Deep company analysis built on filings, operating evidence, and market data. Not investment advice; a disciplined research desk.
Kiler Holding carried 32.7 billion TL in equity attributable to the parent and 2.7 billion TL in parent net profit at the end of 2025; the May 18, 2026 market data priced the company at 162.5 billion TL.
In the first quarter of 2026, OBAMS produced only 104 million TL of operating profit from 4.83 billion TL of sales, while a 579 million TL monetary loss and a 541 million TL deferred tax expense carried the bottom line to an 880 million TL net loss.
Reeder produced 574 electric vehicles in 2025 and delivered 518; in the same year it posted a 1.27 billion TL net loss and year-end cash fell to 19.2 million TL.
In the first quarter of 2026, almost all of the 8.98 billion TL in revenue came from bullion gold and silver; of the 1.31 billion TL net profit, only 254 million TL belonged to the parent.
In Q1, 8.8 billion TL of gold was sold; of the 1.39 billion TL consolidated profit, 818 million TL went to non-controlling interests and 574 million TL remained with the parent.
There are 15.27 billion TL in sales and 1.59 billion TL in EBITDA; but 10.71 billion TL in inventory, -2.07 billion TL in operating cash, and 13.92 billion TL in net financial debt make BALSU less a growth story than a working-capital exam.
Doğan Holding reported 3.004 billion USD in net asset value and 633 million USD in solo net cash in 1Q26; its 20 May market value was only 0.67 times parent-company equity.
EFOR booked 116 million TL of profit in the first quarter of 2026; in the same period, operating cash outflow was 760 million TL, and 949 million TL of new borrowing carried the balance sheet.
In 1Q26, operating income rose to 17.9 billion TL; 6.6 billion TL of that was investment reimbursement, but reported net profit was only 1.1 billion TL.
236 billion TL in net cash and 104.9 billion TL in investment property turn ENKA’s $8.744 billion order book into a capital allocation test more than a construction story.
Ereğli and İskenderun produced 2.3 million tons of crude steel in three months, while the net profit margin attributable to the parent was 0.6%; the stock trades below book, but today’s EBITDA demands expensive proof.
In 2026Q1 there is TL 5.23 billion in revenue and TL 1.50 billion in operating profit; but TL 11.39 billion of inventory and customer contract assets puts the company’s value to the test in the warehouse before the cash register.
Against a 500 million TL solar glass loan, there is a 3.0 billion TL mortgage over the old factories; while the new facility sold 3,315,818 m2 of solar glass in Q1, gross margin fell from 20% to 12%.
FENER closed its bank loans with an 11.79 billion TL capital inflow; in the same nine months it paid FBSK 6.47 billion TL upfront for a 21-year facility usage right and recorded a 1.16 billion TL loss.
In the euro-based cost-plus model, export receivables from Turkey are collected in 14 days and Romanian receivables in 30 days; yet in 2026Q1, while 84% of revenue came from exports, the adjusted EBITDA margin fell to 6.1%.
In the first quarter of 2026, 84% of invoice-based sales came from NPP and imported licensed drugs; against 375 million TL of parent-company profit, operating cash flow was negative 587 million TL, and related-party receivables reached 3.60 billion TL.
GESAN booked TL 1.92 billion in operating profit in Q1; but the number that really defines the stock is the TL 20.23 billion of contract assets and inventory waiting on the balance sheet before it reaches cash.
251.5 billion TL in backlog, 29.2 billion TL in contract assets, and 6.3 billion TL in insider advances make Gülermak not a cheap metro story, but a vast underground ledger that has to turn into cash.
998 restricted license plates and 1,317 owned vehicles build a profitable route; but in the first quarter of 2026, only TRY 208.5mn of TRY 846.9mn in profit attributable to the parent turned into cash.
After visible financial investments, real estate, affiliates, and net debt, Grainturk's market value leaves 22.4 billion TL for the core business and new options; in the first quarter there is profit, but no cash.
GSRAY is reporting profit; but on 28 February 2026, its current liabilities exceed current assets by 12.85 billion TL, and its balance sheet carries 13.27 billion TL of long-term prepaid expenses tied to the Club.
