Nokia Oyj (WBO:NOKI) Debt-to-EBITDA : (As of Jun. 2026)

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WBO:NOKI Nokia Oyj WBO:NOKI
57 GF Score
Price €9.35
GF Value €4.54
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Nokia Oyj Debt-to-EBITDA?

Debt-to-EBITDA measures a company's ability to pay off its debt.

Nokia Oyj's Short-Term Debt & Capital Lease Obligation for the quarter that ended in Jun. 2026 was €676 Mil. Nokia Oyj's Long-Term Debt & Capital Lease Obligation for the quarter that ended in Jun. 2026 was €2,683 Mil. Nokia Oyj's annualized EBITDA for the quarter that ended in Jun. 2026 was €1,128 Mil. Nokia Oyj's annualized Debt-to-EBITDA for the quarter that ended in Jun. 2026 was 2.98.

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:

WBO:NOKI' 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.

WBO:NOKI's Debt-to-EBITDA is ranked better than
50.78% of 1804 companies
in the Hardware industry
Industry Median: 1.695 vs WBO:NOKI: 1.65

Nokia Oyj  (WBO:NOKI) Debt-to-EBITDA Explanation

In the calculation of Debt-to-EBITDA, we use the total of Short-Term Debt & Capital Lease Obligation and Long-Term Debt & Capital Lease Obligation divided by EBITDA. In some calculations, Total Liabilities is used to for calculation.

Be Aware

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.

Nokia Oyj Debt-to-EBITDA Chart

Nokia Oyj Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Debt-to-EBITDA
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Nokia Oyj Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
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WBO:NOKI vs CSCO, MSI, LITE: 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.


WBO:NOKI
57GF Score
Nokia Oyj WBO:NOKI
Debt-to-EBITDA is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nokia Oyj Debt-to-EBITDA Calculation

Debt-to-EBITDA measures a company's ability to pay off its debt.

Nokia Oyj's Debt-to-EBITDA for the fiscal year that ended in Dec. 2025 is calculated as

Debt-to-EBITDA=Total Debt / EBITDA
=(Short-Term Debt & Capital Lease Obligation + Long-Term Debt & Capital Lease Obligation) / EBITDA
=(1287 + 3126) / 2266
=1.95

Nokia Oyj's annualized Debt-to-EBITDA for the quarter that ended in Jun. 2026 is calculated as

Debt-to-EBITDA=Total Debt / EBITDA
=(Short-Term Debt & Capital Lease Obligation + Long-Term Debt & Capital Lease Obligation) / EBITDA
=(676 + 2683) / 1128
=2.98

* 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.

Is Nokia Oyj (WBO:NOKI) Overvalued in 2026?

Based on GuruFocus' analysis, Nokia Oyj stock appears to be overvalued. The current stock price of €9.35 is trading 105.9% above its estimated GF Value™ of €4.54. GuruFocus considers Nokia Oyj to be Significantly Overvalued.

Key valuation signals for WBO:NOKI:

  • Debt-to-EBITDA:
  • GF Value™: €4.54 vs. price of €9.35 (105.9% above fair value)
  • GF Score™: 57/100 with 4 warning signs

No single metric tells the full story. See the WBO:NOKI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Nokia Oyj Business Description

Address Karakaari 7, Espoo, FIN, 02610
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.
57GF Score

Get the complete analysis for WBO:NOKI

Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€9.35
Price
€4.54
GF Value