Turkcell Iletisim Hizmetleri A.S. (TKC) 10-Year Financial Performance & Capital Metrics

TKC • • Utilities

Communication ServicesTelecom ServicesInternational & Regional CarriersAsia-Pacific Carriers

AboutTurkcell Iletisim Hizmetleri A.S. provides digital services in Turkey, Ukraine, Belarus, Northern Cyprus, Germany, and the Netherlands. It operates through Turkcell Turkey, Turkcell International, and Techfin segments. It offers work contact services consisting of mobile communications, fixed business internet and business phone, and customer loyalty and programs. The company provides digital business services comprising of uninterrupted access, cyber security, data center, internet of things, big data, e-transformation, technologies, and managed services, and cloud solutions. In addition, the company provides various devices, hardware, software, and financing solutions. Further, the company offers digital services comprising of search, invoice and TL services; and information, entertainment, and application services. Additionally, the company provides TV+, which enables subscribers to watch series and other TV contents whenever and wherever they want; fizy, a digital music platform; magazine holder, a magazine, and newspapers service, and yaani browser, a mobile application. Furthermore, the company offers BiP, an all-access communication service application; goals pocket, a news and goal videos application; and digital operator, a transactions and technology purchases application. The company provides home internet and TV services. The company was incorporated in 1993 and is headquartered in Istanbul, Turkey.Show more

Revenue $166.67B +55.6%
EBITDA $61.41B +48.8%
Net Income $23.52B +87.4%
Free Cash Flow $26.16B +48.3%
EBITDA Margin 36.85% -4.4%
Net Margin 14.11% +20.4%
ROE 12.94% +47.4%
Interest Coverage 3.07 +230.7%
Debt/Equity 0.56 -18.9%
Net Debt/EBITDA 0.58 -51.7%
CapEx / Revenue 29.31% +53.0%
CapEx Coverage 1.54 -47.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 48.6%
✓Strong Piotroski F-Score: 8/9
✓Strong interest coverage of 3.1x
✓Trading at only 0.0x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y29.23%

5Y45.99%

3Y15.35%

TTM20.63%

Profit (Net Income) CAGR

10Y31.17%

5Y48.6%

3Y48.83%

TTM-65.74%

EPS CAGR

10Y31.24%

5Y56.54%

3Y67.41%

TTM-28.72%

ROCE

10Y Avg28.66%

5Y Avg40.04%

3Y Avg6.5%

Latest13.33%

Peer Comparison

Asia-Pacific Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KYIVKyivstar Group Ltd. Common Shares	2.87B	12.45	10.12	0.44%	30.79%	28.77%	6.33%	0.83
CHTChunghwa Telecom Co., Ltd.	32.49B	41.88	0.87	3.2%	16.37%	9.83%	100%	0.11
TKCTurkcell Iletisim Hizmetleri A.S.	4.98B	5.71	0.21	55.6%	7.36%	6.44%	100%	0.56
PHIPLDT Inc.	4.81B	22.26	0.15	2.79%	13.37%	24.12%	100%	2.88
KTKT Corporation	9.13B	18.93	0.02	0.55%	3.54%	5.16%	100%	0.64
SKMSK Telecom Co.,Ltd	7.92B	20.64	0.01	1.89%	5.68%	8.47%	100%	0.91
TLKPerusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk	21.61B	21.81	0.00	0.5%	14.76%	14.04%	100%	0.47

