Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Nokia Oyj's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 170.59%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Nokia Oyj's 3-Year ROIIC % or its related term are showing as below:
LTS:0HAF's 3-Year ROIIC % is ranked better than 94.27% of 2375
companies
in the Hardware industry
Industry Median: 2.34
vs LTS:0HAF: 170.59
Nokia Oyj (LTS:0HAF) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Nokia Oyj 3-Year ROIIC % Related Terms
Nokia Oyj 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Nokia Oyj's 3-Year ROIIC % 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, CIEN, MSI: 3-Year ROIIC % Comparison
For the Communication Equipment subindustry, Nokia Oyj's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Hardware Industry
For the Hardware industry and Technology sector, Nokia Oyj's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Nokia Oyj's 3-Year ROIIC % falls into.
Nokia Oyj's 3-Year ROIIC % for the quarter that ended in Dec. 2025 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( 545.2886 (Dec. 2025) - 2444 (Dec. 2022) )
/
( 26421 (Dec. 2025) - 27534 (Dec. 2022) )
=
-1898.7114
/
-1113
=
170.59%***
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Nokia Oyj (LTS:0HAF) has a 3-Year ROIIC % of 170.59 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Nokia Oyj and its competitors. According to the industry distribution chart, Nokia Oyj ranks #136 out of 2375 companies in the Hardware industry, placing it in the top 5.7%.
Is Nokia Oyj's 3-Year ROIIC % too high?
Nokia Oyj's current 3-Year ROIIC % is 170.59. The Hardware industry median 3-Year ROIIC % is 2.34. Nokia Oyj's value of 170.59 is 7190.2% above this industry median. Based on the distribution chart, Nokia Oyj ranks #136 out of 2375 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. 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 3-Year ROIIC % compare to CSCO and CIEN?
According to the Hardware industry distribution chart, Nokia Oyj ranks #136 out of 2375 companies for 3-Year ROIIC %. This places Nokia Oyj in the top 6% of its industry — outperforming the majority of peers. The industry median 3-Year ROIIC % is 2.34. Nokia Oyj's value of 170.59 is 7190.2% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for a Hardware company?
The median 3-Year ROIIC % among Hardware companies is 2.34, based on 2,375 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Nokia Oyj's current 3-Year ROIIC % of 170.59 is 7190.2% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Nokia Oyj and its competitors. For the Hardware industry, the median 3-Year ROIIC % is 2.34 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nokia Oyj's current 3-Year ROIIC % is 170.59. 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 (LTS:0HAF) is currently considered Significantly Overvalued. The stock's GF Value™ is €4.30, compared to a current price of €9.82 — trading 128.4% above its estimated fair value. The current 3-Year ROIIC % is 170.59 and 7190.2% above the Hardware industry median of 2.34. 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 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Nokia Oyj (LTS:0HAF), the current 3-Year ROIIC % is 170.59 as of Dec. 2025. 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 €9.82 is trading 128.4% above its estimated GF Value™ of €4.30.
GuruFocus considers Nokia Oyj to be Significantly Overvalued.
Key valuation signals for LTS:0HAF:
3-Year ROIIC %: 170.59
GF Value™: €4.30 vs. price of €9.82 (128.4% above fair value)
Industry Position: 7190.2% above the Hardware median (#136 of 2375)
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
Get the complete analysis for LTS:0HAF
3-Year ROIIC % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
LTS:0HAF has been successfully added to your 
