Turk Telekomunikasyon AS TRKNY

Communication ServicesTelecommunications ServicesTurkey

Last close 2.79 USD on Nov 1, 2026, +5.7% year to date

Quant rating

Quant rating A Rank 6 of 152 in Communication Services

Growth C 65 of 152
Valuation A 16 of 152
Quality B 54 of 152
Revisions A 6 of 152
Momentum B 23 of 152

Wall Street consensus Buy (2.38)Average target 1.68 USD −39.9%

Historical valuation

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

Key data

Market cap: 3.2B
Enterprise value: 5.6B
52-week range: 1.82 – 4.31
3-year range: 1.35 – 4.31
Dividend yield: –
Beta (5 years): −0.02
Shares outstanding: 3,500M
Next earnings: Nov 4, 2026

About the company

Turk Telekomunikasyon AS is a Turkey-based company, which is engaged, together with its subsidiaries, in the telecommunication sector. The Group provides local, national, international and mobile telecommunication services, internet products and services, as well as call center and customer relationship management, technology and information management. Turk Telekomunikasyon AS operates under the following segments: Fixed Line and Mobile. Fixed Line services are provided by Turk Telekom, TTNET AS, Argela Yazilim ve Bilisim Teknolojileri Sanayi ve Ticaret AS, Innova Bilisim Cozumleri AS, Sebit Egitim ve Bilgi Teknolojileri AS, AssisTT Rehberlik ve Musteri Hizmetleri AS and TTINT Group whereas Mobile service is provided by Avea Iletisim Hizmetleri AS.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,640	5,988	4,907	4,891	2,574	–
Revenue growth	−5.8%	22.0%	0.3%	90.0%	−32.4%	8.2%
EPS (basic, normalized)	0.15	0.07	0.14	0.06	0.12	–
EPS growth	125.6%	−54.3%	131.1%	−48.3%	–	–
Gross margin	41.8%	36.8%	21.8%	23.0%	43.4%	33.4%
Net margin	9.5%	5.2%	16.4%	7.6%	16.8%	11.1%
ROE	11.4%	6.6%	21.3%	14.5%	43.8%	19.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	550
Current ratio	0.82x
Long-term debt (mil)	2,734
Net debt (mil)	2,560
Total equity (mil)	5,687
Net debt / equity	0.45x
Net debt / EBITDA	1.16x

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	5,640	−5.8%	1.0x	2,200	+33.6%	2.6x	0.15	+125.6%	18.7x
2026	6,621	+17.4%	0.9x	2,695	+22.5%	2.1x	0.27	+79.4%	10.4x
2027	8,212	+24.0%	0.7x	3,375	+25.2%	1.7x	0.27	+0.6%	10.3x
2028	10,024	+22.1%	0.6x	4,176	+23.8%	1.3x	0.36	+34.9%	7.7x

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	6,621	+2.0%	+4.1%	+4.8%	0.27	+15.8%	+24.0%	+26.2%
2027	8,212	+1.8%	+6.6%	+8.4%	0.27	+8.3%	+7.0%	+5.7%
2028	10,024	+2.3%	+9.3%	+11.9%	0.36	+12.8%	+9.8%	+9.7%

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)	28,024	32,977	40,353	52,395	45,596	50,426	59,522	76,533	–	–
Sales mean (mil)	27,502	31,950	38,788	43,050	45,030	–	58,850	–	–	–
Surprise	+1.9%	+3.2%	+4.0%	+21.7%	+1.3%	–	+1.1%	–	–	–
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
TRKNY Turk Telekomunikasyon AS	3.2B	1.16x	9.5%	0.61x	10.4x	10.3x	2.1x	1.7x
TEGPY Telecom Egypt Co SAE	3.7B	1.41x	20.9%	2.78x	38.5x	30.6x	4.4x	4.1x
GTMEY Globe Telecom, Inc.	3.5B	5.47x	12.3%	1.24x	12.2x	10.6x	6.8x	6.6x
SKPJY SKY Perfect JSAT Corporation	3.4B	−0.66x	18.3%	1.67x	37.8x	37.2x	9.0x	8.1x
FRTAY freenet AG	3.0B	1.32x	11.0%	1.94x	5.5x	4.9x	6.7x	6.3x
KYIV Kyivstar Group Ltd	3.0B	0.08x	10.7%	2.16x	9.1x	7.9x	4.2x	3.9x
Mean		1.46x	13.8%	1.73x	18.9x	16.9x	5.5x	5.1x
Median		1.24x	11.6%	1.81x	11.3x	10.5x	5.6x	5.2x

