Nokia Oyj

NYSE:NOK Stock Report

Market Cap: US$77.5b

Nokia Oyj Management

Management criteria checks 3/4

Nokia Oyj's CEO is Justin Hotard, appointed in Apr 2025, has a tenure of 1.17 years. total yearly compensation is €6.35M, comprised of 16.7% salary and 83.3% bonuses, including company stock and options. directly owns 0.013% of the company’s shares, worth $9.85M. The average tenure of the management team and the board of directors is 2.7 years and 3.2 years respectively.

Key information

Justin Hotard

Chief executive officer

€6.3m

Total compensation

CEO salary percentage16.67%
CEO tenure1.2yrs
CEO ownership0.01%
Management average tenure2.7yrs
Board average tenure3.2yrs

Recent management updates

Recent updates

Seeking Alpha • May 19

Nokia: A Bet On The AI Optics Bottleneck

Summary In my view, Infinera gives Nokia exposure to AI datacenter optics and indium phosphide photonic integrated circuits, one of the main bottlenecks in the buildout. Q1 showed early traction. AI & Cloud sales grew 49% year over year, with €1 billion in orders. That said, I see the growth story as early, since AI & Cloud was only 8% of Q1 sales. Also, valuation seems stretched at roughly 28x implied EV/comparable FY26 operating profit. There is a lot to not like about Nokia. However, the exposure to optics through Infinera gives the company a real foothold in one of the most important bottlenecks in the AI data center buildout. Read the full article on Seeking Alpha
Seeking Alpha • Mar 31

Formula 6G: Nokia In Pole Position With Strong Margins And Global Reach

Summary NOK is significantly undervalued with a short-term price target of $6.85 per share and long-term price target of $14.52 per share. Despite NOK's strong margins, regional diversification, and dominant 6G positioning, NOK appears undervalued with strong growth prospects. Aggressive cost-cutting measures and strategic regional diversification enhance NOK's profitability and resilience against geopolitical tensions. NOK's leadership in 6G R&D and robust IP portfolio position it to capture significant 6G market share, driving long-term value creation. Read the full article on Seeking Alpha
Seeking Alpha • Mar 13

Nokia Better Positioned Than Ericsson To Face Uncertainty

Summary Ericsson's stock dropped around 15% in late January due to NEC Corp.'s potential acquisition of CSG Systems, possibly because investors see it as a challenge to Ericsson's telecom cloud ambitions. Thus, despite the Swedish company's leading position in mobile networks compared to Nokia, I do not consider it a buy. The Finnish company appears better positioned to face uncertainty as the telecom software industry consolidates and reciprocity tariffs potentially hit U.S. imports in April. Nokia's stronger profitability suggests more pricing flexibility to respond to increased competition while its revenue streams are more diversified. Thus, Nokia is a buy and Ericsson is a Hold. Read the full article on Seeking Alpha
Seeking Alpha • Jan 31

Why I'm Maintaining My Hold Rating Despite Its Strong Q4 Results

Summary Nokia's Q4 2024 earnings and revenues both beat estimates, leading to potential positive EPS revisions and a possible rating upgrade from C-. Operating margin hit 19.1%, the highest since 2015, driven by strong North American demand and a favorable product mix in network infrastructure. Nokia's strong cash generation suggests higher returns through dividends and buybacks. Despite headwinds, Nokia's strategic acquisition of Infinera and focus on hyperscalers and data centers bolster its growth outlook, maintaining a "hold" rating. Read the full article on Seeking Alpha
Seeking Alpha • Jan 24

Nokia: Potentially Underestimated In 2025

Summary Nokia's stock might be undervalued with potential for growth due to new deals and partnerships in AI and 5G, making it a cautious Buy for 2025. Despite stagnant revenue and recent declines, Nokia's improving gross margins and strong cash flows suggest a financial turnaround is possible. The stock's extremely low valuation compared to sector medians presents a favorable risk-reward profile, with potential for significant price appreciation. Investors should watch for revenue growth in Network Infrastructure and Mobile Networks and continued margin improvements in upcoming earnings reports. Read the full article on Seeking Alpha
Seeking Alpha • Nov 20

