Ford Otomotiv Sanayi AS FOVSY

Consumer DiscretionaryAutomobiles & Auto PartsTurkey

Last close 6.63 USD on Nov 2, 2026, −40.6% year to date

Quant rating

Quant rating C Rank 129 of 297 in Consumer Discretionary

Growth C 143 of 297
Valuation A 9 of 297
Quality B 106 of 297
Revisions B 98 of 297
Momentum D 262 of 297

Wall Street consensus Buy (2.12)Average target 2.51 USD −62.1%

Historical valuation

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

Key data

Market cap: 4.7B
Enterprise value: 6.9B
52-week range: 6.24 – 14.75
3-year range: 6.24 – 17.00
Dividend yield: 11.04%
Beta (5 years): –
Shares outstanding: 3,509M
Next earnings: Nov 5, 2026

About the company

Ford Otomotiv Sanayi AS is a Turkey-based company, which is engaged in the automobile and auto parts sector. It manufactures, assembles and sells motor vehicles, primarily commercial vehicles; imports and sells passenger cars, as well as manufactures, imports and sells spare parts of those vehicles. Ford Otomotiv Sanayi AS operates as a joint venture between Ford Motor Company and the Koc Group of Companies. In its Kocaeli compound, the Company has a Golcuk plant in which the transit and transit custom vehicles are manufactured and a Yenikoy plant in which the transit courier vehicles are manufactured. In its Eskisehir Inonu compound, the Company has a cargo truck plant as well as an engine and power train plant which manufactures for trucks and transit vehicles. Additionally the Company has a spare part distribution warehouse, sales and marketing departments and a research and development (R&D) center located in Sancaktepe, Istanbul.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	19,344	22,040	20,176	17,260	5,339	–
Revenue growth	−12.2%	9.2%	16.9%	223.2%	−19.8%	23.8%
EPS (basic, normalized)	2.22	0.31	0.44	0.28	0.18	–
EPS growth	626.1%	−30.8%	56.9%	52.7%	–	–
Gross margin	8.4%	9.2%	13.4%	11.3%	15.7%	11.6%
Net margin	4.1%	6.5%	11.9%	8.6%	12.4%	8.7%
ROE	22.2%	39.7%	90.5%	90.5%	102.4%	69.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,201
Current ratio	1.28x
Long-term debt (mil)	2,367
Net debt (mil)	2,401
Total equity (mil)	3,842
Net debt / equity	0.62x
Net debt / EBITDA	1.71x

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	19,344	−12.2%	0.4x	1,404	+16.1%	4.9x	2.22	+626.1%	3.0x
2026	20,186	+4.4%	0.3x	1,313	−6.5%	5.3x	0.20	−90.8%	32.4x
2027	26,058	+29.1%	0.3x	1,858	+41.5%	3.7x	0.30	+44.6%	22.4x
2028	30,437	+16.8%	0.2x	2,264	+21.8%	3.1x	0.40	+36.6%	16.4x

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	20,186	−1.4%	−4.1%	−5.6%	0.20	−4.0%	−12.6%	−22.3%
2027	26,058	0.0%	−0.4%	−4.5%	0.30	0.0%	−8.5%	−23.6%
2028	30,437	0.0%	+1.8%	−6.9%	0.40	0.0%	+4.2%	−17.7%

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)	124,188	106,779	141,729	222,300	160,901	194,793	189,584	248,467	–	–
Sales mean (mil)	125,101	–	–	170,636	159,064	–	–	–	–	–
Surprise	−0.7%	–	–	+30.3%	+1.2%	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

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

Peer comparison Automobiles & Auto Parts

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
FOVSY Ford Otomotiv Sanayi AS	4.7B	1.71x	4.1%	1.31x	32.4x	22.4x	5.3x	3.7x
LKQ LKQ Corp	5.0B	2.07x	4.4%	0.80x	8.4x	8.2x	6.5x	6.3x
KOTMY KOITO MANUFACTURING CO., LTD.	4.6B	−2.14x	1.7%	0.99x	13.9x	11.6x	4.8x	4.4x
POAHY Porsche Automobil Holding SE	4.4B	–	88.9%	0.22x	–	–	–	–
MZDAY Mazda Motor Corporation	4.3B	–	–	–	3.3x	2.8x	–	–
GNTX Gentex Corporation	4.3B	–	15.0%	1.74x	10.3x	9.6x	6.9x	6.8x
Mean		0.55x	22.8%	1.01x	13.6x	10.9x	5.9x	5.3x
Median		1.71x	4.4%	0.99x	10.3x	9.6x	5.9x	5.4x

