# Nokian Renkaat Oyj (TYRES.HE)

Canonical: https://gigainvestors.com/s/TYRES.HE

Analysis as of: 2026-10-16T07:40:29.421Z. Financial observations: FY2000–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 14.21 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 0.93×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.22×

- FY2017: 0.23×

- FY2018: 0.23×

- FY2019: 0.20×

- FY2020: 0.09×

- FY2021: 0.16×

- FY2022: -0.06×

- FY2023: 0.03×

- FY2024: 0.00×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 10.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 10.7%

- ROIC, second-lowest year: 0.1%

- Typical minus recent gross margin: 10.9 pp

- Typical gross margin (annual median): 31.3%

- Recent gross margin (lower of latest and 3-year median): 20.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.5%

- ROIC including acquisitions, ten-year median: 6.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.1%

- FY2017: 20.7%

- FY2018: 28.0%

- FY2019: 18.3%

- FY2020: 6.8%

- FY2021: 14.6%

- FY2022: -5.8%

- FY2023: 1.9%

- FY2024: 0.1%

- FY2025: 1.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -691M

- Net income, five-year total: EUR -333M

- Return on incremental invested capital: -37.9%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -3.2 pp

- Working capital / revenue, final three-year average: 44.9%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR 196M

- FY2022: EUR -172M

- FY2023: EUR -489M

- FY2024: EUR -188M

- FY2025: EUR -38M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 24.1% vs 1.6%

- Per-share earnings: 1.80 to -0.17 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: EUR -3.5B

- Cumulative retained earnings: EUR -572M

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -1.97

- Per-share value, starting three-year median: EUR 1.80

- Per-share value, ending three-year median: EUR -0.17

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.3%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 37M

- Cumulative net income, 10 years: EUR 922M

- ROIC, first three-year median: 24.1%

- ROIC, last three-year median: 1.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.87

- FY2017: EUR 1.63

- FY2018: EUR 2.17

- FY2019: EUR 2.90

- FY2020: EUR 0.62

- FY2021: EUR 1.49

- FY2022: EUR -1.27

- FY2023: EUR -2.36

- FY2024: EUR -0.17

- FY2025: EUR -0.11

### accounting: pass

- Sloan accruals: -7.0%

- Receivables to sales index (DSRI): 0.79×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.7%

- FY2017: -0.7%

- FY2018: -11.5%

- FY2019: 7.7%

- FY2020: -14.4%

- FY2021: -8.0%

- FY2022: -7.7%

- FY2023: -17.5%

- FY2024: -4.1%

- FY2025: -7.0%

## Holders

## Price story

Down 57% since Dec 2021 · sales +6.5%

Story as of 2026-10-16T10:00:11.490Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +6.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.4B 

- FY2017: EUR 1.6B 

- FY2018: EUR 1.6B 

- FY2019: EUR 1.6B 

- FY2020: EUR 1.3B 

- FY2021: EUR 1.7B 

- FY2022: EUR 1.8B 

- FY2023: EUR 1.2B 

- FY2024: EUR 1.3B 

- FY2025: EUR 1.4B 

### Gross margin · FY2025

gross margin 20.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 48.0% 

- FY2017: 46.7% 

- FY2018: 45.8% 

- FY2019: 42.8% 

- FY2020: 30.5% 

- FY2021: 32.2% 

- FY2022: 16.1% 

- FY2023: 20.5% 

- FY2024: 18.1% 

- FY2025: 20.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto parts; annual sales are EUR 1.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); FY2025: revenue 1373600000; grossProfit 281300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TYRES.HE: Nokian Renkaat Oyj develops and manufactures tires for passenger cars, trucks, and heavy machineries in Nordics, Central Europe, North America, and internationally. It operates through Passenger Car Tyres; Heavy Tyres; and Vianor segments. The company develops and produces winter, summer, and all-season tires for passenger cars, SUVs, and vans; tires for forestry machinery; tires for ports and terminals, mining, agriculture, trucks and buses, earthmoving, and road maintenance. It also sells car, truck, buse, and van tires under the Nokian Tyres and other tire brands; other automotive products and services; provide car maintenance and tire service; and operates Vianor service centers. The company distributes its products through Vianor chain, Vianor Partner chain, Nokian Tyres Authorized Dealers network, as well as through tire dealers, car dealerships, and vehicle manufacturers, and online stores. Nokian Renkaat Oyj was founded in 1898 and is headquartered in Nokia, Finland.

