Nokia (NOK) Stock Analysis

November 11, 2026

This is a peer-relative look at Nokia (NOK): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Technology Hardware & Equipment peers, so every number reads in context rather than in isolation.

Company Profile

Nokia (NOK) trades as an ADR rather than ordinary local shares — read it with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile fields for Nokia (NOK)
Profile Item	NOK
Name	Nokia Corporation Sponsored ADR
Country/Region	Finland
GICS Sector	Information Technology
GICS Industry Group	Technology Hardware & Equipment
GICS Industry	Communications Equipment
GICS Sub-Industry	Communications Equipment
Market Capitalization	43.35 billion USD
Currency	USD
Exchange	NYSE
Listing Date	July 1, 1994
Security Type	ADR

Price Performance

Cumulative Growth

NOK

GSPC

Nokia (NOK) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Nokia (NOK) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Nokia (NOK) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Nokia (NOK) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NOK	Industry group median
Total Return (1Y)	19.81%	19.81%
Total Return (3Y, Annualized)	36.27%	26.50%
Total Return (5Y, Annualized)	9.52%	9.52%

Risk Profile

Drawdown History

NOK

GSPC

Nokia (NOK) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Nokia (NOK) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Nokia (NOK) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NOK	Industry group median
Volatility (1Y, Annualized)	62.40%	55.75%
Beta (5Y)	1.24	1.39
Max Drawdown (5Y)	-55.73%	-58.83%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. NOK is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Nokia (NOK) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NOK	Industry group median
Sharpe Ratio (1Y)	0.25	0.28
Sortino Ratio (1Y)	0.35	0.40

Profitability

ROE (TTM)

Nokia (NOK) posts ROE of 3.88%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

NOK

Technology Hardware & Equipment industry group

3.88%

Group distribution

Max: 42.47%
Q3: 19.13%
Median: 11.00%
NOK: 3.88%
Q1: 1.63%
Min: -20.62%

Largest peers

AAPL: 142.26%
SNDK: 141.17%
APH: 40.08%
ANET: 33.52%
CSCO: 27.32%
NOK: 3.88%
DELL: --

Where Nokia (NOK) stands on ROE within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Nokia (NOK) keeps 3.75% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

NOK

Technology Hardware & Equipment industry group

3.75%

Group distribution

Max: 27.60%
Q3: 11.66%
Median: 4.08%
NOK: 3.75%
Q1: 0.00%
Min: -11.02%

Largest peers

SNDK: 67.04%
ANET: 39.97%
AAPL: 27.60%
CSCO: 20.95%
APH: 17.95%
DELL: 7.53%
NOK: 3.75%

Where Nokia (NOK) stands on net margin within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Nokia (NOK) turns 10.81% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

NOK

Technology Hardware & Equipment industry group

10.81%

Group distribution

Max: 36.27%
Q3: 18.36%
NOK: 10.81%
Median: 8.84%
Q1: 1.46%
Min: -21.39%

Largest peers

SNDK: 79.59%
ANET: 44.90%
AAPL: 31.13%
APH: 29.68%
CSCO: 27.72%
DELL: 12.02%
NOK: 10.81%

Where Nokia (NOK) stands on operating margin within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Nokia (NOK) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NOK	Industry group median
ROE (TTM)	3.88%	11.00%
ROA (TTM)	3.49%	4.78%
Net Margin (TTM)	3.75%	4.08%
Operating Margin (TTM)	10.81%	8.84%
Gross Margin (TTM)	45.43%	39.87%

Growth

Revenue Growth

Nokia (NOK) grew revenue 3.48%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Nokia (NOK): Revenue Growth across different time periods, set against Technology Hardware & Equipment industry-group medians.

EPS Growth

Nokia (NOK) grew earnings per share -47.83%, in the lower peer quartile. Per-share profits are advancing more slowly than at most peers, so margins, costs, or share count deserve a closer look.

Nokia (NOK): EPS Growth across different time periods, set against Technology Hardware & Equipment industry-group medians.

