Ulker Biskuvi Sanayi AS UELKY

Consumer StaplesFood & TobaccoTurkey

Last close 15.00 USD on Nov 2, 2026, −40.4% year to date

Quant rating

Quant rating B Rank 42 of 174 in Consumer Staples

Growth B 66 of 174
Valuation A 4 of 174
Quality B 54 of 174
Revisions A 2 of 174
Momentum D 165 of 174

Wall Street consensus Buy (2.40)Average target 3.39 USD −77.4%

Historical valuation

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

Key data

Market cap: 565M
Enterprise value: 1.5B
52-week range: 15.00 – 29.12
3-year range: 15.00 – 53.50
Dividend yield: 8.20%
Beta (5 years): –
Shares outstanding: 369M
Next earnings: Nov 5, 2026

About the company

Ulker Biskuvi Sanayi AS, formerly Ulker Gida Sanayi ve Ticaret AS, is a Turkey-based food manufacturer, specializing in cookies, crackers, chocolate covered cookies and wafers. The Company offers products under such brand names, Potibor, Cizi, Krispi, Haylayf, Mavi Yesil, Hanimeller, Bebe Biscuits, Biskrem, Krim Kraker, Probis, Cokoprens, As Kraker, Basak, Ikram and Canpare, among many others. Ulker Biskuvi Sanayi AS 's products are mainly exported to the Middle East, Russia and Central Asian Republics, as well as to Europe. The Company’s subsidiaries include Istanbul Gida Dis Ticaret AS, Atlas Gida Pazarlama Sanayi ve Ticaret AS, Birlesik Dis Ticaret AS, Ulker Cikolata Sanayi AS, Reform Gida Pazarlama Sanayi ve Ticaret AS and Sabourne Investments Ltd.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,605	3,115	2,735	2,781	941	–
Revenue growth	−16.4%	13.9%	−1.7%	195.4%	−28.0%	14.8%
EPS (basic, normalized)	0.30	0.55	0.29	−0.05	−0.09	–
EPS growth	−45.4%	91.5%	–	–	–	–
Gross margin	28.8%	29.7%	28.9%	21.7%	28.8%	27.6%
Net margin	4.4%	8.8%	6.1%	1.9%	−3.7%	3.5%
ROE	11.6%	29.0%	25.7%	13.1%	−10.3%	13.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	480
Current ratio	2.53x
Long-term debt (mil)	966
Net debt (mil)	960
Total equity (mil)	1,094
Net debt / equity	0.88x
Net debt / EBITDA	2.21x

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	2,605	−16.4%	0.6x	435	+5.0%	3.4x	0.30	−45.4%	50.1x
2026	2,810	+7.8%	0.5x	398	−8.5%	3.7x	0.37	+23.2%	40.6x
2027	3,461	+23.2%	0.4x	528	+32.6%	2.8x	0.68	+85.5%	21.9x
2028	4,127	+19.2%	0.4x	649	+22.9%	2.3x	1.00	+46.6%	14.9x

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	2,810	−1.9%	−3.1%	−2.2%	0.37	−12.1%	−23.4%	−28.1%
2027	3,461	−2.5%	−2.8%	−1.1%	0.68	+13.7%	+23.6%	+10.6%
2028	4,127	+0.1%	+2.4%	+4.8%	1.00	+30.7%	+54.4%	+26.2%

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)	19,601	15,309	18,196	26,083	26,962	23,058	25,411	30,979	–	–
Sales mean (mil)	19,579	17,121	19,870	22,666	26,052	–	25,660	28,839	–	–
Surprise	+0.1%	−10.6%	−8.4%	+15.1%	+3.5%	–	−1.0%	+7.4%	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

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

Peer comparison Food & Tobacco

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
UELKY Ulker Biskuvi Sanayi AS	565M	2.21x	4.4%	0.55x	40.6x	21.9x	3.7x	2.8x
AAYYY Australian Agricultural Company Limited	568M	–	25.4%	0.45x	949.5x	604.2x	17.2x	15.8x
LASa Lassonde Industries Inc.	566M	1.59x	5.1%	1.46x	9.9x	9.7x	3.6x	3.5x
PPLFY Perusahaan Perkebunan London Sumatra Indonesia Tbk PT	540M	−3.28x	34.2%	0.68x	260.6x	252.0x	0.6x	0.6x
HLF High Liner Foods Inc	537M	3.55x	3.6%	1.31x	9.1x	13.2x	6.5x	8.1x
MHPSL MHP SE	534M	–	4.6%	0.27x	–	–	–	–
Mean		1.02x	12.9%	0.79x	253.9x	180.2x	6.3x	6.2x
Median		1.90x	4.9%	0.62x	40.6x	21.9x	3.7x	3.5x

