Reading the tape
NYSE: NOK
Nokia Oyj
Technology · Communication Equipment
Market Cap
$71.78B
52w High
$13.89
52w Low
$4.00
P/E
57.50
Volume
137.42M
Outstanding Shares
5.40B
Price vs Fundamentals
Why The Stock Is Moving
Momentum disconnected from fundamentalsModerate confidence
1Y Price: 166.53%Revenue (TTM): 4.33%FCF (TTM): -20.93%P/FCF: 93rd pct
What changed
The stock rose 166.53% over the last year. Revenue grew 4.33% over the trailing twelve months. Operating margin moved from 5.93% to 4.1%. Free cash flow declined 20.93% over the trailing twelve months.
What the market seems to be pricing
The stock is rising despite deteriorating fundamentals and now sits at the 93rd percentile of its historical P/FCF range. This is a momentum-driven move — the market may be front-running a recovery that has not yet appeared in reported numbers.
What would invalidate this read
Operating margin (currently 4.1%) would need to stabilize or improve to justify the move. This read is wrong if the next period shows operating metrics turning the corner. At that point the price would be anticipating real improvement rather than running ahead of it.
Company profile
Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide.
CEOJustin Hotard
SectorTechnology
IndustryCommunication Equipment
Employees78,434
IPO dateJul 1, 1994
Valuation
Forward P/E—
EV/EBITDA13.13
Enterprise value$29.57B
Stock splits
Apr 11, 2000↑ Forward
Every 1 shares became 4
Apr 12, 1999↑ Forward
Every 1 shares became 2
Apr 16, 1998↑ Forward
Every 1 shares became 2
Apr 25, 1995↑ Forward
Every 1 shares became 2
Jul 1, 1994↑ Forward
Every 1 shares became 2
Profitability & growth
Revenue growth2.44%
Gross margin44.23%▼5.60%vs FY2024
Operating margin5.08%▼52.47%vs FY2024
ROE3.11%▼49.75%vs FY2024
Analyst consensus
RatingBuy
Target price$11.52▼13.32%
32
Buy
15
Hold
5
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 23, 2026
Q3 FY26 · EPS est $0.07 · Revenue est $5.59B
View
Dividends
$0.03/shareAnnual3yr growth streakAdequateNOK pays a dividend with a 0.23% dividend yield, 3 consecutive years of growth, growing at 5.74% annually, covered 1.9× by free cash flow.
Dividend Yield
0.23%
Annual Div / Share
$0.03
TTM $0.14
5yr CAGR
+5.74%
Doubles every ~12.4yr
Payout Ratio
73.81%
Adequate
Dividend Growth Rate
3yr CAGR
+37.21%
5yr CAGR
+5.74%
10yr CAGR
+0.06%
Dividend Safety
6/10Adequate
Dividend History
Annual dividends paid per share
YearAnnual DivYoY
2025$0.16+11.7%
2024$0.14+17.7%
2023$0.12+96.6%
2022$0.06-45.9%
2019$0.11-49.8%
2018$0.22+17.6%
2017$0.19-34.4%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$2/yr
$0/mo
In 5 yrs
$3/yr+32%
$0/mo
In 10 yrs
$4/yr+75%
$0/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$2/yr $0/mo | $3/yr+32% $0/mo | $4/yr+75% $0/mo |
Yield-on-cost grows from 0.23% → 0.39% over 10yr
Analysis
Dividend Strengths
Well-covered by free cash flow
The dividend is covered 1.9× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 5.74% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.