Growth Metrics

Nokia (NOK) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NOK	Industry group median
Revenue Growth (YoY)	3.48%	10.87%
Revenue Growth (3Y CAGR)	-5.76%	2.79%
EPS Growth (YoY)	-47.83%	14.29%
EPS Growth (3Y CAGR)	-45.71%	3.49%

Financial Strength

Current Ratio (MRQ)

Nokia (NOK) has current ratio of 1.46, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

NOK

Technology Hardware & Equipment industry group

1.46

Group distribution

Max: 5.34
Q3: 3.02
Median: 1.95
NOK: 1.46
Q1: 1.32
Min: 0.17

Largest peers

ANET: 3.29
SNDK: 2.58
APH: 1.94
NOK: 1.46
AAPL: 1.02
DELL: 0.96
CSCO: 0.93

Where Nokia (NOK) stands on current ratio within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Nokia (NOK) has debt-to-equity ratio of 0.16, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

NOK

Technology Hardware & Equipment industry group

0.16

Group distribution

Max: 1.76
Q3: 0.78
Median: 0.24
NOK: 0.16
Q1: 0.04
Min: 0.01

Largest peers

APH: 1.03
AAPL: 0.84
CSCO: 0.62
NOK: 0.16
SNDK: 0.01
ANET: --
DELL: --

Where Nokia (NOK) stands on debt-to-equity ratio within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Nokia (NOK) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NOK	Industry group median
Current Ratio (MRQ)	1.46	1.95
Debt / Equity (MRQ)	0.16	0.24
Net Debt / EBITDA	-0.59	0.16

Dividends

Dividend Yield (TTM)

Nokia (NOK) has dividend yield of 1.88%, above the entire industry range. That headline income is large, but yields this far above peers often come from a falling share price or an at-risk payout, so dividend safety matters more than the percentage itself.

NOK

Technology Hardware & Equipment industry group

1.88%

Group distribution

NOK: 1.88%
Max: 0.73%
Q3: 0.31%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

NOK: 1.88%
CSCO: 1.73%
DELL: 0.73%
APH: 0.70%
AAPL: 0.31%
ANET: 0.00%
SNDK: 0.00%

Where Nokia (NOK) stands on dividend yield within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Nokia (NOK) has payout ratio of 100.17%, meaning dividends exceeded current-period earnings. The gap would need to be covered by cash, retained earnings, financing, or other sources, so earnings alone do not support the payout.

NOK

Technology Hardware & Equipment industry group

100.17%

Group distribution

NOK: 100.17%
Max: 32.27%
Q3: 14.48%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

NOK: 100.17%
CSCO: 49.85%
APH: 21.74%
DELL: 13.43%
AAPL: 11.80%
ANET: 0.00%
SNDK: 0.00%

Where Nokia (NOK) stands on payout ratio within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Nokia (NOK) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NOK	Industry group median
Dividend Yield (TTM)	1.88%	0.00%
Dividend Payout Ratio (TTM)	100.17%	0.00%

Valuation

P/E Ratio (TTM)

Nokia (NOK) trades at P/E ratio of 47.88, in the richer earnings-multiple quartile for its industry. That premium needs support from growth, durable earnings, or stronger business quality.

NOK

Technology Hardware & Equipment industry group

47.88

Group distribution

Max: 69.48
NOK: 47.88
Q3: 41.02
Median: 26.39
Q1: 19.36
Min: 6.07

Largest peers

NOK: 47.88
ANET: 45.79
AAPL: 38.13
APH: 32.43
CSCO: 28.18
DELL: 19.10
SNDK: 6.67

Where Nokia (NOK) stands on P/E ratio within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Nokia (NOK) trades at 2.08 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

NOK

Technology Hardware & Equipment industry group

2.08

Group distribution

Max: 11.30
Q3: 5.82
Median: 2.56
NOK: 2.08
Q1: 1.05
Min: 0.00

Largest peers

ANET: 18.15
AAPL: 10.39
CSCO: 5.84
APH: 5.57
SNDK: 4.10
NOK: 2.08
DELL: 1.38

Where Nokia (NOK) stands on P/S ratio within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Nokia (NOK) trades at 1.82 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

NOK

Technology Hardware & Equipment industry group

1.82

Group distribution

Max: 10.75
Q3: 5.52
Median: 3.17
NOK: 1.82
Q1: 1.79
Min: 0.33

Largest peers

AAPL: 44.39
ANET: 13.12
APH: 10.75
CSCO: 7.36
SNDK: 6.63
NOK: 1.82
DELL: -147.32

Where Nokia (NOK) stands on P/B ratio within its Technology Hardware & Equipment peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Nokia (NOK) metric values compared with Technology Hardware & Equipment industry-group medians
Metric	Current stock: NOK	Industry group median
P/E Ratio (TTM)	47.88	26.39
P/S Ratio (TTM)	2.08	2.56
P/B Ratio (MRQ)	1.82	3.17
Free Cash Flow Yield (TTM)	2.98%	2.83%