Quick verdict: ASX vs NOK in 2026

Overall, based on a comprehensive comparison of key metrics as of 2026-05-07, Nokia Oyj (NOK) holds a slight edge over ASE Technology Holding Co., Ltd. (ASX), securing 6 wins compared to ASX’s 5 in our scorecard. ASX emerges as the leader in revenue growth, profitability margins, and analyst buy ratings percentage. However, NOK demonstrates better valuation metrics in terms of price-to-book and DCF upside, along with a superior free cash flow yield and a much more favorable analyst price target. This is not investment advice.

ASX vs NOK: key metrics side by side

Full side-by-side comparison of ASX and NOK across valuation, profitability, growth and analyst sentiment. Data updated 2026-05-07.

ASX vs NOK valuation comparison

When comparing ASX vs NOK valuation, investors need to consider a range of metrics beyond just the headline price-to-earnings (P/E) ratio. As of 2026-05-07, ASX (ASE Technology Holding Co., Ltd.) trades at a P/E ratio of 49.98x, which is somewhat lower than Nokia Oyj (NOK) at 58.44x. This metric initially suggests ASX is the “cheaper” stock from an earnings perspective, securing a win in this category in our side-by-side comparison.

However, a deeper dive into the `asx vs nok fundamentals and valuation` reveals a more complex picture. On a price-to-book (P/B) basis, NOK appears significantly more attractive with a P/B of 2.84x, far below ASX’s 6.74x. This implies NOK’s stock price is much closer to its book value per share compared to ASX. Furthermore, the discounted cash flow (DCF) analysis presents a crucial perspective on intrinsic value. For ASX, the DCF analysis indicates a substantial overvaluation, with a target price representing a staggering -88.5% downside from its current price. While NOK is also estimated to be overvalued, its DCF shows a less severe -44.7% downside. Therefore, while ASX might appear cheaper on P/E, NOK presents a more compelling case from a P/B standpoint and significantly less implied overvaluation according to DCF models, making it relatively cheaper when considering long-term intrinsic value. For investors focusing on intrinsic value, NOK might offer less risk of significant price correction based on DCF.

ASX vs NOK growth comparison

In terms of growth, ASE Technology Holding Co., Ltd. (ASX) clearly demonstrates stronger momentum compared to Nokia Oyj (NOK). ASX reported an impressive year-over-year revenue growth of 6.8%, significantly outpacing NOK’s 3.5% revenue growth. This robust revenue expansion suggests ASX is currently capitalizing more effectively on market opportunities within the technology sector, making it a stronger contender for growth-oriented portfolios in an `asx vs nok stock comparison 2026`. This higher growth rate indicates ASX’s ability to scale its operations and capture a larger share of its addressable market more rapidly.

Beyond top-line growth, ASX also exhibits superior operational efficiency reflected in its margins. Its net margin stands at 7.04%, notably higher than NOK’s 5.15%. Similarly, ASX boasts an EBITDA margin of 19.88%, almost double NOK’s 10.36%. These stronger profitability margins, coupled with higher revenue growth, illustrate that ASX not only grows faster but also converts a larger portion of its revenue into actual profit and pre-interest/tax earnings. While specific forward estimates were not provided, the current financial performance indicates that ASX has stronger short-to-medium term growth momentum, making it potentially more appealing for investors prioritizing aggressive expansion and strong financial performance.

ASX vs NOK profitability

When evaluating the profitability of ASX vs NOK, ASX (ASE Technology Holding Co., Ltd.) generally demonstrates stronger metrics in terms of operating margins, while Nokia Oyj (NOK) shines in free cash flow generation. ASX’s net margin of 7.04% is superior to NOK’s 5.15%, indicating that ASX is more effective at converting its revenue into net income after all expenses. This efficiency is further underscored by ASX’s EBITDA margin of 19.88%, which significantly surpasses NOK’s 10.36%. These higher margins suggest that ASX has better cost controls, greater pricing power, or a more favorable business mix within its operations, leading to a more profitable core business.

