021
9302021102820216-K 9/30/2021

Insider Activity

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