Koc Holding AS KHOLY

IndustrialsInvestment Holding CompaniesTurkey

Last close 19.39 USD on Nov 1, 2026, +1.6% year to date

Quant rating

Quant rating C Rank 239 of 418 in Industrials

Growth C 204 of 418
Valuation C 236 of 418
Quality C 229 of 418
Revisions C 182 of 418
Momentum C 277 of 418

Wall Street consensus Buy (1.67)Average target 6.26 USD −67.7%

Historical valuation

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

Key data

Market cap: 9.8B
Enterprise value: 30.7B
52-week range: 18.50 – 25.44
3-year range: 17.10 – 40.95
Dividend yield: 3.95%
Beta (5 years): 0.47
Shares outstanding: 2,536M
Next earnings: Nov 5, 2026

About the company

Koc Holding AS is a Turkey-based holding company, which operates in a number of sectors though its subsidiaries. The Company operates under the following business segments: Energy, Automotive, Consumer Durables, Finance and Other. Its Other segment is engaged in the food, retail, tourism, Information Technology (IT) and ship construction activities. The Energy segment is engaged in the power generation, mining, petroleum shipping, and in the production and trading of petroleum products, natural gas and Liquefied Petroleum Gas (LPG) activities. The Automotive segment is engaged in the production, trading, insurance and car rental activities. The Consumer Durables segment is engaged in the production and sale of a range of consumer durables, such as air conditioners. The Finance segment is engaged in the banking, consumer finance, factoring, leasing, brokerage, portfolio management, financial consulting, real estate and insurance activities.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	64,198	85,863	78,597	91,819	26,035	–
Revenue growth	−25.2%	9.2%	−14.4%	252.7%	5.3%	21.0%
EPS (basic, normalized)	0.18	0.01	0.89	1.46	0.44	–
EPS growth	1,169.5%	−98.4%	−39.4%	231.6%	–	–
Gross margin	17.0%	14.1%	23.5%	23.6%	23.1%	20.3%
Net margin	0.8%	0.1%	4.7%	4.2%	4.4%	2.8%
ROE	3.2%	0.3%	22.7%	33.8%	27.6%	17.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	22,673
Current ratio	0.90x
Long-term debt (mil)	16,737
Net debt (mil)	22,298
Total equity (mil)	16,993
Net debt / equity	1.31x
Net debt / EBITDA	5.12x

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	64,198	−25.2%	0.5x	4,353	+0.2%	7.0x	0.18	+1,169.5%	107.5x
2026	74,394	+15.9%	0.4x	4,809	+10.5%	6.4x	0.42	+130.2%	46.7x
2027	89,599	+20.4%	0.3x	6,059	+26.0%	5.1x	0.58	+39.1%	33.6x
2028	103,326	+15.3%	0.3x	7,271	+20.0%	4.2x	0.68	+18.3%	28.4x

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	74,394	0.0%	+4.9%	+21.4%	0.42	0.0%	+0.1%	−12.1%
2027	89,599	0.0%	+3.8%	+5.7%	0.58	0.0%	−6.9%	−24.1%
2028	103,326	0.0%	−6.6%	–	0.68	0.0%	+0.7%	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	18.34
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

Peer comparison Investment Holding Companies

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
KHOLY Koc Holding AS	9.8B	5.12x	0.8%	0.62x	46.7x	33.6x	6.4x	5.1x
MAJJ Michael Anthony Holdings Inc	25.3B	–	−3.5%	–	–	–	–	–
GBLBY Groep Brussel Lambert NV	11.3B	–	−5.1%	0.87x	3.0x	2.7x	19.5x	18.4x
THNUY Thanachart Capital PCL	2.4B	–	34.5%	0.98x	38.0x	37.8x	–	–
FIHu Fairfax India Holdings Corp	2.4B	–	67.4%	0.87x	–	–	–	–
ADEA Adeia Inc.	2.4B	0.90x	25.1%	4.95x	15.1x	13.4x	11.1x	9.7x
Mean		3.01x	19.9%	1.66x	25.7x	21.9x	12.3x	11.1x
Median		3.01x	12.9%	0.87x	26.6x	23.5x	11.1x	9.7x

