Nokia, from Finland, supplies technology for mobile and fixed networks, such as 5G antennas and fiber and routing equipment, to network operators and businesses. It also earns revenue from patent licenses. Traded here as a US depositary receipt. As of Oct 16, 2026
As of Oct 16, 2026Fact sheet (from the annual report)Radio and TV equipment · Espoo Finland, Finlandfull fact sheet
Nokia supplies network technology to telecommunications providers, cloud customers, enterprises with mission-critical applications and the public sector, among others. In network infrastructure it offers optical transport technology, routers and fiber technology for homes. For mobile networks it supplies radio access networks (RAN) and microwave radio to network operators and to customers with mission-critical applications, including defense and government bodies. Another area sells core network software to telecommunications providers, for example for voice, packet data and subscriber data. Nokia also earns money by licensing patents to makers of mobile devices, consumer electronics and vehicles. According to the company, with the acquisition of Infinera Nokia has expanded its optical business in North America and with large cloud providers.
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Pullback in trend · Analysis method
This method currently detects no pattern for NOK. The check runs daily after the close.
You see new patterns immediately from Watcher, on the free plan 2 days after they form. Plans and pricing
What does the pattern show?
What is this? In an intact uptrend (price above the 200-day line, 50-day line rising), the price pulls back to the 50-day line after a rise and closes back above it.
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and margin
Nokia (ADR) · Sector Technology · amounts in EUR
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Mar 5, 2026.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
–no data: Free cash flow margin above 10%not stated in the SEC filings
✓met: Profit in each of the last 5 fiscal years5 of 5
–no data: Free cash flow positive in each of the last 3 fiscal yearsnot stated in the SEC filings
✓met: Equity ratio above 30%55.8%
Gross margin
43.5%Fiscal year 2025
No rank: too few peers or not computed yet.
Share of revenue left after the direct cost of the products sold.
Operating margin
4.4%Fiscal year 2025
No rank: too few peers or not computed yet.
Operating income divided by revenue: what the core business earns before interest and taxes.
Net margin
3.3%Fiscal year 2025
No rank: too few peers or not computed yet.
Profit after all costs, interest and taxes divided by revenue.
Return on equity
3.1%Fiscal year 2025
No rank: too few peers or not computed yet.
Net income divided by equity at fiscal year end.
Return on assets
1.7%Fiscal year 2025 (total assets at year end)
No rank: too few peers or not computed yet.
Net income divided by total assets at fiscal year end.
Equity ratio
55.8%Fiscal year 2025
No rank: too few peers or not computed yet.
Equity as a share of total assets. Usually low for banks.
Growth 1 of 6 met · 1 without data
✗not met: Over 3 years, revenue grew by more than 5% per year−7.2%
✗not met: Over 5 years, revenue grew by more than 5% per year−1.9%
✗not met: Over 10 years, revenue grew by more than 5% per year+4.7%
✗not met: Over 3 years, EPS grew by more than 5% per year−45.7%
–no data: Over 5 years, EPS grew by more than 5% per yearnot computable (loss in the first or last year, or figures missing)
✗not met: Revenue rose in at least 4 of the last 5 fiscal years3 of 5
✓met: Revenue rose in the last fiscal year+3.5%
Revenue growth 3 years
−7.2%per year
No rank: too few peers or not computed yet.
Average growth per year over 3 fiscal years.
Revenue growth 5 years
−1.9%per year
No rank: too few peers or not computed yet.
Average growth per year over 5 fiscal years.
Revenue growth 10 years
+4.7%per year
No rank: too few peers or not computed yet.
Average growth per year over 10 fiscal years.
EPS growth 3 years
−45.7%per year
No rank: too few peers or not computed yet.
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 10 years
−15.3%per year
No rank: too few peers or not computed yet.
Growth of earnings per share per year, adjusted for stock splits.
