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Aselsan Valuation Multiples

Discover revenue and EBITDA valuation multiples for Aselsan and similar public comparables like Codan, Electro Optic Systems, and Droneshield.

Aselsan Overview

About Aselsan

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.


Founded

1975

HQ

Turkey
Employees

5.7K+

Website

aselsan.com.tr

Financials

LTM Revenue $3.5B

LTM EBITDA $921M

EV

$15.6B

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Aselsan Financials

Aselsan has a last 12-month revenue (LTM) of $3.5B and a last 12-month EBITDA of $921M.

In the most recent fiscal year, Aselsan achieved revenue of $3.1B and an EBITDA of $409M.

Aselsan expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Aselsan P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $3.5B XXX $3.1B XXX XXX XXX
Gross Profit $3.5B XXX $976M XXX XXX XXX
Gross Margin 100% XXX 32% XXX XXX XXX
EBITDA $921M XXX $409M XXX XXX XXX
EBITDA Margin 26% XXX 13% XXX XXX XXX
EBIT $848M XXX $676M XXX XXX XXX
EBIT Margin 24% XXX 22% XXX XXX XXX
Net Profit $480M XXX $391M XXX XXX XXX
Net Margin 14% XXX 13% XXX XXX XXX
Net Debt XXX XXX $407M XXX XXX XXX

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Aselsan Stock Performance

As of May 30, 2025, Aselsan's stock price is TRY 130 (or $3).

Aselsan has current market cap of TRY 591B (or $15.1B), and EV of TRY 611B (or $15.6B).

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Aselsan Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$15.6B $15.1B XXX XXX XXX XXX $0.11

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Aselsan Valuation Multiples

As of May 30, 2025, Aselsan has market cap of $15.1B and EV of $15.6B.

Aselsan's trades at 5.1x EV/Revenue multiple, and 38.2x EV/EBITDA.

Equity research analysts estimate Aselsan's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Aselsan has a P/E ratio of 31.5x.

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Aselsan Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $15.1B XXX $15.1B XXX XXX XXX
EV (current) $15.6B XXX $15.6B XXX XXX XXX
EV/Revenue 4.4x XXX 5.1x XXX XXX XXX
EV/EBITDA 17.0x XXX 38.2x XXX XXX XXX
EV/EBIT 18.4x XXX 23.1x XXX XXX XXX
EV/Gross Profit 4.4x XXX n/a XXX XXX XXX
P/E 31.5x XXX 38.6x XXX XXX XXX
EV/FCF 100.9x XXX 5157.2x XXX XXX XXX

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Aselsan Margins & Growth Rates

Aselsan's last 12 month revenue growth is 32%

Aselsan's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.

Aselsan's rule of 40 is 51% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Aselsan's rule of X is 106% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Aselsan Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 32% XXX 32% XXX XXX XXX
EBITDA Margin 26% XXX 13% XXX XXX XXX
EBITDA Growth 31% XXX 74% XXX XXX XXX
Rule of 40 51% XXX 45% XXX XXX XXX
Bessemer Rule of X XXX XXX 106% XXX XXX XXX
Revenue per Employee XXX XXX $0.5M XXX XXX XXX
Opex per Employee XXX XXX $0.1M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 1% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX 3% XXX XXX XXX
Opex to Revenue XXX XXX 10% XXX XXX XXX

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Aselsan Public Comps

See public comps and valuation multiples for Defense Systems comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Theon XXX XXX XXX XXX XXX XXX
Austal XXX XXX XXX XXX XXX XXX
Codan XXX XXX XXX XXX XXX XXX
Droneshield XXX XXX XXX XXX XXX XXX
Electro Optic Systems XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Aselsan M&A and Investment Activity

Aselsan acquired  XXX companies to date.

Last acquisition by Aselsan was  XXXXXXXX, XXXXX XXXXX XXXXXX . Aselsan acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Aselsan

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Aselsan

When was Aselsan founded? Aselsan was founded in 1975.
Where is Aselsan headquartered? Aselsan is headquartered in Turkey.
How many employees does Aselsan have? As of today, Aselsan has 5.7K+ employees.
Is Aselsan publicy listed? Yes, Aselsan is a public company listed on IST.
What is the stock symbol of Aselsan? Aselsan trades under ASELS ticker.
When did Aselsan go public? Aselsan went public in 1990.
Who are competitors of Aselsan? Similar companies to Aselsan include e.g. Theon, Austal, Codan, Droneshield.
What is the current market cap of Aselsan? Aselsan's current market cap is $15.1B
What is the current revenue of Aselsan? Aselsan's last 12 months revenue is $3.5B.
What is the current revenue growth of Aselsan? Aselsan revenue growth (NTM/LTM) is 32%.
What is the current EV/Revenue multiple of Aselsan? Current revenue multiple of Aselsan is 4.4x.
Is Aselsan profitable? Yes, Aselsan is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Aselsan? Aselsan's last 12 months EBITDA is $921M.
What is Aselsan's EBITDA margin? Aselsan's last 12 months EBITDA margin is 26%.
What is the current EV/EBITDA multiple of Aselsan? Current EBITDA multiple of Aselsan is 17.0x.
What is the current FCF of Aselsan? Aselsan's last 12 months FCF is $155M.
What is Aselsan's FCF margin? Aselsan's last 12 months FCF margin is 4%.
What is the current EV/FCF multiple of Aselsan? Current FCF multiple of Aselsan is 100.9x.

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