In 2025, domestic mining produced 8.76 billion TL of profit from 12.23 billion TL of sales, while domestic fertilizer produced 1.85 billion TL of profit from 40.26 billion TL of sales; the market is pricing that gap upfront.
The Gebze plant protection facility is at 72% capacity utilization and Niğde at 80%; even so, Hektaş booked 831 million TL in financing expense and minus 260 million TL in operating cash flow against 369 million TL in gross profit in the first quarter of 2026.
In İş Yatırım's first quarter of 2026, 470.4 billion TL in sales moved across the accounting screen; what remained for shareholders as parent-company net profit was 846 million TL.
In the first quarter of 2026, the thermal plant ran at 93% capacity; gross profit fell to 30 TL/MWh while trade and other receivables from related parties rose to 1.95 billion TL.
738 billion TL in revenue, 30.4 billion TL in operating profit, and 969 million dollars of solo net cash; the parent-company profit left for the public KCHOL shareholder is 522 million TL.
In 2026Q1, KONTR produced only 70 million TL of operating profit from 2.75 billion TL of revenue while carrying 13.06 billion TL of net financial debt; after the balance-sheet date, it applied to the SPK for a new 2.6 billion TL cash rights issue.
While the coke ovens ran at 98.96% capacity in the first quarter of 2026, the railway wheel plant stayed at 4.66%; the market is pricing Kardemir at 0.48 times its 93.4 billion TL equity.
Katılımevim reached 41,600 active members and 57.2 billion TL in contract volume in Q1; after the report, the İktisat Katılım stake was transferred to Pusula Finans at a 12.4 billion TL valuation, while the market still asks for 266.6 billion TL and roughly 40-42x core profit.
Borsa Kule 2, with 403 workshops, carries an approximately TL 11 billion revenue target; a TL 33.9 billion market value demands flawless collection, margin, and debt reduction on top of that target.
154.03 MWp operating portfolio, TRY 1.79 billion negative goodwill, and 505 MWm geothermal potential meet at a TRY 184.8 billion market value.
Mavi sold 57 million products in 2025, generating 47.7 billion TL in revenue and 9.0 billion TL in EBITDA; while operating without manufacturing of its own and working with 139 suppliers, its net cash rose to roughly one-fifth of its market value.
Migros, with 3,812 stores, carries 29.9 billion TL in net cash excluding leases; the same report shows 36.5 billion TL of financial debt including TFRS 16 and a 9.1 billion TL monetary gain carrying net income.
MIATK entered the first quarter of 2026 with 3.91 billion TL in intangible assets, a 794.3 million TL related-party trade receivable from Mia Tech Co America, and 1.33 billion TL of financial debt maturing in 3-12 months; before operating profit has turned into cash, the market is assigning it a 22.75 billion TL value.
MPARK posted TL 4.810 billion EBITDA and a 29.6% margin in Q1 2026; the same beds left behind TL 1.071 billion in negative free cash flow and TL 8.479 billion in IFRS 16 lease liabilities.
330 MWe Çan2 is running; yet on the 2026Q1 balance sheet, TL 23.97 billion of non-controlling interests is larger than TL 15.67 billion of equity attributable to the parent.
In the Q1 production table, military vehicle production is 1 unit; in the same quarter, gross margin is 4.5%, total borrowings are 43.2 billion TL, and new bond issuance is 5 billion TL.
In the first quarter of 2026, the cement arm wrote 1.76 billion TL in operating profit while ready-mix concrete lost 191 million TL; the net profit margin fell to 0.96%.
PAHOL carries TL 45.951 billion in financial investments against a TL 33.8 billion market value; yet quarter-end cash fell to TL 1.491 million and related-party receivables stood at TL 3.232 billion.
TL 67.9 billion market value, TL 17.1 million profit attributable to the parent, and negative TL 278.1 million operating cash flow: the Middle Corridor dream weighing heavily on today’s ledger.
From 374 million TL in revenue, only 15 million TL of gross profit remained; the 15.1 billion TL market value is still pricing Titra, Proline and the financial investment buffer.
