May 2026
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Largest Public Companies in Turkey
Benchmark revenue and EBITDA valuation multiples for public comps like
ASELSAN, QNB Finansbank, Destek Faktoring, ENKA İnşaat and Garanti BBVA.
 | Aselsan Elektronik Sanayi Ve Ticaret AS provides defense technologies to the Turkish armed forces. Additionally, it exports systems and solutions to clients in other countries and has taken on civil projects. Its products may help with communications, radars, sensing, or other defense systems to enhance proficiencies within the industrials sector. Marketing efforts may be geared toward a specific customer or specific segment in the market, and plans are implemented to showcase product capabilities. | $9 | -- | $43B | $44B | 10.4x | 39.4x | ||
| QNB Bank AS is a Turkish bank offering banking and financial services. It operates in corporate banking and commercial banking services. It also provides private banking, SME banking, treasury operations, and credit card services. The bank serves financial services including deposit and loans, foreign trade financing, forward and option, trading in financial instruments, and treasury operations to its retail and corporate clients. | $5 | +52% | $30B | $41B | 11.3x | — | ||
| Destek Finans Faktoring AS is engaged in Financial Leasing, Factoring, Financing Companies, and other related activities. | $55 | +729% | $18B | $19B | 121.6x | 130.1x | ||
| Enka Insaat Ve Sanayi AS provides a full range of design, engineering, construction, and project management services in various sectors. It creates power plants, production facilities, transportation systems, and other construction projects. If needed, the company will engineer and fabricate structures for installation and modularization. Enka Insaat Ve Sanayi has four operating segments: construction contracts; rental, trade and manufacturing; and energy (the majority of total revenue). Additional revenue is generated from aftermarket support and services, and the company utilizes a mix of traditional engineering disciplines to produce results. The company derives the majority of its revenue from Turkey, but the company does operate in various European nations. | $2 | +80% | $14B | $10B | 2.6x | 7.9x | ||
| Turkiye Garanti Bankasi AS is an integrated financial services group operating predominantly in Turkey but with subsidiaries in the Netherlands, Russia, and Romania. It is a full-service bank offering corporate, commercial, retail, private, small to midsize enterprise, and investment banking services. Other financial services include insurance, leasing, brokerage, and asset management services. The bank's plan emphasizes customer service. The vast majority of its earning assets consist of loans, with a dominant positioning in consumer loans, mortgages, and auto loans. The company's business segments include: Retail Banking, Corporate Banking, Investment Banking and Others. | $3 | +27% | $13B | $22B | 2.4x | — | ||
| Koc Holding AS is a Turkish conglomerate. The group's businesses operate in the energy refining, fuel distribution, liquefied petroleum gas distribution, power generation, natural gas, automotive, automotive retailing, farm tractors, defense, white goods, consumer electronics, air conditioning, banking, leasing, REIT, factoring, brokerage, asset-management, consumer finance, food production, food production distribution, do-it-yourself retailing, tourism, marina operations, information technology, and ship and yacht construction industries. The company operates five core business segments: Energy, Automotive, Consumer durables, Finance, and Other. The majority segment by sales is energy, containing the fuel distribution, refining, and power generation businesses. | $5 | +47% | $12B | $30B | 0.5x | 5.8x | ||
| Tupras-Turkiye Petrol Rafineleri AS provides and refines crude oil through Turkish and international refineries. It also operates petrochemical factories and facilities. The company’s complete line of products includes liquefied petroleum gas(LPG), fuel oil, waxes and extracts, bitumen, and other products. In addition to refining and producing products, the firm engages in the purchase, sell, import, export, store, marketing, and distribution of a variety of petroleum products. Distribution is completed through a network of foreign and domestic wholesalers and retailers. The majority of sales from refineries are domestic. | $6 | +104% | $11B | $11B | 0.6x | 6.4x | ||
| Bim Birlesik Magazalar AS is a Turkey-based company that is engaged in operating retail stores through its retail shops throughout Turkey, which sell an assortment of items, including a number of private label products which includes Fresh Meat Products, Milk and milk products, Beverages, Legumes and Bakery, Snacks and Sweets, Fruits and Vegetables, Frozen Food, Cleaning Supplies, Oils and Cosmetics and papers. The company also operates abroad including in Morocco and Egypt. | $17 | +62% | $10B | $11B | 0.7x | 7.7x | ||
| Turk Hava Yollari AO is a Turkish airline operator. It has flight networks across the globe, and transports passengers to many different regions. Additionally, it can provide long-haul direct cargo flights and other logistics to serve a diverse range of customers. It has two operating segments: air transportation and aircraft technical maintenance operations. The majority of revenue is generated from transferring passengers and cargo (air transportation segment). The company owns several hangars to perform maintenance on different types of aircraft. Its geographical segments are Asia & Far East, Europe, Americas, Africa, and Middle East. | $7 | +11% | $9B | $21B | 0.9x | 3.3x | ||
