Nokia (NOK) valuation
Nokia P/E ratio history
Nokia trades at 66.2 times its earnings over the last twelve months. At its last 5 fiscal year ends its P/E ranged from 5.9 (year to Dec 2022) to 50.0 (year to Dec 2025), with a median of 18.9.
| Fiscal year ended | Price | EPS | P/E |
|---|---|---|---|
| Dec 31, 2025 | $6.47 | $0.13 | 50.0 |
| Dec 31, 2024 | $4.43 | $0.32 | 13.7 |
| Dec 31, 2023 | $3.42 | $0.12 | 28.0 |
| Dec 31, 2022 | $4.64 | $0.79 | 5.9 |
| Dec 31, 2021 | $6.22 | $0.33 | 18.9 |
| Dec 31, 2020 | $3.91 | -$0.55 | n/m |
| Dec 31, 2019 | $3.71 | $0.00 | n/m |
| Dec 31, 2018 | $5.82 | -$0.07 | n/m |
| Dec 31, 2017 | $4.66 | -$0.31 | n/m |
| Dec 31, 2016 | $4.81 | -$0.14 | n/m |
n/m: not meaningful (a loss, or earnings close to zero). The daily P/E line is a chart indicator in the app.
Nokia valuation against its peers
| Company | Market value | P/E | Forward P/E | Price / sales |
|---|---|---|---|---|
| NokiaNOK | $48.0B | 66.2 | — | 2.1 |
| CienaCIEN | $45.4B | 71.6 | 30.0 | 7.5 |
| Astera LabsALAB | $44.3B | 128.1 | 49.6 | 36.9 |
| CoherentCOHR | $41.1B | 51.1 | 22.4 | 5.8 |
| LumentumLITE | $65.4B | — | 38.5 | 21.7 |
| Motorola SolutionsMSI | $81.6B | 38.7 | 26.4 | 6.7 |
| Credo TechnologyCRDO | $28.2B | 53.2 | 21.0 | 17.7 |
| F5FFIV | $19.1B | 27.0 | 18.6 | 5.8 |
| Arista NetworksANET | $213B | 53.4 | 36.2 | 20.2 |
| Peer median | 53.2 | 28.2 | 12.6 |
Reading these multiples
The P/E divides the share price by earnings per share over the last twelve months; the forward P/E divides it by the earnings analysts expect over the next twelve. Price to sales compares the company's market value with its revenue over the last twelve months. A multiple reads differently from one industry to the next, so the peer group above is the fairer comparison.
See also: NOK financials · NOK returns
No forecast, no recommendation. This page describes Nokia from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.