Are Nokia Stocks Still a Good Deal Following This Month's 41% Increase and 5G Expansion Updates?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 02 2025
0mins
Should l Buy NOK?
Source: Yahoo Finance
Nokia's Stock Performance: Nokia Oyj has seen significant stock gains, with a 9.9% increase in a week and 41.4% over the past month, driven by optimism surrounding its expansion into 5G networks and strategic partnerships.
Valuation Analysis: Despite the positive market sentiment, Nokia scores only 2 out of 6 on valuation checks, indicating it may be overvalued by approximately 193.8% based on Discounted Cash Flow (DCF) analysis, which estimates an intrinsic value of €2.00 per share.
Price-to-Earnings Ratio: Nokia's current Price-to-Earnings (PE) ratio is 37.48x, slightly above the industry average, suggesting it is trading just above a level justified by its fundamentals, with a Fair Ratio of 34.93x.
Investment Narratives: Investors are encouraged to develop their own "Narratives" about Nokia's future, which can influence their investment decisions, with varying outlooks on fair value ranging from €3.00 to €5.75 based on different assumptions about the company's growth and risks.
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Analyst Views on NOK
Wall Street analysts forecast NOK stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NOK is 7.36 USD with a low forecast of 6.50 USD and a high forecast of 8.50 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
7 Analyst Rating
5 Buy
2 Hold
0 Sell
Moderate Buy
Current: 6.860
Low
6.50
Averages
7.36
High
8.50
Current: 6.860
Low
6.50
Averages
7.36
High
8.50
About NOK
Nokia Oyj is a Finland-based company engaged in the network and Internet protocol (IP) infrastructure, software, and related services market. The Company's businesses include Nokia Networks and Nokia Technologies. The Company's segments include Ultra Broadband Networks, IP Networks and Applications, and Nokia Technologies. The Ultra Broadband Networks segment comprises Mobile Networks and Fixed Networks operating segments. The IP Networks and Applications segment comprises IP/Optical Networks and Applications & Analytics operating segments. The Applications & Analytics operating segment offers software solutions spanning customer experience management, network operations and management, communications and collaboration, policy and charging, as well as Cloud, Internet of things (IoT), security, and analytics platforms that enable digital services providers and enterprises to accelerate and optimize their customer experience. The Company has Comptel Oyj among its subsidiaries.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Negative Market Reaction: Despite strong results, Nokia's stock fell 8%, primarily driven by broader market concerns regarding AI stocks, highlighting investor uncertainty about future growth prospects.
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- Network Infrastructure Performance: Nokia's Network Infrastructure reported net sales of EUR 7.6 billion for 2025, a 20.6% increase from EUR 6.3 billion in 2024, although operating profit rose slightly to EUR 770 million, with the operating margin declining from 11.4% to 10.1%, indicating pressure on profitability.
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- Portfolio Businesses Growth: Portfolio Businesses generated net sales of EUR 845 million in 2025, up 17.7% from EUR 717 million in 2024, yet the operating loss widened to EUR 90 million, indicating ongoing challenges in this segment.
- Overall Financial Stability: Despite the restructuring of Nokia's financial reporting, the company stated that overall group results remain unchanged, aiming to provide comparability ahead of the new segment reporting framework set to begin in 2026, ensuring transparency for investors regarding future performance.
See More
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- Sales Growth: Nokia reported net sales of EUR 6.1 billion in Q4 2025, a 3% increase year-over-year, indicating sustained growth potential in network infrastructure and AI/cloud sectors, particularly with optical networks growing by 17%, laying a solid foundation for future performance.
- Profitability Improvement: The operating profit reached EUR 1 billion with a gross margin of 48.1%, up 90 basis points from the previous year, reflecting enhancements in mobile networks and cloud services, thereby strengthening the company's profitability in a competitive market.
- Strategic Acquisition: Nokia's acquisition of Infinera and the integration of core software with radio networks aim to enhance its market position in 5G and AI through a new business model and partnerships with NVIDIA, driving future growth.
- Future Outlook: The company targets an operating profit of EUR 2 billion to EUR 2.5 billion in 2026, aiming for a 6% to 8% compound annual growth rate in network infrastructure, demonstrating confidence in long-term growth and strategic planning.
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