Turk Hava Yollari A.O. TKHVY

IndustrialsPassenger Transportation ServicesTurkey

Last close 50.03 USD on Nov 2, 2026, −21.0% year to date

Quant rating

Quant rating C Rank 282 of 418 in Industrials

Growth C 252 of 418
Valuation B 81 of 418
Quality B 160 of 418
Revisions D 300 of 418
Momentum D 374 of 418

Wall Street consensus Buy (2.00)Average target 9.51 USD −81.0%

Historical valuation

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

Key data

Market cap: 7.2B
Enterprise value: 20.5B
52-week range: 50.03 – 78.00
3-year range: 50.03 – 99.25
Dividend yield: 3.40%
Beta (5 years): 0.21
Shares outstanding: 1,380M
Next earnings: Nov 4, 2026

About the company

Turk Hava Yollari AO is a Turkey-based company, which provides passenger and cargo air transportation services. It operates under following business segments: Air Transport (Aviation), which consist of mainly domestic and international passenger and cargo air Transportation, as well as Technical Maintenance Services (Technical), which consist of mainly aircraft repair and maintenance services and providing technical and infrastructure support related to aviation sector. Its subsidiaries include: THY Teknik AS, engaged in aircraft maintenance services, as well as THY Ucus Egitim ve Havalimani Isletme AS, engaged in training and airport operations. The Company serves all domestic destinations as well as the Middle East, North America, Europe, Asia, North Africa and South Africa.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	24,096	22,669	20,942	18,426	10,686	–
Revenue growth	6.3%	8.2%	13.7%	72.4%	58.7%	29.0%
EPS (basic, normalized)	2.11	2.50	4.36	2.07	0.67	–
EPS growth	−15.7%	−42.6%	110.4%	209.5%	–	–
Gross margin	16.1%	19.1%	23.3%	23.8%	22.1%	20.9%
Net margin	12.1%	15.1%	28.8%	14.8%	9.0%	15.9%
ROE	14.3%	19.6%	47.6%	32.9%	15.7%	26.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	6,309
Current ratio	0.91x
Long-term debt (mil)	15,581
Net debt (mil)	13,285
Total equity (mil)	21,919
Net debt / equity	0.61x
Net debt / EBITDA	2.20x

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	24,096	+6.3%	0.9x	6,047	+27.6%	3.4x	2.11	−15.7%	23.7x
2026	27,418	+13.8%	0.7x	3,517	−41.8%	5.8x	0.99	−53.0%	50.5x
2027	28,898	+5.4%	0.7x	4,842	+37.7%	4.2x	1.48	+49.3%	33.8x
2028	30,782	+6.5%	0.7x	5,540	+14.4%	3.7x	1.83	+23.6%	27.4x

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	27,418	+0.3%	+2.8%	+6.3%	0.99	−5.7%	−2.2%	−23.7%
2027	28,898	+0.2%	+1.4%	+2.4%	1.48	−7.7%	−6.0%	−10.2%
2028	30,782	−1.0%	+0.5%	−0.4%	1.83	−2.3%	−2.3%	+12.4%

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)	4,765	5,653	6,623	5,607	4,878	5,973	6,938	6,263	–	–
Sales mean (mil)	4,688	–	6,485	5,368	4,576	5,793	6,836	–	–	–
Surprise	+1.6%	–	+2.1%	+4.5%	+6.6%	+3.1%	+1.5%	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

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

Peer comparison Passenger Transportation 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
TKHVY Turk Hava Yollari A.O.	7.2B	2.20x	12.1%	0.33x	50.5x	33.8x	5.8x	4.2x
WJRYY West Japan Railway Co	9.0B	4.05x	6.9%	1.16x	13.4x	13.6x	8.3x	8.0x
AAL American Airlines Group Inc.	8.7B	5.94x	0.2%	−2.05x	−10.4x	16.6x	12.6x	7.6x
ESYJY easyJet plc	6.9B	–	–	–	120.7x	17.8x	–	–
TOKUY TOKYU CORPORATION	6.4B	7.24x	8.0%	0.97x	11.0x	10.7x	12.1x	11.6x
LZRFY Localiza Rent a Car S.A.	5.8B	–	–	–	6.7x	6.3x	–	–
Mean		4.86x	6.8%	0.10x	32.0x	16.5x	9.7x	7.9x
Median		4.99x	7.5%	0.65x	12.2x	15.1x	10.2x	7.8x

