Is the business good?
How good a business is NOK?
Nokia Oyj earns 3.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
3.8%
Return on invested capital · cost of capital 9.0% · 5.2 points below what the capital costs: growth destroys value
- Operating margin
- 4.5%
Operating margin · Communication Equipment median 4.4% · fiscal year to FY2025
- Share count, year on year
- −0.50%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 24%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 4.0% |
| FY2021 | 9.7% |
| FY2022 | 9.7% |
| FY2023 | 8.2% |
| FY2024 | 10% |
| FY2025 | 4.5% |
Details›
- Gross marginfiscal year to FY2025
- 44%
- Operating marginfiscal year to FY2025
- 4.5%
- Net marginfiscal year to FY2025
- 3.3%
- R&D as % of revenue
- 24%
- Revenue, trailing twelve months
- $19.9B
- Net income, trailing twelve months
- $651M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 3.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Communication Equipment
Ranks #20 of 21 by Smart Score