Nokian Renkaat Oyj (TYRES) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Nokian Renkaat Oyj stock €20.28, price €14.23, upside +42.5%, quality 50 out of 100. Rating: undervalued. Calculated from audited financials with 3 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range €5.49 – €27.76 · fair‑value band €12.54 – €28.02 · the €14.23 price screens below the €20.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Nokian Renkaat Oyj develops and manufactures tires for passenger cars, trucks, and heavy machineries in Nordics, Central Europe, North America, and internationally. It operates through Passenger Car Tyres; Heavy Tyres; and Vianor segments.
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The company develops and produces winter, summer, and all-season tires for passenger cars, SUVs, and vans; tires for forestry machinery; tires for ports and terminals, mining, agriculture, trucks and buses, earthmoving, and road maintenance.
It also sells car, truck, buse, and van tires under the Nokian Tyres and other tire brands; other automotive products and services; provide car maintenance and tire service; and operates Vianor service centers.
The company distributes its products through Vianor chain, Vianor Partner chain, Nokian Tyres Authorized Dealers network, as well as through tire dealers, car dealerships, and vehicle manufacturers, and online stores. Nokian Renkaat Oyj was founded in 1898 and is headquartered in Nokia, Finland.
Stock analysis
Nokian Renkaat Oyj (TYRES) currently trades at €14.23, while our model-based Fair Value estimate is €20.28, implying the stock looks roughly 30% undervalued today.
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Valuation
How firm this estimate is: it rests on 3 models at a data quality of 96/100, which puts the data coverage at medium.
Scenario range: €12.54 (bear) to €28.02 (bull), the price of €14.23 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 50/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Nokian Renkaat Oyj reported revenue of €1.4B in FY2025 versus €1.7B in FY2021, a compound −5.4%/yr. Reported net income was −€15.0M in FY2025.
Key figures
Market cap €2.0B Mid · P/E ratio 52.7 · P/S ratio 1.37 · EPS (TTM) €0.2700 · Dividend yield 1.8% · Net margin 2.6% · Return on equity 3.2% · Return on assets (EBIT) 1.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 79% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −23% fair-value upside, at 43%, TYRES screens cheaper than that median.
Fair Value models
Bear€12.54Fair Value €20.28Bull€28.02
Price €14.23 · Upside +42.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.0172 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EV/EBITDA€6.27€10.14€14.0166
EV/EBITn/an/a€0.490061
NCAV (Graham)€3.91€5.24€7.8254
All 3 models by family
Multiples
EV/EBITn/an/a€0.490061
EV/EBITDA€6.27€10.14€14.0166
Asset-Based
NCAV (Graham)€3.91€5.24€7.8254
The fair value above starts from this blend and is adjusted for a cyclical trough year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.27/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+6.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.9%
Start year 2020 (pandemic). Over 10 years: +0.1% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.1%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
9.1% (2020) → 2.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
News mood ⓘNews mood, the average tone of recent news (34 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
AI conclusion: Limited public signals point to a push into Eastern European logistics and premium products as the main strength, yet sustained net losses and negative free cash flow highlight the lack of a durable moat.
Main risk: Execution risks in the Eastern European market could prevent the new distribution infrastructure from delivering sustained volume gains and thereby pressure revenue development.
Nokian Tyres is developing a new distribution center in Ukraine with local partners to support anticipated growth following the performance of its Vianor chain there. The step underscores a push into logistics capacity in Eastern Europe alongside ongoing premium product launches. Our models currently see the stock as undervalued. Will this infrastructure build translate into sustained volume gains across regions, or will execution risks in the market limit the payoff?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Auto Parts · 655 stocks
Beats the industry median on 2/14 measures
Overall it trails its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+42.5% · Above median
Profitability
Return on equity (12 months)3.2% · Below median
Return on assets−0.7% · Bottom 25%
Net margin (12 months)2.6% · Below median
Operating margin (12 months)10.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)4.4% · Below median
Dividend yield (12 months)1.8% · Below median
Balance sheet
Debt / equity0.55× · Highest 25%
Valuation Multiplesvs Auto Parts median · lower = cheaper
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Is Nokian Renkaat Oyj (TYRES) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of €20.28 versus a price of €14.23, about +43% upside (undervalued).
What is the fair value of TYRES?
Our model-based fair value for Nokian Renkaat Oyj is €20.28 (as of Nov 5, 2026), built from audited fundamentals. The current price: €14.23.
What is the quality score of TYRES?
Nokian Renkaat Oyj has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nokian Renkaat Oyj (TYRES)?
Our model-based price target is the fair value of €20.28 (as of Nov 5, 2026) from 3 valuation models. Cautious scenario €12.54, optimistic scenario €28.02. It is a calculation from audited fundamentals, not an analyst target.
What is the Nokian Renkaat Oyj stock forecast for 2026?
Our models put fair value at €20.28, about +43% upside versus a price of €14.23 (undervalued). Cautious scenario €12.54, optimistic scenario €28.02. The calculation is refreshed regularly with new filings.
