Rankings Autos & parts Nokian Tyres
Nokian Tyres
54
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history−8
- Margin−6
- Peers−6
Strengths
- Earnings improvement and pricing power+2
- Investment peak passed+1
How the score is built
From 100 to 54, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 13.54 EUR
- Median analyst target
- 14.30 EUR
- Upside to median
- +5.6%
- Analysts
- 9
- Target range
- 10.00 – 15.50 EUR
- 52-week change
- +52%
- P/E (trailing)
- 50.7
- Forward P/E
- 17.0
- PEG
- 0.29
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−15 of −30
- −6MarginOperating margin is 5.2% TTM vs 16.6% in 2021 and gross margin 23.6% vs 32.3%; even the 2026 target (segment margin 8–10%) is far below the level before the Russia exit. Smaller and weaker, not stronger.
- −4ROICROIC 3.0% TTM vs 15.0% in 2021 and 0.1–1.9% in 2023–2025 – clearly below the cost of capital for five years in a row.
- −3Capital allocationNew factories in Oradea (Romania) and the US cost investments of EUR 762m in 2023-2025, and FCF was a combined about -EUR 456m over the three years; the return on the investment is still missing, and the dividend has been cut from EUR 0.55 to 0.25.
- −2Quality of growthRevenue of EUR 1.42bn TTM is still 17% below 2021 (1.71bn); the Vianor store chain (EUR 369m) has a negative margin (-7.0% in H1) due to cost inflation.
Price
Today's multiples against the company's own history and its peers. · 3 findings−17 of −35
- −8Multiples vs own historyForward P/E 22.5 vs 11.5–20.1 in 2022–2025 and P/B 1.80 vs 0.80–1.12 – both above the entire recent range after a share price rise of 84% in a year. Trailing P/E 106 and earnings yield 0.95%.
- −6PeersForward P/E 22.5 is roughly double Michelin (about 11) and Pirelli (about 12), which have two to three times the margin and ROIC.
- −3Absolute price levelEV/EBITDA 13.2 and EV/FCF 34 for a tire producer with a 5% operating margin; FCF yield 4.1% and dividend yield 1.7%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−12 of −35
- −5Debt and balance sheetInterest-bearing net debt EUR 815m (from +99m net cash in 2021), net debt/EBITDA 4.8 and Altman Z 1.97; operating cash flow was EUR −73.6m in H1 due to receivables.
- −3Execution against guidanceH1 segment margin was 6.2%; to reach 8–10% for the year, H2 must deliver about 10–12% in a market where tyre demand is expected to be flat. Oradea must double production to over 2m tyres in 2026.
- −2Analyst scepticism and downgradesIn July Nordea and Inderes downgraded to sell and SEB to hold; consensus is 'Sell' with 3 'strong sell' among 9 analysts, because the price already discounts the turnaround.
- −2Tariffs and geopoliticsThe company itself cites geopolitics, the Middle East conflict and tariffs/trade policy as risks; North America is partly supplied from Europe, and the US Dayton factory covers only part.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Earnings improvement and pricing powerQ2 revenue +10.6% and operating result +136%; Q2 segment margin 11.8% driven by higher volume, better prices and lower production and material costs.
- +1Investment peak passedInvestments fell from EUR 350m (2024) to 94m TTM, and FCF has turned to +EUR 84m TTM; Piotroski F-score 8.
Caveats
What the score does not capture, or where the data is weak.
In the middle of a turnaround after the exit from Russia in 2022 (where the cheap factories were); trailing P/E 106 reflects misleadingly low earnings, so forward figures carry most weight. Oradea start-up costs (EUR 23.6m in H1) are kept outside segment results. Only 5 years of multiple history retrieved. Q3 report due 27/10.
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