| Akbank TAS is a Turkish bank whose core business activities include consumer and private, commercial, small to midsize enterprise, and corporate and investment banking services. Other activities include foreign exchange, money markets, and securities transactions. In addition to traditional banking activities, the company provides insurance intermediary services. Approximately half of the bank's outstanding shares are owned by Sabanci Holding, a large Turkish financial conglomerate and its affiliates. Net interest income contributes to the vast majority of net revenue, followed by net fees and commissions. The banks gives credit exposure to the services industry. | $2 | +44% | $9B | $13B | 2.6x | — | ||
| Turkiye Is Bankasi AS is a Turkish financial services group with operations in Europe, Asia, and the Middle East. The group provides banking services as well as insurance, pension, asset management, venture capital, investment banking, leasing and factoring, and brokerage and custody, among other services. | $0 | +32% | $8B | $24B | 2.5x | — | ||
| Ford Otomotiv Sanayi AS is an automobile manufacturing company domiciled in Turkey. The company principally manufactures, imports, and distributes passenger vehicles, commercial vehicles, and spare parts and accessories under the Ford brand. The company organises itself into four segments, based on product type: passenger cars, light commercial vehicles, medium commercial vehicles, and trucks. Geographically, domestic sales are most significant, and constitute more than a third of consolidated revenue, followed by England and Germany. | $2 | +19% | $8B | $10B | 0.5x | 5.5x | ||
| Yapi Ve Kredi Bankasi AS is a banking group operating in, and with its credit exposed nearly entirely to Turkey. The company's strategy emphasizes growth, profitability, and customer satisfaction. The Bank carries out its banking operations through two main business units Retail Banking and Corporate and Commercial Banking. The group also has domestic financial subsidiaries in asset management, brokerage, leasing, and factoring. An overwhelming majority of its outstanding shares are held by Koç Group, a largest conglomerate in Turkey. The group's largest contributor to revenue is retail banking, which includes card payment systems, as well as individual and small to midsize enterprise banking. | $1 | +51% | $7B | $27B | 5.1x | — | ||
| Astor Enerji AS is engaged in the manufacturing of transformer and switching products. The product portfolio of the company includes Oily Type Distribution Transformers, Cast Resin Dry Type Transformers, Power Transformers, Medium Voltage Switching Products, Compact Transformer Substations, RMU and Metal Clads. | $7 | +241% | $7B | $7B | 8.1x | 25.4x | ||
| Turkiye Vakiflar Bankasi TAO provides a range of banking products and services through its corporate, commercial and small to midsize enterprise, and retail and private banking business lines. In addition to its core services, the bank also participates in investment banking, insurance, and financial leasing, as well as factoring, among other activities. | $1 | +39% | $7B | $16B | 2.9x | — | ||
| Hedef Holding makes direct or indirect investments in areas of finance and technology. | $3 | -- | $7B | $7B | 1469.5x | (217.2x) | ||
| Turkiye Halk Bankasi AS is a bank operating in Turkey. The bank's controlling shareholder is the Privatization Administration of Turkey, a government agency. Halkbank's strategic focus since its founding is customer service and small to midsize enterprise banking, with a significant portion of its total loan portfolio dedicated to this segment. Halkbank specifically offers loans and products tailored for SMEs. Net interest income constitutes a majority of the bank's net revenue, of which its SME segment is the majority contributor. A significant portion of its nonperforming loans come from the manufacturing industry. | $1 | +100% | $6B | $11B | 3.0x | — | ||
| Eregli Demir Ve Celik Fabrikalari TAS is a Turkey-based company engaged in production of flat steel, long steel and other steel products. The company also provides engineering and project management services, as well as port services. As well, the company owns an iron ore mining arm. The company's steel products include hot-rolled product, cold-rolled product, galvanized products, metal packaging steel, billet, wire-rod, etc. These products are used in the automotive sector, manufacturing industry, projected works, consumer products, packaging industries and others. Most of the company's revenue comes from the Turkish domestic market. | $1 | +72% | $6B | $7B | 1.4x | 11.8x | ||
| Turkcell Iletisim Hizmetleri AS provides mobile telephone services in Turkey. The firm's services portfolio includes high-quality mobile and fixed voice, data, TV, and digital services over its network. The firm also operates in the Turkish Republic of Northern Cyprus, Belarus, the Netherlands, and Ukraine. It has three main reportable segments: Turkcell Turkiye, Turkcell International, and Techfin. The Turkcell Turkiye segment, which derives the majority of revenue, comprises mainly telecommunication and technology services activities. | $3 | +24% | $6B | $7B | 1.3x | 2.9x | ||
| Coca Cola Icecek AS is an exclusive bottler and distributor of Coca-Cola-branded sparkling and still beverages in Turkey, Pakistan, Bangladesh, Central Asia, the Middle East, and other regions. The brands of the company include Coca-Cola, Fanta, Sprite, Costa Coffee, Crush, Crystal Cola, and others. The company also has the exclusive right to distribute the Schweppes brand in Turkey. The company's revenue is split roughly evenly between sales in Turkey and sales outside of Turkey. | $2 | +74% | $5B | $6B | 1.4x | 6.5x | ||
| Katilimevim Tasarruf Finansman AS provides financing to customers and manages the collected savings, according to the principles of interest-free financing for acquiring a house, roofed workplace, or vehicle, provided that the predetermined conditions are fulfilled within the scope of a contract. The Group classifies its activities under two main headings: Savings Financing and Shopping Mall Operations. | $3 | +1230% | $5B | $6B | 15.5x | — | ||
