Aselsan - Public Comps and Valuation Multiples

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

Employees

5.7K+

Website

aselsan.com.tr

Sectors

Defense Systems
DefenseTech
Industry 4.0

Financials

LTM Revenue $4.1B

LTM EBITDA $1.0B

EV

$20.5B

Valuation Multiples

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Aselsan Financials

As of November 2025, Aselsan reported last 12-month revenue of $4.1B and EBITDA of $1.0B.

In the same period, Aselsan achieved $581M in LTM net income.

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Aselsan P&L

In the most recent fiscal year, Aselsan reported revenue of $2.8B and EBITDA of $376M.

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

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$4.1B	XXX	$2.8B	XXX	XXX	XXX
Gross Profit	n/a	XXX	$899M	XXX	XXX	XXX
Gross Margin	n/a	XXX	32%	XXX	XXX	XXX
EBITDA	$1.0B	XXX	$376M	XXX	XXX	XXX
EBITDA Margin	25%	XXX	13%	XXX	XXX	XXX
EBIT	$983M	XXX	$620M	XXX	XXX	XXX
EBIT Margin	24%	XXX	22%	XXX	XXX	XXX
Net Profit	$581M	XXX	$360M	XXX	XXX	XXX
Net Margin	14%	XXX	13%	XXX	XXX	XXX
Net Debt	XXX	XXX	$375M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Aselsan including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $4.1B. EBITDA for the last twelve months was $1.0B. In the most recent fiscal year, Aselsan achieved $2.8B in revenue and $376M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$4.1B	Analyst estimates available to subscribers	$2.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$899M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	31.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$1.0B	Analyst estimates available to subscribers	$376M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	25.2% EBITDA margin	Analyst estimates available to subscribers	13.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$983M	Analyst estimates available to subscribers	$620M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	23.8% EBIT margin	Analyst estimates available to subscribers	21.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$581M	Analyst estimates available to subscribers	$360M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	14.1% net profit margin	Analyst estimates available to subscribers	12.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$375M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Aselsan

This financial data table provides comprehensive performance metrics for Aselsan, a company based in Turkey. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Aselsan generated $4.1B in revenue over the last twelve months.
The company achieved $1.0B in EBITDA over the last twelve months.
Net income over the last twelve months reached $581M.

Fiscal Year Performance

In the most recent fiscal year, Aselsan reported $2.8B in total revenue.
Fiscal year EBITDA was $376M.
The company maintained a gross profit margin of 31.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 13.3%.
Net profit margin reached 12.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Aselsan. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Aselsan Stock Performance

Aselsan has current market cap of TRY 848B (or $20.0B), and EV of TRY 871B (or $20.5B).

Market Cap Evolution

Aselsan Stock Data

As of December 4, 2025, Aselsan's stock price is TRY 186 (or $4).

See Aselsan trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$20.5B	$20.0B	XXX	XXX	XXX	XXX	$0.15

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Aselsan Valuation Multiples

Aselsan's trades at 7.2x EV/Revenue multiple, and 54.5x EV/EBITDA.

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Aselsan Financial Valuation Multiples

As of December 4, 2025, Aselsan has market cap of $20.0B and EV of $20.5B.

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 34.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$20.0B	XXX	$20.0B	XXX	XXX	XXX
EV (current)	$20.5B	XXX	$20.5B	XXX	XXX	XXX
EV/Revenue	5.0x	XXX	7.2x	XXX	XXX	XXX
EV/EBITDA	19.7x	XXX	54.5x	XXX	XXX	XXX
EV/EBIT	20.9x	XXX	33.1x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	34.3x	XXX	55.4x	XXX	XXX	XXX
EV/FCF	437.9x	XXX	7354.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Aselsan Margins & Growth Rates

Aselsan's last 12 month revenue growth is 39%

Aselsan's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $49K for the same period.

Aselsan's rule of 40 is 58% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Aselsan's rule of X is 123% (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	39%	XXX	44%	XXX	XXX	XXX
EBITDA Margin	25%	XXX	13%	XXX	XXX	XXX
EBITDA Growth	39%	XXX	81%	XXX	XXX	XXX
Rule of 40	58%	XXX	52%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	123%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$49K	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

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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