### Why customers stay

Margins ranged from 18.1% to 20.5% during 2023–25; it earns 10.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); FY2023: grossProfit / revenue = 20.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); FY2024: grossProfit / revenue = 18.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); FY2025: grossProfit / revenue = 20.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); 10-year return on capital observations [[2016,0.24135291658042388],[2017,0.20679764160449665],[2018,0.2795298095810018],[2019,0.1833188531711555],[2020,0.0683409311849205],[2021,0.14634193585672797],[2022,-0.05841972856669977],[2023,0.018726915139188238],[2024,0.0007796052631578947],[2025,0.016012909070320464]]; median 0.10734143352082423. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); FY2016: growth capex 12362154.035884127; upkeep 89137845.96411587; owner earnings 247362154.03588414. Growth capex / owner earnings = 0.04997593137910169.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); FY2017: growth capex 36600000; upkeep 98300000; owner earnings 221400000. Growth capex / owner earnings = 0.16531165311653118.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); FY2018: growth capex 8624008.29710421; upkeep 217875991.7028958; owner earnings 168824008.2971042. Growth capex / owner earnings = 0.051082831074163844.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); FY2019: growth capex 85457.12990635633; upkeep 290014542.87009364; owner earnings 210125457.12990636. Growth capex / owner earnings = 0.0004066957477385711.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); FY2020: growth capex 0; upkeep 149900000; owner earnings 36160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); FY2021: growth capex 0; upkeep 119600000; owner earnings 195520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); Dividend observations: [[2016,202000000],[2017,208000000],[2018,214200000],[2019,218100000],[2020,151600000],[2021,158700000],[2022,89700000],[2023,72100000],[2024,72000000],[2025,38300000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 12.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TYRES.HE SharesStats.PercentInsiders = 12.845 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:29.421Z); Closing price 14.21 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 10.050729255919693; price multiple 1.4138277569889344. FY2025 cash earnings/share -0.27658529839382967. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 30.57 per share

