Arcelik AS ACKAY

Consumer DiscretionaryHousehold GoodsTurkey

Last close 7.95 USD on Nov 1, 2026, −39.5% year to date

Quant rating

Quant rating D Rank 265 of 297 in Consumer Discretionary

Growth C 148 of 297
Valuation D 233 of 297
Quality C 196 of 297
Revisions D 251 of 297
Momentum D 260 of 297

Wall Street consensus Hold (2.62)Average target 2.54 USD −68.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 921M
Enterprise value: 5.2B
52-week range: 7.80 – 16.29
3-year range: 7.80 – 28.49
Dividend yield: –
Beta (5 years): −0.04
Shares outstanding: 676M
Next earnings: Feb 1, 2027

About the company

Arcelik AS is a Turkey-based company specializing in the manufacturing of household and small electrical appliance, after-sales support services provision in the consumer durables and consumer electronics. The Company operates more than 28 manufacturing plants in Turkey, Romania, Russia, China, Republic of South Africa, Thailand, Pakistan and Bangladesh. The Company operates under the business segments: White Goods, Consumer Electronics and Others. The White Goods segment comprises washing machines, dryers, dish washers, refrigerators, ovens, cookers and the services provided for these products. The Consumer Goods segment comprises televisions primarily with flat screens, computers, cash registers, other electronic devices and the services provided to consumers for these products. The Other segment comprises the revenues from air conditioners, home appliances and furniture and kitchen gadgets except products included in White Goods and Consumer Electronics.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,199	15,875	12,593	13,761	5,120	–
Revenue growth	−23.2%	26.1%	−8.5%	168.7%	−6.9%	17.3%
EPS (basic, normalized)	−0.39	0.08	0.40	0.38	0.34	–
EPS growth	–	−80.7%	7.5%	10.4%	–	–
Gross margin	28.8%	27.6%	29.3%	26.7%	30.0%	28.5%
Net margin	−1.6%	0.4%	5.3%	2.4%	4.5%	2.2%
ROE	−10.6%	2.6%	29.1%	17.4%	18.5%	11.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,585
Current ratio	0.94x
Long-term debt (mil)	1,955
Net debt (mil)	4,366
Total equity (mil)	1,481
Net debt / equity	2.95x
Net debt / EBITDA	5.92x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	12,199	−23.2%	0.4x	738	+2.2%	7.1x	−0.39	−604.8%	−20.2x
2026	12,331	+1.1%	0.4x	676	−8.3%	7.7x	−0.11	+71.8%	−71.7x
2027	15,391	+24.8%	0.3x	960	+42.0%	5.4x	0.04	+138.9%	184.3x
2028	18,576	+20.7%	0.3x	1,318	+37.2%	4.0x	0.25	+473.0%	32.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	12,331	−1.8%	−3.2%	−4.3%	−0.11	−435.3%	−344.1%	−226.9%
2027	15,391	−0.5%	−1.0%	−3.6%	0.04	−71.4%	−73.1%	−83.5%
2028	18,576	+0.5%	−0.1%	−0.3%	0.25	−23.2%	−23.1%	−39.8%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	127,186	109,118	121,364	124,446	144,664	–	–
Sales mean (mil)	–	–	–	113,584	110,639	–	–	128,146	–	–
Surprise	–	–	–	+12.0%	−1.4%	–	–	+12.9%	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Household Goods

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ACKAY Arcelik AS	921M	5.92x	−1.6%	0.63x	−71.7x	184.3x	7.7x	5.4x
HSQVY Husqvarna AB	1.9B	–	–	–	–	–	–	–
LZB La-Z-Boy Inc	1.2B	−1.31x	4.8%	1.20x	12.1x	10.8x	5.5x	5.0x
MAWHY Man Wah Holdings Ltd	1.1B	–	11.0%	0.62x	103.8x	97.7x	3.9x	3.8x
HELE Helen of Troy Ltd	676M	3.50x	−50.3%	0.79x	7.4x	7.1x	6.2x	6.3x
ETD Ethan Allen Interiors Inc.	513M	–	6.9%	1.09x	16.6x	16.0x	7.1x	6.7x
Mean		2.70x	−5.8%	0.87x	13.6x	63.2x	6.1x	5.5x
Median		3.50x	4.8%	0.79x	12.1x	16.0x	6.2x	5.4x

