TKCNYSETelephone Communications (No Radiotelephone)Fiscal year ends December 31
TURKCELL ILETISIM HIZMETLERI A S
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 17, 2026
$4.87−0.06 (-1.22%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
28.3%+4.7 pts over 5 years
Operating margin
15.9%+2.9 pts over 5 years
Net margin
7.3%+0.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.7% | +21.4% | +28.3% | +34.2% | |
| Gross profit | +27.0% | +58.9% | +33.1% | +29.9% | |
| Operating income | +47.0% | +107.9% | +33.6% | +32.8% | |
| Net income | -42.8% | +21.0% | +31.3% | +23.9% | |
| EPS, diluted | -42.8% | +21.1% | +30.9% | +24.0% | |
| Free cash flow | +23.5% | +10.7% | +33.3% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 23.2% | 7.0% | |
| Return on assets | – | 9.3% | 3.7% | |
| Current ratio | 1.81 | 1.78 | 1.70 | |
| Debt to equity | 0.61 | 1.04 | 0.61 | |
| Net debt to EBITDA | 0.85× | 0.35× | 0.65× | |
| Interest coverage | 1.9× | 1.1× | 1.7× | |
| Inventory turnover | – | 278.0× | 194.4× | |
| Capex to revenue | 18.0% | 12.2% | 18.2% | |
| Diluted shares | 2.19B | 2.18B | 2.18B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Turkcell Iletisim Hizmetleri A S generated 380.96B TRY from operations and spent 187.67B TRY on capital expenditure, dividends and share buybacks. 81% of that went back into the business.
Generated
380.96B TRY
Used
187.67B TRY
Capital expenditure151.28B TRY81%Dividends35.61B TRY19%Share buybacks783.67M TRY0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.3%
×Asset turnover0.51×
×Equity multiplier1.89×
=Return on equity, FY20257.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.3% | 0.51× | 1.89× | 7.0% |
| FY2024 | 14.1% | 0.54× | 1.92× | 14.6% |
| FY2023 | 11.7% | 0.68× | 2.07× | 16.6% |
| FY2022 | 7.4% | 0.70× | 2.21× | 11.4% |
| FY2021 | 6.6% | 1.07× | 2.35× | 16.6% |
| FY2020 | 6.5% | 1.43× | 2.50× | 23.2% |
| FY2019 | 12.9% | 0.57× | 2.60× | 19.1% |
| FY2018 | 9.5% | 0.55× | 2.48× | 13.1% |
| FY2017 | 11.2% | 0.54× | 2.12× | 12.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero17.60B TRY
- Cash generatingOperating cash flow above zero96.62B TRY
- Return on assets improvedROA up on the prior year8.6% → 3.9%
- Earnings backed by cashOperating cash flow above net income96.62B TRY vs 17.60B TRY
- Less leverageLong-term debt to assets fell15.2% → 24.5%
- Better liquidityCurrent ratio rose1.25 → 1.70
- No dilutionShare count did not rise2.18B → 2.18B
- Gross margin improvedGross margin up on the prior year24.68% → 28.30%
- More efficientAsset turnover rose0.61 → 0.54