| Turk Telekomunikasyon AS is a multi-play telecommunications company that provides broadband, mobile, and TV services for companies and individuals. The Group has two main segments; Fixed Line and Mobile. Fixed line services are provided by Turk Telekom, TTNet, Argela, Innova, Sebit, AssisTT, TTES, TT Venture, TT Destek Hizmetleri, and TTINT Group whereas mobile service is provided by TT Mobil. It generates the majority of its revenue from the Fixed Line segment. | $1 | +17% | $5B | $8B | 1.4x | 3.3x | ||
| Kiler Holding operates as an investment holding company. The firm, through its subsidiaries, focuses on investments in real estate, sugar production, energy resources, retail, healthcare, tourism, sugar production, and transportation industries. The company's segment includes Construction, Textile, Energy, and Insurance. | $3 | +135% | $5B | $5B | 21.4x | 36.7x | ||
| Haci Omer Sabanci Holding AS is a holding company engaged in a wide variety of business activities through its subsidiaries and affiliates, mainly in the banking, financial services, energy and climate technologies, industrials, building materials, and digital sectors. Its segments are Banking, Financial Services, Energy, Mobility Solutions, Material Technologies, Digital, and Other. It generates the majority of its revenue from the Banking segment. | $2 | +26% | $5B | $13B | 1.1x | — | ||
| Gubre Fabrikalari TAS is involved in manufacturing and selling fertilizer and crop-protection products to the agriculture industry. The company produces solid, liquid, and powder fertilizers. The firm also operates a port service in Turkey's shipping industry. | $13 | +149% | $4B | $4B | 3.9x | 18.2x | ||
| Margun Enerji Uretim Sanayi Ve Ticaret AS operates in the fields of power plant establishment, commissioning, electrical energy production, establishment, and commitment of power generation facilities in order to obtain electricity from Renewable Energy Sources, primarily Solar Energy. | $1 | +354% | $4B | $4B | 138.0x | (646.2x) | ||
| Tera Yatirim Menkul Degerler AS act as an intermediary on capital market instruments. | $6 | +569% | $4B | $3B | 0.3x | 1.9x | ||
| Iskenderun Demir ve Celik AS is engaged in the production and sale of iron products, flat and long steel products, and their by-products. The company's main products are billet, slab, coil, plate, and wire rod and by-products are coke, benzol, ammonium sulfate, and slag. | $1 | +67% | $4B | $3B | 1.3x | 15.0x | ||
| Tofas Turk Otomobil Fabrikasi AS is a Turkish automotive manufacturer of both passenger cars and light commercial vehicles. Its core business s manufacturing, exporting and selling passenger cars and light commercial vehicles under licenses of Fiat Chrysler Automobiles S.p.A. (Fiat). The company manufactures for a range of passenger cars i.e. Fiat Linea, Egea models, and others. Tofas also acts as a distributor of the Fiat, Alfa Romeo, Jeep, Lancia, Maserati, and Ferrari brands in Turkey. It also produces various automotive spare parts used in its automobiles. The company has three business divisions namely Automobile, Trading of spare parts, and Consumer finance. | $7 | +77% | $4B | $4B | 1.3x | 12.7x | ||
| Turkiye Sise ve Cam Fabrikalari AS is a holding company that, through its subsidiaries, manufactures and sells glass products, chemicals, and glass packaging. The firm's five segments are based on product type. The flat glass segment, which generates more revenue than any other segment, sells glass panes used in windows and automobile windshields. The glassware segment sells glass beverage bottles and crystal products. The other three segments are glass packaging, chemicals, and other, which consists primarily of services including insurance and the export and import of goods. The majority of revenue comes from Turkey. | $1 | +53% | $4B | $6B | 1.2x | 4.9x | ||
| Sasa Polyester Sanayi AS is a company engaged in the production and marketing of polyester fiber, yarns and related products, and polyester chips. The company's product portfolio includes specialty polymers and chemicals which consist of thermoplastic polyester elastomers, dimethyl terephthalate, plasticizers, advanced polymers, polybutylene terephthalate solutions, and polyethylene terephthalate solutions. It also provides fiberfill, nonwoven, and textile fibers; and DO, flat, texturing and POY filament yarns. The group generates revenue through the sale of products. | $0 | +5% | $3B | $7B | 5.6x | (573.1x) | ||
| Turkiye Sigorta AS is an insurance provider in Turkey. The company operates in non-life insurance branches consisting of automotive and non-automotive accident, fire, marine, engineering, health, agriculture, liability, financial losses, loan, and legal protection. Its operating business segments are: Fire Insurance, Motor Vehicles Insurance, Motor Vehicles (Land) Liability Insurance, Health Insurance, and Others. | $0 | +73% | $3B | $3B | 1.1x | — | ||
| Enerjisa Enerji AS is Turkey's electricity distribution and retail company in a regulated sector, operating in 3 regions. Its electricity distribution and retail operations are carried out through its subsidiaries. Enerjisa Musteri Cozumleri was established to operate in customer solutions and distributed generation. | $3 | +121% | $3B | $4B | 0.7x | 4.1x | ||
| Turk Altin Isletmeleri AS , formerly Koza Altin Izletmeleri AS is a Turkey-based gold production company. The company has exploration licenses throughout Turkey the Aegean and Marmara regions, the Black Sea region, and Central and Eastern Anatolia. Its operating mines include an underground mine at Ovacik, a mine in Cukuralan that utilizes both underground and open pit mining methods, and an open pit mine at Kaymaz. The company also has feasibility stage projects located near Agri in northeast Turkey and projects in the middle of Turkey. | $1 | +86% | $3B | $3B | 7.2x | 17.8x | ||