Technical analysis

1M−12.3%
3M−25.4%
1Y−37.6%
3Y−70.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Arcelik AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,199	15,875	12,593	13,761	5,120	5,500
Cost of revenue	8,688	11,500	8,901	10,087	3,583	3,642
Gross profit	3,511	4,375	3,692	3,675	1,538	1,858
Selling, general & administrative expenses	2,954	3,717	2,860	2,968	1,074	1,237
Research & development	75.2	112	38.5	42.5	16.4	16.4
Depreciation/amortization	319	333	233	232	73.6	92.9
Interest expense (income), operating	−118	−24.2	−47.8	−137	−164	−109
Unusual expense (income)	−47.8	−188	0	−146	−21.9	−23.9
Other operating expenses	84.1	165	111	65.8	10.8	−32.7
Operating income	244	260	498	649	549	677
Net interest income (expense)	−620	−808	−625	−728	−279	−205
Gain (loss) on sale of assets	0.2	−5.4	−2.5	−6.8	1.1	−0.2
Other non-operating income (expense)	265	494	767	473	1.1	−1.1
Net income before taxes	−110	−59.7	637	387	272	471
Provision for taxes	118	22.1	−60.6	12.4	27.9	83.3
Minority interest	33.6	144	−35.7	−38.7	−14.0	−4.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−195	62.6	662	336	230	383
Extraordinary items	–	–	–	–	–	–
Net income	−195	62.6	662	336	230	383
EBIT, normalized	146	180	543	431	387	574
EBITDA, normalized	696	796	1,059	770	527	742
Basic EPS, normalized	−0.39	0.08	0.40	0.38	0.34	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Arcelik AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,283	1,898	2,412	2,183	1,204	1,619
Receivables	2,836	3,559	3,369	3,097	1,799	1,666
Total inventory	2,095	2,657	2,324	2,722	1,264	955
Prepaid expenses	178	193	132	91.6	48.7	66.8
Other current assets	309	194	155	147	160	142
Total current assets	7,701	8,500	8,391	8,240	4,475	4,448
Property, plant & equipment	2,611	3,364	2,184	2,372	986	982
Goodwill	248	317	356	404	214	133
Intangibles	1,173	1,345	975	1,022	494	480
Long-term investments	82.8	103	78.3	117	66.5	87.9
Note receivable	0.9	1.3	1.7	3.7	3.4	9.2
Other long-term assets	837	1,103	658	278	151	123
Total assets	12,655	14,733	12,644	12,437	6,389	6,263
Liabilities
Accounts payable	3,035	3,793	2,655	2,727	1,477	1,298
Payable/accrued	–	–	–	–	–	–
Accrued expenses	901	1,386	791	661	334	327
Short-term debt	2,602	1,813	2,475	1,621	770	624
Current portion of long-term debt	842	494	338	1,485	210	752
Other current liabilities	550	710	490	509	250	205
Total current liabilities	7,931	8,195	6,750	7,003	3,042	3,206
Long-term debt	2,048	2,807	2,178	1,429	1,467	921
Minority interest	128	292	162	281	126	27.4
Other liabilities	909	950	799	899	299	249
Total liabilities	11,016	12,245	9,888	9,612	4,934	4,404
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	15.7	19.1	22.9	36.2	50.7	90.9
Additional paid-in capital	–	–	–	–	0.1	0.1
Retained earnings (accumulated deficit)	2,384	3,173	2,843	2,252	806	1,233
Treasury stock	−110	−427	−391	−427	−91.3	–
Other equity	−651	−277	281	964	690	535
Total equity	1,639	2,488	2,756	2,825	1,456	1,860
Total liabilities & shareholders' equity	12,655	14,733	12,644	12,437	6,389	6,263

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Arcelik AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−228	−81.8	697	375	244	387
Depreciation, depletion & amortization	541	613	427	431	139	164
Deferred taxes	–	–	–	–	–	–
Non-cash items	866	769	534	691	563	384
Changes in working capital	−823	−1,109	−2,208	−2,046	−1,026	−71.8
Cash from operations	356	191	−549	−549	−80.5	864
Investing activities
Capital expenditures	−426	−881	−629	−571	−189	−233
Other investing cash flows	−0.4	336	−30.5	154	−140	55.6
Cash from investing	−426	−545	−659	−417	−329	−178
Financing activities
Financing cash flow items	−717	−701	−108	−369	−109	−212
Cash dividends paid	−23.7	−41.8	−158	−196	−114	−3.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,422	782	1,711	971	584	39.7
Cash from financing	682	39.2	1,445	406	361	−176
Foreign exchange effects	106	−414	177	399	351	171
Net change in cash	718	−729	414	−161	302	682
Free cash flow	−70.0	−691	−1,178	−1,120	−269	630

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.