Nokia Oyj
- Open
- 10.71
- Day high
- 10.74
- Day low
- 10.09
- Prev close
- 10.38
- Volume
- 77.1M
- Mkt cap
- $56.7B
- P/E (TTM)
- 70.6
- EPS (TTM)
- $0.14
- P/B
- 2.3
- P/S
- 2.4
- Yield
- 1.25%
- Per share
- $0.13
Nokia Oyj (NOK) is a Technology company listed on NYSE. The stock is up 143% over the past year. Drillr has 1 published research article covering NOK.
Nokia Oyj (NOK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NOK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $0.07 | $0.08 | +14.3% | $5.5B | -1.7% |
| Apr 23, 2026 | $0.06 | $0.06 | +0.0% | $5.3B | -1.2% |
| Jan 29, 2026 | $0.17 | $0.21 | +23.5% | $6.3B | +34.3% |
| Oct 23, 2025 | $0.06 | $0.07 | +16.7% | $5.7B | -7.4% |
| Jul 24, 2025 | $0.07 | $0.05 | -28.6% | $5.4B | +13.3% |
| Apr 24, 2025 | $0.05 | $0.03 | -40.0% | $4.8B | -1.9% |
| Jan 30, 2025 | $0.14 | $0.19 | +35.7% | $6.2B | +40.9% |
| Oct 17, 2024 | $0.07 | $0.07 | +0.0% | $4.7B | -23.9% |
| Jul 18, 2024 | $0.05 | $0.06 | +20.0% | $4.8B | -8.3% |
| Apr 18, 2024 | $0.08 | $0.10 | +22.6% | $5.0B | -6.6% |
| Jan 25, 2024 | $0.12 | $0.11 | -13.3% | $6.3B | -7.7% |
| Oct 19, 2023 | $0.08 | $0.05 | -33.2% | $5.3B | -13.6% |
NOK research & analysis
Nokia Oyj company profile
Overview
Nokia Oyj (NASDAQ:NOK) is a Finnish multinational telecommunications equipment and technology company founded in 1865, originally as a paper mill. The company evolved through various industries before becoming a major player in mobile communications during the 1990s and 2000s. While Nokia was once the world's largest mobile phone manufacturer, it sold its mobile phone business to Microsoft in 2014 and has since transformed into a pure-play telecommunications infrastructure provider. Today, Nokia is headquartered in Espoo, Finland, and operates as one of the world's leading suppliers of network equipment and technology solutions for telecommunications operators, enterprises, and government customers globally.
Business
Nokia operates in the telecommunications infrastructure industry, providing the essential equipment and software that enables mobile and fixed-line communications networks worldwide. The company's core business revolves around building and maintaining the "backbone" of telecommunications networks - the infrastructure that allows mobile phones to connect to cellular towers, enables internet connectivity, and facilitates data transmission across vast distances. The company operates through four main business segments: Mobile Networks (approximately 45-50% of revenue): This segment provides radio access network (RAN) equipment and software that enables cellular connectivity from 2G through 5G technologies. RAN equipment includes base stations, antennas, and related hardware that cellular towers use to communicate with mobile devices. Nokia also offers microwave radio links that transport data between cell sites and core networks. Network Infrastructure (approximately 35-40% of revenue): This segment encompasses three key areas: IP Networks (routing and switching equipment that directs internet traffic), Optical Networks (fiber-optic equipment that transmits data over long distances using light), and Fixed Networks (fiber and copper-based infrastructure for broadband internet access). The segment also includes submarine cable systems that connect continents. Cloud and Network Services (approximately 10-15% of revenue): This segment provides software solutions including core network software (the "brain" of cellular networks that manages calls and data), business applications, cloud services, and enterprise solutions like campus wireless networks. Nokia Technologies (approximately 5-10% of revenue): This segment primarily generates revenue through patent licensing, where Nokia licenses its extensive portfolio of telecommunications patents to smartphone manufacturers and other technology companies. The company holds thousands of patents covering fundamental cellular and wireless technologies.