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	12.77B	14.29B	17.63B	21.29B	25.14B	69.5B	108.6B	134.98B	107.12B	166.67B
Revenue Growth %	-0%	0.12%	0.23%	0.21%	0.18%	1.76%	0.56%	0.24%	-0.21%	0.56%
Cost of Revenue	7.77B	9.24B	11.35B	14.15B	17.08B	53.11B	86.14B	117.93B	84.42B	125.51B
Gross Profit+	5B	5.05B	6.28B	7.15B	8.05B	16.39B	22.46B	17.05B	22.7B	41.16B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.01%	0.01%	0.24%	0.14%	0.13%	1.04%	0.37%	-0.24%	0.33%	0.81%
Operating Expenses+	2.53B	2.42B	2.61B	2.3B	3.02B	7.4B	10.36B	12.78B	14.89B	6.04B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	5.02B	5.2B	5.49B	8.61B	10.06B	27.74B	45.97B	55.08B	41.28B	61.41B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	-0.03%	0.04%	0.05%	0.57%	0.17%	1.76%	0.66%	0.2%	-0.25%	0.49%
Depreciation & Amortization+	1.67B	2.14B	2.56B	4.25B	5.03B	18.75B	33.87B	50.81B	33.47B	26.29B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	3.35B	3.06B	2.93B	4.36B	5.03B	8.99B	12.1B	4.26B	7.81B	35.12B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.02%	-0.09%	-0.04%	0.49%	0.15%	0.79%	0.35%	-0.65%	0.83%	3.5%
Interest Expense+	292.81M	436.33M	659.34M	807.12M	201.82M	2.08B	2.82B	6.16B	8.43B	11.46B
Interest Coverage	11.45x	7.02x	4.45x	5.40x	24.94x	4.33x	4.30x	0.69x	0.93x	3.07x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K
Pretax Income+	2.57B	2.01B	2.61B	2.67B	3.29B	5.43B	7.32B	4.69B	5.89B	15.95B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	667.11M	423.16M	571.76M	495.48M	785.63M	919.74M	900.34M	-4.02B	-4.68B	4.87B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	2.07B	1.49B	1.98B	2.02B	3.25B	4.5B	7.14B	9.93B	12.55B	23.52B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.33%	-0.28%	0.33%	0.02%	0.61%	0.39%	0.58%	0.39%	0.26%	0.87%
EPS (Diluted)+	2.35	1.70	2.25	2.33	2.87	5.12	5.75	12.65	14.38	26.98
EPS Growth %	0.32%	-0.28%	0.32%	0.04%	0.23%	0.78%	0.12%	1.2%	0.14%	0.88%
EPS (Basic)	2.35	1.70	2.25	2.33	2.87	5.12	5.75	12.65	14.38	26.98
Diluted Shares Outstanding	880M	877.27M	877.27M	873.9M	873.57M	876.86M	873.24M	873.24M	872.84M	872.41M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	26.21B	31.6B	33.98B	42.77B	7.68B	7.11B	151.3B	234.99B	356.74B	344.28B
Asset Growth %	0.1%	0.21%	0.08%	0.26%	-0.82%	-0.07%	20.28%	0.55%	0.52%	-0.03%
PP&E (Net)+	6.83B	8.41B	9.68B	12.65B	2.4B	2.27B	52.9B	82.31B	109.36B	119.63B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	8.79B	13.35B	14.07B	18.34B	3.25B	2.77B	48.57B	77.31B	148.05B	113.69B
Cash & Equivalents	2.92B	6.05B	4.71B	7.42B	1.72B	1.6B	30.6B	42.78B	72.16B	68.93B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	75.47M	131.97M	104.1M	180.43M	29.98M	27.41M	458.72M	494.99M	780.38M	674.61M
Other Current Assets	438.63M	1.75B	2.61B	3.08B	144.01M	125.27M	3.55B	3.67B	28.93B	4.01B
Long-Term Investments	981.94M	1.5B	654K	19.41M	69.3M	93.53M	3.64B	7.28B	9.41B	23.11B
Goodwill	32.83M	32.83M	32.83M	32.83M	5.52M	5.38M	259.36M	419.75M	588.96M	588.96M
Intangible Assets	8.2B	8.2B	8.31B	10.35B	1.89B	1.66B	42.1B	62.49B	84.5B	82.03B
Other Assets	1.32B	43.73M	1.8B	1.22B	28.81M	23.05M	1.53B	2.45B	3.2B	2.69B
Total Liabilities	11.79B	15.53B	18.94B	26.71B	4.64B	4.31B	85.93B	125.61B	180.25B	157.31B
Total Debt+	4.22B	9.78B	12.54B	20.16B	3.41B	2.9B	60.42B	88.74B	121.4B	104.34B
Net Debt	1.3B	3.73B	7.82B	12.74B	1.69B	1.31B	29.81B	45.96B	49.24B	35.41B
Long-Term Debt	3.45B	6.89B	8.15B	12.09B	1.95B	2B	42.57B	57.59B	81.27B	48.66B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	41.84M	48.11M	122.72M	1.41B	1.1B	1.52B	4.77B	5.03B	3.5B	4.82B
Total Current Liabilities+	6.3B	7.36B	9.22B	11.74B	2.13B	1.56B	28.26B	48.48B	83.35B	90.83B
Accounts Payable	1.56B	1.72B	2.53B	2.37B	458.98M	497.95M	7.58B	11.37B	18.3B	20.36B
Accrued Expenses	324.9M	198.19M	384.22M	329.69M	62.88M	58.18M	1.19B	1.94B	2.78B	10.27B
Deferred Revenue	121.08M	93.8M	193.83M	264.7M	58.3M	58.12M	1.12B	1.62B	2.25B	2.03B
Other Current Liabilities	154.41M	879.99M	945.31M	1.5B	244.22M	219.7M	1.06B	1.49B	12.5B	5.31B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	1.8B	705.4M	718.77M	855.58M	166.58M	170.84M	3.28B	5.7B	8.1B	6.42B
Total Equity+	14.42B	16.07B	15.05B	16.05B	3.04B	2.8B	65.37B	109.38B	176.48B	186.97B
Equity Growth %	-0.14%	0.11%	-0.06%	0.07%	-0.81%	-0.08%	22.37%	0.67%	0.61%	0.06%
Shareholders Equity	14.35B	16.01B	14.99B	15.92B	3.03B	2.8B	65.37B	109.37B	176.5B	186.97B
Minority Interest	64.08M	56.63M	55.93M	131.81M	6.13M	23.01K	-337K	6.42M	-18.7M	0
Common Stock	2.2B	2.2B	2.2B	2.2B	369.69M	296M	19.62B	32.33B	46.68B	2.2B
Additional Paid-in Capital	35.3M	35.3M	35.3M	35.3M	5.93M	4.75M	62.4M	7.68M	11.09M	41.94M
Retained Earnings	11.26B	12.78B	11.31B	11.36B	2.22B	2.21B	44.64B	77.39B	125.78B	177.55B
Accumulated OCI	861.11M	1.06B	1.5B	2.47B	462.58M	310.17M	1.49B	353.79M	5.09B	8.5B
Return on Assets (ROA)	0.08%	0.05%	0.06%	0.05%	0.13%	0.61%	0.09%	0.05%	0.04%	0.07%
Return on Equity (ROE)	0.13%	0.1%	0.13%	0.13%	0.34%	1.54%	0.21%	0.11%	0.09%	0.13%
Debt / Equity	0.29x	0.61x	0.83x	1.26x	1.12x	1.04x	0.92x	0.81x	0.69x	0.56x
Debt / Assets	0.16%	0.31%	0.37%	0.47%	0.44%	0.41%	0.4%	0.38%	0.34%	0.3%
Net Debt / EBITDA	0.26x	0.72x	1.43x	1.48x	0.17x	0.05x	0.65x	0.83x	1.19x	0.58x
Book Value per Share	16.39	18.32	17.15	18.37	3.48	3.19	74.85	125.25	202.19	214.31

