November 2026
Largest Public Companies in Turkey
Benchmark revenue and EBITDA valuation multiples for public comps like
ASELSAN, QNB Finansbank, Tüpraş, Garanti BBVA and Enpara Bank.
 | 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. | $7 | +52% | $30B | $31B | 8.6x | 47.4x | ||
| 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. | $3 | -54% | $18B | $18B | 5.5x | - | ||
| 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. | $7 | +45% | $13B | $11B | 0.7x | 12.6x | ||
| 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 | -13% | $12B | $12B | 1.5x | - | ||
| Enpara Bank AS provides all types of banking transactions and modern banking services to its customers through electronic banking channels and other channels in accordance with developments in technology and banking, both domestically and internationally. | $1 | -- | $12B | $12B | - | - | ||
| 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. | $4 | +2% | $10B | $35B | 0.6x | 9.7x | ||
| 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 | -13% | $9.5B | $6.2B | 1.6x | 4.8x | ||
| 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. | $7 | +17% | $8.8B | $9.4B | 0.7x | 7.2x | ||
| 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. | $6 | -8% | $8.1B | $22B | 0.9x | 4.4x | ||
| 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. | $1 | -12% | $7B | $7B | 1.5x | - | ||
| 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 | -18% | $6.8B | $6.8B | 0.8x | - | ||
| VakıfBank is a Turkish universal bank founded in 1954 and headquartered in Istanbul. It was established to manage foundation-derived resources and channel them into economic development, but now operates across the full commercial-banking market. The bank serves individuals, small and medium-sized enterprises, large corporates and public institutions through branches, digital channels and international operations. Products include deposits, payments, cards, consumer finance, commercial lending, project finance, trade finance, treasury and investment services. VakıfBank is listed on Borsa İstanbul and became a Türkiye Wealth Fund portfolio company through a paid capital increase in 2020. Further private-placement equity injections in 2022 and 2023 increased TWF’s ownership and strengthened the bank’s core capital for lending and balance-sheet resilience. | $1 | -6% | $6.3B | $6.3B | 1.3x | - | ||
| 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 | -12% | $6.2B | $6.2B | 1.3x | - | ||
| Halkbank is a Turkish state-controlled universal bank founded in 1938 and headquartered in Istanbul. It was established to finance tradespeople, artisans and small businesses and retains a major franchise in those customer segments. The bank also provides retail, corporate, commercial, agricultural and public-sector banking through a nationwide branch and digital network. Its services include deposits, payments, cards, consumer and business loans, trade finance, treasury products and investment services. Halkbank’s shares trade on Borsa İstanbul, while Türkiye Wealth Fund is the controlling shareholder. TWF’s private-placement capital increases in 2020, 2022 and 2023 injected new core equity into the bank and raised the fund’s ownership while supporting the bank’s capital adequacy and lending capacity. | $1 | -4% | $5.8B | $5.8B | 1.7x | - | ||
| 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. | $1 | -39% | $4.8B | $7B | 0.4x | 5.4x | ||
| 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 | +10% | $4.1B | $5.4B | ||||
| Turkcell is an integrated Turkish telecommunications and technology-services group headquartered in Istanbul. It commenced operations in 1994 and operates a nationwide mobile network alongside fixed broadband, data-center, cloud, digital-service and information-technology businesses. The company serves consumers, enterprises and public institutions with connectivity, devices, digital applications, managed services and infrastructure solutions. Turkcell has traded on Borsa İstanbul and the New York Stock Exchange since 2000. Türkiye Wealth Fund acquired 26.2% and control in 2020 through a shareholder restructuring that included privileged shares and board-nomination rights. Turkcell therefore remains a publicly traded operating company, not an investment vehicle, with revenue driven by subscriptions, usage and contracted technology services across Türkiye and selected international markets. | $2 | -17% | $4B | $5.9B | ||||
| 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. | $1 | +16% | $3.9B | $4.5B | ||||
| 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 | -12% | $3.5B | $3.5B | ||||
