NOK EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
NOK's ev/ebitda is higher than 95% of the last 10 years.
EV/EBITDA History
NOK EV/EBITDA by year
Yearly range of NOK’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 5.0 to 34.0, averaging 12.0.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 12.8 | 21.6 | 34.0 | 24.5 |
| 2025 | 6.3 | 8.3 | 13.5 | 13.5 |
| 2024 | 5.3 | 6.3 | 7.9 | 6.3 |
| 2023 | 5.0 | 6.2 | 7.4 | 5.6 |
| 2022 | 7.0 | 8.3 | 9.5 | 7.7 |
| 2021 | 6.9 | 8.9 | 14.1 | 9.3 |
| 2020 | 6.2 | 9.0 | 11.9 | 8.3 |
| 2019 | 9.6 | 19.8 | 26.6 | 9.6 |
| 2018 | 12.1 | 20.3 | 28.8 | 19.0 |
| 2017 | 9.2 | 13.1 | 17.7 | 9.4 |
| 2016 | 14.1 | 16.9 | 20.8 | 16.9 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is NOK EV/EBITDA High or Low Right Now?
Nokia Oyj's EV/EBITDA is currently 24.5, which is near historic high relative to its 10-year historical range. The 10-year median EV/EBITDA for NOK is approximately 9.3. See all NOK valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.