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.9B	607.14M	3.1B	5.83B	9.03B	21B	2.37B	61.04B	60.24B	75.01B
Operating CF Growth %	0.02%	-0.68%	4.11%	0.88%	0.55%	1.33%	-0.89%	24.74%	-0.01%	0.25%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.9B	1.59B	2.04B	2.18B	3.28B	4.51B	563.62M	9.93B	18.09B	23.51B
Depreciation & Amortization	1.67B	2.2B	2.6B	4.29B	5.03B	18.75B	812.44M	50.81B	48.32B	47.43B
Deferred Taxes	667.11M	423.16M	571.76M	495.48M	785.63M	919.74M	-131.26M	-3.84B	-6.33B	5.19B
Other Non-Cash Items	-506.94M	-137.95M	296.87M	1.04B	125.15M	-5.5B	1.34B	7.91B	3.65B	1.17B
Working Capital Changes	-1.32B	-3.23B	-2.35B	-1.73B	-186.94M	2.32B	-217.86M	-3.77B	-3.5B	-3.68B
Capital Expenditures+	-4.6B	-3.64B	-4.11B	-5.43B	-6.02B	-16.77B	-1.16B	-40.83B	-42.6B	-48.86B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-3.83B	-2.98B	-3.3B	-4.54B	-3.03B	-14.54B	-1.16B	-45.79B	-30.18B	-48.86B
Acquisitions	-267.92M	40.64M	58.74M	99.03M	2.18B	-187.15M	11.59M	-1.46B	-784.49M	30.84M
Purchase of Investments	2.46B	0	-11.99M	-39.88M	-369.59M	-2.34B	-170.28M	-14.04B	-38.08B	-66.89B
Sale of Investments	1000K	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	1.01B	660.48M	817.39M	833.08M	-1.73B	-4.77B	-6.25M	-8.67B	-13.17B	-5.31B
Cash from Financing+	-4.62B	4.84B	-1.57B	-534.38M	-3.48B	-9.95B	-441.64M	4.89B	9.77B	-9.78B
Dividends Paid	-4.03B	-51.42M	-2.99B	-1.9B	-1.01B	-1.86B	-287.46M	-3.45B	-3.59B	-7.31B
Dividend Payout Ratio %	1.9%	-	1.51%	0.94%	0.31%	0.41%	0.04%	0.35%	0.29%	0.31%
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	-1000K	-1000K	1000K	1000K	1000K	-1000K
Stock Issued	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	-65.61M	0	-94.62M	-10M	-25.03M	0	0	-50.76M	-328M
Other Financing	-100.52M	-60.42M	-60.22M	274.17M	908.92M	3.07B	-219.97M	0	-22.52M	-412.3M
Net Change in Cash+	-6.11B	3.13B	-1.34B	2.71B	2.82B	284.02M	-192.98M	-11.05B	16B	-9.06B
Exchange Rate Effect	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K
Cash at Beginning	9.03B	2.92B	6.05B	4.71B	7.42B	26.23B	1.6B	72.77B	61.71B	77.71B
Cash at End	2.92B	6.05B	4.71B	7.42B	10.24B	26.51B	1.4B	61.71B	77.71B	68.65B
Free Cash Flow+	-2.7B	-3.03B	-1.01B	399.48M	3.01B	4.23B	1.21B	20.22B	17.64B	26.16B
FCF Growth %	-4.1%	-0.12%	0.67%	1.4%	6.54%	0.4%	-0.71%	15.69%	-0.13%	0.48%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.26%	9.79%	12.72%	13%	34.01%	154.33%	20.94%	11.37%	8.78%	12.94%
EBITDA Margin	39.33%	36.42%	31.12%	40.44%	40.02%	39.91%	42.33%	40.81%	38.54%	36.85%
Net Debt / EBITDA	0.26x	0.72x	1.43x	1.48x	0.17x	0.05x	0.65x	0.83x	1.19x	0.58x
Interest Coverage	11.45x	7.02x	4.45x	5.40x	24.94x	4.33x	4.30x	0.69x	0.93x	3.07x
CapEx / Revenue	36%	25.46%	23.31%	25.5%	12.71%	13.73%	1.07%	18.32%	19.16%	29.31%
Dividend Payout Ratio	189.83%	-	151.11%	94.01%	31.11%	41.41%	4.03%	34.76%	28.58%	31.1%
Debt / Equity	0.29x	0.61x	0.83x	1.26x	1.12x	1.04x	0.92x	0.81x	0.69x	0.56x
EPS Growth	32.02%	-27.66%	32.35%	3.56%	23.18%	78.4%	12.3%	120%	13.68%	87.62%

