Turkcell Iletisim Hizmetleri A.S. (TKC) Financial Ratios
26 years of historical data (1999–2024) · Communication Services · Telecommunications Services
EV/EBITDA
↑
4.70
↑+517% vs avg
5yr avg: 0.76
30Y Low0.2·High9.1
P/FCF
↓
9.67
↑+1007% vs avg
5yr avg: 0.87
30Y Low0.2·High129.8
P/B Ratio
↓
1.35
↑+270% vs avg
5yr avg: 0.37
30Y Low0.0·High3.9
ROE
↓
12.9%
↑-69% vs avg
5yr avg: 41.7%
30Y Low-14%·High154%
Debt/EBITDA
↑
1.70
+11% vs avg
5yr avg: 1.53
30Y Low0.1·High2.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TKC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Turkcell Iletisim Hizmetleri A.S. trades at 10.8x earnings, 1944% above its 5-year average of 0.5x, sitting at the 78th percentile of its historical range. Compared to the Communication Services sector median P/E of 15.0x, the stock trades at a discount of 28%. On a free-cash-flow basis, the stock trades at 9.7x P/FCF, 1007% above the 5-year average of 0.9x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.6B | $5.7B | $4.2B | $4.2B | $3.1B | $4.7B | $5.1B | $4.9B | $8.9B | $6.1B | $7.5B |
| Enterprise Value | $6.4B | $41.1B | $53.4B | $50.1B | $32.9B | $6.0B | $6.8B | $17.6B | $16.8B | $9.8B | $8.8B |
| P/E Ratio → | 10.76 | 0.24 | 0.33 | 0.38 | 0.62 | 1.05 | 2.02 | 2.41 | 4.53 | 4.06 | 3.61 |
| P/S Ratio | 1.52 | 0.03 | 0.04 | 0.03 | 0.03 | 0.07 | 0.20 | 0.23 | 0.51 | 0.42 | 0.59 |
| P/B Ratio | 1.35 | 0.03 | 0.02 | 0.04 | 0.05 | 1.69 | 1.67 | 0.31 | 0.59 | 0.38 | 0.52 |
| P/FCF | 9.67 | 0.22 | 0.24 | 0.21 | 2.59 | 1.12 | 1.68 | 12.29 | — | — | — |
| P/OCF | 3.37 | 0.08 | 0.07 | 0.07 | 1.32 | 0.23 | 0.56 | 0.84 | 2.89 | 9.97 | 3.93 |
P/E links to full P/E history page with 30-year chart
TKC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Turkcell Iletisim Hizmetleri A.S.'s enterprise value stands at 4.7x EBITDA, 517% above its 5-year average of 0.8x. The Communication Services sector median is 8.4x, placing the stock at a 44% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.25 | 0.50 | 0.37 | 0.30 | 0.09 | 0.27 | 0.83 | 0.95 | 0.68 | 0.69 |
| EV / EBITDA | 4.70 | 0.67 | 1.29 | 0.91 | 0.72 | 0.22 | 0.67 | 2.05 | 3.06 | 1.88 | 1.75 |
| EV / EBIT | 8.21 | 1.19 | 4.56 | 4.62 | 3.25 | 0.80 | 1.62 | 5.47 | 5.17 | 3.99 | 3.51 |
| EV / FCF | — | 1.57 | 3.03 | 2.48 | 27.21 | 1.43 | 2.25 | 44.18 | — | — | — |
TKC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Turkcell Iletisim Hizmetleri A.S. earns an operating margin of 21.1%. Operating margins have expanded from 3.2% to 21.1% over the past 3 years, signaling improving operational efficiency. ROE of 12.9% is modest. ROIC of 11.8% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.7% | 24.7% | 21.2% | 12.6% | 20.7% | 23.6% | 32.0% | 33.6% | 35.6% | 35.3% | 39.2% |
