Turkiye Sise ve Cam Fabrikalari A.S. TKKYY

IndustrialsConsumer Goods ConglomeratesTurkey

Last close 6.61 USD on Nov 3, 2026, −16.1% year to date

Quant rating

Quant rating C Rank 255 of 418 in Industrials

Growth C 209 of 418
Valuation C 168 of 418
Quality C 229 of 418
Revisions B 117 of 418
Momentum D 373 of 418

Wall Street consensus Hold (2.60)Average target 1.16 USD −82.5%

Historical valuation

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

Key data

Market cap: 2.1B
Enterprise value: 5.4B
52-week range: 6.61 – 9.66
3-year range: 6.61 – 18.23
Dividend yield: 1.93%
Beta (5 years): –
Shares outstanding: 3,063M
Next earnings: Nov 9, 2026

About the company

Turkiye Sise ve Cam Fabrikalari A.S. (Sisecam) is a Turkey-based company engaged in the production of glass and chemicals. It is comprised of four main business sectors: the flat glass group, including basic glass, automotive glass and glass for other vehicles; the glassware group, engaged in the design, production, marketing and sale of table and kitchen articles, and souvenirs made of glass; the glass packaging business, that produces packages of different volumes and colors for water, mineral water, beverage, fruit juice, milk, beer, wine and other high-alcohol drinks, and for pharmacy and cosmetic sectors, and the chemicals group, responsible for soda ash and chromium chemicals production.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,228	6,875	7,445	9,132	2,407	–
Revenue growth	−24.0%	−7.7%	−18.5%	279.3%	−16.2%	12.7%
EPS (basic, normalized)	0.08	0.05	0.19	0.34	0.22	–
EPS growth	74.0%	−74.0%	−46.3%	56.2%	–	–
Gross margin	27.6%	22.6%	27.5%	32.0%	34.9%	28.9%
Net margin	4.4%	2.7%	11.3%	13.3%	28.2%	12.0%
ROE	4.1%	2.9%	14.3%	24.9%	29.2%	15.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	607
Current ratio	1.81x
Long-term debt (mil)	2,915
Net debt (mil)	3,520
Total equity (mil)	5,790
Net debt / equity	0.61x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	5,228	−24.0%	1.0x	1.85	−1.6%	3.6x	0.08	+74.0%	79.0x
2026	5,517	+5.5%	1.0x	2.32	+24.9%	2.9x	0.10	+20.2%	65.7x
2027	7,194	+30.4%	0.8x	2.74	+18.1%	2.4x	0.17	+66.2%	39.5x
2028	8,702	+21.0%	0.6x	4.64	+69.7%	1.4x	0.23	+38.1%	28.6x

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	5,517	0.0%	−1.1%	−2.5%	0.10	0.0%	+12.5%	+11.1%
2027	7,194	0.0%	−1.5%	−1.7%	0.17	0.0%	−0.5%	−4.8%
2028	8,702	0.0%	−6.3%	−6.0%	0.23	0.0%	+12.1%	−11.5%

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)	40,584	41,797	42,867	49,277	45,464	52,580	53,940	62,249	–	–
Sales mean (mil)	39,985	44,870	48,402	42,770	44,561	–	54,528	–	–	–
Surprise	+1.5%	−6.8%	−11.4%	+15.2%	+2.0%	–	−1.1%	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

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

Peer comparison Consumer Goods Conglomerates

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
TKKYY Turkiye Sise ve Cam Fabrikalari A.S.	2.1B	6.43x	4.4%	0.38x	65.7x	39.5x	11.2x	5.6x
NSHBY Nisshinbo Holdings Inc	2.4B	2.05x	2.8%	1.09x	35.4x	25.2x	7.8x	7.5x
JGSMY JG Summit Holdings, Inc.	2.0B	4.65x	9.7%	0.44x	171.3x	144.3x	7.9x	6.7x
SEMUF Siem Industries SA	2.0B	–	14.3%	–	–	–	–	–
CSANY Cosan S.A.	1.6B	2.64x	−24.1%	1.84x	116.9x	20.8x	3.1x	3.1x
DMCHY DMCI Holdings Inc	1.4B	–	13.9%	0.68x	54.2x	50.9x	3.4x	3.3x
Mean		3.94x	3.5%	0.89x	88.7x	56.2x	6.7x	5.2x
Median		3.64x	7.0%	0.68x	65.7x	39.5x	7.8x	5.6x

