NOK
Nokia Oyj
NOK's outlook is improving, though it still trails on the overall score.
SHOP
Shopify Inc.
SHOP has the edge over NOK overall, supported by stronger valuation and stronger fundamentals.
NOK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Under pressure | |
| Strong |
NOK's profitability and balance sheet are currently healthy, and its revenue is stable, but its cash flow is under pressure.
SHOP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
SHOP's revenue, profitability, cash flow and balance sheet are all currently healthy.
NOK PE Valuation
NOK has no meaningful PE right now: it lost money over the past year.
SHOP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 67x | $147 | — |
| Cheap | 78x | $129 | -12% |
| Current | 89x | $147 | — |
| Fair | 107x | $177 | +21% |
| Expensive | 338x | $557 | +280% |
Historical ranges are pointers, not guarantees.
SHOP's PE is in its cheap range at 89x. If earnings grow as analysts expect, today's price would be 67x next year's earnings.
NOK Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
NOK has the edge over SHOP on the outlook, with more favorable profitability expectations.
SHOP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Moderate | |
| Low |
Analysts expect strong earnings and revenue growth for SHOP, with profitability holding steady. However, they disagree widely on these estimates.
NOK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.15 | +67% |
| Q2 2026 | $0.14 | +27% |
| Q1 2026 | $0.16 | +220% |
| Q4 2025 | $0.13 | -13% |
| Q3 2025 | $0.09 | +13% |
| Q2 2025 | $0.11 | +57% |
| Q1 2025 | $0.05 | -69% |
| Q4 2024 | $0.15 | +15% |
NOK has the edge over SHOP on earnings, with more consistent year-over-year improvement.
SHOP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.20 | +33% |
| Q3 2026 | $1.65 | +21% |
| Q2 2026 | $1.49 | -17% |
| Q1 2026 | $1.02 | -18% |
| Q4 2025 | $0.94 | -40% |
| Q3 2025 | $1.36 | +27% |
| Q2 2025 | $1.80 | +84% |
| Q1 2025 | $1.24 | +$1.41 |
| Q4 2024 | $1.56 | +1633% |
SHOP's earnings per share have fallen from their peak: $1.65 over the past year, against $2.68 in late 2021.
NOK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.7B | +6.1% |
| Q2 2026 | $5.3B | +5.9% |
| Q1 2026 | $5B | +2.4% |
| Q4 2025 | $6.8B | +2.4% |
| Q3 2025 | $5.4B | +12% |
| Q2 2025 | $5.1B | +1.8% |
| Q1 2025 | $4.9B | -1.2% |
| Q4 2024 | $6.6B | +4.9% |
NOK's revenue is recovering but still below its 2022 peak: $5.7B last quarter, up 6.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +12 points |
| Q2 2026 | -1% | -2.8 points |
| Q1 2026 | 1.4% | +2.5 points |
| Q4 2025 | 7.1% | -0.8 points |
| Q3 2025 | 5% | -1.5 points |
| Q2 2025 | 1.8% | -7.9 points |
| Q1 2025 | -1.1% | -10 points |
| Q4 2024 | 7.9% | -1.6 points |
NOK has the edge over SHOP on profitability, with a higher operating margin.
SHOP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +32% |
| Q2 2026 | $3.6B | +34% |
| Q1 2026 | $3.2B | +34% |
| Q4 2025 | $3.7B | +31% |
| Q3 2025 | $2.8B | +32% |
| Q2 2025 | $2.7B | +31% |
| Q1 2025 | $2.4B | +27% |
| Q4 2024 | $2.8B | +31% |
SHOP has the edge over NOK on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +3.1 points |
| Q2 2026 | 14% | +2.8 points |
| Q1 2026 | 12% | +3.5 points |
| Q4 2025 | 17% | +0.6 points |
| Q3 2025 | 12% | -1 points |
| Q2 2025 | 11% | -0.9 points |
| Q1 2025 | 8.6% | +4 points |
| Q4 2024 | 17% | +3.1 points |
SHOP's operating margin was 15% last quarter, up 3.1 points from the same quarter a year ago.
NOK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$112M | -123% |
| Q2 2026 | -$832.1M | -951% |
| Q1 2026 | $698.8M | -13% |
| Q4 2025 | $252.2M | +354% |
| Q3 2025 | $476.6M | -37% |
| Q2 2025 | $97.8M | -78% |
| Q1 2025 | $801M | -25% |
| Q4 2024 | $55.5M | -97% |
NOK usually generates cash, though not every quarter: the latest was −$112M, but it generated $7M over the past year.
