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Nokia Oyj

NOKIA-SEK.ST

Communication Equipment · Technology

Price

kr 141.00

+11.35 (+8.75%)

Market Cap

kr 787.14B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

Nokia is a Finnish company that makes the equipment used to build mobile phone networks. Its main products include radio towers, antennas, and software that help telecom companies like AT&T, Verizon, and Deutsche Telekom run their 4G and 5G networks. Nokia is one of only three major global suppliers of this equipment, alongside Ericsson and Huawei.

Nokia earns money by selling network hardware and software licenses to telecom operators, and increasingly through multi-year service and maintenance contracts. It operates worldwide, with strong presence in Europe, North America, and Asia, and generates roughly €22 billion in annual revenue. Its main competitive advantage is its deep portfolio of wireless patents, which also earns it licensing fees from other tech companies. The biggest growth driver is global 5G network buildout, but the main risk is intense price competition from Huawei, which benefits from lower costs and government backing in many markets.

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

Strong earnings growth

R&D Spend

$4.6B/ year

→ Flat (+2% vs prior year)

23.2% of revenue

1.5x the sector average (15%)

Steady R&D investment year-over-year

Insider Activity

20.4%ownership

Insiders own a meaningful stake in the company

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

Growth context

Nokia Oyj is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

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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

+1.5%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

202%

Turns 202% of profit into real cash

FCF Margin

7.3%

Modest free cash flow (7.3%)

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

198.04x

Comfortably covers interest (198.0x)

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

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Valuation

P/E Ratio

45.7x

Expensive — P/E 45.7

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

P/E vs Forward

-268.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

1.07%

Small dividend — 1.07% yield

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

Dividend Growth

+17.2%

Dividend growing fast (17.2% YoY)

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