Nokia Oyj (BUE:NOK) Beneish M-Score: -2.60 (As of Jun. 27, 2026)


BUE:NOK Nokia Oyj BUE:NOK
44 GF Score
Price ARS19,970.00
GF Value ARS7,486.56
Valuation Significantly Overvalued
! 4 Warning Signs
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What is Nokia Oyj Beneish M-Score?

Nokia Oyj BUE:NOK -7.12% 44 Beneish M-Score is -2.60 as of Jun. 27, 2026. GuruFocus rates BUE:NOK with a GF Score™ of 44/100 and a GF Value™ of ARS7,486.56 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 2,404 Hardware companies, Nokia Oyj ranks better than 60.86% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Nokia Oyj's Beneish M-Score or its related term are showing as below:

BUE:NOK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33   Med: -2.58   Max: -0.87
Current: -2.6

During the past 13 years, the highest Beneish M-Score of Nokia Oyj was -0.87. The lowest was -3.33. And the median was -2.58.

Nokia Oyj Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nokia Oyj's Beneish M-Score 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 Beneish M-Score Chart

Nokia Oyj Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.61 -2.08 -2.78 -2.47 -2.60

Nokia Oyj Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.33 -2.22 0.00 -2.60 -2.60

BUE:NOK vs CSCO, CIEN, MSI: Beneish M-Score Comparison

For the Communication Equipment subindustry, Nokia Oyj's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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 Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Nokia Oyj's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nokia Oyj's Beneish M-Score falls into.


BUE:NOK
44GF Score
Nokia Oyj BUE:NOK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nokia Oyj Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Nokia Oyj for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.8968+0.528 * 1.0007+0.404 * 1.0117+0.892 * 1.56+0.115 * 0.9716
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9894+4.679 * -0.033885-0.327 * 0.8913
=-2.19

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ARS10,523,209 Mil.
Revenue was 7269258.141 + 10410268.69 + 7695403.89 + 6225100.253 = ARS31,600,031 Mil.
Gross Profit was 3213539.067 + 4680796.73 + 3363152.901 + 2699004.091 = ARS13,956,493 Mil.
Total Current Assets was ARS24,269,656 Mil.
Total Assets was ARS60,271,639 Mil.
Property, Plant and Equipment(Net PPE) was ARS4,037,938 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS1,666,664 Mil.
Selling, General, & Admin. Expense(SGA) was ARS4,749,778 Mil.
Total Current Liabilities was ARS15,489,000 Mil.
Long-Term Debt & Capital Lease Obligation was ARS4,994,887 Mil.
Net Income was 139016.278 + 921202.552 + 124325.084 + 123242.196 = ARS1,307,786 Mil.
Non Operating Income was 0 + 190359.199 + 7969.557 + 10954.862 = ARS209,284 Mil.
Cash Flow from Operations was 1265694.713 + 637363.389 + 951565.063 + 286195.766 = ARS3,140,819 Mil.
 Total Receivables was ARS7,522,187 Mil.
Revenue was 5059353.918 + 6328628.272 + 4563665.927 + 4304954.79 = ARS20,256,603 Mil.
Gross Profit was 2102109.692 + 2920010.471 + 2064515.538 + 1866187.298 = ARS8,952,823 Mil.
Total Current Assets was ARS18,817,570 Mil.
Total Assets was ARS45,247,220 Mil.
Property, Plant and Equipment(Net PPE) was ARS2,711,768 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS1,074,884 Mil.
Selling, General, & Admin. Expense(SGA) was ARS3,077,404 Mil.
Total Current Liabilities was ARS13,825,059 Mil.
Long-Term Debt & Capital Lease Obligation was ARS3,428,605 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(10523208.917 / 31600030.974) / (7522187.477 / 20256602.907)
=0.333013 / 0.371345
=0.8968

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(8952822.999 / 20256602.907) / (13956492.789 / 31600030.974)
=0.441971 / 0.441661
=1.0007

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (24269655.71 + 4037937.922) / 60271638.658) / (1 - (18817569.653 + 2711767.601) / 45247219.631)
=0.530333 / 0.524184
=1.0117

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=31600030.974 / 20256602.907
=1.56

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1074883.862 / (1074883.862 + 2711767.601)) / (1666664.018 / (1666664.018 + 4037937.922))
=0.283861 / 0.292161
=0.9716

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(4749777.911 / 31600030.974) / (3077404.293 / 20256602.907)
=0.150309 / 0.151921
=0.9894

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((4994887.182 + 15488999.668) / 60271638.658) / ((3428605.446 + 13825059.135) / 45247219.631)
=0.339859 / 0.38132
=0.8913

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(1307786.11 - 209283.618 - 3140818.931) / 60271638.658
=-0.033885

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Nokia Oyj has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.60 mean?
Nokia Oyj (BUE:NOK) has a Beneish M-Score of -2.60 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nokia Oyj and its competitors. According to the industry distribution chart, Nokia Oyj ranks #941 out of 2404 companies in the Hardware industry, placing it in the top 39.1%.
Is Nokia Oyj's Beneish M-Score too high?
Nokia Oyj's current Beneish M-Score is -2.60. Based on the distribution chart, Nokia Oyj ranks #941 out of 2404 companies in the Hardware industry, which is above the industry midpoint. Overall, Nokia Oyj has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nokia Oyj's Beneish M-Score compare to CSCO and CIEN?
According to the Hardware industry distribution chart, Nokia Oyj ranks #941 out of 2404 companies for Beneish M-Score. This puts Nokia Oyj in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Hardware company?
A good Beneish M-Score depends on the Hardware industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nokia Oyj and its competitors. Nokia Oyj's current Beneish M-Score is -2.60. 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 (BUE:NOK) is currently considered Significantly Overvalued. The stock's GF Value™ is ARS7,486.56, compared to a current price of ARS19,970.00 — trading 166.7% above its estimated fair value. The current Beneish M-Score is -2.60. Nokia Oyj's overall GF Score™ is 44/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Nokia Oyj (BUE:NOK), the current Beneish M-Score is -2.60 as of Jun. 27, 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 (BUE:NOK) Overvalued in 2026?

Based on GuruFocus' analysis, Nokia Oyj stock appears to be overvalued. The current stock price of ARS19,970.00 is trading 166.7% above its estimated GF Value™ of ARS7,486.56. GuruFocus considers Nokia Oyj to be Significantly Overvalued.

Key valuation signals for BUE:NOK:

  • Beneish M-Score: -2.60
  • GF Value™: ARS7,486.56 vs. price of ARS19,970.00 (166.7% above fair value)
  • GF Score™: 44/100 with 4 warning signs

No single metric tells the full story. See the BUE:NOK 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.
44GF Score

Get the complete analysis for BUE:NOK

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

ARS19,970.00
Price
ARS7,486.56
GF Value