Technical analysis

1M−18.9%
3M−44.2%
1Y−42.8%
3Y−49.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ulker Biskuvi Sanayi AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,605	3,115	2,735	2,781	941	1,307
Cost of revenue	1,856	2,191	1,946	2,177	671	912
Gross profit	749	924	789	605	271	395
Selling, general & administrative expenses	365	401	317	299	110	159
Research & development	7.7	8.0	5.9	4.5	1.5	1.9
Depreciation/amortization	2.3	2.6	2.5	2.9	1.0	1.6
Interest expense (income), operating	−23.2	−24.1	−83.2	−81.5	−32.4	−5.2
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	8.2	8.3	8.3	2.6	8.3	3.9
Operating income	390	529	538	378	182	234
Net interest income (expense)	−278	−238	−511	−611	−185	−25.1
Gain (loss) on sale of assets	0.1	0.1	0.2	3.0	0.5	0.2
Other non-operating income (expense)	43.5	116	206	304	−3.2	3.1
Net income before taxes	156	406	234	73.5	−5.3	212
Provision for taxes	34.3	109	27.2	−3.0	6.9	41.4
Minority interest	−7.7	−22.8	−41.3	−23.8	−22.7	−25.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	113	274	166	52.7	−34.9	146
Extraordinary items	–	–	–	–	–	–
Net income	113	274	166	52.7	−34.9	146
EBIT, normalized	366	505	455	296	150	229
EBITDA, normalized	424	572	513	359	167	256
Basic EPS, normalized	0.30	0.55	0.29	−0.05	−0.09	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ulker Biskuvi Sanayi AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	543	975	571	835	707	1,006
Receivables	734	914	704	790	411	715
Total inventory	551	438	411	456	242	228
Prepaid expenses	42.2	38.8	36.6	37.8	27.7	11.8
Other current assets	106	45.9	88.3	117	21.7	17.1
Total current assets	1,977	2,412	1,812	2,235	1,409	1,978
Property, plant & equipment	729	862	797	787	273	383
Goodwill	66.8	81.7	91.5	98.9	67.3	66.8
Intangibles	48.6	62.8	69.5	79.2	48.9	48.9
Long-term investments	120	182	196	237	141	135
Note receivable	–	–	–	–	0	0
Other long-term assets	12.1	9.7	50.5	103	30.9	10.6
Total assets	2,954	3,609	3,017	3,540	1,971	2,623
Liabilities
Accounts payable	331	380	374	367	171	172
Payable/accrued	–	–	–	–	–	–
Accrued expenses	21.2	31.8	25.6	22.8	10.1	12.2
Short-term debt	291	156	55.8	81.6	57.1	38.7
Current portion of long-term debt	117	410	212	924	158	153
Other current liabilities	61.4	75.7	89.6	94.0	65.0	59.4
Total current liabilities	822	1,054	757	1,489	461	435
Long-term debt	927	1,213	1,230	1,089	1,150	1,219
Minority interest	59.9	81.2	89.7	193	99.7	105
Other liabilities	137	103	60.6	125	36.2	51.9
Total liabilities	1,946	2,451	2,136	2,896	1,747	1,810
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	8.6	10.5	12.5	18.3	25.7	46.0
Additional paid-in capital	147	178	163	0	–	–
Retained earnings (accumulated deficit)	903	1,068	1,383	1,317	314	654
Treasury stock	–	–	–	–	–	–
Other equity	−50.2	−97.7	−678	−691	−116	112
Total equity	1,008	1,159	880	644	224	812
Total liabilities & shareholders' equity	2,954	3,609	3,017	3,540	1,971	2,623

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ulker Biskuvi Sanayi AS, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	121	297	207	76.5	−12.2	171
Depreciation, depletion & amortization	57.1	67.4	58.0	62.5	17.3	26.8
Deferred taxes	–	–	–	–	–	–
Non-cash items	354	311	406	428	219	92.3
Changes in working capital	−585	−652	−604	−522	−222	−205
Cash from operations	−51.8	22.8	66.4	44.9	2.1	84.8
Investing activities
Capital expenditures	−40.5	−94.9	−58.9	−71.5	−42.0	−29.7
Other investing cash flows	109	108	37.9	625	−73.9	−121
Cash from investing	68.9	12.7	−21.0	553	−116	−151
Financing activities
Financing cash flow items	−218	−176	−160	−216	−57.4	9.7
Cash dividends paid	−89.3	−13.5	−9.8	−10.6	−28.0	−0.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−108	408	−338	−107	−8.8	251
Cash from financing	−415	218	−508	−333	−94.3	259
Foreign exchange effects	139	97.9	286	116	146	47.4
Net change in cash	−259	351	−176	381	−62.4	241
Free cash flow	−92.3	−72.1	7.6	−26.6	−40.0	55.0

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 2, 2026 after market close.