What is the revenue of Nokian Renkaat Oyj (TYRES)?
Nokian Renkaat Oyj reported trailing-twelve-month revenue of about €1.4B (latest available figure, as of Nov 5, 2026).
Does Nokian Renkaat Oyj pay a dividend?
Nokian Renkaat Oyj currently shows a dividend yield of 1.76% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Nokian Renkaat Oyj (TYRES) and when is the ex-dividend date?
Nokian Renkaat Oyj pays a dividend of €0.25 per share a year, a dividend yield of 1.8%. The last ex-dividend date was Mar 26, 2026. A dividend has been paid every year since at least 1996. The payout ratio is 92.6% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Nokian Renkaat Oyj (TYRES)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nokian Renkaat Oyj it is €20.28 per share (as of Nov 5, 2026), against a price of €14.23. It is the blended result of 3 valuation models in 2 families (Multiples, Asset-Based).
Is Nokian Renkaat Oyj stock overvalued or undervalued in 2026?
As of Nov 5, 2026, TYRES trades below its calculated fair value: price €14.23, fair value €20.28, a gap of about +43% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TYRES?
No. The price is what the market pays today (€14.23); the fair value is what the company's own numbers justify (€20.28). For Nokian Renkaat Oyj the two are €6.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nokian Renkaat Oyj worth?
The market values Nokian Renkaat Oyj at about €2.0B (market capitalisation, as of Nov 5, 2026). Per share that is €14.23; our models calculate a fair value of €20.28 per share.
What do the bullish and bearish scenarios say about TYRES?
Our models span a range for Nokian Renkaat Oyj: cautious scenario €12.54, base €20.28, optimistic €28.02 per share (as of Nov 5, 2026, price €14.23). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TYRES?
Nokian Renkaat Oyj trades at a price-to-earnings ratio of 52.7 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €20.28 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2016 to 2021), reported earnings: 20.7. Other multiples: PEG 1.7, P/B 1.7, P/S 1.4, EV/EBITDA 13.4.
What is the PEG ratio of TYRES?
The PEG ratio of Nokian Renkaat Oyj is 1.75 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Nokian Renkaat Oyj (TYRES)?
Balance-sheet figures for Nokian Renkaat Oyj (as of Nov 5, 2026): return on equity 3.2%, debt of 0.55 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is TYRES from its 52-week high?
Nokian Renkaat Oyj trades at €14.23, about 14% below its 52-week high of €16.60 and 79% above the low of €7.95 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €20.28 is for.
Which stocks are comparable to Nokian Renkaat Oyj?
From the same area (Consumer Cyclical) we also value O'Reilly Automotive, Inc, AutoZone, Inc, Hyundai Mobis Co, Fuyao Glass Industry Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nokian Renkaat Oyj stock attractive at the current price?
The data as of Nov 5, 2026: price €14.23, calculated fair value €20.28 (+43%), Quality Score 50/100, from 3 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TYRES calculated?
We run Nokian Renkaat Oyj through 3 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of €20.28 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Nokian Renkaat Oyj currently trades 30% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nokian Renkaat Oyj (TYRES)?
The closing price on Nov 6, 2026 was €14.23. Our model-based fair value is €20.28, about +43% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nokian Renkaat Oyj right now?
Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€12.54 to €28.02) leaves room in how you read the outcome.
Key figures of Nokian Renkaat Oyj
How large is the market capitalisation of Nokian Renkaat Oyj (TYRES)?
The market capitalisation of Nokian Renkaat Oyj is €2.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Nokian Renkaat Oyj (TYRES)?
The price-to-sales ratio of Nokian Renkaat Oyj is 1.37 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nokian Renkaat Oyj (TYRES)?
Earnings per share at Nokian Renkaat Oyj are €0.2700 (price ÷ EPS = P/E 52.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nokian Renkaat Oyj (TYRES)?
The dividend yield of Nokian Renkaat Oyj is 1.8% (payout 92.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Nokian Renkaat Oyj (TYRES)?
The net margin of Nokian Renkaat Oyj is 2.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nokian Renkaat Oyj (TYRES)?
The return on equity (ROE) of Nokian Renkaat Oyj is 3.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nokian Renkaat Oyj (TYRES)?
On an EBIT basis the return on assets of Nokian Renkaat Oyj is 1.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nokian Renkaat Oyj (TYRES)?
The operating margin of Nokian Renkaat Oyj is 10.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nokian Renkaat Oyj (TYRES)?
Revenue at Nokian Renkaat Oyj is growing +4.4% versus a year earlier (3y avg −8.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nokian Renkaat Oyj (TYRES)?
Earnings per share at Nokian Renkaat Oyj are growing +325% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Nokian Renkaat Oyj (TYRES) generate?
The free cash flow of Nokian Renkaat Oyj is −€13.3M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Nokian Renkaat Oyj (TYRES) carry?
The net debt of Nokian Renkaat Oyj is €738M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 5, 2026