Nokia OyjNOK +5.31%58 EV-to-FCF is 42.03 as of Jul. 09, 2026, which is 263% above its 10-year median of 11.59. GuruFocus rates NOK with a GF Score™ of 58/100 and a GF Value™ of $5.01 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,328 Hardware companies, Nokia Oyj ranks worse than 64.53% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Nokia Oyj's Enterprise Value is $67,163 Mil.
Nokia Oyj's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 was $1,598 Mil. Therefore, Nokia Oyj's EV-to-FCF for today is 42.03.
The historical rank and industry rank for Nokia Oyj's EV-to-FCF or its related term are showing as below:
NOK'
s EV-to-FCF Range Over the Past 10 Years
Min: -108.38 Med: 11.59 Max: 509.5
Current: 42.03
During the past 13 years, the highest EV-to-FCF of Nokia Oyj was 509.50. The lowest was -108.38. And the median was 11.59.
NOK's EV-to-FCF is ranked worse than 64.53% of 1328
companies
in the Hardware industry
Industry Median: 23.555
vs NOK: 42.03
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Nokia Oyj's share price for today is $12.585.
Nokia Oyj's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $0.175.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Nokia Oyj EV-to-FCF Related Terms
Nokia Oyj EV-to-FCF Historical Data
* Premium members only.
The historical data trend for Nokia Oyj's EV-to-FCF 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.
For the Communication Equipment subindustry, Nokia Oyj's EV-to-FCF, along with its competitors' market caps and EV-to-FCF 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 EV-to-FCF vs Hardware Industry
For the Hardware industry and Technology sector, Nokia Oyj's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Nokia Oyj's EV-to-FCF falls into.
Nokia Oyj's current Enterprise Value is $67,163 Mil.
Nokia Oyj's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $1,598 Mil.
* 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 (NOK) has a EV-to-FCF of 42.03 as of Jul. 09, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Nokia Oyj and its competitors. This is 263% above median its historical median of 11.59. According to the industry distribution chart, Nokia Oyj ranks #857 out of 1328 companies in the Hardware industry, placing it in the top 64.5%.
Is Nokia Oyj's EV-to-FCF too high?
Nokia Oyj's current EV-to-FCF of 42.03 is 263% above median its 10-year median of 11.59. The Hardware industry median EV-to-FCF is 23.56. Nokia Oyj's value of 42.03 is 78.4% above this industry median. Based on the distribution chart, Nokia Oyj ranks #857 out of 1328 companies in the Hardware industry, which is below the industry midpoint. Overall, Nokia Oyj has a GF Score™ of 58/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nokia Oyj's EV-to-FCF compare to CSCO and CIEN?
According to the Hardware industry distribution chart, Nokia Oyj ranks #857 out of 1328 companies for EV-to-FCF. This places Nokia Oyj in the lower half of its industry. The industry median EV-to-FCF is 23.56. Nokia Oyj's value of 42.03 is 78.4% above this benchmark. While the company's 10-year median is 11.59 vs. the industry median of 23.56, 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 EV-to-FCF for a Hardware company?
The median EV-to-FCF among Hardware companies is 23.56, based on 1,328 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Nokia Oyj's current EV-to-FCF of 42.03 is 78.4% 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 EV-to-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Nokia Oyj and its competitors. For the Hardware industry, the median EV-to-FCF is 23.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nokia Oyj's current EV-to-FCF is 42.03, which is 263% above median its own 10-year median of 11.59. 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 (NOK) is currently considered Significantly Overvalued. The stock's GF Value™ is $5.01, compared to a current price of $12.59 — trading 151.2% above its estimated fair value. The current EV-to-FCF is 42.03, which is 263% above median its 10-year median of 11.59 and 78.4% above the Hardware industry median of 23.56. Nokia Oyj's overall GF Score™ is 58/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Nokia Oyj (NOK), the current EV-to-FCF is 42.03 as of Jul. 09, 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 (NOK) Overvalued in 2026?
Based on GuruFocus' analysis, Nokia Oyj stock appears to be overvalued.
The current stock price of $12.59 is trading 151.2% above its estimated GF Value™ of $5.01.
GuruFocus considers Nokia Oyj to be Significantly Overvalued.
Key valuation signals for NOK:
EV-to-FCF: 42.03 (263% above median its 10-year median of 11.59)
GF Value™: $5.01 vs. price of $12.59 (151.2% above fair value)
Industry Position: 78.4% above the Hardware median (#857 of 1328)
No single metric tells the full story. See the NOK 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.
58GF Score
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