Dividend no criteria with data · 7 without data
–no data: Pays a dividend20-F filer without dividend per share
–no data: Payout ratio at most 60% of earnings20-F filer without dividend per share
–no data: Dividend paid in each of the last 5 fiscal years20-F filer without dividend per share
–no data: Dividend per share never lowered in the last 5 fiscal years20-F filer without dividend per share
–no data: Dividend per share higher than 5 years ago20-F filer without dividend per share
–no data: Free cash flow per share covers the dividend20-F filer without dividend per share
–no data: Dividends paid over the last 5 years covered by free cash flow20-F filer without dividend per share
Financial strength 4 of 5 met · 1 without data
✗not met: Piotroski F-Score at least 7 of 96 of 9
✓met: Long-term debt no higher than equity0.16
✓met: Current assets cover current liabilities1.58
✓met: Positive equity21.0B EUR
✓met: In 5 years, share count up by at most 5%−3.5%
–no data: Free cash flow positive in the last fiscal yearcapital expenditure or operating cash flow not reported
Piotroski F-Score
6 of 9Fiscal year 2025
No rank: too few peers or not computed yet.
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
Debt / equity
0.16at fiscal year end
No rank: too few peers or not computed yet.
Long-term financial debt divided by equity.
Liquidity (current ratio)
1.58at fiscal year end
No rank: too few peers or not computed yet.
Current assets divided by current liabilities.
Change in share count
−3.5%in 5 years
No rank: too few peers or not computed yet.
Change in diluted share count. Negative = share buybacks, positive = new shares.
The 9 criteria of the Piotroski F-Score
✓met: Profit in the last fiscal year (positive return on assets)
✓met: Positive operating cash flow
✗not met: Return on assets higher than the prior year
✓met: Operating cash flow higher than net income
✓met: Long-term debt relative to total assets fell
✗not met: Liquidity (current assets / current liabilities) rose
✓met: No additional shares (diluted share count did not rise)
✗not met: Gross margin higher than the prior year
✓met: Revenue relative to total assets higher than the prior year
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
20-F filer (foreign company): amounts in the reporting currency, no price-based criteria.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock.
In short
Light red: Revenue shrank over 5 years (−1.9% per year).
Light yellow: Net margin 3.3%, below the sector median (12.5%).
Light green: Debt not higher than usual in the sector.
Light red: Profit in 6 of 10 fiscal years.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
RevenueNet incomeNet margin (below)in EUR
−10B010B20B30B
2016Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 23.6B EUR · Net income −766.0M EUR · Net margin −3.2%
2017Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 23.1B EUR · Net income −1.5B EUR · Net margin −6.5%
2018Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 22.6B EUR · Net income −340.0M EUR · Net margin −1.5%
2019Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 23.3B EUR · Net income 7.0M EUR · Net margin 0.0%
2020Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 21.9B EUR · Net income −2.5B EUR · Net margin −11.5%
2021Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 22.2B EUR · Net income 1.6B EUR · Net margin 7.3%
2022Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 24.9B EUR · Net income 4.3B EUR · Net margin 17.1%
2023Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 22.3B EUR · Net income 665.0M EUR · Net margin 3.0%
2024Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 19.2B EUR · Net income 1.3B EUR · Net margin 6.6%
2025Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 19.9B EUR · Net income 651.0M EUR · Net margin 3.3%
Margin
−3%−6%−2%0%−12%7%17%3%7%3%
No quarterly figures reported (companies filing a 20-F annual report usually report only once a year).
Earnings per shareEUR per share
−0.5000.501.00
2016Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Earnings per share −0.13 EUR
2017Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Earnings per share −0.26 EUR
2018Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Earnings per share −0.06 EUR
2019Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Earnings per share 0.00 EUR
2020Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Earnings per share −0.45 EUR
2021Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Earnings per share 0.29 EUR
2022Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Earnings per share 0.75 EUR
2023Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 0.12 EUR
2024Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 0.23 EUR
2025Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Earnings per share 0.12 EUR
No quarterly figures reported (companies filing a 20-F annual report usually report only once a year).
