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Nokia OyjLTS:0HAF +0.98%59 Debt-to-EBITDA is 5.22 as of Jun. 2026, which is 142% above its 10-year median of 2.16. GuruFocus rates LTS:0HAF with a GF Score™ of 59/100 and a GF Value™ of €4.45 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,792 Hardware companies, Nokia Oyj ranks better than 51.17% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Nokia Oyj's Debt-to-EBITDA or its related term are showing as below:
LTS:0HAF'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 1.38 Med: 2.16 Max: 7.43
Current: 1.65
During the past 13 years, the highest Debt-to-EBITDA Ratio of Nokia Oyj was 7.43. The lowest was 1.38. And the median was 2.16.
LTS:0HAF's Debt-to-EBITDA is ranked better than 51.17% of 1792
companies
in the Hardware industry
Industry Median: 1.71
vs LTS:0HAF: 1.65
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Nokia Oyj Debt-to-EBITDA Related Terms
Nokia Oyj Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Nokia Oyj's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
LTS:0HAF vs CSCO, MSI, HPE: Debt-to-EBITDA Comparison
For the Communication Equipment subindustry, Nokia Oyj's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Nokia Oyj Debt-to-EBITDA vs Hardware Industry
For the Hardware industry and Technology sector, Nokia Oyj's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Nokia Oyj's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Jun. 2026) EBITDA data.
Nokia Oyj (LTS:0HAF) has a Debt-to-EBITDA of 5.22 as of Jun. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Nokia Oyj. This is 142% above median its historical median of 2.16. Over the past decade, Nokia Oyj's Debt-to-EBITDA has ranged from 1.38 to 7.43. According to the industry distribution chart, Nokia Oyj ranks #875 out of 1792 companies in the Hardware industry, placing it in the top 48.8%.
Is Nokia Oyj's Debt-to-EBITDA too high?
Nokia Oyj's current Debt-to-EBITDA of 5.22 is 142% above median its 10-year median of 2.16. Over the past 10 years, this metric has ranged from a low of 1.38 to a high of 7.43. The Hardware industry median Debt-to-EBITDA is 1.71. Nokia Oyj's value of 5.22 is 205.3% above this industry median. Based on the distribution chart, Nokia Oyj ranks #875 out of 1792 companies in the Hardware industry, which is above the industry midpoint. Overall, Nokia Oyj has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nokia Oyj's Debt-to-EBITDA compare to CSCO and MSI?
According to the Hardware industry distribution chart, Nokia Oyj ranks #875 out of 1792 companies for Debt-to-EBITDA. This puts Nokia Oyj in the upper half of its industry. The industry median Debt-to-EBITDA is 1.71. Nokia Oyj's value of 5.22 is 205.3% above this benchmark. Historically, Nokia Oyj's own Debt-to-EBITDA has ranged from 1.38 to 7.43 over the past decade. While the company's 10-year median is 2.16 vs. the industry median of 1.71, Nokia Oyj has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Hardware company?
The median Debt-to-EBITDA among Hardware companies is 1.71, based on 1,792 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Nokia Oyj's current Debt-to-EBITDA of 5.22 is 205.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Nokia Oyj. For the Hardware industry, the median Debt-to-EBITDA is 1.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nokia Oyj's current Debt-to-EBITDA is 5.22, which is 142% above median its own 10-year median of 2.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nokia Oyj stock overvalued right now?
Based on GuruFocus' analysis, Nokia Oyj (LTS:0HAF) is currently considered Significantly Overvalued. The stock's GF Value™ is €4.45, compared to a current price of €8.03 — trading 80.4% above its estimated fair value. The current Debt-to-EBITDA is 5.22, which is 142% above median its 10-year median of 2.16 and 205.3% above the Hardware industry median of 1.71. Nokia Oyj's overall GF Score™ is 59/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Nokia Oyj (LTS:0HAF), the current Debt-to-EBITDA is 5.22 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Nokia Oyj (LTS:0HAF) Overvalued in 2026?
Based on GuruFocus' analysis, Nokia Oyj stock appears to be overvalued.
The current stock price of €8.03 is trading 80.4% above its estimated GF Value™ of €4.45.
GuruFocus considers Nokia Oyj to be Significantly Overvalued.
Key valuation signals for LTS:0HAF:
Debt-to-EBITDA: 5.22 (142% above median its 10-year median of 2.16)
GF Value™: €4.45 vs. price of €8.03 (80.4% above fair value)
Industry Position: 205.3% above the Hardware median (#875 of 1792)
No single metric tells the full story. See the LTS:0HAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nokia is a networking equipment vendor focused primarily on supporting wireless networks and, to a growing extent, Internet Protocol and optical systems. The firm operates three segments. The mobile infrastructure segment sells equipment and software used to operate the core of carrier and enterprise wireless networks. Network infrastructure comprises IP, optical, and fixed-network equipment, including switching and routing equipment, optical components, and devices used in fiber-to-the-premises networks. The portfolio business comprises businesses considered noncore to Nokia in the future, including fixed wireless access customer premises equipment, enterprise campus edge, and microwave radio.
59GF Score
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