Ericsson vs Nokia

Method and sources

• Revenue growth (1 year): Ericsson −4.5% (FY2025), Nokia 3.5% (FY2025)
• Revenue growth (3-year CAGR): Ericsson −4.5% (FY2025), Nokia −5.8% (FY2025)
• Operating margin: Ericsson 16.3% (FY2025), Nokia 4.4% (FY2025)
• Gross margin: Ericsson 47.6% (FY2025), Nokia 43.5% (FY2025)
• Net margin: Ericsson 12.0% (FY2025), Nokia 3.3% (FY2025)

Latest fiscal year per company: Ericsson FY2025, Nokia FY2025. Fiscal years end on different dates, so years are not calendar-aligned.

Ericsson reports in SEK and Nokia in EUR. Amounts are never converted between currencies, so revenue and free cash flow are shown in each filing currency and their size is not compared; margins, growth and percentages of revenue are ratios within one filing and are comparable.

Why this pair: The two Western mobile-network equipment makers; reported in SEK and EUR, so revenue size is not compared. Peer groups are curated by hand from each company's business as described in its own 10-K/20-F (what it sells, not its SIC code). A company can sit in more than one group. Within a group, a pair is listed when both companies report in the same currency and the larger company's latest fiscal-year revenue is at most 4x the smaller one's; each company keeps its 4 nearest peers by revenue ratio. Companies reporting in different currencies are never size-matched (amounts are not converted); a short list of obvious same-industry pairs across currencies is added by hand, with the reason, as are two direct competitor pairs outside the size rule (AMD vs NVIDIA, Intel vs NVIDIA).

Derived = calculated by Hollsteen from reported SEC values; reported = as tagged in the filing. SEC filings only, no market data.