Nokia: My Take On A Potential Upside For The Company

Summary Nokia has a strong asset and patent portfolio, but its competitive edge is limited, especially against rivals like Ericsson. Despite recent improvements, Nokia's sales have been declining, and its future growth prospects are uncertain. NOK stock's valuation is not compelling, with a target price of €3.2/share, making it a "Hold" due to numerous risks. Nokia's 3% yield and fundamentals are decent, but the competitive landscape and R&D demands pose significant challenges. Read the full article on Seeking Alpha

CEO Compensation Analysis

How has Justin Hotard's remuneration changed compared to Nokia Oyj's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

€774m

Dec 31 2025€6m€1m

€629m

Compensation vs Market: Justin's total compensation ($USD7.33M) is below average for companies of similar size in the US market ($USD14.81M).

Compensation vs Earnings: Insufficient data to compare Justin's compensation with company performance.

CEO

Justin Hotard (52 yo)

1.2yrs
Tenure
€6,346,592
Compensation

Mr. Justin Hotard is President & CEO of Nokia Oyj from April 1, 2025 and serves as Interim President of Mobile Infrastructure of Nokia Oyj. Mr. Hotard served as Executive Vice President, Executive Member &...

Leadership Team

NamePositionTenureCompensationOwnership
Justin Hotard
President1.2yrs€6.35m0.013%
$ 9.9m
Marco Wiren
Chief Financial Officer5.8yrsno data0.0066%
$ 5.1m
Stephan Prosi
Vice President of Corporate Controlling & Accountingno datano datano data
Pallavi Mahajan
Chief Technology & AI Officerless than a yearno datano data
Esa Niinimaki
Chief Legal & Admin. Officer3.7yrsno data0.0014%
$ 1.1m
David Mulholland
Head of Investor Relations5.1yrsno datano data
Louise Fisk
Chief Communications & Marketing Officer1.7yrsno data0.00095%
$ 736.3k
Konstanty Owczarek
Chief Corporate Development Officerless than a yearno datano data
Kristen Pressner
Chief People Officerless than a yearno datano data
Lise Karstensen
Head of Nordic&Baltic12.2yrsno datano data
Amr El-Leithy
Head of Middle East & Africa10.2yrsno datano data
Mikhail Rayskiy
Head of The Customer Business Teamno datano datano data
2.7yrs
Average Tenure
50yo
Average Age

Experienced Management: NOK's management team is considered experienced (2.7 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Elizabeth Crain
Independent Director3.2yrs€232.00k0.0014%
$ 1.1m
Lisa Hook
Independent Director4.2yrs€222.00k0.0016%
$ 1.2m
Timo Mika Ahopelto
Independent Director3.2yrs€220.00k0.0013%
$ 984.3k
Timo Ihamuotila
Chairman of the Board1.2yrs€229.00k0.0034%
$ 2.6m
Pernille Erenbjerg
Director1.2yrs€200.00k0.00047%
$ 364.3k
Kai Oistamo
Independent Director4.2yrs€225.00k0.0016%
$ 1.2m
Michael McNamara
Independent Director2.2yrs€224.00k0.0014%
$ 1.0m
Thomas Dannenfeldt
Independent Director6.1yrs€259.00k0.0026%
$ 2.0m
Thomas Saueressig
Vice Chair4.2yrs€209.00k0.0015%
$ 1.2m
Meredith Whittaker
Independent Directorless than a yearno datano data
3.2yrs
Average Tenure
60yo
Average Age

Experienced Board: NOK's board of directors are considered experienced (3.2 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/09 10:04
End of Day Share Price 2026/06/09 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Nokia Oyj is covered by 60 analysts. 23 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Richard KramerArete Research Services LLP
James KelleherArgus Research Company