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. In the quarter to June 2026, revenue grew 15.4%, EPS grew 8.33%, free cash flow fell 58.1% and total debt fell 13.7%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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Turkcell Iletisim Hizmetleri AS (TKC) Altman Z-score
Turkcell Iletisim Hizmetleri AS's Altman Z-score for fiscal 2025 is 1.90, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.90 | (0.14) |
| FY2024 | 2.04 | 0.33 |
| FY2023 | 1.72 | 0.08 |
| FY2022 | 1.64 | (0.12) |
| FY2021 | 1.76 | (0.47) |
| FY2020 | 2.23 | 0.11 |
| FY2019 | 2.12 | 0.19 |
| FY2018 | 1.93 | (0.55) |
| FY2017 | 2.47 | 0.29 |
| FY2016 | 2.18 | (0.33) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.13 | — | 0.15 | |
| Retained earnings / total assets | 0.39 | — | 0.54 | |
| EBIT / total assets | 0.08 | — | 0.25 | |
| Market value of equity / total liabilities | 0.78 | — | 0.47 | |
| Sales / total assets | 0.48 | — | 0.48 | |
| Altman Z-score | Grey zone | 1.90 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.76 | ||
Z and Z″ put Turkcell Iletisim Hizmetleri AS in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| KYIV Kyivstar Group Ltd. compare | 3.8× |
| TKC Turkcell Iletisim Hizmetleri AS | 1.9× |
| AD Array Digital Infrastructure Inc. compare | 1.5× |
| TDS Telephone and Data Systems, Inc. compare | 1.4× |
| IRDM Iridium Communications Inc compare | 1.0× |
| PHI PLDT Inc. compare | 0.8× |
| VEON VEON Ltd. compare | 0.8× |
| LBTYA Liberty Global Ltd compare | 0.7× |
| LUMN Lumen Technologies, Inc. compare | −0.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets