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Turkcell Iletisim Hizmetleri AS

TKC Communication Services Telecom Services

Turkcell Iletisim Hizmetleri AS’s revenue for fiscal 2025 (year ended December 2025) was $6.1 billion, up 20.7% from fiscal 2024.

Revenue
+15.4%
EPS
+8.33%
Free cash flow
−58.1%
Total debt
−13.7%

Quarter to June 2026, against a year earlier

4.61 0.12 −2.54%
Market cap
$4.0B
P/E
9.4×
Fwd P/E
—
Dividend yield
2.29%
F-score
7/9
Altman Z
1.90
Beneish M
−3.15
Dividend safety
61/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 4,010.00
Revenue ttm 6,586.51
Net income ttm 478.76
Free cash flow ttm (172.94)
Net debt Q 1,308.60
Valuation
P/E 9.41
Forward P/E —
Price / sales 0.61
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.59
Financial health
Current ratio Q 1.49
Debt / equity Q 0.57
Interest coverage Q 0.76
Growth
Revenue growth Q +15.43% (above 0%: growing)
Operating income growth Q −11.92% (below 0%: shrinking)
EPS, this year +23.04% (at or above 15%: strong)
EPS, next year A +57.47% (at or above 15%: strong)
Revenue, next year A —
EPS, past 5 yrs −5.59% (below 0%: weak)
EPS, next 5 yrs A +33.77% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 1.3×; over the ten years it ranged from 0.9× in 2022 to 2.2× in 2016.
P/E against its own 10 years 39.35%
10-year low 10-year high
P/S against its own 10 years 0.15%
10-year low 10-year high
P/B against its own 10 years 0.15%
10-year low 10-year high
EV/Sales against its own 10 years 10.67%
10-year low 10-year high

Dividends

Yield
2.29%
Annual rate
0.11
Payout ratio
21.6%
Growth, 2018–26
−7.45%/yr
  1. 0.40 ’18
  2. 0.25 ’19 −39
  3. 0.12 ’20 −52
  4. 0.34 ’21 +185
  5. 0.08 ’22 −76
  6. 0.09 ’23 +10
  7. 0.20 ’24 +133
  8. 0.22 ’25 +8
  9. 0.22 ’26 −2
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,637 2,375 2,737 2,541
Receivables 733 727 832 879
Inventory 23 21 23 20
Other 306 345 387 532
4,440 3,468 3,978 3,972
2023 2024 2025 Q'26
Payables 892 905 1,092 1,034
ST’ Debt — — — —
Other 158 203 239 247
2,500 2,770 2,337 2,664

Compound Annual Growth %

10y 5y 3y
Sales 2.67% 7.97% 17.65%
Cash Flow 13.33% 5.47% 16.35%
Earnings (5.21%) (5.97%) 20.50%
Book Value 2.15% 17.15% 17.48%

Earnings Trends EPS, adjusted, against the consensus

Dec 2022 Estimate 0.16 Actual 0.36

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2021 0.17 0.19 Beat by 0.02
Mar 2022 0.12 0.07 Miss by 0.05
Jun 2022 0.12 0.13 Beat by 0.01
Dec 2022 0.16 0.36 Beat by 0.20

EPS $

Mar Jun Sep Dec Year
’26 0.11 0.13 — — —
’25 0.09 0.12 0.15 0.10 0.51
’24 0.10 0.10 0.48 0.13 0.82
’23 0.17 0.16 0.23 0.04 0.63
’22 0.07 0.13 0.15 (0.06) 0.29
’21 0.17 0.15 0.07 0.05 0.67
’20 0.16 0.14 0.19 0.19 0.68
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,566 1,579 — — —
’25 1,324 1,368 1,459 1,983 6,133
’24 996 1,079 1,197 1,812 5,083
’23 916 1,046 970 1,707 4,638
’22 770 795 818 1,384 3,767
’21 1,063 1,020 1,052 758 4,160
’20 1,092 1,010 1,063 1,015 4,179
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 195 626 — — —
’25 351 574 570 959 2,454
’24 180 337 628 784 1,929
’23 174 661 259 712 1,807
’22 222 303 427 605 1,558
’21 295 442 373 814 2,310
’20 405 402 607 467 1,880
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (653) 87 — — —
’25 47 209 187 205 649
’24 (108) 6 383 153 434
’23 (57) 315 195 91 544
’22 27 181 285 69 562
’21 53 214 373 814 1,188
’20 210 203 347 16 777
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,723 4,835 4,391 4,422 4,179 4,160 3,767 4,638 5,083 6,133 6,587 +2.9% — — — —
Gross margin, % 35.34 35.63 33.56 32.04 30.13 29.76 13.86 21.19 24.68 28.30 27.44 (7.0) pt
EBT 664 716 551 579 664 526 157 255 487 792 868 +2.0%
EBT margin, % 14.06 14.80 12.55 13.09 15.90 12.64 4.16 5.50 9.57 12.92 13.17 (1.1) pt
Net income 510 559 449 576 609 583 255 543 717 447 479 (1.5%)
Per share, $
Per share, $ Revenue 5.38 5.51 5.02 5.06 4.79 4.76 4.31 5.31 5.83 7.04 7.58 +3.0%
Earnings 0.57 0.62 0.48 0.65 0.68 0.67 0.29 0.63 0.82 0.51 0.49 (1.2%)
Cash flow 0.23 0.97 1.38 1.82 2.15 2.65 1.78 2.07 2.21 2.82 2.71 +32.2%
Capex (1.03) (0.84) (1.21) (1.16) (1.26) (1.28) (1.14) (1.45) (1.71) (2.07) (2.90) +8.1%
Free cash flow (0.80) 0.13 0.17 0.65 0.89 1.36 0.64 0.62 0.50 0.74 (0.20) n/m
Book value 6.06 4.70 3.79 3.64 3.42 2.99 4.65 6.06 6.54 7.56 7.84 +2.5%
Shares, m 877 877 874 874 873 873 873 873 872 871 870 (0.1%)
Valuation, ×
Valuation, × P/E 11.81 16.62 11.47 11.53 7.93 8.12 17.97 8.06 8.00 11.89 9.41 11.3
P/S 1.24 1.88 1.12 1.15 1.13 0.81 1.20 0.91 1.12 0.78 0.61 1.1
P/B 1.10 2.21 1.48 1.59 1.58 1.87 1.11 0.80 1.00 0.72 0.59 1.3
EV/Sales 1.27 2.03 1.32 1.49 1.39 1.15 1.54 0.96 1.17 1.09 1.04 1.3
EV/FCF (8.56) 83.48 9.46 11.49 7.50 6.02 10.32 8.23 13.74 10.30 (39.60) 15.2
Cash, $m
Cash, $m Operating cash flow 201 850 1,202 1,588 1,880 2,310 1,558 1,807 1,929 2,454 2,350 +32.1%
Capex (903) (733) (1,056) (1,016) (1,103) (1,122) (996) (1,263) (1,495) (1,805) (2,523) +8.0%
Free cash flow (703) 117 146 571 777 1,188 562 544 434 649 (173) n/m
Balance, $m
Balance, $m Working capital 1,981 1,329 1,360 1,174 1,295 1,438 1,071 1,941 697 1,642 1,308 (2.1%)
Net debt 971 1,829 2,215 1,501 1,117 1,482 1,290 (128) (775) 380 1,309 (9.9%)
Shareholders’ equity 5,312 4,125 3,310 3,181 2,985 2,613 4,063 5,293 5,702 6,587 6,810 +2.4%
Returns, %
Returns, % ROA 4.90 5.49 4.60 6.77 7.88 7.48 3.02 5.60 6.77 3.85 3.61 (1.1) pt
ROIC 7.18 8.44 10.17 11.82 12.63 13.00 1.91 4.09 7.70 8.73 7.40 +1.6 pt
ROE 9.28 11.50 11.21 17.60 19.74 20.82 7.66 11.62 13.05 7.28 7.61 (2.0) pt
People
People Employees 18,999 19,768 20,120 21,813 24,675 25,638 23,795 24,352 22,228 24,290 — +2.8%
Revenue/emp, $m 0.25 0.24 0.22 0.20 0.17 0.16 0.16 0.19 0.23 0.25 — +0.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Turkcell Iletisim Hizmetleri AS vs peers in Telecom Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VEON VEON Ltd. $4.8B 90.0× 12.5× +16.93% (above 0%: growing) −79.56% (below 0%: shrinking) +431.58% (above 0%: growing) 86.55% 27.46% Compare
IRDM Iridium Communications Inc $4.5B 27.9× 30.8× +8.28% (above 0%: growing) +180.00% (above 0%: growing) −13.57% (below 0%: shrinking) 70.59% 12.87% Compare
LUMN Lumen Technologies, Inc. $4.1B — (loss-making) — (loss-making) −12.05% (below 0%: shrinking) n/m −123.67% (below 0%: shrinking) 47.26% (6.15%) Compare
TKC Turkcell Iletisim Hizmetleri AS $4.0B 9.4× — +15.43% (above 0%: growing) +8.33% (above 0%: growing) −58.09% (below 0%: shrinking) 25.36% 12.41%
PHI PLDT Inc. $3.9B 8.6× 7.7× −5.84% (below 0%: shrinking) −24.00% (below 0%: shrinking) +78.48% (above 0%: growing) 57.86% 20.01% Compare
TDS Telephone and Data Systems, Inc. $3.5B 10.6× 9.3× +3.60% (above 0%: growing) n/m −133.98% (below 0%: shrinking) 58.19% 120.67% Compare
LBTYK Liberty Global Ltd $3.2B — (loss-making) — −7.65% (below 0%: shrinking) n/m +429.69% (above 0%: growing) 50.62% 0.26% Compare
LBTYA Liberty Global Ltd $3.2B — (loss-making) — (loss-making) −7.65% (below 0%: shrinking) n/m +429.69% (above 0%: growing) 50.62% 0.26% Compare
KYIV Kyivstar Group Ltd. $3.0B 19.3× 9.3× +19.37% (above 0%: growing) −16.71% (below 0%: shrinking) +29.21% (above 0%: growing) 88.79% 37.46% Compare
Median of peers $3.7B 19.3× 9.3× −1.12% −20.35% +53.85% 58.02% 16.44%