| Türk Telekom is Türkiye’s integrated fixed-line, broadband, mobile and digital-services operator and is headquartered in Ankara. The company was legally separated from the national postal organization in 1995, building on a telecommunications network with much older roots. It provides fixed voice, fiber and copper broadband, mobile service, television, data-center, cybersecurity, cloud and enterprise information-technology solutions. Its network and brands serve households, businesses, carriers and public institutions throughout Türkiye. Türk Telekom is listed on Borsa İstanbul, while the Turkish Treasury retains a separate minority interest and a special share. Türkiye Wealth Fund acquired LYY’s 55% controlling block in 2022, adding that negotiated majority stake to the fund’s previously transferred holding and making TWF the dominant economic shareholder. | $1 | -25% | $3.4B | $5.9B | ||||
| 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. | $3 | +40% | $3B | $2.8B | ||||
| 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 | +23% | $3B | $2.9B | ||||
| 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. | $2 | +26% | $2.8B | $4.2B | ||||
| 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 | +17% | $2.5B | $2.7B | ||||
| 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 | +162% | $2.4B | $2.4B | ||||
| 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 | -8% | $2.4B | $2B | ||||
| 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 | +52% | $2.3B | $2.4B | ||||
| 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. | $4 | -18% | $2.2B | $3.4B | ||||
| 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 | -19% | $2.1B | $5.6B | ||||
| 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 | -11% | $2.1B | $3.9B | ||||
| 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 | -10% | $2B | $5.7B | |||
| Reysas Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust founded for investing and developing real estates in Turkey. It invests in real estates, capital market instruments based on real estates, real estate projects and rights based on real estates. The main focus of the company is the warehousing market. The company rents its warehouses for long terms in order to create continuous and stabile income from its portfolio. | $1 | +136% | $1.9B | $2B | ||||
| 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. | $6 | -21% | $1.9B | $2B | ||||
| Oyak Cimento Fabrikalari AS manufactures and sells cement and concrete operations. Its products are Cement, Ready-Mixed Concrete, and LIME. | $0 | -28% | $1.9B | $1.7B | ||||
| 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 | +24% | $1.8B | $2B | ||||
| Torunlar Gayrimenkul Yatirim Ortakligi AS is engaged in developing living centers, including shopping malls, residences, offices, and hotels, with a focus on people and their lives. Its objective is to invest in retail, residential, entertainment, and office real estate development projects. The group operates in all phases of project development and management, including fundraising, land acquisition, project financing, permitting, design, construction supervision, sales, and marketing. It also undertakes post-project activities such as tenant mix and rent management, rent restructuring, renovation and expansion work, and other activities aimed at maximizing visitor traffic, occupancy rates, and rental income in shopping malls. | $2 | +5% | $1.8B | $1.7B | ||||
| 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. | $5 | -- | $1.8B | $1.8B | ||||
| Petrokent Turizm AS is engaged in the management of holiday resorts, as well as in the acquisition and development of property for tourism projects. | $2 | -56% | $1.7B | $1.7B | ||||
| 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 | -53% | $1.7B | $4.6B | ||||
| 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. | $9 | +10% | $1.6B | $1.9B | ||||
| 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. | $1 | +7% | $1.6B | $2.9B | ||||
| 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. | $9 | -26% | $1.6B | $1.8B | ||||
| ZIRAAT GAYRIMENKUL YATIRIM ORTAKLIGI AS is a real estate investment company. Its portfolio consists of under construction Istanbul International Finance Center Ziraat Towers project and office buildings. It diversifies its investment portfolio with hotel and housing investments. | $0 | -29% | $1.5B | $1.7B | ||||
| 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 | -37% | $1.5B | $2.4B | ||||
| Türkiye Sigorta is a Turkish multiline insurer headquartered in Istanbul and listed on Borsa İstanbul. Its continuing legal entity was founded in 1957 as Güneş Sigorta and was renamed Türkiye Sigorta in 2020 after a state-led consolidation. The company absorbed Halk Sigorta and Ziraat Sigorta, bringing three public-bank insurance businesses under one operating platform. It writes non-life insurance across motor, property, engineering, agriculture, health, marine and other commercial and retail lines. Its distribution combines bank branches, agencies, brokers and digital channels, giving it access to both individual and corporate customers across Türkiye. The company remains controlled by Türkiye Wealth Fund through TVF Finansal Yatırımlar, while a minority of its shares trades publicly. | $0 | -51% | $1.4B | $1.4B | ||||
| 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. | $4 | +146% | $1.4B | $1.6B | ||||