Dividend per shareEUR per share
00.050.100.150.20
2016Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Dividend per share 0.17 EUR · Payout ratio not available
2017Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Dividend per share 0.19 EUR · Payout ratio not available
2018Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Dividend per share 0.19 EUR · Payout ratio not available
2019Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Dividend per share 0.10 EUR · Payout ratio not available
2020Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Dividend per share not available · Payout ratio not available
2021Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Dividend per share not available · Payout ratio not available
2022Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Dividend per share not available · Payout ratio not available
2023Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Dividend per share not available · Payout ratio not available
2024Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Dividend per share not available · Payout ratio not available
2025Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Dividend per share not available · Payout ratio not available
No quarterly figures reported (companies filing a 20-F annual report usually report only once a year).
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 19.9B EUR · Net income 651.0M EUR · Net margin 3.3%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2025
Of 100 EUR of revenue, 43.5 EUR gross profit, 4.4 EUR operating income and 3.3 EUR net income remained.
The current ratio stayed roughly the same in 5 years (1.58).
Current ratio
0.00.51.01.52.0
2016Fiscal year 2016: Current ratio 1.64
2017Fiscal year 2017: Current ratio 1.56
2018Fiscal year 2018: Current ratio 1.30
2019Fiscal year 2019: Current ratio 1.39
2020Fiscal year 2020: Current ratio 1.55
2021Fiscal year 2021: Current ratio 1.62
2022Fiscal year 2022: Current ratio 1.59
2023Fiscal year 2023: Current ratio not available
2024Fiscal year 2024: Current ratio 1.58
2025Fiscal year 2025: Current ratio 1.58
Cash flow
Operating cash flow rose in 5 years from 1.8B EUR to 2.1B EUR.
Operating cash flowin EUR
−2B02B4B
2016Fiscal year 2016: Operating cash flow −1.5B EUR
2017Fiscal year 2017: Operating cash flow 1.8B EUR
2018Fiscal year 2018: Operating cash flow 360.0M EUR
2019Fiscal year 2019: Operating cash flow 390.0M EUR
2020Fiscal year 2020: Operating cash flow 1.8B EUR
2021Fiscal year 2021: Operating cash flow 2.6B EUR
2022Fiscal year 2022: Operating cash flow 1.5B EUR
2023Fiscal year 2023: Operating cash flow 1.3B EUR
2024Fiscal year 2024: Operating cash flow 2.5B EUR
2025Fiscal year 2025: Operating cash flow 2.1B EUR
Share count
The share count fell in 5 years by 3.5% (mostly through share repurchases).
Average share count
02B4B6B
2016Fiscal year 2016: Average share count 5.7B
2017Fiscal year 2017: Average share count 5.7B
2018Fiscal year 2018: Average share count 5.6B
2019Fiscal year 2019: Average share count 5.6B
2020Fiscal year 2020: Average share count 5.6B
2021Fiscal year 2021: Average share count 5.6B
2022Fiscal year 2022: Average share count 5.6B
2023Fiscal year 2023: Average share count 5.5B
2024Fiscal year 2024: Average share count 5.5B
2025Fiscal year 2025: Average share count 5.4B
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
Dividend per share
nonelast reported for fiscal year 2019
Share count over 5 years
−3.5%fewer shares – each share is a larger stake
Dividend per share
No dividend reported since fiscal year 2020.
Dividend per shareEUR per sharePer share as filed with the SEC, including special dividends; obvious filing errors are hidden.
00.050.100.150.20
2016Fiscal year 2016: Dividend per share 0.17 EUR
2017Fiscal year 2017: Dividend per share 0.19 EUR
2018Fiscal year 2018: Dividend per share 0.19 EUR
2019Fiscal year 2019: Dividend per share 0.10 EUR
2020Fiscal year 2020: Dividend per share not available
2021Fiscal year 2021: Dividend per share not available
2022Fiscal year 2022: Dividend per share not available
2023Fiscal year 2023: Dividend per share not available
2024Fiscal year 2024: Dividend per share not available
2025Fiscal year 2025: Dividend per share not available
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
20-F filer or other currency: earnings per share and share count do not reliably match the price of the US listing (ADR) – so there is no price-based valuation here.