Revenue by Geography

	2017	2018	2019	2020	2021	2022
Ukraine	-	-	-	-	2.83B	4.81B
Ukraine Growth	-	-	-	-	-	69.75%
Belarus	-	-	-	-	508.29M	934.67M
Belarus Growth	-	-	-	-	-	83.89%
Turkish Republic of Northern Cyprus	148.64M	169.01M	-	-	290.5M	518.93M
Turkish Republic of Northern Cyprus Growth	-	13.71%	-	-	-	78.64%
Netherlands	-	-	-	-	19.81M	23.67M
Netherlands Growth	-	-	-	-	-	19.45%
Turkey	-	-	-	-	32.27B	-
Turkey Growth	-	-	-	-	-	-
Turkish Republic Of Northern Cyprus	-	-	-	229.65M	-	-
Turkish Republic Of Northern Cyprus Growth	-	-	-	-	-	-
TURKEY	16.43B	19.64B	23.23B	-	-	-
TURKEY Growth	-	19.50%	18.29%	-	-	-
UKRAINE	664.64M	923.18M	1.32B	-	-	-
UKRAINE Growth	-	38.90%	43.21%	-	-	-
BELARUS	209.88M	293.18M	366.31M	-	-	-
BELARUS Growth	-	39.69%	24.94%	-	-	-
NETHERLANDS	-	366K	8.4M	-	-	-
NETHERLANDS Growth	-	-	2193.99%	-	-	-
GERMANY	3.02M	1.58M	2.15M	-	-	-
GERMANY Growth	-	-47.61%	36.33%	-	-	-
AZERBAIJAN	174.02M	268.47M	-	-	-	-
AZERBAIJAN Growth	-	54.28%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Turkcell Iletisim Hizmetleri A.S. (TKC) has a price-to-earnings (P/E) ratio of 0.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Turkcell Iletisim Hizmetleri A.S. (TKC) reported $212.60B in revenue for fiscal year 2024. This represents a 1910% increase from $10.58B in 2011.

Turkcell Iletisim Hizmetleri A.S. (TKC) grew revenue by 55.6% over the past year. This is strong growth.

Yes, Turkcell Iletisim Hizmetleri A.S. (TKC) is profitable, generating $15.65B in net income for fiscal year 2024 (14.1% net margin).

Dividend & Returns

Yes, Turkcell Iletisim Hizmetleri A.S. (TKC) pays a dividend with a yield of 100.00%. This makes it attractive for income-focused investors.

Turkcell Iletisim Hizmetleri A.S. (TKC) has a return on equity (ROE) of 12.9%. This is reasonable for most industries.

Turkcell Iletisim Hizmetleri A.S. (TKC) generated $106.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Turkcell Iletisim Hizmetleri A.S. (TKC) has a dividend payout ratio of 31%. This suggests the dividend is well-covered and sustainable.

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