Technical analysis

1M−15.2%
3M−28.8%
1Y−27.5%
3Y−31.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Turk Hava Yollari A.O., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	24,096	22,669	20,942	18,426	10,686	6,734
Cost of revenue	20,208	18,347	16,060	14,036	8,322	6,378
Gross profit	3,888	4,322	4,882	4,390	2,364	356
Selling, general & administrative expenses	2,243	2,325	2,134	1,605	1,013	818
Research & development	–	–	–	–	–	–
Depreciation/amortization	93.0	77.0	75.0	69.0	76.0	68.0
Interest expense (income), operating	−67.0	−65.0	−100	−4.0	−21.0	−56.0
Unusual expense (income)	−77.0	−60.0	−173	−19.0	−37.0	−58.0
Other operating expenses	−527	−368	87.0	−40.0	−81.0	−161
Operating income	2,223	2,413	2,859	2,779	1,414	−255
Net interest income (expense)	1,212	934	681	257	−335	−635
Gain (loss) on sale of assets	47.0	−24.0	−27.0	−6.0	1.0	4.0
Other non-operating income (expense)	−80.0	324	128	−91.0	−57.0	−40.0
Net income before taxes	3,402	3,647	3,641	2,939	1,023	−926
Provision for taxes	494	222	−2,380	214	64.0	−90.0
Minority interest	2.0	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,910	3,425	6,021	2,725	959	−836
Extraordinary items	–	–	–	–	–	–
Net income	2,910	3,425	6,021	2,725	959	−836
EBIT, normalized	2,079	2,288	2,586	2,756	1,356	−369
EBITDA, normalized	4,474	4,491	4,621	4,620	3,096	1,290
Basic EPS, normalized	2.11	2.50	4.36	2.07	0.67	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Turk Hava Yollari A.O., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	6,273	6,067	6,027	4,701	2,682	1,829
Receivables	1,999	2,312	1,794	1,916	1,754	1,779
Total inventory	968	671	418	331	261	305
Prepaid expenses	421	302	237	176	114	141
Other current assets	525	341	119	101	127	124
Total current assets	10,186	9,693	8,595	7,225	4,938	4,178
Property, plant & equipment	28,249	24,680	23,003	21,231	19,474	18,922
Goodwill	27.0	27.0	27.0	27.0	12.0	12.0
Intangibles	180	112	87.0	77.0	82.0	89.0
Long-term investments	3,489	1,800	938	511	325	331
Note receivable	2,028	1,264	1,395	957	866	1,200
Other long-term assets	2,444	2,098	1,626	916	840	798
Total assets	46,603	39,674	35,671	30,944	26,537	25,530
Liabilities
Accounts payable	1,832	1,494	1,291	1,200	891	861
Payable/accrued	–	–	–	–	–	–
Accrued expenses	131	101	50.0	39.0	18.0	16.0
Short-term debt	1,632	1,571	1,345	1,058	883	1,527
Current portion of long-term debt	2,152	2,118	2,378	2,689	3,113	2,914
Other current liabilities	4,552	4,322	4,023	3,238	1,868	1,136
Total current liabilities	10,299	9,606	9,087	8,224	6,773	6,454
Long-term debt	14,020	10,172	10,524	10,292	10,907	12,260
Minority interest	2.0	4.0	5.0	0	1.0	1.0
Other liabilities	970	582	497	2,686	2,020	1,433
Total liabilities	25,291	20,364	20,113	21,202	19,701	20,148
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,597	1,597	1,597	1,597	1,597	1,597
Additional paid-in capital	1.0	–	–	–	–	–
Retained earnings (accumulated deficit)	20,279	17,612	14,187	8,166	5,441	4,482
Treasury stock	−47.0	−39.0	−33.0	–	–	–
Other equity	−518	140	−193	−21.0	−202	−697
Total equity	21,312	19,310	15,558	9,742	6,836	5,382
Total liabilities & shareholders' equity	46,603	39,674	35,671	30,944	26,537	25,530

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Turk Hava Yollari A.O., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,908	3,425	6,021	2,725	959	−836
Depreciation, depletion & amortization	2,395	2,203	2,035	1,864	1,740	1,659
Deferred taxes	–	–	–	–	–	–
Non-cash items	−591	−1,782	−2,974	351	209	758
Changes in working capital	−410	−6.0	102	1,071	795	−1,192
Cash from operations	4,302	3,840	5,184	6,011	3,703	389
Investing activities
Capital expenditures	−2,021	−1,282	−1,242	−1,056	−850	−1,153
Other investing cash flows	−1,649	1,669	−4,466	−622	339	716
Cash from investing	−3,670	387	−5,708	−1,678	−511	−437
Financing activities
Financing cash flow items	223	−58.0	−214	−213	−259	−175
Cash dividends paid	−223	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,272	−2,290	−2,642	−2,735	−2,067	−41.0
Cash from financing	−1,272	−2,348	−2,856	−2,948	−2,326	−216
Foreign exchange effects	25.0	–	–	–	–	–
Net change in cash	−615	1,879	−3,380	1,385	866	−264
Free cash flow	2,281	2,558	3,942	4,955	2,853	−764

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.

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Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.