Nokia Corporation
In the published model solve dated 2026-Q2, anchored at $10.66, Nokia Corporation (NOK) is priced for today's economics sustained for ~10.1 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed August 7, 2026 from SEC EDGAR filings.
• Telecom carriers still buy 77% of what Nokia sells, with the newer AI and cloud, enterprise and defence customers at 16% and patent licensees at 8%, so the growth story and the revenue base are not yet the same thing. • The year to December 2025 was the low point: operating profit fell to EUR 885 million from EUR 1 970 million, gross margin slipped to 43.5% from 46.1%, research spending rose 8% to EUR 4 855 million, and the prior year's one-off disposal gains did not repeat. • Watch the AI a
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607 institutional managers reported holding NOK in 13F filings for the quarter ended 2026-03-31. Together they hold about 20% of the company; the top 10 hold 13%. 127 opened new positions that quarter. Held by FMR (Fidelity), Artisan Partners, Pzena Investment Management, among others. On the short side, 63.9M shares were sold short as of the 2026-06-15 count, about 1% of shares outstanding (1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
NOK has cut its share count 3.8% over the past five years. It pays a dividend, and has paid one every year in our records (11 and counting), raised 4 years straight. Cash returned over the past three years: $2.29B in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: August 7, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.