Revenue model
Nokia operates on a product sales and licensing business model with multiple revenue streams. The majority of revenue comes from selling telecommunications equipment and software to communications service providers (telecom operators like Verizon, T-Mobile, and international carriers), enterprise customers, and government entities. The company also generates significant revenue through patent licensing fees from smartphone manufacturers and other technology companies. The primary customers are telecommunications operators who purchase Nokia's equipment to build and upgrade their networks. These operators pay for hardware, software licenses, and ongoing support services. Enterprise customers include large corporations, government agencies, and "hyperscale" companies (like Amazon, Google, Microsoft) that operate massive data centers and need high-performance networking equipment. Nokia also serves "webscale" companies that require specialized networking solutions for their internet-scale operations. Several factors influence Nokia's profitability margins. Positive margin drivers include the ongoing global deployment of 5G networks, which requires equipment upgrades and creates demand for higher-value products. The shift toward software-defined networking and cloud-based solutions typically offers higher margins than traditional hardware. Geographic expansion in markets with less price competition and the growing enterprise segment also support better margins. Patent licensing provides high-margin revenue with minimal ongoing costs. Negative margin pressures come from intense competition with rivals like Ericsson and Huawei, which drives down equipment prices. Commodity hardware components and the cyclical nature of operator spending create margin volatility. Geopolitical tensions and trade restrictions can increase costs and limit market access. The company's cost structure, including substantial R&D investments required to stay competitive in rapidly evolving technologies, also pressures margins. Currency fluctuations affect international operations, and the timing of large network deployments can create uneven revenue patterns.
Competitive moat
Nokia's competitive moat is moderate but faces significant challenges. The company's primary moat comes from its extensive patent portfolio, which includes thousands of essential patents for cellular and wireless technologies that generate recurring licensing revenue. This intellectual property represents decades of R&D investment and provides a defensive barrier against competitors. The company also benefits from high customer switching costs in the telecommunications equipment industry. Once operators deploy Nokia equipment in their networks, replacing it requires substantial capital investment, extensive testing, and potential service disruptions. This creates some customer stickiness, particularly for core network infrastructure that is deeply integrated into operators' systems. Nokia's scale advantages include its global presence, established relationships with major telecommunications operators worldwide, and the ability to invest heavily in R&D to keep pace with technological evolution. The company's comprehensive portfolio spanning mobile networks, fixed networks, and cloud services allows it to offer integrated solutions that smaller competitors cannot match. However, Nokia's moat is not particularly strong. The telecommunications equipment industry is highly competitive with well-funded rivals like Ericsson and Huawei. Technology cycles are rapid, requiring continuous innovation and investment to maintain relevance. Geopolitical factors have actually benefited Nokia in some markets where Huawei has been restricted, but this advantage could be temporary. The industry is also subject to cyclical spending patterns by operators, making revenue predictability challenging. Furthermore, the shift toward software-defined networking and open standards potentially lowers barriers to entry for new competitors, while cloud-native solutions may enable technology companies to bypass traditional equipment vendors entirely.
Risks & safety
Nokia demonstrates a solid financial position with moderate safety margins, though profitability remains volatile. • Liquidity and Solvency: Strong cash position of €6.1 billion with positive free cash flow generation (€2.2 billion in 2024). Current ratio of 1.36 indicates adequate short-term liquidity. Debt-to-equity ratio of 0.24 represents conservative leverage. • Valuation Metrics: EV/EBITDA of 6.3x appears reasonable for a cyclical technology company. Price-to-book ratio of 1.13x suggests shares trade near book value. Current P/E ratio of 18.3x reflects market expectations for earnings growth. • Other Considerations: Volatile quarterly earnings with recent losses in Q1 2025 highlight cyclical business nature. Strong patent portfolio provides defensive value. Ongoing cost reduction programs targeting €800 million-€1.2 billion in savings demonstrate management's focus on efficiency during challenging periods.
Recent development
Over the past few years, Nokia has undergone significant strategic transformation under multiple leadership changes. The company has focused on strengthening its position in high-growth segments while addressing challenges in its core mobile networks business. Key strategic acquisitions include the planned acquisition of Infinera to strengthen optical networking capabilities, targeting €200 million in annual synergies by 2027. The company also acquired Phoenix to enhance its defense industry presence, reflecting diversification efforts beyond traditional telecommunications operators. Operational restructuring has been a major focus, with Nokia implementing cost reduction programs targeting €800 million to €1.2 billion in savings by 2026. The company reduced its workforce from 86,000 to a target range of 72,000-77,000 employees while protecting R&D investments. Management reorganized the company structure to give business groups more autonomy and embedded sales teams directly into business units. Technology and market expansion efforts include significant investments in IP networks business (up to €100 million additional annual operating expenses) to capture data center and hyperscale opportunities. Nokia has accelerated development of Open RAN and Cloud RAN technologies, signed partnerships with Dell and Nvidia, and expanded its enterprise customer base to over 850 private wireless customers. The company has also focused on developing network APIs, attracting 48 partners to its Network Exposure platform. Patent licensing renewal represented a major achievement, with Nokia successfully renewing licensing agreements with Apple, Samsung, Honor, and Oppo, restoring Nokia Technologies to a €1.3-1.4 billion annual run rate. The company resolved litigation with Amazon through a new licensing deal. Under new CEO Justin Hotard, Nokia is exploring opportunities for "meaningful scale and value creation" while maintaining focus on core technology strengths in RAN, optical, IP, and fiber networking.
NOK company profile · for informational purposes only — not investment advice.
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