| 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. | $3 | -41% | $1.4B | $5.1B | ||||
| 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 | -13% | $1.4B | $8B | ||||
| 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 | -51% | $1.3B | $1.3B | ||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS is a Turkish real estate investment trust. The company is engaged in the development and leasing of housing units in urban areas throughout Turkey. It focuses on executing real estate property projects mostly housing, besides, commercial units, educational units, social facilities, and all related aspects, controlling and building audit services of the ongoing projects, marketing and selling the finished housing. The vast majority of the company's total revenue is derived from revenue-sharing projects in which property income is shared between multiple contractors. | $0 | -20% | $1.3B | $2.3B | ||||
| 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 | +40% | $1.2B | $1B | ||||
| 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. | $3 | +3% | $1.1B | $1.7B | ||||
| 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. | $5 | +4% | $1.1B | $1.1B | ||||
| 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. | $1 | +68% | $1.1B | $1.3B | ||||
| 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. | $0 | -45% | $1.1B | $1.5B | ||||
| 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. | $4 | -23% | $1B | $1.1B | ||||
| CVK Maden Isletmeleri Sanayi ve Ticaret AS is a mining company engaged in the production of lump and concentrate chromium ore, as well as lead, zinc, copper, and silver concentrates from its mining licences. It exports a prominent portion of its production and conducts exploration and survey activities within its mining licence areas. | $0 | -30% | $1B | $1.1B | ||||
| 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. | $1 | -43% | $951M | $5.4B | ||||
| 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. | $0 | -13% | $920M | $920M | ||||
| 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. | $1 | -10% | $904M | $788M | ||||
| 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. | $0 | -13% | $903M | $332M | ||||
| Yeni Gimat Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust company based in Turkey. The assets of the company include Ankamall and CP Ankara. | $4 | +40% | $862M | $803M | ||||
| Kardemir is an integrated Turkish iron and steel producer headquartered in Karabük. The company began production in 1937 as the country’s first integrated iron and steel works and later became a publicly traded corporation. Its facilities convert raw materials into billets, blooms, rebar, wire rod, profiles, rails, railway wheels and other long steel products. Kardemir supplies construction, manufacturing, mining, transportation and rail-infrastructure customers, including strategically important domestic projects. Its shares are divided into listed classes with different governance rights on Borsa İstanbul. Türkiye Wealth Fund purchased a block of privileged Class A shares in 2022, giving the fund 20% of that class and 4.4% of total capital without converting Kardemir into a private company. | $1 | +9% | $862M | $868M | ||||
| 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. | $0 | -16% | $855M | $1.7B | ||||
| TR Anadolu Metal Madencilik Isletmeleri AS, formerly Koza Anadolu Metal Madencilik Isletmeleri AS operates in the mining sector in Turkey. The firm engages in the development and exploration of copper, lead-zinc, iron and similar mineral mining reserves. It holds interests in the Balikesir-Sagirlar Project, Ciftehan-Esendemir Project, Ciftehan-Elmali Project, Konak Project, Diyarbakir-Cungus Project, and Batman-Sason Project. | $2 | +12% | $846M | $945M | ||||
| 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 | -8% | $843M | $1.3B | ||||
| 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. | $2 | -16% | $805M | $805M | ||||
| 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 | -21% | $803M | $1.5B | ||||
| 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 | -43% | $799M | $799M | ||||
| 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. | $4 | -16% | $774M | $774M | ||||
| 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 | -17% | $770M | $1.3B | ||||
| 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. | $2 | -42% | $753M | $759M | ||||
| 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. | $2 | -39% | $745M | $712M | ||||
| 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. | $7 | -39% | $740M | $897M | ||||
| 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. | $6 | -43% | $736M | $1.8B | ||||
| 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. | $4 | +22% | $706M | $715M | ||||
| 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. | $26 | -52% | $705M | $690M | ||||
| 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. | $10 | +111% | $680M | $641M | ||||