| Kent Gida Maddeleri Sanayii Ve Ticaret AS operates as a confectionery company. It produces as well as sells candy, chewing gums and chocolates, coffee, salty cookies and powdered beverages. The products of the company are offered under various brands such as Barni, Bubblicious, Milka, Toblerone, Bonibon, tofita, Olips, poptip, and others. Geographically the operations are carried out through Turkey. | $9 | -- | $3B | $3B | — | — | ||
| Odine Solutions Teknoloji Ticaret ve Sanayi AS is a company whose systems integration and software technology expertise delivers revolutionary solutions for Tier 1 SDN, virtualization, and cloudification. It is a communication solutions company that enables international telecoms companies to evolve with a sustainable approach. With market technology, holistic solutions, and collaborative partnership, It will support the clients to reinvent its value creation formula. | $27 | +1494% | $3B | $3B | 70.1x | 476.2x | ||
| Petrokent Turizm AS is engaged in the management of holiday resorts, as well as in the acquisition and development of property for tourism projects. | $4 | -27% | $3B | $3B | 98.6x | 545.5x | ||
| Ral Yatirim Holding AS is engaged in the construction business. | $9 | +188% | $3B | $3B | 20.5x | 28.3x | ||
| Migros Ticaret AS is a Turkey-based company that is principally engaged in the retail business. The company also operates in the business lines of online food retailing and ready meals, payment and electronic money services, logistics services, media, shopping center management, and others. | $15 | +41% | $3B | $3B | 0.3x | 2.5x | ||
| Anadolu Efes Biracilik ve Malt Sanayi AS produces and distributes beer, sparkling, and still beverages under several brand names. It has joint control over Coca-Cola Icecek, which has the rights to sell Coca-Cola products in Turkey, Pakistan, Central Asia, and the Middle East. The group operates in two segments: Beer Operations (Beer Group) and Soft Drinks Operations (Soft Drinks), and the majority of its revenue is generated from the soft drinks segment. | Alcohol+1 | $0 | +44% | $3B | $4B | 0.7x | 3.2x | |
| Oyak Cimento Fabrikalari AS manufactures and sells cement and concrete operations. Its products are Cement, Ready-Mixed Concrete, and LIME. | $1 | +10% | $3B | $3B | 2.0x | 7.4x | ||
| InvestCo Holding is an investment company involved in making direct or indirect investments in different fields. It invests in renewable energy, mining, chemistry, iron-steel, technology, software, venture capital, food, and healthcare industries. | $13 | +149% | $2B | $2B | 1948.7x | (58.6x) | ||
| Aksa Enerji Uretim AS is an independent power producer, which engages in the power plant installation process that produces energy from natural gas, lignite, the hydroelectric, wind, and fuel oil. It operates through Turkey, Asia and Africa geographical segment out of which Turkey accounts for a majority of the firm's revenue. | $2 | +161% | $2B | $3B | 2.8x | 8.7x | ||
| TAV Havalimanlari Holding AS constructs, manages and operates terminal buildings, management and operation of terminals or airports. The company organises itself into five segments: Terminal operations, Catering operations, Duty free operations, Ground handling and bus operations, and Other operations. Terminal operations, which contribute approximately half the company's revenue and the majority of profit, operates terminal buildings and car parks. Ground handling and bus operations and duty free operations are the next segments. The company is headquartered in Turkey and derives the majority of revenue domestically. | $6 | +27% | $2B | $4B | 2.0x | 6.6x | ||
| QNB Finansal Kiralama AS formerly QNB Finans Finansal Kiralama AS is a Turkey-based company involved in providing leasing services to Wind Turbines & Solar Power Plants, Heavy Machinery, Automobiles, Medical Equipment, Agricultural Equipment, and Printing Equipment among others. | $1 | +25% | $2B | $3B | 25.6x | 94.5x | ||
| Turkiye Kalkinma Ve Yatirim Bankasi AS provides Development and Investment Banking services in Turkey. The group provides Project Funding and Corporate Loans, Investment Banking, Turkiye Development Fund, Sustainable Finance, and Other. | $0 | +44% | $2B | $5B | 15.7x | — | ||
| Ldr Turizm Anonim Sirketi provides its customers with long-term specialized car rental services within the framework of financial and technological developments. The services offered by the company include 24/7 professional assistance & roadside assistance, backup vehicles, maintenance & repair, examination, tire management, penalty management, and valet service. | $3 | +147% | $2B | $2B | 38.6x | 19.1x | ||
| MLP Saglik Hizmetleri AS, along with its subsidiaries, operates in the healthcare sector. It operates hospitals across Turkiye, Baku, Azerbaijan, and Budapest, Hungary. Its hospitals operate under brands which include Medical Park, VM Medical Park, and Liv Hospital. | $11 | +53% | $2B | $2B | 1.8x | 5.6x | ||
| Pegasus Hava Tasimaciligi AS is one of the leading airlines in Turkey. It provides domestic and international routes and focuses on providing high-frequency services on short- and medium-haul flights. Scheduled and chartered flights are offered, and the company generates additional revenues by providing ancillary services. In-flight beverages and food, excess baggage, reservation changes, seat selection, and other services are provided to customers at an extra charge. The company is managed as a single business unit, and resource-allocation decisions are based on the entire route network. Approximately half of the total revenue is derived from international scheduled flights. Destinations across Europe make up the majority of international flights. | $4 | -24% | $2B | $6B | 1.7x | 5.9x | ||