| Operating Margin | 21.1% | 21.1% | 7.3% | 3.2% | 11.1% | 12.9% | 20.0% | 20.5% | 16.6% | 21.4% | 26.3% |
| Net Profit Margin | 14.1% | 14.1% | 11.7% | 7.4% | 6.6% | 6.5% | 12.9% | 9.5% | 11.2% | 10.4% | 16.2% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.9% | 12.9% | 8.8% | 11.4% | 20.9% | 154.3% | 34.0% | 13.0% | 12.7% | 9.8% | 13.3% |
| ROA | 6.7% | 6.7% | 4.2% | 5.1% | 9.0% | 60.9% | 12.9% | 5.3% | 6.0% | 5.2% | 8.3% |
| ROIC | 11.8% | 11.8% | 3.1% | 2.6% | 18.3% | 152.7% | 22.5% | 12.7% | 10.3% | 12.9% | 18.5% |
| ROCE | 13.3% | 13.3% | 3.4% | 2.8% | 18.8% | 161.9% | 27.5% | 15.6% | 12.0% | 13.9% | 17.3% |
TKC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Turkcell Iletisim Hizmetleri A.S. carries a Debt/EBITDA ratio of 1.7x, which is manageable (51% below the sector average of 3.5x). Net debt stands at $35.4B ($104.3B total debt minus $68.9B cash). Interest coverage of 3.1x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.56 | 0.56 | 0.69 | 0.81 | 0.92 | 1.04 | 1.12 | 1.26 | 0.83 | 0.61 | 0.29 |
| Debt / EBITDA | 1.70 | 1.70 | 2.94 | 1.61 | 1.31 | 0.10 | 0.34 | 2.34 | 2.28 | 1.88 | 0.84 |
| Net Debt / Equity | — | 0.19 | 0.28 | 0.42 | 0.46 | 0.47 | 0.56 | 0.79 | 0.52 | 0.23 | 0.09 |
| Net Debt / EBITDA | 0.58 | 0.58 | 1.19 | 0.83 | 0.65 | 0.05 | 0.17 | 1.48 | 1.43 | 0.72 | 0.26 |
| Debt / FCF | — | 1.35 | 2.79 | 2.27 | 24.62 | 0.31 | 0.56 | 31.88 | — | — | — |
| Interest Coverage | 3.07 | 3.07 | 0.93 | 0.69 | 4.30 | 59.20 | 24.94 | 5.40 | 4.45 | 7.02 | 11.45 |
TKC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.25x means Turkcell Iletisim Hizmetleri A.S. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.59x to 1.25x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.25 | 1.25 | 1.78 | 1.59 | 1.72 | 1.78 | 1.53 | 1.56 | 1.53 | 1.81 | 1.40 |
| Quick Ratio | 1.24 | 1.24 | 1.77 | 1.58 | 1.70 | 1.76 | 1.51 | 1.55 | 1.51 | 1.80 | 1.38 |
| Cash Ratio | 0.83 | 0.83 | 1.02 | 1.05 | 1.09 | 1.09 | 0.84 | 0.64 | 0.51 | 0.82 | 0.46 |
| Asset Turnover | — | 0.48 | 0.30 | 0.57 | 0.72 | 9.78 | 3.27 | 0.50 | 0.52 | 0.45 | 0.49 |
| Inventory Turnover | 186.05 | 186.05 | 108.18 | 238.25 | 187.78 | 1937.77 | 569.87 | 78.40 | 109.03 | 69.99 | 102.95 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
TKC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Turkcell Iletisim Hizmetleri A.S. returns 3.0% to shareholders annually — split between a 2.9% dividend yield and 0.1% buyback yield. The payout ratio of 31.1% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 9.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.9% | 100.0% | 85.5% | 82.5% | 9.2% | 39.5% | 19.9% | 38.7% | 33.4% | 0.8% | 52.5% |
| Payout Ratio | 31.1% | 31.1% | 28.6% | 34.8% | 4.0% | 41.4% | 31.1% | 94.0% | 151.1% | — | 189.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.3% | 414.4% | 299.0% | 264.1% | 160.2% | 95.0% | 49.5% | 41.5% | 22.1% | 24.6% | 27.7% |
