Turkcell Iletisim Hizmetleri AS TKC

Communication ServicesTelecommunications ServicesTurkey

Last close 4.58 USD on Nov 1, 2026, −16.3% year to date

Quant rating

Quant rating D Rank 115 of 152 in Communication Services

Growth C 69 of 152
Valuation B 35 of 152
Quality C 96 of 152
Revisions D 121 of 152
Momentum D 111 of 152

Wall Street consensus Strong Buy (1.00)Average target 6.77 USD +47.9%

Historical valuation

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

Key data

Market cap: 4.0B
Enterprise value: 5.9B
52-week range: 4.47 – 7.17
3-year range: 4.25 – 8.20
Dividend yield: 7.04%
Beta (5 years): 0.97
Shares outstanding: 2,200M
Next earnings: Nov 4, 2026

About the company

Turkcell Iletisim Hizmetleri AS is a Turkey-based company, which is a provider of a converged telecommunication and technology services. The Company offers a wide range of services, including digital services, voice, messaging, data, enterprise services, electronic communication services, and Internet Protocol Television (IPTV) services to its customer over its wireless and wired telecommunication networks. Turkcell Iletisim also provides other technological products and services with its national and international subsidiaries and affiliated companies in a wide geographical area, such as gaming, entertainment, and software products, financing and digital payment services, tower and infrastructure services, call center services, and renewable energy services. Additionally, The Company retails smart phones, phone cases, laptops, tablets, smart watches, robot vacuum cleaners, other electronic devices in its stores.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,622	6,174	5,247	5,002	2,698	–
Revenue growth	−8.9%	17.7%	4.9%	85.4%	−31.1%	7.5%
EPS (basic, normalized)	0.51	0.82	0.61	0.76	–	–
EPS growth	−37.8%	34.8%	−20.1%	–	–	–
Gross margin	28.3%	24.7%	21.2%	12.6%	29.8%	23.3%
Net margin	7.4%	6.7%	9.9%	6.5%	14.0%	8.9%
ROE	7.1%	6.9%	10.7%	9.2%	23.2%	11.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,479
Current ratio	1.49x
Long-term debt (mil)	3,752
Net debt (mil)	2,067
Total equity (mil)	6,637
Net debt / equity	0.31x
Net debt / EBITDA	0.80x

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	5,622	−8.9%	1.1x	2,574	+44.8%	2.3x	0.51	−37.8%	9.0x
2026	6,423	+14.2%	0.9x	2,659	+3.3%	2.2x	0.53	+3.7%	8.6x
2027	8,353	+30.1%	0.7x	3,508	+31.9%	1.7x	1.09	+105.7%	4.2x

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	6,423	0.0%	−2.5%	−2.5%	0.53	0.0%	−43.0%	−43.0%
2027	8,353	0.0%	−8.0%	−8.0%	1.09	0.0%	–	–
2028	–	–	–	–	–	–	–	–

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)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

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

Peer comparison Telecommunications Services

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
TKC Turkcell Iletisim Hizmetleri AS	4.0B	0.80x	7.4%	0.65x	8.6x	4.2x	2.2x	1.7x
SFTBY Softbank Group Corp	162.3B	–	–	–	–	–	–	–
TMUS T-Mobile US Inc	165.7B	2.47x	12.4%	2.95x	14.0x	11.1x	6.7x	6.2x
KDDIF KDDI CORPORATION	72.1B	2.90x	11.6%	2.11x	15.3x	14.3x	8.7x	8.3x
AMX America Movil SAB de CV	73.3B	1.95x	8.8%	3.74x	15.7x	13.5x	5.0x	4.7x
VOD Vodafone Group PLC	36.9B	–	−0.7%	0.65x	13.2x	11.1x	5.6x	5.2x
Mean		2.03x	7.9%	2.02x	13.4x	10.9x	5.6x	5.2x
Median		2.21x	8.8%	2.11x	14.0x	11.1x	5.6x	5.2x