Technical analysis

1M−11.5%
3M−6.7%
1Y+2.1%
3Y−12.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Koc Holding AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	64,198	85,863	78,597	91,819	26,035	24,728
Cost of revenue	53,270	73,719	60,149	70,151	20,023	18,763
Gross profit	10,928	12,144	18,448	21,668	6,013	5,965
Selling, general & administrative expenses	7,659	8,611	7,562	7,955	2,900	3,875
Research & development	98.3	139	61.3	62.7	23.6	23.2
Depreciation/amortization	830	919	709	677	201	290
Interest expense (income), operating	−196	−467	−671	375	352	−439
Unusual expense (income)	−48.1	−253	–	−157	0.9	−456
Other operating expenses	−154	−92.0	−118	−270	−85.6	−45.5
Operating income	2,739	3,287	10,906	13,025	2,621	2,717
Net interest income (expense)	−567	−749	−1,130	−1,877	−458	−873
Gain (loss) on sale of assets	32.5	−8.9	18.9	−9.5	19.9	21.1
Other non-operating income (expense)	−162	−1,539	−2,029	−1,317	4.3	−2.9
Net income before taxes	2,042	990	7,765	9,823	2,187	1,862
Provision for taxes	1,236	1,185	1,712	2,889	221	162
Minority interest	−294	244	−2,383	−3,045	−825	−452
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	512	48.4	3,670	3,888	1,141	1,248
Extraordinary items	–	–	–	–	–	–
Net income	512	48.4	3,670	3,888	1,141	1,248
EBIT, normalized	2,652	2,812	10,416	13,390	3,039	1,904
EBITDA, normalized	4,384	4,971	11,808	14,719	3,436	2,448
Basic EPS, normalized	0.18	0.01	0.89	1.46	0.44	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Koc Holding AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	21,130	27,156	27,921	27,043	15,889	15,535
Receivables	40,642	45,045	42,410	44,456	21,434	24,383
Total inventory	4,542	6,158	5,673	7,167	3,474	2,510
Prepaid expenses	1,141	1,853	3,847	3,876	545	553
Other current assets	2,776	3,784	4,022	4,938	4,165	2,979
Total current assets	70,231	83,995	83,874	87,481	45,507	45,960
Property, plant & equipment	13,082	15,775	13,512	13,678	3,843	5,183
Goodwill	2,112	2,580	2,376	2,608	419	501
Intangibles	3,332	3,057	2,356	2,483	966	1,239
Long-term investments	17,558	21,500	22,515	23,250	9,812	11,023
Note receivable	12,190	12,501	12,938	18,876	14,130	18,608
Other long-term assets	5,304	5,362	2,464	2,378	1,964	2,268
Total assets	123,810	144,770	140,035	150,753	76,641	84,782
Liabilities
Accounts payable	6,879	9,282	9,142	9,067	5,376	3,907
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,650	1,851	1,883	1,472	451	644
Short-term debt	5,442	10,254	9,427	8,148	4,641	3,198
Current portion of long-term debt	12,107	9,243	8,277	11,774	4,634	6,453
Other current liabilities	54,473	65,854	62,660	70,572	38,193	41,569
Total current liabilities	80,550	96,485	91,389	101,033	53,295	55,771
Long-term debt	14,268	13,076	12,118	13,454	12,224	14,812
Minority interest	9,668	12,225	13,133	13,066	4,315	5,615
Other liabilities	3,554	3,402	3,501	3,628	2,027	2,348
Total liabilities	108,039	125,188	120,141	131,182	71,861	78,547
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	59.0	71.8	86.0	136	190	341
Additional paid-in capital	10.1	12.3	11.2	12.3	0.7	1.2
Retained earnings (accumulated deficit)	16,950	20,616	19,781	18,187	4,213	5,773
Treasury stock	−2.7	−3.3	−3.1	−3.3	−1.4	–
Other equity	−1,246	−1,114	18.9	1,240	377	120
Total equity	15,771	19,582	19,894	19,571	4,779	6,235
Total liabilities & shareholders' equity	123,810	144,770	140,035	150,753	76,641	84,782

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Koc Holding AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	806	−196	6,053	6,934	1,966	1,700
Depreciation, depletion & amortization	1,732	2,158	1,499	1,362	397	547
Deferred taxes	–	–	–	–	–	–
Non-cash items	459	6,261	8,527	2,660	1,266	36.0
Changes in working capital	−8,525	−10,331	−8,131	−12,066	175	437
Cash from operations	−5,528	−2,107	7,949	−1,110	3,805	2,719
Investing activities
Capital expenditures	−2,396	−3,627	−3,344	−2,690	−941	−1,080
Other investing cash flows	−2,044	−869	−4,760	−1,892	−3,084	2,807
Cash from investing	−4,440	−4,496	−8,104	−4,582	−4,025	1,727
Financing activities
Financing cash flow items	−535	−599	2.7	−2,532	−579	−610
Cash dividends paid	−974	−2,216	−1,666	−561	−256	−134
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	8,072	3,170	810	2,796	1,601	−716
Cash from financing	6,564	355	−853	−298	766	−1,460
Foreign exchange effects	1,570	1,512	3,875	4,144	3,969	3,558
Net change in cash	−1,833	−4,735	2,866	−1,845	4,515	6,545
Free cash flow	−7,924	−5,735	4,604	−3,800	2,864	1,639

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.