| FCF Yield | 10.3% | 460.6% | 420.2% | 483.3% | 38.6% | 89.4% | 59.4% | 8.1% | — | — | — |
| Buyback Yield | 0.1% | 5.8% | 1.2% | 0.0% | 0.0% | 0.5% | 0.2% | 1.9% | 0.0% | 1.1% | 0.0% |
| Total Shareholder Yield | 3.0% | 100.0% | 86.7% | 82.5% | 9.2% | 40.0% | 20.1% | 40.6% | 33.4% | 1.9% | 52.5% |
| Shares Outstanding | — | $872M | $873M | $873M | $873M | $877M | $874M | $874M | $877M | $877M | $880M |
Peer Comparison
Compare TKC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TKCYou | $6B | 10.8 | 4.7 | 9.7 | 24.7% | 21.1% | 12.9% | 11.8% | 1.7 |
 VEON | $3B | 8.6 | 3.9 | 6.5 | 87.1% | 27.7% | 35.7% | 19.4% | 2.9 |
 TEF | $24B | -65.1 | 5.2 | 4.0 | 69.6% | 5.8% | -0.2% | 2.9% | 4.0 |
 PHI | $4B | 8.7 | 5.3 | 11.1 | 59.6% | 24.9% | 25.1% | 9.1% | 3.1 |
 VIV | $26B | 23.7 | 6.2 | 12.1 | 43.9% | 15.5% | 8.0% | 7.8% | 0.9 |
 T | $181B | 8.5 | 7.5 | 9.3 | 79.8% | 19.2% | 17.6% | 6.7% | 3.9 |
 VZ | $200B | 11.7 | 8.0 | 9.9 | 45.6% | 21.2% | 16.6% | 8.0% | 4.2 |
 TMUS | $210B | 20.0 | 10.1 | 20.3 | 47.6% | 21.2% | 18.2% | 8.1% | 3.8 |
 LILA | $2B | -2.7 | 6.7 | 5.3 | 57.7% | 16.2% | -45.5% | 5.6% | 5.7 |
 AMX | $82B | 18.3 | 6.5 | 11.8 | 42.9% | 21.0% | 18.1% | 11.2% | 2.6 |
 ERIC | $37B | 13.7 | 9.0 | 11.8 | 48.1% | 13.8% | 26.3% | 22.3% | 1.2 |
| Communication Services Median | — | 15.0 | 8.4 | 11.8 | 49.1% | 1.0% | 2.4% | 3.3% | 3.5 |
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Start ComparisonTKC — Frequently Asked Questions
Quick answers to the most common questions about buying TKC stock.
What is Turkcell Iletisim Hizmetleri A.S.'s P/E ratio?
Turkcell Iletisim Hizmetleri A.S.'s current P/E ratio is 10.8x. The historical average is 7.0x. This places it at the 78th percentile of its historical range.
What is Turkcell Iletisim Hizmetleri A.S.'s EV/EBITDA?
Turkcell Iletisim Hizmetleri A.S.'s current EV/EBITDA is 4.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.2x.
What is Turkcell Iletisim Hizmetleri A.S.'s ROE?
Turkcell Iletisim Hizmetleri A.S.'s return on equity (ROE) is 12.9%. The historical average is 22.9%.
Is TKC stock overvalued?
Based on historical data, Turkcell Iletisim Hizmetleri A.S. is trading at a P/E of 10.8x. This is at the 78th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Turkcell Iletisim Hizmetleri A.S.'s dividend yield?
Turkcell Iletisim Hizmetleri A.S.'s current dividend yield is 2.89% with a payout ratio of 31.1%.
What are Turkcell Iletisim Hizmetleri A.S.'s profit margins?
Turkcell Iletisim Hizmetleri A.S. has 24.7% gross margin and 21.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Turkcell Iletisim Hizmetleri A.S. have?
Turkcell Iletisim Hizmetleri A.S.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.