Technical analysis

1M−10.2%
3M−16.6%
1Y−22.3%
3Y+15.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Turkcell Iletisim Hizmetleri AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,622	6,174	5,247	5,002	2,698	3,916
Cost of revenue	4,031	4,651	4,135	4,371	1,895	2,736
Gross profit	1,591	1,524	1,112	632	803	1,180
Selling, general & administrative expenses	625	662	446	406	203	286
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−698	−530	−713	−730	−507	−256
Unusual expense (income)	55.7	101	122	46.8	44.4	103
Other operating expenses	−68.1	16.0	151	0.1	2.0	−8.5
Operating income	1,677	1,274	1,106	909	1,061	1,055
Net interest income (expense)	−978	−894	−1,008	−1,464	−841	−616
Gain (loss) on sale of assets	−1.3	−1.3	−0.8	−1.9	8.2	3.2
Other non-operating income (expense)	29.0	212	191	731	113	181
Net income before taxes	726	591	288	174	341	623
Provision for taxes	312	180	−229	−149	−36.8	52.1
Minority interest	0	0.3	1.1	0.1	0	−0.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	414	411	518	323	378	570
Extraordinary items	−4.4	460	96.5	45.1	–	0
Net income	410	871	615	368	378	570
EBIT, normalized	1,048	851	517	247	600	906
EBITDA, normalized	2,523	2,607	2,156	2,129	1,144	1,707
Basic EPS, normalized	0.51	0.82	0.61	0.76	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Turkcell Iletisim Hizmetleri AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,489	2,836	2,923	2,728	1,403	1,690
Receivables	1,003	1,159	1,076	1,100	605	888
Total inventory	20.9	25.0	26.5	26.5	19.6	27.4
Prepaid expenses	91.2	87.8	57.4	50.3	20.4	28.5
Other current assets	43.6	103	940	233	168	135
Total current assets	3,647	4,212	5,023	4,137	2,216	2,770
Property, plant & equipment	4,203	4,259	3,572	4,266	1,577	2,193
Goodwill	17.9	21.8	20.0	22.5	3.6	5.4
Intangibles	2,426	3,011	2,846	3,268	1,097	1,659
Long-term investments	963	856	319	389	154	14.0
Note receivable	47.2	60.8	79.3	90.5	46.9	77.7
Other long-term assets	351	332	243	400	212	211
Total assets	11,655	12,753	12,102	12,574	5,308	6,929
Liabilities
Accounts payable	759	843	694	690	378	499
Payable/accrued	–	–	–	–	–	–
Accrued expenses	126	160	74.7	63.7	38.0	50.7
Short-term debt	244	650	767	872	291	343
Current portion of long-term debt	592	1,273	513	603	374	361
Other current liabilities	421	439	778	366	203	303
Total current liabilities	2,142	3,365	2,828	2,594	1,284	1,556
Long-term debt	2,858	1,942	2,838	3,274	2,097	2,200
Minority interest	0	0	−0.6	0.3	0	0
Other liabilities	617	520	449	853	233	376
Total liabilities	5,617	5,827	6,115	6,722	3,614	4,133
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	51.2	62.3	74.6	118	168	301
Additional paid-in capital	1.3	1.6	0.4	0.4	0	0
Retained earnings (accumulated deficit)	6,981	8,244	6,987	5,446	1,641	2,610
Treasury stock	−44.4	−49.2	−36.3	−38.0	−9.6	−19.9
Other equity	−951	−1,333	−1,038	327	−105	−94.7
Total equity	6,038	6,926	5,988	5,852	1,694	2,797
Total liabilities & shareholders' equity	11,655	12,753	12,102	12,574	5,308	6,929

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Turkcell Iletisim Hizmetleri AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	414	411	517	323	378	570
Depreciation, depletion & amortization	1,475	1,757	1,639	1,883	545	801
Deferred taxes	–	–	–	–	–	–
Non-cash items	1,095	916	368	571	916	657
Changes in working capital	−911	−1,263	−1,091	−301	−248	−133
Cash from operations	2,073	1,821	1,433	2,476	1,590	1,896
Investing activities
Capital expenditures	−1,671	−1,887	−1,445	−1,420	−720	−980
Other investing cash flows	−435	76.8	136	−490	−58.5	−66.6
Cash from investing	−2,106	−1,810	−1,309	−1,910	−778	−1,046
Financing activities
Financing cash flow items	14.2	−15.3	147	37.3	−23.6	163
Cash dividends paid	−209	−271	−122	−128	−193	−113
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	159	−76.2	307	272	−79.7	−625
Cash from financing	−35.6	−362	332	181	−296	−574
Foreign exchange effects	113	16.1	87.1	−1,157	−8.1	−56.8
Net change in cash	44.4	−336	543	−410	508	218
Free cash flow	402	−66.1	−11.6	1,056	870	916

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.