Nokia - Public Comps and Valuation Multiples

Nokia Overview

About Nokia

Nokia provides telecom equipment and services that are used to build wireless and fixed-line networks. It operates in four segments. The mobile networks segment sells equipment and services to telecom carriers to power public wireless networks. Network infrastructure focuses on fixed-line networks, including switching and routing equipment, optical components, and devices used in fiber-to-the-premises networks. The cloud and network services segment develops software used to operate the core of carrier wireless networks and build private networks for enterprises. Nokia also has a sizable research and patent business, where it licenses technology used by handset providers, consumer electronics firms, and other firms making electronic and Internet of Things products.

Founded

1865

HQ

Employees

78.4K+

Website

nokia.com

Sectors

Networking Hardware
Electronic Equipment
DeepTech

Financials

LTM Revenue $22.7B

LTM EBITDA $3.2B

EV

$28.0B

Valuation Multiples

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Nokia Financials

As of September 2025, Nokia reported last 12-month revenue of $22.7B and EBITDA of $3.2B.

In the same period, Nokia generated $10.2B in LTM gross profit and $1.8B in net income.

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Nokia P&L

In the most recent fiscal year, Nokia reported revenue of $22.2B and EBITDA of $4.0B.

Nokia expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$22.7B	XXX	$22.2B	XXX	XXX	XXX
Gross Profit	$10.2B	XXX	$10.3B	XXX	XXX	XXX
Gross Margin	45%	XXX	46%	XXX	XXX	XXX
EBITDA	$3.2B	XXX	$4.0B	XXX	XXX	XXX
EBITDA Margin	14%	XXX	18%	XXX	XXX	XXX
EBIT	$2.3B	XXX	$1.8B	XXX	XXX	XXX
EBIT Margin	10%	XXX	8%	XXX	XXX	XXX
Net Profit	$1.8B	XXX	$1.5B	XXX	XXX	XXX
Net Margin	8%	XXX	7%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Nokia including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $22.7B. EBITDA for the last twelve months was $3.2B. In the most recent fiscal year, Nokia achieved $22.2B in revenue and $4.0B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$22.7B	Analyst estimates available to subscribers	$22.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$10.2B	Analyst estimates available to subscribers	$10.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	45.0% gross margin	Analyst estimates available to subscribers	46.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$3.2B	Analyst estimates available to subscribers	$4.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	14.0% EBITDA margin	Analyst estimates available to subscribers	17.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$2.3B	Analyst estimates available to subscribers	$1.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	10.1% EBIT margin	Analyst estimates available to subscribers	8.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.8B	Analyst estimates available to subscribers	$1.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	8.1% net profit margin	Analyst estimates available to subscribers	6.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Nokia

This financial data table provides comprehensive performance metrics for Nokia, a company based in Finland. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Nokia generated $22.7B in revenue over the last twelve months.
The company achieved $3.2B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $10.2B.
Net income over the last twelve months reached $1.8B.

Fiscal Year Performance

In the most recent fiscal year, Nokia reported $22.2B in total revenue.
Fiscal year EBITDA was $4.0B.
The company maintained a gross profit margin of 46.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 17.9%.
Net profit margin reached 6.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Nokia. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Nokia Stock Performance

Nokia has current market cap of EUR 26.2B (or $30.3B), and EV of EUR 24.2B (or $28.0B).

Market Cap Evolution

Nokia Stock Data

As of October 17, 2025, Nokia's stock price is EUR 5 (or $6).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$28.0B	$30.3B	XXX	XXX	XXX	XXX	$0.33

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Nokia Valuation Multiples

Nokia's trades at 1.3x EV/Revenue multiple, and 7.1x EV/EBITDA.

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Nokia Financial Valuation Multiples

As of October 17, 2025, Nokia has market cap of $30.3B and EV of $28.0B.

Equity research analysts estimate Nokia's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Nokia has a P/E ratio of 16.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$30.3B	XXX	$30.3B	XXX	XXX	XXX
EV (current)	$28.0B	XXX	$28.0B	XXX	XXX	XXX
EV/Revenue	1.2x	XXX	1.3x	XXX	XXX	XXX
EV/EBITDA	8.9x	XXX	7.1x	XXX	XXX	XXX
EV/EBIT	12.2x	XXX	15.4x	XXX	XXX	XXX
EV/Gross Profit	2.7x	XXX	n/a	XXX	XXX	XXX
P/E	16.5x	XXX	20.5x	XXX	XXX	XXX
EV/FCF	26.4x	XXX	12.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Nokia Margins & Growth Rates

Nokia's last 12 month revenue growth is 4%

Nokia's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Nokia's rule of 40 is 17% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Nokia's rule of X is 23% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Nokia Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	4%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	14%	XXX	18%	XXX	XXX	XXX
EBITDA Growth	8%	XXX	-6%	XXX	XXX	XXX
Rule of 40	17%	XXX	22%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	23%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	23%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	38%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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