However, a critical aspect of profitability and financial health, particularly for investors focused on `asx vs nok fundamentals and valuation`, is free cash flow (FCF). Here, NOK takes the lead with a positive FCF yield of 2.28%, suggesting it effectively generates cash from its operations after accounting for capital expenditures needed to maintain or expand its asset base. In contrast, ASX reports a negative FCF yield of -0.2%, which implies that the company is not generating sufficient cash to cover its operational and investment needs, or is heavily investing beyond its operating cash flow. While return on equity (ROE) for both companies is currently reported as N/A%, the FCF yield comparison highlights NOK’s strength in generating tangible cash, despite its lower margins. For investors prioritizing immediate cash flow generation, NOK might be the preferred choice.

Analyst ratings: ASX vs NOK

The analyst community presents a mixed but insightful perspective when considering ASE Technology Holding Co., Ltd. (ASX) versus Nokia Oyj (NOK). For ASX, a high percentage of analysts, specifically 80.0% out of 5 covering analysts, currently recommend a “Buy” rating. This indicates strong confidence in the company’s prospects from a majority of these experts, giving ASX a notable edge in analyst sentiment in this `asx vs nok stock comparison 2026`. However, this positive sentiment is strikingly contradicted by the consensus price target, which stands at $0, representing a -100.0% downside from its current price of $34.16. This anomaly suggests potential data discrepancies or a highly cautious outlook on the current valuation despite a favorable fundamental view from some analysts.

In comparison, Nokia Oyj (NOK) has a “Buy” rating from 61.5% of a much larger pool of 52 analysts, resulting in an overall “Buy” consensus. While the percentage of “Buy” ratings is lower than ASX’s, NOK’s consensus price target of $11.52 suggests a more coherent, albeit still negative, outlook, with a -12.7% downside from its current price of $13.19. This target, while negative, implies significantly less implied downside risk compared to ASX’s problematic target. Therefore, while ASX garners a higher proportion of “Buy” ratings, the more realistic and less severe negative price target for NOK makes its analyst sentiment arguably more actionable and less concerning for potential investors. When considering `asx vs nok analyst ratings and recommendations`, NOK offers a clearer, albeit conservative, path forward according to consensus targets.

Should I buy ASX or NOK stock in 2026?

Deciding whether you should `buy asx or nok stock 2026` hinges on your specific investment priorities, whether they lean towards growth, value, or income. For growth-oriented investors, ASE Technology Holding Co., Ltd. (ASX) presents a compelling case. With a revenue growth rate of 6.8% year-over-year, ASX is expanding its top line significantly faster than Nokia Oyj (NOK), which posted 3.5% growth. Additionally, ASX demonstrates stronger profitability margins, with a net margin of 7.04% and an EBITDA margin of 19.88%, indicating better operational efficiency as it grows. These factors suggest ASX has stronger momentum and is better positioned for future expansion within the technology sector, making it an attractive option for those prioritizing aggressive expansion in their `asx vs nok stock comparison 2026`.

For value investors scrutinizing `asx vs nok fundamentals and valuation`, the decision is more nuanced. ASX has a lower P/E ratio of 49.98x compared to NOK’s 58.44x, which might initially suggest it’s cheaper relative to its earnings. However, NOK offers a significantly lower Price-to-Book (P/B) ratio of 2.84x versus ASX’s 6.74x, indicating NOK’s stock is priced closer to its asset value. Furthermore, the Discounted Cash Flow (DCF) analysis for NOK shows a less severe overvaluation at -44.7% downside compared to ASX’s stark -88.5%. This suggests that while both stocks are currently trading above their estimated intrinsic value, NOK presents less potential for a drastic correction based on DCF models, offering a comparatively “better” value proposition in the context of avoiding severe overvaluation. The lower debt-to-equity ratio for NOK (0.16x vs 0.73x) also points to a stronger balance sheet.

When considering income, neither ASX nor NOK stands out as a strong dividend play for 2026. Both companies offer a negligible dividend yield of 0.01%, meaning they provide minimal income to shareholders. Investors solely focused on generating regular income from their portfolio would likely find better opportunities elsewhere. For those considering the `asx vs nok stock comparison 2026` from an income perspective, the dividend yield is essentially a non-factor. Ultimately, the choice between ASX and NOK depends on whether you prioritize higher growth and margins (ASX) or a relatively less aggressive valuation, stronger balance sheet, and superior free cash flow generation (NOK). This is not investment advice; always conduct your own thorough research.

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