| Ag Anadolu Grubu Holding Anonim Sirketi, formerly Yazicilar Holding AS, is a holding company. The company through its subsidiaries manages six primary segments: Automotive (including passenger vehicles, commercial vehicles, generators, spare and parts, and operational lease); Migros (retail, stationery, chain restaurant management, and tourism), Bira, Beverages, Energy and industry, and other (information technologies and trade). The three segments by profit are Migros, Beverages, and Bira. | $1 | +34% | $2B | $4B | 0.2x | 1.5x | ||
| Borusan Birlesik Boru Fabrikalari Sanayi Ve Ticaret AS Formerly Borusan Mannesmann Boru Sanayi ve Ticaret AS is a steel tube and pipes manufacturer. The company's product portfolio includes gas pipes, water pipes, general purpose pipes, OCTG pipes, line pipe, precision tubes, heavy wall welded tubes, first fire protection systems, and easy flow fire protection sprinkler pipes. It provides products for various projects such as The NK1 Oil Pipeline, The Sahdeniz, The Blue Stream, Hungary Gas Pipeline, and TANAP projects. It exports products to various countries in Americas, Europe, Africa and Asia. | $13 | +78% | $2B | $2B | 1.3x | 17.5x | ||
| Enerya Enerji AS principally is engaged in capital and management of its subsidiaries, which have been established or will be established, for the wholesale and retail distribution and sale of natural gas. | $0 | +81% | $2B | $2B | 3.3x | 14.3x | ||
| Arcelik AS is a Turkey-based company that is principally engaged in manufacturing household appliances. Its products consist of consumer durable goods, consumer electronics, kitchen accessories, and small home appliances. It provides after-sale services as well. It supplies products and services under the brands of Altus, Arctic, Arcelik, Beko, Blomberg, Dawlance, Defy, Elektrabregenz, Flavel, Grundig, Leisure, and VoltasBeko among others. The company's reportable segments are White goods and Consumer Electronics. The majority of its revenue is derived from the White goods segment which comprises washing machines, dryers, dishwashers, refrigerators, ovens, cookers, and the services provided for these products. Geographically, key revenue for the company is generated from Europe. | $3 | +6% | $2B | $5B | 0.4x | 4.8x | ||
| TAB Gida Sanayi ve Ticaret AS operates a chain of retail stores offering food and drinks for on-premise immediate consumption. The firm offers a range of brands of fast food including Burger King, Popeyes, Arby, Sbarro, Usta Donerci, Doner Stop, Usta Pideci, and Subway. | $6 | +58% | $2B | $2B | 1.5x | 6.8x | ||
| Ahlatci Dogal Gaz Dagitim Enerji Ve Yatirim AS operates in the field of natural gas distribution. It mainly engages in the natural gas distribution business in Turkey. | $1 | -- | $2B | $976M | 0.8x | 5.4x | ||
| Lydia Holding AS is engaged in different activity areas that includes energy, technology, sustainability, logistics, and media. | $4 | +116% | $2B | $2B | 1092.7x | (443.5x) | ||
| Selcuk Ecza Deposu Ticaret ve Sanayi AS and its subsidiaries are in the business of export and import of drugs and patent medicines, medical supplies with pharmacy depot operations and also organize distribution channels between drug manufacturers, hospitals, and pharmacies. The company also distributes cosmetics, personal care, infant food, vitamins, medical and similar products. | $2 | +60% | $2B | $1B | 0.3x | 11.1x | ||
| Pasifik Eurasia Lojistik Dis Ticaret AS is a logistics company that operates within the fields of railway transportation, foreign trade, customs, and supply chain management. It provides end-to-end logistical services. In addition, it provides safe solutions in international transportation, logistics, and terminal services. | $2 | +29% | $2B | $2B | 28.6x | 53.4x | ||
| Gulermak Agir Sanayi Insaat Ve Taahhut AS Operating in large-scale and complex infrastructure projects in the construction sector. The Company’s main field of activity is to provide turnkey infrastructure and industrial construction projects such as metro, railway, tram, tunnel, road, bridge, dam, cement factory, glass factory, sugar factory and power plants for official and private institutions in Turkey and abroad. The Company continues its activities in different geographies in Poland, Romania, Sweden, Switzerland, Philippines, North Macedonia, U.A.E. and India. | $4 | +47% | $1B | $1B | 1.4x | 7.8x | ||
| IS Yatirim Menkul Degerler AS is a Turkey-based company engaged in the provision of investment advisory services, market making and liquidity providing services as well as traditional brokerage services The company's operating segment includes Securities Brokerage, Investment Trust, Portfolio Management, Private Equity, and Asset Management. It generates maximum revenue from the Securities Brokerage segment. The company serves domestic and international, individual and institutional investors with high-added-value services. | $1 | +26% | $1B | $1B | 0.0x | 3.0x | ||
| BatiSoke Soke Cimento Sanayii TAS is involved in the selling of cement and clinker products. Its offerings comprise of Portland Clinker, Portland composite cement, pozzolanic cement, Portland-limestone cement (white), sulfide resistant Portland cement & aggregate. | $1 | +136% | $1B | $1B | 11.4x | 88.2x | ||
| Aygaz AS is a gas company engaged in the sale and distribution of liquefied petroleum gas, or LPG, and natural gas products in Turkey. The group has three operating segments which are LPG and gas, cargo transportation and distribution, petroleum products, and electricity. It generates the majority of its revenue from the LPG and gas segment. | $6 | +119% | $1B | $1B | 0.7x | 7.9x | ||
| Dogan Sirketler Grubu Holdings AS is a conglomerate operating in various sectors including media, energy and retail, as well as industry, real estate and automotive marketing, tourism and financial services. The company's segments consist of Publishing, Broadcasting, Retail, Energy and Other. The majority of the revenue is generated from the production, transmission, distribution, domestic and international wholesale and retail trade of energy in Turkey. | $1 | +63% | $1B | $520M | 0.3x | 1.4x | ||
