Nokia Oyj

NOK

Communication Equipment · Technology

Price

$10.12

-0.26 (-2.51%)

Market Cap

$54.66B

Exchange

NYSE

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−3.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 5.68B (2021) → 5.50B (2025)

Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. It offers products and services for radio access networks covering technologies from 2G to 5G, and microwave radio links for transport networks. The company provides fixed networking solutions, such as fiber and copper-based access infrastructure, and cloud and virtualization services, as

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+241.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$4.9B/ year

↑ Rising (+8% vs prior year)

24.4% of revenue

1.6x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$5.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Nokia Oyj is putting 24% of revenue into R&D and that number is rising. That's 1.6x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

44.2%

Healthy — 44.2% gross margin

Operating Margin

1.4%

Thin — 1.4% operating margin

ROCE

0.3%

Weak — 0.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.3%

Slow sales growth (4.3% YoY)

EPS YoY

-1.9%

Earnings shrinking (-1.9% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

247%

Turns 247% of profit into real cash

FCF Margin

6.9%

Modest free cash flow (6.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.11

Conservative — low debt load (0.11)

Interest Cover

100.00x

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

73.4x

Expensive — P/E 73.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+44.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (73.4 → 29.1)

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Dividends

Dividend Yield

1.17%

Small dividend — 1.17% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+16.5%

Dividend growing fast (16.5% YoY)

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