Technical analysis

1M+31.0%
3M+21.8%
1Y+17.2%
3Y+84.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Turk Telekomunikasyon AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,640	5,988	4,907	4,891	2,574	3,806
Cost of revenue	3,283	3,786	3,836	3,766	1,457	2,033
Gross profit	2,356	2,202	1,071	1,124	1,117	1,774
Selling, general & administrative expenses	1,086	1,276	1,146	1,087	404	721
Research & development	62.4	73.2	63.4	51.8	20.6	33.2
Interest expense (income), operating	38.8	19.6	92.2	49.2	82.1	18.0
Unusual expense (income)	12.7	−122	5.8	5.9	13.1	−10.7
Other operating expenses	22.5	17.9	1.3	2.9	−12.3	7.8
Operating income	1,134	937	−238	−72.7	609	1,004
Net interest income (expense)	−533	−988	−882	−889	−170	−446
Gain (loss) on sale of assets	3.1	3.1	2.1	−1.8	4.7	1.3
Other non-operating income (expense)	418	962	1,286	1,367	−22.1	−48.3
Net income before taxes	1,022	913	168	404	422	512
Provision for taxes	487	600	−636	33.9	−10.6	84.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	535	313	804	370	433	428
Extraordinary items	–	–	–	–	–	–
Net income	535	313	804	370	433	428
EBIT, normalized	1,191	854	−139	−16.8	707	1,019
EBITDA, normalized	2,290	2,188	1,597	1,730	1,170	1,736
Basic EPS, normalized	0.15	0.07	0.14	0.06	0.12	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Turk Telekomunikasyon AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,559	674	1,071	903	633	674
Receivables	966	1,251	885	910	575	852
Total inventory	42.7	102	64.8	74.7	33.0	33.5
Prepaid expenses	83.5	113	116	46.0	28.8	26.8
Other current assets	30.2	63.7	226	418	291	201
Total current assets	2,681	2,203	2,363	2,351	1,560	1,788
Property, plant & equipment	4,103	4,537	3,995	4,371	1,543	2,370
Goodwill	21.4	26.0	23.8	26.0	3.4	6.0
Intangibles	3,050	3,093	2,687	3,118	974	1,627
Long-term investments	23.9	20.3	13.6	10.3	2.2	4.8
Note receivable	20.3	14.6	16.8	26.1	115	42.3
Other long-term assets	34.8	118	438	121	182	180
Total assets	9,934	10,011	9,538	10,023	4,381	6,018
Liabilities
Accounts payable	729	812	691	837	580	712
Payable/accrued	–	–	–	–	–	–
Accrued expenses	86.9	102	69.5	56.5	26.7	40.7
Short-term debt	63.3	443	649	669	60.2	374
Current portion of long-term debt	380	536	978	411	471	445
Other current liabilities	509	500	383	368	213	342
Total current liabilities	1,768	2,393	2,771	2,341	1,352	1,914
Long-term debt	2,460	1,626	1,592	2,610	1,704	2,034
Minority interest	–	–	–	–	–	–
Other liabilities	759	580	360	749	256	449
Total liabilities	4,988	4,599	4,723	5,700	3,311	4,398
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	81.5	99.1	119	187	263	471
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	5,029	5,441	4,487	3,872	382	651
Treasury stock	−0.6	−0.8	−0.7	0	–	–
Other equity	−164	−128	209	263	425	498
Total equity	4,946	5,412	4,814	4,323	1,070	1,620
Total liabilities & shareholders' equity	9,934	10,011	9,538	10,023	4,381	6,018

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Turk Telekomunikasyon AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	535	313	804	370	433	428
Depreciation, depletion & amortization	1,099	1,334	1,738	1,748	463	716
Deferred taxes	–	–	–	–	–	–
Non-cash items	730	659	−718	17.6	337	713
Changes in working capital	−192	−447	−715	−840	−55.2	−21.0
Cash from operations	2,172	1,860	1,109	1,295	1,178	1,835
Investing activities
Capital expenditures	−1,744	−1,492	−1,259	−1,283	−652	−937
Other investing cash flows	327	37.5	33.2	−277	96.3	26.9
Cash from investing	−1,417	−1,455	−1,226	−1,560	−555	−910
Financing activities
Financing cash flow items	−136	−265	238	79.0	1.4	−140
Cash dividends paid	–	–	–	−543	−141	−81.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	676	−517	91.9	103	−371	−725
Cash from financing	539	−781	330	−360	−510	−946
Foreign exchange effects	29.9	41.4	24.5	10.2	35.9	14.3
Net change in cash	1,324	−335	238	−615	148	−6.4
Free cash flow	428	368	−150	12.2	526	898

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.