Nokia (NOKIA.HE): analysis in plain words
Is Nokia cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Nokia (NOKIA.HE) is listed on Nasdaq Helsinki and we classify it in hardware and devices. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Nokia according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Nokia (NOKIA.HE) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €7.40 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 52.9x | Price over earnings per share |
| Revenue growth | +9.7% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 3.8% | Profit for every 100 of sales |
| Net debt / EBITDA | Net cash (more cash than debt) | Years of operating profit to repay debt |
| Dividend yield | 1.83% | Annual dividend over price |
| Market cap | €41.4 billion | What the stock market values it at |
The Nokia figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any NOKIA.HE figure that is not available shows as N/A: we do not estimate it.
How Nokia makes money
Nokia sells telecom equipment to carriers, enterprises and data centers: fixed, optical and IP networks, radio access gear for mobile networks, and network software and services. Its Nokia Technologies unit also licenses patents to phone makers. It no longer makes its own-brand phones and sells across North America, Europe and Asia.
Over the last 12 months, Nokia brought in revenue of €20.8 billion. For every 100 it sells, Nokia keeps 45.4 after the direct cost of what it sells (gross margin) and 10.8 after all operating costs (operating margin). With 78,005 full-time employees, that is about €267,000 of revenue per employee.
Nokia against its sector
To know whether a Nokia figure is high or low you have to put it next to similar companies. This table compares Nokia with the median of the 7 hardware and devices companies Fintols covers, with data as of November 4, 2026.
| Figure | Nokia | hardware and devices median |
|---|---|---|
| P/E | 52.9x | 31.1x (7) |
| Revenue growth | +9.7% | +27.6% (8) |
| Net margin | 3.8% | 6.6% (8) |
| Dividend yield | 1.83% | 0.47% (8) |
| Net debt / EBITDA | -0.6x | 0.6x (7) |
In short, against the typical hardware and devices company, Nokia trades on a higher P/E, grows more slowly and earns a thinner margin.
The bull case for Nokia
These are the strengths in the Nokia figures as of November 4, 2026:
- Analysts expect Nokia earnings to rise: its P/E on the next 12 months of estimated earnings is 17.4x, below the current 52.9x.
- Nokia holds more cash than debt (net cash), so it does not depend on lenders to keep investing and is better placed to ride out a bad year.
- Nokia is selling more than a year ago: +9.7% in its latest quarter (the typical hardware and devices company grew +27.6%).
The main risk for Nokia
Nokia stock sits 51% below its 52-week high (€14.99): the market has cut its expectations, and it is worth understanding why first.
On top of that: the price already assumes a lot: Nokia trades at 52.9x its last 12 months of earnings, against 31.1x for the hardware and devices median. If growth disappoints, the multiple can shrink and the share price with it.
And, like the rest of hardware and devices, Nokia is exposed to demand for devices slowing, because companies and consumers can put off upgrades.
Frequently asked questions about Nokia
Is it a good time to buy Nokia stock?
Fintols does not tell you whether to buy or sell Nokia, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Nokia stock trades at €7.40, 51% below its 52-week high (€14.99) and 46% above its low (€5.07). Its P/E is 52.9x against a hardware and devices median of 31.1x, and 17.4x on the earnings analysts expect over the next 12 months. With Nokia, 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 Nokia pay a dividend?
Yes. As of November 4, 2026, Nokia pays €0.14 per share a year, which at today's price is a yield of 1.83%. It uses 100% of its profit to pay it. Its average dividend yield over the last five years is 1.75%. The hardware and devices median on Fintols is 0.47%.
Is Nokia stock expensive?
It depends on what you compare it with. On P/E, Nokia trades at 52.9x its last 12 months of earnings: more expensive than the hardware and devices median (31.1x). Including its debt, Nokia is valued at 15.2x its EBITDA (EV/EBITDA). A high P/E alone does not make Nokia expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Nokia's competitors?
On Fintols we compare Nokia with HP, Supermicro and IonQ, which are also in hardware and devices. As of November 4, 2026, HP is worth $27.0 billion and trades on a P/E of 11.4; Supermicro is worth $19.4 billion and trades on a P/E of 6.2; IonQ is worth $12.7 billion. Each has a side-by-side comparison with Nokia below.
Nokia competitors
- HP (HPQ) analysis · Nokia vs HP comparison
- Supermicro (SMCI) analysis · Nokia vs Supermicro comparison
- IonQ (IONQ) analysis · Nokia vs IonQ comparison
To understand Nokia better
- Economic Moats Explained: From Warren Buffett to AI
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like Nokia: hardware and devices stocks. Open the full NOKIA.HE analysis with its valuation and scenarios. Educational content about Nokia, not investment advice.