| Mogan Enerji Yatirim Holding AS is a company operating in the energy sector through its renewable energy plants, plays a significant role in carbon emission trading. The company which has directed its investments towards renewable energy plants, includes Geothermal Power Plants, Hydroelectric Power Plants, and Wind Power Plants. | -- | -- | $676M | $647M | ||||
| 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. | $1 | -56% | $663M | $701M | ||||
| Sok Marketler Ticaret AS operates retail stores for personal cleaning and care products in Turkey. The company offers kitchenware, cleaners, paper products, and clothing items of Mis, Piyale, Mintax, Evin, and Amigo brands. | $1 | -1% | $637M | $630M | ||||
| Global Yatirim Holding AS operates as an investment holding company in Turkey. The company's operating segment includes Port Operations; Energy Generation; Natural Gas; Mining; Real Estate and Brokerage and Asset Management. It generates maximum revenue from the Port Operations segment. The company operates cruise and commercial port facilities, as well as operates in energy production, renewable energy production, and feldspar mining businesses. | $0 | +18% | $637M | $2.1B | ||||
| 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. | $2 | +154% | $633M | $741M | ||||
| Turker Vangolu Enerji Yatirim AS is engaged in the energy sector. It offers products, solutions, and services across the entire energy value chain. The group offers Electricity Distribution and Electricity Retail Sales and services. | $1 | -- | $629M | $827M | ||||
| 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. | $0 | -21% | $618M | $618M | ||||
| 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. | $25 | -33% | $606M | $755M | ||||
| 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. | $0 | -95% | $598M | $796M | ||||
| 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. | $2 | -39% | $587M | $1.5B | ||||
| 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. | $3 | -38% | $576M | $1.2B | ||||
| Turkiye Sinai Kalkinma Bankasi AS is an investment and development bank principally operating in Turkey. The company provides a broad array of corporate banking, investment banking, and consultancy services. | $0 | -32% | $573M | $573M | ||||
| Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS provides transportation solutions mainly for personnel and student transportation. Its offerings include Personnel Transportation, Student Transportation, Private Vip Transportation, Urban Transportation, and Intercity Transportation. | $6 | -24% | $569M | $543M | ||||
| 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 | -19% | $562M | $496M | ||||
| Europower Enerji ve Otomasyon Teknolojileri Sanayi Ticaret AS designs, develops, and manufactures products for Low Voltage, Medium Voltage, and High Voltage electrical systems, and offers turn-key contracting services and solutions. Europower Enerji offers a wide range of engineering services, such as; project design, project management, automation & SCADA, commissioning, supervision, eld tests, and training services. | $1 | +42% | $539M | $620M | ||||
| Efor Yatirim Sanayi Ticaret AS manufactures and produces teabag, teapot bag teas, and herbal and fruit teas. The company plants tea plants in the black sea region using domestic methods with technological twists. The teabags of the company has its fruit taste and pleasant aroma of spices, and herb mixtures together in the right proportions, O.P.A. Ceylon teas and products for Out-of-Home Consumption (OOH) which keeps person fit. | $0 | -54% | $525M | $576M | ||||
| Kardemir Celik Sanayi AS manufactures equal angles, flat bars, square bars, NPU and NPI profiles, T-bars, and round bars in various dimensions and in accordance with international standards. Its products are Billet Iron, Film Rod, and Reinforcement Steel. | $1 | -- | $522M | $776M | ||||
| 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. | $3 | -37% | $506M | $411M | ||||
| Adra Gayrimenkul Yatirim Ortakligi AS is a Turkey company based providing real estate services. The company has undertaken projects which are Adra Yali, Adra Yasam, Adra Edremit.. | $1 | -5% | $493M | $485M | ||||
| Destek Finans Faktoring AS is engaged in Financial Leasing, Factoring, Financing Companies, and other related activities. | $1 | -93% | $453M | $453M | ||||
| Akis Gayrimenkul Yatirim Ortakligi AS is a Turkey-based Real Estate Investment Trust. Its portfolio includes Akbati, Street Retail and Investments, Acacia and Akapartman Suadiye. | $0 | +18% | $432M | $425M | ||||
| Brisa Bridgestone Sabanci Lastik San & Tic AS is engaged in manufacturing tyres under the brand names Bridgestone and Lassa. The company manufactures cars for passenger cars, light commercial vehicles, buses, trucks, tractors, and construction equipment. The other brands of the company are bandang, Dayton, Firestone, and kinesis. | $1 | -26% | $429M | $550M | ||||
| Median | $1 | -13% | $1.2B | $1.7B | 1.5x | 7.9x |
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