Nokia Oyj (0HAF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Nokia Oyj €8.71, price €9.41, upside -7.4%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range €2.52 – €14.80 · fair‑value band €6.21 – €11.27 · the €9.41 price screens above the €8.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.
Nokia Oyj, together with its subsidiaries, provides mobile, fixed, and cloud network solutions in North and Latin America, Greater China, India, Asia Pacific, Europe, the Middle East, and Africa. It operates in four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies.
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Nokia Oyj, together with its subsidiaries, provides mobile, fixed, and cloud network solutions in North and Latin America, Greater China, India, Asia Pacific, Europe, the Middle East, and Africa. It operates in four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. The company offers fixed network solutions, such as fiber and copper technologies, access infrastructure, in-home Wi-Fi solutions, and cloud and virtualization services; IP network solutions, which delivers IP edge routing and data center networking solutions for residential, mobile, enterprise, and cloud applications; and optical networks solutions, which provides optical transport networks for metro, regional, and long-haul applications. It also provides mobile technology products and services for radio access networks and microwave radio links for transport networks; and network management solutions, as well as network planning, optimization, network deployment, and technical support services. In addition, the company offers cloud and network services, including open, secure, automated, and scalable software and solutions; and 5G core, secure autonomous networks, private wireless and industrial edge, and network APIs. Further, it licenses intellectual property, including patents, technologies, and the Nokia brand. The company serves its products and services to defense communications energy and resources, enterprise and industrial campus, private networks, public sector, and transportation industries. Nokia Oyj was founded in 1865 and is headquartered in Espoo, Finland.
Stock analysis
Nokia Oyj (0HAF) currently trades at €9.41, while our model-based Fair Value estimate is €8.71, so the stock looks roughly fairly valued today (gap 8.0%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €11.28 per share, and 9 of the 23 models we run sit above the €9.41 price.
Bear case: the Dividend Discount group reads lowest at €1.12, and 14 of the 23 models stay below the price. Evidence for this calculation is high.
Scenario range: €6.21 (bear) to €11.27 (bull), the price of €9.41 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 56/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Nokia Oyj reported revenue of €22.2B in FY2021 versus €23.1B in FY2017, a compound −1.0%/yr. Reported net income was €1.6B in FY2021.
Key figures
Market cap €28.4B · P/S ratio 1.42 · Net margin 7.3% · Return on equity 3.7% · Return on assets (EBIT) 1.7% · Operating margin 5.3% · Revenue (TTM) €20.0B · Revenue growth (YoY) +2.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 36% below its 52-week high and 131% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −44% fair-value upside, at −7%, 0HAF screens cheaper than that median.
Fair Value models
Bear €6.21Fair Value €8.71Bull €11.27
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+1.6%
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.
−0.5%
’17
’18
’19
’20
’21
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.
−1.2% (2017) → 9.7% (2021)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Nokia Oyj Fair Value". https://www.fairvalue-calculator.com/stock/0HAF
Frequently asked questions
Is Nokia Oyj (0HAF) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of €8.71 versus a price of €9.41, about −7% upside (fairly valued).
What is the fair value of 0HAF?
Our model-based fair value for Nokia Oyj is €8.71 (as of Sep 29, 2026), built from audited fundamentals. The current price: €9.41.
What is the quality score of 0HAF?
Nokia Oyj has a Quality Score of 56/100. 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 Nokia Oyj (0HAF)?
Our model-based price target is the fair value of €8.71 (as of Sep 29, 2026) from 23 valuation models. Cautious scenario €6.21, optimistic scenario €11.27. It is a calculation from audited fundamentals, not an analyst target.
What is the Nokia Oyj stock forecast for 2026?
Our models put fair value at €8.71, about −7% upside versus a price of €9.41 (fairly valued). Cautious scenario €6.21, optimistic scenario €11.27. The calculation is refreshed regularly with new filings.
What is the revenue of Nokia Oyj (0HAF)?
Nokia Oyj reported trailing-twelve-month revenue of about €20.0B (latest available figure, as of Sep 29, 2026).
What is the intrinsic value of Nokia Oyj (0HAF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nokia Oyj it is €8.71 per share (as of Sep 29, 2026), against a price of €9.41. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Nokia Oyj stock overvalued or undervalued in 2026?
As of Sep 29, 2026, 0HAF trades above its calculated fair value: price €9.41, fair value €8.71, a gap of about −7% (fairly valued). 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 0HAF?
No. The price is what the market pays today (€9.41); the fair value is what the company's own numbers justify (€8.71). For Nokia Oyj the two are €0.6990 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nokia Oyj worth?
The market values Nokia Oyj at about €28.4B (market capitalisation, as of Sep 29, 2026). Per share that is €9.41; our models calculate a fair value of €8.71 per share.
What do the bullish and bearish scenarios say about 0HAF?
Our models span a range for Nokia Oyj: cautious scenario €6.21, base €8.71, optimistic €11.27 per share (as of Sep 29, 2026, price €9.41). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0HAF from its 52-week high?
Nokia Oyj trades at €9.41, about 36% below its 52-week high of €14.80 and 131% above the low of €4.07 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €8.71 is for.
Which stocks are comparable to Nokia Oyj?
From the same area (Technology) we also value Cisco Systems, Inc, Foxconn Industrial Internet Co, Zhongji Innolight Co, Eoptolink Technology Inc, 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 Nokia Oyj stock attractive at the current price?
The data as of Sep 29, 2026: price €9.41, calculated fair value €8.71 (−7%), Quality Score 56/100, from 23 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 0HAF calculated?
We run Nokia Oyj through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €8.71, 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 14.5 % above its aggregate fair value. Nokia Oyj itself currently trades above fair value. 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 Nokia Oyj (0HAF)?
The closing price on Oct 2, 2026 was €9.41. Our model-based fair value is €8.71, about −7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nokia Oyj right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€6.21 to €11.27) leaves room in how you read the outcome.
Key figures of Nokia Oyj
How large is the market capitalisation of Nokia Oyj (0HAF)?
The market capitalisation of Nokia Oyj is €28.4B. 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 Nokia Oyj (0HAF)?
The price-to-sales ratio of Nokia Oyj is 1.42 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Nokia Oyj (0HAF)?
The net margin of Nokia Oyj is 7.3% (fiscal year 2021). 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 Nokia Oyj (0HAF)?
The return on equity (ROE) of Nokia Oyj is 3.7% (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 Nokia Oyj (0HAF)?
On an EBIT basis the return on assets of Nokia Oyj is 1.7% (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 Nokia Oyj (0HAF)?
The operating margin of Nokia Oyj is 5.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nokia Oyj (0HAF)?
Revenue at Nokia Oyj is growing +2.4% versus a year earlier (3y avg −0.5%). 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 Nokia Oyj (0HAF)?
Earnings per share at Nokia Oyj are growing −40.8% versus a year earlier. How much earnings per share grew versus a year earlier.
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