Nokia Corp - ADR
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+ FollowMarket Cap$46.54B
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Earnings Call Q3 2026
October 22, 2026 - AI Summary
Strong Q3 momentum + clear operating leverage (good)
- Net sales +9% YoY; operating margin +220 bps to 11.7%.
- AI & cloud was the key driver: net sales +123% YoY and represented 12% of total group net sales.
- Company says it is tracking above the midpoint of full-year comparable operating profit guidance (guidance unchanged; note they also mention pull-forward from Q4 affecting linearity).
AI & cloud orders remain very strong and demand still exceeds supply (big opportunity; also a constraint)
- AI & cloud order intake +118% YoY to EUR 1.5bn gross.
- IP Networks +43% YoY and Optical Networks +18% YoY; both are demand-led with supply constraints.
- Full-year assumption updated: Optical + IP are now expected to grow somewhat above the prior 18–20% assumption.
- 2027 outlook (forecast): Optical + IP combined expected to grow ~25–30% (reflecting strong market + capacity build).
Customer wins converting into revenue; key capacity/technology ramp story (surprising + favorable)
- 800G coherent pluggables: shipment volumes increasing more than 2x sequentially; design wins with 29 customers.
- Multi-rail “in-line systems” launched in March: 25% higher density vs competitors, with 3 design wins and initial volumes starting with the first customer.
- AI RAN: reported commercial traction signals (e.g., T-Mobile completed first live voice call over AI RAN; Elisa ran voice/data/AI workloads simultaneously). Nokia says engagement is accelerating with 19 customers.
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Share Statistics
| Market cap | $46.54 Billion |
|---|---|
| Enterprise Value | $47.56 Billion |
| Annual dividend | $0.16 |
| Dividend yield | 1.81% |
| Earnings per Share | $0.11 |
| Beta | 0.79 |
| Outstanding Shares | 5,641,000,000 |
Return
| Return on Equity | 3.40% |
|---|---|
| Return on Assets | 1.92% |
| Return on Invested Capital | 5.19% |
Valuation & Multiples
| P/E Ratio | 55.57 |
|---|---|
| PEG | -104.41 |
| Price to Sales | 2.75 |
| Price to Book Ratio | 2.75 |
| Enterprise Value to Revenue | 2.41 |
| Enterprise Value to EBIT | 32.81 |
| Enterprise Value to Net Income | 64 |
| Total Debt to Enterprise | 0.11 |
| Debt to Equity | 0.24 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 22, 2026
EPS Estimate
$0.08
Consensus analyst estimateRevenue Estimate
$5.72 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 28, 2027
EPS Estimate
$0.17
Consensus analyst estimateRevenue Estimate
$7.08 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 81.06% |
|---|---|
| Total Calls | 260,578▼ 99.78% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.99%▼ 17.09% |
|---|---|
| Total Invested | $560.80M▼ 95.82% |
| Investors Holding | 260▼ 616.00% |
About Nokia Corp
78,005 employees
CEO: Pekka Lundmark
Nokia Oyj, a Finnish company established in 1865 and headquartered in Espoo, delivers comprehensive mobile, fixed, and cloud networking solutions across the globe. Its operations are organized into four core divisions: Mobile Networks, N...