2026Q1 profit was carried by a 1.98 billion TL net monetary position gain; operating cash was -1.70 billion TL, Bodrum was terminated after period-end, yet the price embeds roughly a 25% haircut even into the ex-Bodrum portfolio.
On March 31, 2026, equity attributable to the parent was 382.4 billion TL; the May 18 market value was 190.9 billion TL, and first-quarter profit attributable to the parent was only 317.6 million TL.
AGHOL reported 184.9 billion TL in sales and 6.2 billion TL in net profit in 1Q26; the share left to the parent was 1.8 billion TL, while market value stood at only 0.66 times parent equity.
The $200 million order backlog grew; yet in the first quarter of 2026, revenue fell to TL 558.5 million, net loss was TL 78.8 million, and the valuation still leans on the day of delivery.
Borusan Holding bought the shares at 568,50 TL on April 15; the screen showed 512,50 TL on May 18, but the real test is whether the 6.3% EBITDA margin can climb into the 8-10% band in 2026.
BRYAT, a 9-person company with no production or sales activity, carries 35,7 billion TL in equity while the market asks 54,9 billion TL for it; that gap depends on the private portfolio deserving roughly 2 times book.
Net generation rose from 263 to 476 GWh; revenue climbed to 1.86 billion TL, but gross loss was 59.4 million TL.
414 million unit cases, 68.7% international volume, 0.66x net debt/EBITDA, and roughly 7.1x annualized EBITDA after minority interest: CCOLA’s cheapness comes not from brand quality, but from geography’s stamp.
11.63 billion TL in sales, 386 million TL in operating profit, and negative 3.24 billion TL in operating cash; Çimsa’s global white cement story is first tested in the cash box.
CVKMD booked 712 million TL in sales and 56 million TL in operating profit in the first quarter of 2026; a 675.7 million TL net monetary gain rescued earnings, while a 58.9 billion TL market value prices the Sarıalan, Yenipazar and TV Tower map.
Against TL 4.32 billion of revenue stand TL 5.21 billion of deferred revenue, TL 8.76 billion of trade receivables, and TL 8.98 billion of debt; the market values this machine at TL 38.5 billion.
In DAPGM's 31 March 2026 balance sheet, assets arising from customer contracts are 26.16 billion TL; this amount is 77.6% of total assets and 1.61 times equity.
DOAS's 41.5 billion TL inventory exceeds its 39.2 billion TL market value; the cheapness becomes real only if this inventory turns into cash while gross margin is preserved.
ECILC's 62.0 billion TL block of financial investments and investment properties is larger than its market value; yet in the first quarter of 2026, the health segment posted a 353 million TL operating loss and the parent recorded a 924 million TL loss.
208.5 billion TL net asset value, 72.6 billion TL market value: Emlak Konut looks cheap; the price of that cheapness is the speed at which land turns into cash.
Enerya distributes gas to 2.26 million customers across 10 regions; its balance sheet carries 10.3 billion TL in security deposits, 91.1 billion TL in property, plant and equipment, and large side roads leading into the Ahlatcı group.
In 1Q2026, the beer group posted -761 million TL of EBITDA while CCI produced 9.3 billion TL of EBITDA; 55.6% of consolidated profit went to non-controlling interests.
Akbank posted 19.1 billion TL in profit in the first quarter of 2026; net fee and commission income rose to 32.4 billion TL, while the core capital ratio fell from 14.26% to 11.04%.
In 1Q2026, capacity was around 90% and the EBITDA margin was 17.6%; yet beside 1.17 billion TL in profit before tax stands a 1.14 billion TL net monetary position gain.
A 3,058 MW guaranteed-sales machine is growing; but TRY 52.9 billion of net financial debt and roughly 10.8x TTM EV/EBITDA are asking investors to pay for speed today.
At Alarko, TL 5.012 billion in dividend cash arrived; the market values TL 82.3 billion of parent-company equity at TL 40.3 billion.
In 2026Q1, premium production rose to TL 29.57 billion; but the combined ratio climbed to 114.8%, and TL 7.59 billion in investment income carried technical profit.
