Nordea (NDA-FI.HE): analysis in plain words
Is Nordea cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Nordea (NDA-FI.HE) is listed on Nasdaq Helsinki and we classify it in banking. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Nordea according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Nordea (NDA-FI.HE) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €16.37 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 11.9x | Price over earnings per share |
| Revenue growth | -1.4% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 40.3% | Profit for every 100 of sales |
| Net debt / EBITDA | Not meaningful (financial company) | Years of operating profit to repay debt |
| Dividend yield | 8.21% | Annual dividend over price |
| Market cap | €55.6 billion | What the stock market values it at |
The Nordea figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any NDA-FI.HE figure that is not available shows as N/A: we do not estimate it.
How Nordea makes money
Nordea is a major Nordic bank serving Finland, Sweden, Denmark and Norway. It reports four business areas: Personal Banking, the largest, with mortgages and accounts for individuals; Business Banking for small and midsize firms; Large Corporates & Institutions; and Asset & Wealth Management, which runs funds and private wealth. It earns interest and fees.
Over the last 12 months, Nordea brought in revenue of €11.6 billion. Its operating margin, what Nordea keeps from every 100 of sales after running costs, is 53.3%. With 28,376 full-time employees, that is about €408,000 of revenue per employee.
Nordea against its sector
To know whether a Nordea figure is high or low you have to put it next to similar companies. This table compares Nordea with the median of the 20 banking companies Fintols covers, with data as of November 4, 2026.
| Figure | Nordea | banking median |
|---|---|---|
| P/E | 11.9x | 12.2x (20) |
| Revenue growth | -1.4% | +7.3% (20) |
| Net margin | 40.3% | 32.6% (20) |
| Dividend yield | 8.21% | 3.55% (20) |
| ROE | 14.9% | 13.1% (19) |
In short, against the typical banking company, Nordea grows more slowly, earns a wider margin and pays a higher dividend yield. By size, Nordea ranks number 9 of 12 banking companies quoted in EUR on Fintols.
The bull case for Nordea
What works in favour of Nordea, according to its figures as of November 4, 2026:
- Nordea keeps 40.3 of every 100 it sells as net profit, against 32.6 for the median banking company: a margin like that leaves money to invest, buy back shares or pay dividends.
- For income seekers, Nordea pays a dividend yielding 8.21% at today's price, using 96% of its profit to fund it.
The main risk for Nordea
Nordea sales fell 1.4% in the latest quarter against the same quarter a year earlier: if the decline drags on, profit usually follows.
And, like the rest of banking, Nordea is exposed to falling interest rates (which squeeze what it earns on loans) or rising bad loans if the economy weakens.
Frequently asked questions about Nordea
Is it a good time to buy Nordea stock?
Fintols does not tell you whether to buy or sell Nordea, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Nordea stock trades at €16.37, 10% below its 52-week high (€18.11) and 16% above its low (€14.15). Its P/E is 11.9x against a banking median of 12.2x, and 10.4x on the earnings analysts expect over the next 12 months. With Nordea, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Nordea pay a dividend?
Yes. As of November 4, 2026, Nordea pays €1.30 per share a year, which at today's price is a yield of 8.21%. It uses 96% of its profit to pay it. Its average dividend yield over the last five years is 7.29%. The banking median on Fintols is 3.55%.
Is Nordea stock expensive?
It depends on what you compare it with. On P/E, Nordea trades at 11.9x its last 12 months of earnings: in line with the banking median (12.2x). For a financial company you also look at price to book value: 1.8x (banking median: 1.7x). A high P/E alone does not make Nordea expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Nordea's competitors?
On Fintols we compare Nordea with Deutsche Bank, Banco Sabadell and Bankinter, which are also in banking. As of November 4, 2026, Deutsche Bank is worth €60.4 billion and trades on a P/E of 9.8; Banco Sabadell is worth €16.8 billion and trades on a P/E of 14.3; Bankinter is worth €12.9 billion and trades on a P/E of 11.4. Each has a side-by-side comparison with Nordea below.
Nordea competitors
- Deutsche Bank (DBK.DE) analysis · Nordea vs Deutsche Bank comparison
- Banco Sabadell (SAB) analysis · Nordea vs Banco Sabadell comparison
- Bankinter (BKT) analysis · Nordea vs Bankinter comparison
To understand Nordea better
- How to Read a Balance Sheet: A Beginner's Guide
- Dividend Growth Investing: FCF Payout Ratio and Compounding
More companies like Nordea: banking stocks. Open the full NDA-FI.HE analysis with its valuation and scenarios. Educational content about Nordea, not investment advice.