All 55 Telecom Services stocks →

Turkcell Iletisim Hizmetleri AS (TKC) Latest News

5 Oct

Impact 4 · · Business Wire

14 Aug

Impact 3 · · MarketBeat

13 Aug

Impact 4 · transcript
Impact 3 · · The Motley Fool transcript
Impact 3 ·

25 Jun

Impact 3 · · GlobeNewswire

15 May

Impact 3 · · MarketBeat

13 May

Impact 4 · · GuruFocus.com

11 May

Impact 4 · · Business Wire

27 Apr

Impact 3 · · GlobeNewswire

9 Apr

Impact 4 · · GlobeNewswire

23 Mar

Impact 4 · · Business Wire

19 Mar

Impact 4 · · GlobeNewswire

10 Mar

Impact 4 · · PR Newswire
Impact 4 · · PR Newswire

6 Mar

Impact 4 · · MarketBeat

5 Mar

Impact 4 · · GuruFocus.com
Impact 4 · · Business Wire

4 Mar

Impact 4 · · GlobeNewswire

15 Feb

Impact 4 · · Insider MonkeyInsider MonkeyInsider MonkeyInsider MonkeyInsider MonkeyInsider Monkey

3 Feb

Impact 3 · · Simply Wall St.

2 Feb

Impact 3 · · Simply Wall St.

26 Jan

Impact 4 · · Insider Monkey

12 Jan

Impact 4 · · GlobeNewswire

12 Nov

Impact 4 · · Reuters
Impact 4 · · Business Wire

11 Nov

Impact 4 · · Reuters

6 Nov

Impact 4 · · GuruFocus.com
Impact 4 · · Business Wire

16 Oct

Impact 4 · · ReutersInsider MonkeyReutersInsider MonkeyMT NewswiresMT NewswiresMT NewswiresAssociated Press Finance

TKC metrics, ten years each

stockrow.com/TKC · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com