Key figures with traffic lights
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 97 symbols in the Technology sector on our list (current members of the S&P 500 and other lists).
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth
Light red: shrinking
−1.9%per year, last 5 years
Sector Technology: median +13.5% (88 symbols)
What does this mean? Revenue: over 5 years it fell by 1.9% per year on average. The median company in the sector reached +13.5% per year.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth
Light gray: not computable
–per year, last 5 years
Sector Technology: median +13.3% (62 symbols)
per share: not computable (loss in the first or last year)
What does this mean? There was a loss in the first or last year. An annual growth rate cannot be calculated meaningfully then.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
What does this mean? Of every 100 EUR in revenue, 3.27 EUR remained as profit – less than the median company in the sector (12.5%). Five years ago the margin was −11.5%.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth
Light green: lower than sector
0.16latest balance sheet
Sector Technology: median 0.46 (65 symbols)
What does this mean? For every 1 EUR of equity there is 0.16 EUR of financial debt – no more than the median company in the sector (0.46). More debt amplifies good and bad years alike.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth
Light gray: none found
–Dividend / earnings per share
Sector Technology: median 30% (36 symbols)
What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin
Light red: 4 loss years
6 of 10fiscal years with a profit
What does this mean? In 6 of the last 10 fiscal years the bottom line showed a profit. 4 years ended with a loss.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
Last fiscal year and 13F
Information, not a trading signal · Source: SEC EDGAR
Revenue (FY)
19.9B EUR
Revenue vs. prior year
+3.5%
Net income (FY)
651.0M EUR
Net income vs. prior year
−49.0%
EPS (FY)
0.12 EUR
13F funds with a position
–
Funds vs. prior quarter
–
Shares held vs. prior quarter
–
Fiscal year to Dec 31, 2025 · 20-F filed Mar 5, 2026 · Balance sheet Dec 31, 2025 (filed Mar 5, 2026) · Price-based figures (P/E, P/S, dividend yield, market cap) only when logged in. · Values as first reported; debt = reported financial debt (US GAAP: long-term).13F: reporting date Jun 30, 2026, 9 tracked funds have filed (latest Aug 14, 2026), filed with up to 45 days of delay. Stock positions only; comparison with Mar 31, 2026 only across funds that filed for both quarters.
All figures as a table
Fiscal years (amounts in EUR, per share in EUR)
Year
End
Revenue
Net income
Margin
Earnings per share
Dividend per share
Payout
2025
Dec 31, 2025
19.9B
651.0M
3.3%
0.12
–
–
2024
Dec 31, 2024
19.2B
1.3B
6.6%
0.23
–
–
2023
Dec 31, 2023
22.3B
665.0M
3.0%
0.12
–
–
2022
Dec 31, 2022
24.9B
4.3B
17.1%
0.75
–
–
2021
Dec 31, 2021
22.2B
1.6B
7.3%
0.29
–
–
2020
Dec 31, 2020
21.9B
−2.5B
−11.5%
−0.45
–
–
2019
Dec 31, 2019
23.3B
7.0M
0.0%
0.00
0.10
–
2018
Dec 31, 2018
22.6B
−340.0M
−1.5%
−0.06
0.19
–
2017
Dec 31, 2017
23.1B
−1.5B
−6.5%
−0.26
0.19
–
2016
Dec 31, 2016
23.6B
−766.0M
−3.2%
−0.13
0.17
–
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: Glossary
In the last 12 months, insiders of this stock have not acquired or disposed of shares on the market (SEC Form 4).
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score -35
Price vs. EMA 50-15
Price vs. EMA 200-15
EMA 50 vs. EMA 200+20
ADX (trend strength)+0
Highs and lows-10
Relative strength-15
Volatility and trend strength
ADX 14 (trend strength)24.9
Rel. strength 60 d−6.0%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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