Technical analysis

1M−17.8%
3M−21.9%
1Y−33.2%
3Y−53.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ford Otomotiv Sanayi AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	19,344	22,040	20,176	17,260	5,339	6,654
Cost of revenue	17,729	20,018	17,469	15,301	4,502	5,821
Gross profit	1,615	2,023	2,706	1,958	838	832
Selling, general & administrative expenses	567	666	618	446	145	167
Research & development	184	218	257	149	49.2	58.7
Depreciation/amortization	36.8	37.5	14.2	13.8	5.7	9.0
Interest expense (income), operating	−157	−109	−347	−106	−84.7	−55.5
Unusual expense (income)	6.9	19.3	12.7	21.5	6.0	9.8
Other operating expenses	−13.5	117	−4.7	−25.4	7.5	−3.5
Operating income	992	1,074	2,156	1,459	709	647
Net interest income (expense)	−443	−540	−571	−449	−51.1	−90.4
Gain (loss) on sale of assets	−3.4	−21.3	−3.2	−2.1	−2.8	0
Other non-operating income (expense)	373	859	741	354	−2.5	−3.4
Net income before taxes	919	1,371	2,323	1,362	652	553
Provision for taxes	128	−68.8	−79.7	−122	−8.6	−11.7
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	791	1,440	2,403	1,484	661	564
Extraordinary items	–	–	–	–	–	–
Net income	791	1,440	2,403	1,484	661	564
EBIT, normalized	842	984	1,821	1,374	630	601
EBITDA, normalized	1,220	1,355	2,108	1,447	709	724
Basic EPS, normalized	2.22	0.31	0.44	0.28	0.18	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ford Otomotiv Sanayi AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,490	827	746	892	1,064	1,093
Receivables	2,491	3,206	2,729	2,618	971	907
Total inventory	1,149	1,629	1,438	1,245	396	330
Prepaid expenses	34.6	23.5	101	113	27.0	36.1
Other current assets	39.1	17.1	27.9	18.3	5.7	3.0
Total current assets	5,203	5,703	5,041	4,887	2,464	2,369
Property, plant & equipment	3,247	3,680	2,849	2,582	392	602
Goodwill	28.8	34.2	40.1	44.4	–	–
Intangibles	708	775	880	724	112	122
Long-term investments	30.1	35.4	23.2	16.4	4.7	6.7
Note receivable	500	635	485	103	2.8	0.5
Other long-term assets	778	1,241	1,311	971	238	177
Total assets	10,496	12,105	10,629	9,327	3,214	3,276
Liabilities
Accounts payable	2,386	2,450	2,575	2,658	855	1,042
Payable/accrued	–	–	–	–	–	–
Accrued expenses	139	127	198	111	45.2	56.1
Short-term debt	505	656	962	663	336	302
Current portion of long-term debt	970	1,006	701	502	284	228
Other current liabilities	206	332	174	143	40.9	51.5
Total current liabilities	4,205	4,571	4,611	4,078	1,561	1,679
Long-term debt	2,324	2,923	2,047	2,178	811	558
Minority interest	–	–	–	–	–	–
Other liabilities	333	343	395	335	79.8	91.0
Total liabilities	6,863	7,836	7,053	6,591	2,451	2,328
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	81.7	9.9	11.9	18.8	26.4	47.2
Additional paid-in capital	0	0	0	0	0	0
Retained earnings (accumulated deficit)	4,438	5,241	4,280	3,009	979	1,086
Treasury stock	–	–	–	–	–	–
Other equity	−887	−983	−716	−291	−244	−186
Total equity	3,633	4,268	3,576	2,737	762	948
Total liabilities & shareholders' equity	10,496	12,105	10,629	9,327	3,214	3,276

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ford Otomotiv Sanayi AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	791	1,440	2,403	1,484	661	564
Depreciation, depletion & amortization	401	397	297	385	79.2	123
Deferred taxes	–	–	–	–	–	–
Non-cash items	581	−111	225	408	399	247
Changes in working capital	388	−813	−1,056	−1,262	−486	59.2
Cash from operations	2,161	913	1,869	1,015	654	994
Investing activities
Capital expenditures	−725	−1,514	−1,570	−705	−180	−127
Other investing cash flows	172	309	−0.5	−1,125	−78.6	−16.2
Cash from investing	−552	−1,205	−1,571	−1,830	−258	−143
Financing activities
Financing cash flow items	−80.4	−312	−61.2	−13.1	63.9	28.6
Cash dividends paid	−665	−872	−877	−734	−269	−147
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−64.3	1,489	544	408	263	−76.6
Cash from financing	−810	305	−394	−339	57.9	−195
Foreign exchange effects	9.9	1.7	24.5	2.2	–	–
Net change in cash	809	14.3	−71.7	−1,152	453	656
Free cash flow	1,436	−602	299	311	474	867

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 2, 2026 after market close.