| Ronesans Gayrimenkul Yatirim AS is a commercial real estate developer in Turkey. It develops and invests in shopping centers, offices, and mixed projects in different cities in Turkey. The company is also involved in the leasing and management of the real estate developed, through its subsidiaries. | $4 | +53% | $1B | $2B | 5.8x | 3.6x | ||
| Petkim Petrokimya Holding AS is a holding company, which through its subsidiaries, manufactures and sells a variety of petrochemicals, specialty chemicals, plastics, and chemical-based products. The firm's product portfolio includes polyvinyl chloride, or PVC, used in construction, polypropylene, polyethylene, glycols, and ethylene. The company's products are used in soaps, detergents, textiles, food and beverage packaging, retail goods packaging, water treatment, and airplane and railway de-icing. The vast majority of revenue comes from Turkey. | $1 | +48% | $1B | $2B | 1.2x | 12.6x | ||
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS is a Turkey-based company that operates in the drug business. It is mainly involved in the manufacturing of pharmaceuticals, veterinary drugs, and personal care products. Further, the group is also engaged in real estate development and leasing commercial property activities. Geographically, all the activities are carried out through the region of Turkey. | $2 | +93% | $1B | $1B | 6.2x | 12.7x | ||
| Anadolu Anonim Turk Sigorta Sirketi is Turkish insurance company. The company offers health insurance, fire and natural disaster insurance and motor vehicle insurance. Insurance provided for fire and natural disasters covers material damages occurred due to fire, lightening, explosion or smoke, steam, and temperature resulted from fire, lightning, and explosion up to insurance policy limits. Motor vehicle insurance covers accident with the motorized or non-motorized vehicles which used in highways, crash with fixed or moving items, theft or attempted theft and burn. Health insurance covers treatment costs of illnesses or accidental injuries during the period of insurance. The company operates its business solely in Turkey. Most of the company's revenue consists of premium received. | $1 | +37% | $1B | $605M | 0.5x | — | ||
| Borusan Yatirim Pazarlama AS is Turkey-based company with business interests in multiple sectors. The company through its subsidiaries is engaged in the businesses of steel, distributorship, automotive, logistics and energy sectors. | $48 | +15% | $1B | $1B | 607.3x | 9.7x | ||
| Ufuk Yatirim Yonetim Ve Gayrimenkul AS is engaged in the real estate business. Its property portfolio includes buildings and land, farm land, Ocean View apartment flat and factory building. The company also provides lease finance solutions for machinery, equipment, and transportation vehicles. | $31 | +59% | $1B | $1B | — | 71.0x | ||
| CVK Maden Isletmeleri Sanayi ve Ticaret engages in manufacturing and fully exporting concentrated and lumpy chromite ore, concentrated lead-zinc, copper and silver ore products, and marble and travertine natural stone products. Its products comprise Lead Concentrate, Chrome Concentrate, Zinc Concentrate, and Gold. | $1 | +235% | $1B | $1B | 17.6x | 47.2x | ||
| Cimsa Cimento Sanayi Ve Ticaret AS is a building materials company that manufactures and distributes various types of cement. Cimsa's product offerings include specialty cement, such as white cement and calculate aluminate cement and regular grey cement. Beyond the company's primary cement segment, Cimsa produces ready-mixed concrete and the company operates its distribution system. It generates the majority of its revenue from the Cement segment. The company is based in Turkey but maintains factories and operations across Europe. | $1 | +18% | $1B | $2B | 1.7x | 7.3x | ||
| Tekfen Holding AS is a conglomerate that operates in below business lines: Engineering and Contracting; Agricultural Industry; and Investment. It generates maximum revenue from the Agricultural Industry segment. The Agricultural Industry segment is engaged in the production and sale of mineral fertilizers as well as special water soluble fertilizers and organic fertilizers. It also manufactures bags used in fertilizer packaging in its facility. Additionally, it generates biogas through the fermentation of organic wastes and electricity from biogas and also produces solid and liquid organic fertilizers from wastes that have completed the gasification process. Geographically, the company generates maximum revenue from Turkey and the rest from the CIS, the Middle East, and other regions. | $3 | +36% | $1B | $1B | 1.1x | 109.1x | ||
| Isiklar Enerji ve Yapi Holding AS is engaged in the manufacture and marketing of various types of yarn. Its products include polyester, texturized, twisted, weft and warp yarns used in embroidery, woven label production, weaving and warp-knitting. | $2 | -- | $1B | $1B | 16.3x | (383.5x) | ||
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS is a Turkey-based company that is primarily engaged in manufacturing and selling of raw iron and steel products, coke, and coke byproducts. Its steel products include pig, blooms, billets, ribbed construction steel, profiles, mine poles, and all types of rails. Billet products and round products account for the majority of the company’s steel product volume. The company’s products are used in the construction, mining, transport, and industry sectors. Most of the company’s revenue is generated from the Turkish domestic market. | $1 | +75% | $1B | $1B | 0.8x | 8.4x | ||