Technical analysis

1M−31.6%
3M−31.6%
1Y−16.1%
3Y−70.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Turkiye Sise ve Cam Fabrikalari A.S., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,228	6,875	7,445	9,132	2,407	2,871
Cost of revenue	3,784	5,318	5,397	6,211	1,568	1,975
Gross profit	1,443	1,557	2,048	2,921	840	896
Selling, general & administrative expenses	1,370	1,675	1,520	1,716	418	518
Research & development	39.3	39.4	24.0	30.3	8.4	7.9
Interest expense (income), operating	−60.3	−32.0	−213	−140	−54.8	−50.0
Unusual expense (income)	1.2	66.4	13.8	37.3	0.6	1.0
Other operating expenses	−16.6	−51.7	−44.4	−18.2	−16.1	−26.0
Operating income	109	−141	748	1,295	483	446
Net interest income (expense)	−349	−279	210	156	343	−4.0
Gain (loss) on sale of assets	2.1	−7.5	1.3	−1.5	1.1	−1.8
Other non-operating income (expense)	519	547	197	−74.1	−2.7	−1.7
Net income before taxes	282	120	1,156	1,375	825	438
Provision for taxes	59.3	−74.7	224	89.5	139	57.9
Minority interest	7.8	−8.2	−90.9	−69.3	−6.8	−92.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	230	186	841	1,217	679	288
Extraordinary items	–	–	–	–	–	–
Net income	230	186	841	1,217	679	288
EBIT, normalized	57.4	−98.7	549	1,190	429	397
EBITDA, normalized	462	460	1,052	1,823	584	619
Basic EPS, normalized	0.08	0.05	0.19	0.34	0.22	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Turkiye Sise ve Cam Fabrikalari A.S., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	958	2,110	2,197	2,563	1,208	1,554
Receivables	1,039	1,067	1,497	1,807	730	645
Total inventory	1,181	1,573	1,612	1,841	608	563
Prepaid expenses	70.7	137	116	171	56.1	45.7
Other current assets	45.4	83.1	106	252	108	48.0
Total current assets	3,294	4,971	5,528	6,635	2,710	2,855
Property, plant & equipment	5,769	6,563	5,839	5,706	2,523	2,208
Goodwill	41.2	55.3	62.4	71.6	48.0	49.6
Intangibles	1,442	1,753	1,670	1,903	1,137	72.6
Long-term investments	682	796	775	727	315	486
Note receivable	1.6	2.1	1.3	9.0	10.7	12.7
Other long-term assets	572	642	395	412	185	268
Total assets	11,803	14,781	14,270	15,463	6,929	5,951
Liabilities
Accounts payable	744	900	829	999	378	329
Payable/accrued	–	–	–	–	–	–
Accrued expenses	38.4	72.4	57.7	144	69.3	49.5
Short-term debt	388	403	1,369	1,259	265	303
Current portion of long-term debt	989	781	503	380	519	323
Other current liabilities	455	791	510	354	210	104
Total current liabilities	2,615	2,948	3,268	3,136	1,442	1,109
Long-term debt	2,299	3,602	2,254	2,497	1,294	1,681
Minority interest	621	817	1,213	1,640	986	39.9
Other liabilities	620	523	581	549	218	135
Total liabilities	6,155	7,889	7,317	7,822	3,940	2,965
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	71.3	86.7	104	164	230	412
Additional paid-in capital	39.3	47.8	43.8	47.8	12.5	22.5
Retained earnings (accumulated deficit)	6,588	7,767	6,870	6,767	1,596	1,732
Treasury stock	−136	−165	−5.9	−6.8	−2.9	–
Other equity	−915	−844	−58.1	669	1,153	819
Total equity	5,648	6,892	6,953	7,641	2,989	2,986
Total liabilities & shareholders' equity	11,803	14,781	14,270	15,463	6,929	5,951

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Turkiye Sise ve Cam Fabrikalari A.S., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	222	194	932	1,286	686	380
Depreciation, depletion & amortization	405	559	503	633	155	222
Deferred taxes	–	–	–	–	–	–
Non-cash items	249	−183	39.8	−326	−246	64.5
Changes in working capital	−337	−99.4	−426	−1,200	−99.6	−308
Cash from operations	539	470	1,049	392	495	358
Investing activities
Capital expenditures	−834	−1,115	−1,028	−690	−221	−252
Other investing cash flows	99.3	417	18.6	101	−252	30.7
Cash from investing	−735	−698	−1,010	−589	−473	−221
Financing activities
Financing cash flow items	−521	−679	−389	−245	−87.7	−17.2
Cash dividends paid	−61.3	−147	−253	−250	−40.0	−69.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	57.3	953	223	725	−153	−272
Cash from financing	−525	127	−419	230	−281	−359
Foreign exchange effects	−27.1	68.6	191	335	517	358
Net change in cash	−748	−31.6	−188	368	258	136
Free cash flow	−295	−645	20.3	−298	274	106

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 3, 2026 after market close.