TL 130 billion in revenue, 8.2 million units of white goods production, and a 66.8% foreign sales share; yet on March 31, 2026, net financial debt/EBITDA rose to 5.11x and operating cash flow was TL 16.4 billion negative.
The 20.7 billion dollar project book and the 4-5 year delivery cycle give ASELSAN rare visibility; at a 402 TL share price, the stock asks investors to pay 51.6x trailing 12-month parent net income for that visibility, while Q1 cash turns negative after investment outflows.
ASTOR's balance sheet carries 9.14 billion TL in customer advances and 10.85 billion TL in net cash; at 313 TL, the stock prices this delivery machine at 34.5x last twelve months earnings.
BALSU wrote 15.3 billion TL in sales and 1.53 billion TL in pre-financing operating profit in 2025/9; but 2.92 billion TL in financing expense and 13.88 billion TL in net debt became the real owner of the equity story.
The 14,576-store discount chain carried TL 102.1 billion in trade payables and TL 23.9 billion in operating cash in Q1; when reading net profit, the TL 10.15 billion TMS 29 monetary gain has to be stripped out.
In 2025, Batısöke generated TL 5.8 billion in sales, yet gross profit stayed at TL 403 million; TL 1.04 billion in finance costs swallowed the profit produced by the Söke kiln before it could reach net income.
In Batıçim’s 2025 ledger, the port wrote 547.6 million TL of operating profit while the group reported an 88.6 million TL operating loss; the market is still paying a premium for the asset option.
In 2026Q1, DSTKF’s equity was 13.3 billion TL and gross profit was 5.6 million TL; market data on 18 May 2026 values the company at 650.0 billion TL.
Garanti BBVA produced 71.4 billion TL in net interest income and 42.9 billion TL in net fee income in Q1; while the stock stands at a 543 billion TL market value and 1.20x book, the consolidated common equity tier 1 ratio fell to 11.97%.
In 2026Q1, the consolidated Corporate/Commercial segment posted a 42.8 billion TL net interest loss while Treasury/Investment generated 60.6 billion TL in net interest income; the capital adequacy ratio fell to 12.98%.
As of March 31, 2026, İş Bankası's consolidated capital adequacy fell to 13.98%, while parent-company equity stood at roughly TL 421.0 billion; its May 18, 2026 market value was TL 343.0 billion.
In the first quarter of 2026, Petkim extracted only 4.3 million TL of gross profit from 26.995 billion TL of sales; the equity value now leans as much on its STAR stake and land book as on the Aliağa factory itself.
Pegasus flew through the first quarter of 2026 with 9.83 million passengers and an 86.3% load factor; in the same period, it wrote a 7.76 billion TL loss and 160.47 billion TL of net debt.
As Söke capacity utilization fell to 48%, export revenue dropped 49% in the first quarter; the stock trades just below book value.
130 MWm solar plant is online; but in 2026Q1, 1.49 billion TL net profit was written on top of 100 million TL operating profit, with 769 million TL net investment activity income and 619 million TL TMS 29 gain.
In 2026Q1, TL 361 million was left to the parent from TL 26.5 billion in sales; while LME copper rose 25.7%, the story is governed not by price, but by thin spread and heavy working-capital management.
In 2026Q1, SASA ran its 1.75 million tonne/year PTA facility near full capacity and lifted EBITDA to TL 3.1 billion; but financial debt stands at TL 143.7 billion, EBITDA/interest is 1.00, and the net foreign currency position is negative TL 124.9 billion.
The 45.90 TL price puts SISE at 0.53x equity attributable to owners of the parent; in 2026Q1, EBITDA margin was 4%, operating profit was 61.7 mln TL, and capex was 5.744 bln TL.
Şekerbank booked 665 million TL of profit in Q1; Deloitte’s 1.16 billion TL discretionary provision and 1.8x parent book do not hide the price of growth.
With 11,119 stores, Şok produced only TL 456 million of EBITDA from TL 76.3 billion of sales in 1Q26; inventory stood at TL 37.4 billion while trade payables stood at TL 48.5 billion.