| Anadolu Hayat Emeklilik AS is engaged in the provision of insurance services in Turkey. The activities of the company involve providing individual and group insurance and reinsurance services relating to group life, individual life, retirement and related personal accident branches, establishing retirement funds, developing internal rules and regulations related to these funds. It also engages in portfolio management, custody contracts and establishes retirement funds. | $3 | +47% | $1B | $962M | 1.2x | — | ||
| Ulker Biskuvi Sanayi AS is engaged in manufacturing marketing, and sale of biscuits, chocolate-coated biscuits, wafers, cakes, and chocolate. The brands of the company include Ulker, Alpella, Albeni, Dido, Laviva, Cocostar, Godiva, Piko, Buklet, and others. Substantially all of the remaining revenue is from cake sales. The company earns majority of its revenue from domestic market. | $3 | +21% | $1B | $2B | 0.7x | 4.2x | ||
| T Tuborg Bira Ve Malt Sanayii AS produces, sells, and distributes beer and malt to domestic and international markets. Its products are sold under the brand names Tuborg, Carlsberg, Frederik, Troy, and others. | $3 | -14% | $1B | $1B | 1.1x | 3.9x | ||
| Otokar Otomotiv Ve Savunma Sanayi AS operates in the automotive industry and off-road vehicles, military vehicles, microbusses, small buses, light trucks, and pickup trucks constitute the majority of its production. The group operates in the automotive industry's commercial vehicles segment, manufacturing a product lineup of microbuses, small buses and buses for public transportation and light trucks for transportation and logistics. | $9 | -1% | $1B | $2B | 1.5x | 10.0x | ||
| D-MARKET Electronic Services & Trading offers an e-commerce platform in Turkey and the surrounding region. The company is comprised of one reportable segment, namely e-commerce operations. The Group derives revenue from the sales of goods, marketplace revenues and other revenues. | $3 | +6% | $1B | $840M | 0.4x | 23.2x | ||
| Turk Traktor ve Ziraat Makineleri AS is one of the largest tractor manufacturers in Turkey. It sells tractors, combine harvesters, planters, cotton pickers, and other agricultural machinery and equipment. The company's worldwide sales and marketing network generates recurring aftermarket sales and showcases new features in product development. Plants are equipped with gear and heat treatment facilities, specialized machines, engine manufacturing facilities, paint shops, and assembly lines. The company also operates quality control labs, testing equipment, and incorporates research and development to design and produce innovative solutions. Most parts and components are manufactured internally, but the company may use third parties to meet international quality standards. | $10 | -21% | $1B | $1B | 0.9x | 5.7x | ||
| Agesa Hayat Ve Emeklilik AS is a diversified insurance company that provides private pension and life insurance services to customers in Turkey. The company operates various distribution channels including direct advisor sales, sales from the bank branch representatives, agents, and telemarketing. AvivaSA reports through four segments, including Pension, Life Protection, Life Savings, and Personal Accident. The company generates key revenue through its Life Protection segment. | $5 | +71% | $987M | $746M | 0.7x | — | ||
| Celebi Hava Servisi AS is a supplier of ground handling services to the aviation industry. The company's primary operating segment includes Ground Handling Services and Cargo and Warehouse Services. Other services include Bridge operation, Lounge, General Aviation and Platinum. It generates maximum revenue from the Ground Handling Services segment. Geographically, it operates in Turkey, Hungary, India, Spain, Tanzania and Germany. | $40 | -1% | $975M | $1B | 2.8x | 9.5x | ||
| Aksa Akrilik Kimya Sanayii AS is a manufacturer of textile, chemical, and other industrial products and raw materials, auxiliary materials and intermediate substances, artificial, synthetic omand natural fibers, carbon fibers, and polymers among others. It consists of three operating segments such as fibers, energy, and others. The company generates maximum revenue from the Fibers segment. | $0 | +21% | $962M | $1B | 1.9x | 6.2x | ||
| Alarko Holding AS is a holding company consisting of companies that operate in contracting, construction, land development, industry, trade, tourism, and energy. The company's segments include holding, tourism, industry and merchandising, energy, contracting/land development. Its contracting group operates as a general contractor in Turkey and abroad and carries out airport and rail system projects, large scale infrastructure works, constructions of industrial plants, hospitals, and other such projects. The majority of the revenue is derived from the contracting and land development segment. | $2 | +20% | $953M | $1B | 6.6x | 6.9x | ||
| Dogus Otomotiv Servis Ve Tic AS is a Turkey-based distributor of Volkswagen AG and its activities include importing, marketing, and selling automobiles and spare parts of Volkswagen Group brands. The company also operates in the used car market across Turkey through its dealer network. Its operating segments include the Passenger segment and the Real estate segment. It generates the majority of its revenue from the Passenger segment. | $4 | +5% | $904M | $1B | 0.3x | 4.0x | ||
| Eczacibasi Yatirim Holding Ortakligi AS is an investment holding company. It is in the business of building products, consumer products, and health sectors. In addition to these basic sectors, the company also includes organizations in the fields of finance, information technologies, resource technologies, natural resources, and real estate development. | $9 | +114% | $900M | $883M | — | 46.1x | ||
| Cw Enerji Muhendislik Ticaret Ve Sanayi Ab is a manufacturer, solution provider, and service company in the photovoltaic power generation sector. CW Enerji’s scope of products comprises solar power plant investment and technical consulting, projecting, system design, solar power plant installations, licensing, and operation, as well as licensed and unlicensed production regulations for solar power plants projects planning, designing, financing, implementation, and general maintenance matters. | $1 | +176% | $897M | $1B | 3.0x | 13.5x | ||