SHOP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $816M | +61% |
| Q2 2026 | $654M | +55% |
| Q1 2026 | $476M | +31% |
| Q4 2025 | $715M | +17% |
| Q3 2025 | $507M | +20% |
| Q2 2025 | $422M | +27% |
| Q1 2025 | $363M | +56% |
| Q4 2024 | $611M | +37% |
SHOP has the edge over NOK on cash flow, with more consistent year-over-year improvement.
NOK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -56.5M shares |
| 1 year | +4.7% | +257M shares |
| 3 years | +2.6% | +148M shares |
| 5 years | +0.9% | +54M shares |
| Available history | +2.2% | +123M shares |
NOK has 5.7B diluted shares, up 4.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $10M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $86.7M |
| Q1 2025 | $606.6M |
| Q4 2024 | $428.8M |
NOK has spent almost nothing on buybacks in the past year.
SHOP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -7.2M shares |
| 1 year | -1.7% | -22.1M shares |
| 3 years | -0.4% | -5.1M shares |
| 5 years | +1.1% | +14.5M shares |
| Available history | +11% | +130M shares |
SHOP has the edge over NOK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $562M |
| Q2 2026 | $1.4B |
| Q1 2026 | $491M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
NOK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -0.1x | Net Cash |
| Q3 2025 | -0.3x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.2x | Net Cash |
| Q4 2024 | -0.5x | Net Cash |
NOK has more cash than debt.
SHOP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.9x | Net Cash |
| Q2 2026 | -0.9x | Net Cash |
| Q1 2026 | -1.1x | Net Cash |
| Q4 2025 | -1.0x | Net Cash |
| Q3 2025 | -1.7x | Net Cash |
| Q2 2025 | -1.1x | Net Cash |
| Q1 2025 | -0.9x | Net Cash |
| Q4 2024 | -0.4x | Net Cash |
SHOP has the edge over NOK on leverage, with a lower net debt burden relative to earnings.
NOK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.8 | Neutral |
| Stochastic | 18.3 | Oversold |
NOK's weekly RSI is 41 (neutral) and its Stochastic is 18 (oversold).
SHOP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.4 | Neutral |
| Stochastic | 51.5 | Neutral |
SHOP's weekly RSI is 52 (neutral) and its Stochastic is 52 (neutral).
NOK PE vs Technology Sector
| Metric | NOK | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
NOK has no meaningful PE right now: it lost money over the past year.
SHOP PE vs Technology Sector
| Metric | SHOP | Sector median | Relative |
|---|---|---|---|
| PE | 89x | 28x | 219% above |
| PE % | 29 | 35 | 6 pts below |
SHOP is trading at 89x earnings, a 219% premium to the Technology sector's median of 28x.
NOK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.14 | 9.4% below |
| 20 week MA | $9.92 | 17% below |
| 50 week MA | $9.66 | 14% below |
| 100 week MA | $7.35 | 13% above |
| 200 week MA | $5.67 | 46% above |
NOK has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 46% above its 200-week average.
SHOP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $157.0 | 6.5% below |
| 20 week MA | $143.1 | 2.5% above |
| 50 week MA | $134.4 | 9.2% above |
| 100 week MA | $128.1 | 15% above |
| 200 week MA | $97.7 | 50% above |
SHOP has the edge over NOK on trend strength, trading above more of its moving averages.
NOK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $3.63 | $3.89 | +7.2% |
| 2021 | $3.89 | $6.19 | +59% |
| 2022 | $6.19 | $4.64 | -25% |
| 2023 | $4.64 | $3.42 | -26% |
| 2024 | $3.42 | $4.48 | +31% |
| 2025 | $4.48 | $6.62 | +48% |
| 2026 YTD | $6.62 | $8.28 | +25% |
NOK has the edge over SHOP on returns for 2026, with the stronger performance.
SHOP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $40.8 | $122.6 | +200% |
| 2021 | $122.6 | $143.9 | +17% |
| 2022 | $143.9 | $33.7 | -77% |
| 2023 | $33.7 | $77.9 | +131% |
| 2024 | $77.9 | $108.2 | +39% |
| 2025 | $108.2 | $170.8 | +58% |
| 2026 YTD | $170.8 | $146.8 | -14% |
SHOP's yearly returns have swung widely, from +200% in 2020 to −77% in 2022. It's down 14% so far in 2026.