TAB Gıda, with 2,066 restaurants, generated 9.1 billion TL of operating cash over the last twelve months; 5.5 billion TL of investment spending and 3.5 billion TL of lease principal payments swallowed almost all of it.
Passenger count rose 7% in the first quarter of 2026 to 19.0 million; but euro EBITDA fell 14%, free cash flow was -EUR125.1m, and net debt stayed at EUR1.824bn.
On the March 31 balance sheet, the 54.97 billion TL 5G license had not yet entered amortization; in the same quarter there were 68.4 billion TL in revenue, 28.3 billion TL in EBITDA, and 37.4 billion TL in investment cash outflow.
THYAO carried 21.3 million passengers in 2026Q1 and trades at 0.42x book value; on the same balance sheet sit TL 665.9 billion of lease liabilities and a 469-aircraft purchase commitment.
Toros Tarım booked 511.5 million TL in profit in the first quarter while engineering-contracting lost 790.6 million TL; short-term liabilities exceeded current assets by 8.9 billion TL.
In the first quarter of 2026, Tofaş produced 36,680 vehicles and sold 93,255; market share arrived, but 2.556 billion TL of EBITDA and a 2.7% margin say the new scale is still running on thin profit.
Production fell to 39.9 thousand ounces of gold in the first quarter while the average sales price reached TL 214,078/ounce; the company is being priced with TL 24.13bn in cash and short-term financial investments, 2.886m ounces of reserves, and open EIA lawsuits.
TSKB is a development bank that does not accept deposits and whose parent bank has one domestic branch; in the consolidated file, as of 31 March 2026, it carries a 260.8 billion TL loan portfolio, 47.2 billion TL in equity, and a 33.4 billion TL market value.
In 1Q26, 155.2 billion TL in total investment spending, 120.5 billion TL in discounted BTK license/concession liabilities, and a minimum annual investment commitment of 300 million dollars through 2050 turn a cheap-looking stock into an infrastructure-financing exam.
In the first quarter, 46,698 tons sold against 23,533 tons produced, 1.45 billion TL of inventory release, and 215.8 million TL of idle-capacity depreciation; Tukaş carries the cost of its cheap book value in the warehouse and in debt.
Tüpraş sold 7.4 million tons at 94.5% capacity in 2026Q1; in the same balance sheet, there is a 62.1 billion TL derivative liability, a 38.8 billion TL derivative cash block, and roughly 6.2-7.0x Q1 annualized EV/EBITDA.
Turex generated TL 304.3 million in pre-tax profit and TL 378.1 million in operating cash in the first quarter of 2026; a TL 219.8 million deferred tax expense pulled net profit down to TL 64.0 million.
Türkiye Sigorta produced 53.8 billion TL in premiums, a 90% combined ratio, and 6.45 billion TL in net profit in Q1; the real test of this cheapness is the volume of the public-bank channel and the discounted motor claims ledger.
Ülker generated 33.9 billion TL in revenue and 5.13 billion TL in EBITDA in the first quarter of 2026, while carrying net financial debt to 36.03 billion TL; the market is pricing this indebted brand at roughly 3.9x annualized Q1 EV/EBITDA.
In 2026Q1, performing loans grew 5.41% while deposits contracted 1.44%; capital adequacy fell from 16.89% to 14.26%, and the stock trades at 0.90x parent shareholders’ book value.
On 31 March 2026, 60.2 billion TL of long-term related-party receivables, 93.0 billion TL of net financial debt, and 9.1 billion TL of market value sit on the same balance sheet.
In 2026Q1, net fee and commission income rose to 32.4 billion TL and covered roughly 91% of operating expenses; but in the same table, the non-performing loan ratio reached 3.8% and the consolidated capital adequacy ratio fell to 14.1%.
In the first quarter of 2026, TL 2.3 billion of TL 3.0 billion EBITDA came from OEDAS's regulated revenue lines, while the $1.1 billion Eurobond sits on the Irish Stock Exchange.
Dikmen Research studies Borsa Istanbul companies through public financial reports, operating disclosures, sector data, and market prices.
The aim is not to generate buy-sell signals, but to make each company's economic machine, balance-sheet pressure, cash quality, and valuation claim easier to understand.
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