Nokia Corp. (NOK) intrinsic value & 10-year financials
Nokia Corp. (NOK) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 1.9% a year to €19.9B, with an average return on invested capital of 4.4%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- €19.9B
- Revenue growth (10-yr CAGR)
- -1.9%
- ROIC (10-yr avg)
- 4.4%
- Free cash flow (FY2025)
- —
NOK 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | €19.9B | €660.0M | €0.12 | — | 4.4% | 3.4% |
| FY2024 | €19.2B | €1.3B | €0.23 | — | 10.4% | 8.4% |
| FY2023 | €22.3B | €679.0M | €0.12 | — | 7.6% | 4.3% |
| FY2022 | €24.9B | €4.3B | €0.75 | — | 9.3% | 12.9% |
| FY2021 | €22.2B | €1.6B | €0.29 | — | 9.7% | 13.9% |
| FY2020 | €21.9B | -€2.5B | -€0.45 | — | 4.0% | 3.5% |
| FY2019 | €23.3B | €11.0M | €0.00 | — | 2.1% | 1.8% |
| FY2018 | €22.6B | -€335.0M | -€0.06 | — | -0.3% | -0.5% |
| FY2017 | €23.1B | -€1.5B | -€0.26 | — | 0.1% | 0.1% |
| FY2016 | €23.6B | -€927.0M | -€0.13 | — | -4.7% | -4.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in EUR.
Executive summary
NOKIA CORP is facing top-line stagnation, with revenue contracting over the decade.
NOKIA CORP has historically struggled to out-earn its cost of capital, averaging just 4.4% ROIC.
NOKIA CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NOKIA CORP is modeled at -19.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-3.22 per share.