| Reysas Tasimacilik ve Lojistik Ticaret AS focused on automobile transportation. The group is continuing to expand its operations in domestic logistics services and related areas, including auto transportation, international logistics, fuel transportation, forwarding, and storage, and has started international transit. It continues its activities in domestic and international cargo transportation, such as land, sea, and air. The group is operating in five main areas: Real Estate, Transportation, Warehousing, Logistics Service activities, and Other activities of the group, are Vehicle Inspection Services, Distribution and Marketing of Tobacco Products, Hotel Management, and Aviation. | $0 | +41% | $876M | $957M | 3.9x | 7.9x | ||
| Akcansa Cimento Sanayi Ve Ticaret AS manufactures and sells cement, clinker, and ready-mix concrete. It operates through Agregas and Betonsa brands in the cement, ready-mixed concrete, port, and aggregates businesses. The company has two active segments: Cement, which generates key revenue, and Ready-mixed concrete. The vast majority of the company’s total revenue comes from sales in Turkey. | $5 | +33% | $862M | $861M | 1.6x | 8.1x | ||
| Gen Ilac Ve Saglik Urunleri Sanayi ve Ticaret AS is a specialty pharmaceuticals company in Turkey. Its locally manufactured products include Cajex, Contra-K, Epamor, Genkort, Ilopera, among others, while imported products include AvonexPEN, Plegridy, Tecfidera, Regen-D among others. | $0 | -11% | $856M | $878M | 2.1x | 13.4x | ||
| Hektas Ticaret AS is a Turkey-based company involved in producing and marketing agricultural and veterinary medicines. Its offerings include agrochemicals, such as insecticides, herbicides, fungicides, leaf fertilizers, growth regulators, and fumigants; and veterinary pharmaceuticals. The majority of revenue is derived from domestic sales. | $0 | +40% | $828M | $1B | 7.6x | (58.1x) | ||
| Nuh Cimento Sanayii AS operates as a cement manufacturer with interests in energy production. The company operates its business through two segments namely; Construction and Construction Materials and Energy. The principal activities of the company include a production of various types of cement, lime, ready-mixed concrete, gas concrete, clinker, power generation, and transportation. It also offers port services through a dock near its plant with nearly 500 meters in length and loads and unloads cargo. The firm derives the majority of its revenues through the sale of its cement products. | $5 | +5% | $804M | $641M | 1.6x | 7.3x | ||
| Verusa Holding AS is a Turkey based investment company focused on private equity and venture capital. The company invests in high-growth sectors such as renewable energy, mining, technology, and healthcare. | $11 | +126% | $799M | $714M | 42.4x | 66.9x | ||
| Baticim Bati Anadolu Cimento Sanayii AS is engaged in the production and marketing of cement, ready-mixed concrete, gravel, and cement clinker. Its products and services include concrete, aggregates, and logistics. Its cement product comprises of Portland cement, Portland composite cement; concrete, comprising standard and special concrete. Further, it offers logistics services, such as marine cargo handling and harbor operations management. | $0 | +26% | $788M | $910M | 2.9x | 23.7x | ||
| Akfen Insaat Turizm Ve Ticaret AS is engaged in the construction and infrastructure sector. The company focuses on large-scale projects and public-private partnership (PPP) investments, initially focused on contracting and completing infrastructure projects, the company has diversified into healthcare, education, and real estate, with a portfolio of PPP hospitals, student housing, and residential/commercial units. | $1 | +131% | $785M | $1B | 5.7x | 11.0x | ||
| Mavi Giyim Sanayi ve Ticaret AS is engaged in wholesale and retail sales of ready-to-wear denim apparel. Its product includes knit and woven shirts, t-shirts, sweaters, jackets, skirts, dresses, accessories and denim bottoms for men, women and children. It operates through wholesale, retail, and e-commerce segments. | $1 | +44% | $780M | $690M | 0.6x | 3.2x | ||
| Kuyas Yatrim AS operates as a real estate investment company. It is engaged in investment in offices and parks. Its ongoing project includes the Borsa Tower project, and completed projects include Istanbul Vizyon Park Office Plaza, IVP Central Plaza; Ataturk Airport - Yesilkoy Free Zone - International Fair Center, Kuyumcukent Wedding World shopping center among others. | $2 | +75% | $777M | $777M | 144.4x | 111.3x | ||
| Sekerbank TAS is a co-operative bank operating in Turkey, primarily in Anatolia. The bank focuses on agricultural banking, as well as providing small to midsize enterprise, corporate, and retail banking services. The bank's strategy emphasizes its community banking orientation. It has incorporated microfinance lending into its business model to provide equal access across its customer segments. The bank's loan book is diversified but has just less than half of its exposure to the service industry. | $0 | +204% | $776M | $2B | 4.6x | — | ||
| Pasifik Holding AS is a Holding company engaged in Real Estate - Construction, International Logistics, Technology, and Energy - Mining. | $0 | -- | $774M | $747M | 4.5x | 4.2x | ||
| Armada Gida Ticaret Sanayi AS is engaged in processing, pre-cooking with the extrusion method, and selling, importing, and exporting pulses, cereals, bulgur, organic products, superfoods, pulse flour, rice, gluten-free products, and other products. | $3 | +278% | $773M | $899M | 3.3x | 21.3x | ||
| Median | $3 | +51% | $2B | $2B | 2.0x | 7.8x |
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