- 2016-11: EUR 34.08 per share

- 2016-12: EUR 35.42 per share

- 2017-01: EUR 34.72 per share

- 2017-02: EUR 37.13 per share

- 2017-03: EUR 39.14 per share

- 2017-04: EUR 39.50 per share

- 2017-05: EUR 36.38 per share

- 2017-06: EUR 36.24 per share

- 2017-07: EUR 34.48 per share

- 2017-08: EUR 35.51 per share

- 2017-09: EUR 37.63 per share

- 2017-10: EUR 39.37 per share

- 2017-11: EUR 36.67 per share

- 2017-12: EUR 37.80 per share

- 2018-01: EUR 40.68 per share

- 2018-02: EUR 37.77 per share

- 2018-03: EUR 36.90 per share

- 2018-04: EUR 33.25 per share

- 2018-05: EUR 33.21 per share

- 2018-06: EUR 33.84 per share

- 2018-07: EUR 37.09 per share

- 2018-08: EUR 35.55 per share

- 2018-09: EUR 35.29 per share

- 2018-10: EUR 28.08 per share

- 2018-11: EUR 28.27 per share

- 2018-12: EUR 26.82 per share

- 2019-01: EUR 29.02 per share

- 2019-02: EUR 31.10 per share

- 2019-03: EUR 29.84 per share

- 2019-04: EUR 29.82 per share

- 2019-05: EUR 25.59 per share

- 2019-06: EUR 27.46 per share

- 2019-07: EUR 25.97 per share

- 2019-08: EUR 24.90 per share

- 2019-09: EUR 25.88 per share

- 2019-10: EUR 25.60 per share

- 2019-11: EUR 24.56 per share

- 2019-12: EUR 25.63 per share

- 2020-01: EUR 24.31 per share

- 2020-02: EUR 23.58 per share

- 2020-03: EUR 22.07 per share

- 2020-04: EUR 19.54 per share

- 2020-05: EUR 20.94 per share

- 2020-06: EUR 19.54 per share

- 2020-07: EUR 20.36 per share

- 2020-08: EUR 23.33 per share

- 2020-09: EUR 24.15 per share

- 2020-10: EUR 26.39 per share

- 2020-11: EUR 29.46 per share

- 2020-12: EUR 28.82 per share

- 2021-01: EUR 30.26 per share

- 2021-02: EUR 29.32 per share

- 2021-03: EUR 30.88 per share

- 2021-04: EUR 30.98 per share

- 2021-05: EUR 32.40 per share

- 2021-06: EUR 34.05 per share

- 2021-07: EUR 35.56 per share

- 2021-08: EUR 32.21 per share

- 2021-09: EUR 31.01 per share

- 2021-10: EUR 32.40 per share

- 2021-11: EUR 32.85 per share

- 2021-12: EUR 33.30 per share

- 2022-01: EUR 29.79 per share

- 2022-02: EUR 17.00 per share

- 2022-03: EUR 14.78 per share

- 2022-04: EUR 12.88 per share

- 2022-05: EUR 12.81 per share

- 2022-06: EUR 10.43 per share

- 2022-07: EUR 11.51 per share

- 2022-08: EUR 10.37 per share

- 2022-09: EUR 9.90 per share

- 2022-10: EUR 11.41 per share

- 2022-11: EUR 10.43 per share

- 2022-12: EUR 9.58 per share

- 2023-01: EUR 10.98 per share

- 2023-02: EUR 8.59 per share

- 2023-03: EUR 8.81 per share

- 2023-04: EUR 8.83 per share

- 2023-05: EUR 8.11 per share

- 2023-06: EUR 7.98 per share

- 2023-07: EUR 8.46 per share

- 2023-08: EUR 8.01 per share

- 2023-09: EUR 7.45 per share

- 2023-10: EUR 7.13 per share

- 2023-11: EUR 7.46 per share

- 2023-12: EUR 8.26 per share

- 2024-01: EUR 8.36 per share

- 2024-02: EUR 8.44 per share

- 2024-03: EUR 8.73 per share

- 2024-04: EUR 8.20 per share

- 2024-05: EUR 8.42 per share

- 2024-06: EUR 7.69 per share

- 2024-07: EUR 8.43 per share

- 2024-08: EUR 8.57 per share

- 2024-09: EUR 8.86 per share

- 2024-10: EUR 7.62 per share

- 2024-11: EUR 7.37 per share

- 2024-12: EUR 7.35 per share

- 2025-01: EUR 8.04 per share

- 2025-02: EUR 6.27 per share

- 2025-03: EUR 6.46 per share

- 2025-04: EUR 7.01 per share

- 2025-05: EUR 6.57 per share

- 2025-06: EUR 6.14 per share

- 2025-07: EUR 7.88 per share

- 2025-08: EUR 8.04 per share

- 2025-09: EUR 7.70 per share

- 2025-10: EUR 8.75 per share

- 2025-11: EUR 8.41 per share

- 2025-12: EUR 9.47 per share

- 2026-01: EUR 10.83 per share

- 2026-02: EUR 10.67 per share

- 2026-03: EUR 9.09 per share

- 2026-04: EUR 10.47 per share

- 2026-05: EUR 11.07 per share

- 2026-06: EUR 11.97 per share

- 2026-07: EUR 15.23 per share

- 2026-08: EUR 16.46 per share

- 2026-09: EUR 15.90 per share

- 2026-10: EUR 14.16 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 16.36 per share, central EUR 18.12 per share, high EUR 20.46 per share

- FY2017: low EUR 21.20 per share, central EUR 25.22 per share, high EUR 29.01 per share

- FY2018: low EUR 21.60 per share, central EUR 24.74 per share, high EUR 28.27 per share

- FY2019: low EUR 22.26 per share, central EUR 29.51 per share, high EUR 34.34 per share

- FY2020: low EUR 17.10 per share, central EUR 18.98 per share, high EUR 21.49 per share

- FY2021: low EUR 18.01 per share, central EUR 20.14 per share, high EUR 22.98 per share

- FY2022: low EUR 16.47 per share, central EUR 18.52 per share, high EUR 21.25 per share

- FY2023: low EUR 5.40 per share, central EUR 5.75 per share, high EUR 6.22 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.