Tüpraş - Public Comps and Valuation Multiples

Tüpraş Overview

About Tüpraş

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.

Founded

1983

HQ

Employees

6.0K+

Website

tupras.com.tr

Sectors

Energy Exploration & Generation
Fossil Fuels

Financials

LTM Revenue $18.6B

LTM EBITDA $1.3B

EV

$7.5B

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Tüpraş Financials

As of September 2025, Tüpraş reported last 12-month revenue of $18.6B and EBITDA of $1.3B.

In the same period, Tüpraş generated $1.8B in LTM gross profit and $629M in net income.

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Tüpraş P&L

In the most recent fiscal year, Tüpraş reported revenue of $19.4B and EBITDA of $1.4B.

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

See Tüpraş valuation multiples based on analyst estimates

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$18.6B	XXX	$19.4B	XXX	XXX	XXX
Gross Profit	$1.8B	XXX	$1.6B	XXX	XXX	XXX
Gross Margin	9%	XXX	8%	XXX	XXX	XXX
EBITDA	$1.3B	XXX	$1.4B	XXX	XXX	XXX
EBITDA Margin	7%	XXX	7%	XXX	XXX	XXX
EBIT	$953M	XXX	$972M	XXX	XXX	XXX
EBIT Margin	5%	XXX	5%	XXX	XXX	XXX
Net Profit	$629M	XXX	$438M	XXX	XXX	XXX
Net Margin	3%	XXX	2%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Tüpraş including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $18.6B. EBITDA for the last twelve months was $1.3B. In the most recent fiscal year, Tüpraş achieved $19.4B in revenue and $1.4B 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	$18.6B	Analyst estimates available to subscribers	$19.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.8B	Analyst estimates available to subscribers	$1.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	9.4% gross margin	Analyst estimates available to subscribers	8.4% 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)	$1.3B	Analyst estimates available to subscribers	$1.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	7.1% EBITDA margin	Analyst estimates available to subscribers	7.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$953M	Analyst estimates available to subscribers	$972M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	5.1% EBIT margin	Analyst estimates available to subscribers	5.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$629M	Analyst estimates available to subscribers	$438M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	3.4% net profit margin	Analyst estimates available to subscribers	2.3% 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	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Tüpraş

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

Recent Performance Highlights

Tüpraş generated $18.6B in revenue over the last twelve months.
The company achieved $1.3B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.8B.
Net income over the last twelve months reached $629M.

Fiscal Year Performance

In the most recent fiscal year, Tüpraş reported $19.4B in total revenue.
Fiscal year EBITDA was $1.4B.
The company maintained a gross profit margin of 8.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 7.0%.
Net profit margin reached 2.3% in the most recent fiscal year.

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

Tüpraş Stock Performance

Tüpraş has current market cap of TRY 348B (or $8.3B), and EV of TRY 315B (or $7.5B).

Market Cap Evolution

Tüpraş Stock Data

As of October 13, 2025, Tüpraş's stock price is TRY 181 (or $4).

See Tüpraş trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$7.5B	$8.3B	XXX	XXX	XXX	XXX	$0.39

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Tüpraş Valuation Multiples

Tüpraş's trades at 0.4x EV/Revenue multiple, and 5.6x EV/EBITDA.

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Tüpraş Financial Valuation Multiples

As of October 13, 2025, Tüpraş has market cap of $8.3B and EV of $7.5B.

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

Tüpraş has a P/E ratio of 13.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$8.3B	XXX	$8.3B	XXX	XXX	XXX
EV (current)	$7.5B	XXX	$7.5B	XXX	XXX	XXX
EV/Revenue	0.4x	XXX	0.4x	XXX	XXX	XXX
EV/EBITDA	5.7x	XXX	5.6x	XXX	XXX	XXX
EV/EBIT	7.9x	XXX	7.7x	XXX	XXX	XXX
EV/Gross Profit	4.3x	XXX	n/a	XXX	XXX	XXX
P/E	13.2x	XXX	19.0x	XXX	XXX	XXX
EV/FCF	n/a	XXX	14.7x	XXX	XXX	XXX

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

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Tüpraş Margins & Growth Rates

Tüpraş's last 12 month revenue growth is 11%

Tüpraş's revenue per employee in the last FY averaged $3.3M, while opex per employee averaged $0.1M for the same period.

Tüpraş's rule of 40 is 21% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Tüpraş's rule of X is 34% (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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Tüpraş Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	11%	XXX	5%	XXX	XXX	XXX
EBITDA Margin	7%	XXX	7%	XXX	XXX	XXX
EBITDA Growth	21%	XXX	-10%	XXX	XXX	XXX
Rule of 40	21%	XXX	18%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	34%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$3.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	3%	XXX	XXX	XXX

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

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