Nokia
ConvictionModerate
Sells network hardware + software + services to telecom carriers, and increasingly to hyperscalers/AI-cloud data centers; monetizes a large cellular-standards patent portfolio via recurring licensing (Technology Standards); mix of project revenue, software/subscription, and high-margin royalty income.
Revenue
EUR 19.89B FY2025~$22B); EUR 4.5B Q1 2026; ~$23B TTMRev growth
+3% reported / +2% constant-currency-and-portfolio FY2025+4% YoY Q1 2026Gross margin
~45% comparableFY2025); 45.5% Q1 2026 (+320bps YoYOp margin
~10% comparable FY2025EUR 2.0B); 6.2% Q1 2026 comparable (+200bps YoY, seasonally lowest quarterCapex intensity
Low~2-3% of sales (asset-light, outsourced manufacturing, R&D-heavy; approximateMarket cap
~$72BNYSE ADR NOK, 2 Jul 2026 close ~$71.7B; also Nasdaq Helsinki OMXH: NOKIAThe read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Nokia
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence