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Turkcell Valuation Multiples

Discover revenue and EBITDA valuation multiples for Turkcell and similar public comparables like KPN, e&, and Space42.

Turkcell Overview

About Turkcell

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.


Founded

1993

HQ

Turkey
Employees

22.2K+

Website

turkcell.com.tr

Financials

LTM Revenue $4.9B

LTM EBITDA $2.1B

EV

$6.2B

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Turkcell Financials

Turkcell has a last 12-month revenue (LTM) of $4.9B and a last 12-month EBITDA of $2.1B.

In the most recent fiscal year, Turkcell achieved revenue of $4.3B and an EBITDA of $1.9B.

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

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Turkcell P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $4.9B XXX $4.3B XXX XXX XXX
Gross Profit $4.9B XXX $1.1B XXX XXX XXX
Gross Margin 100% XXX 25% XXX XXX XXX
EBITDA $2.1B XXX $1.9B XXX XXX XXX
EBITDA Margin 42% XXX 45% XXX XXX XXX
EBIT n/a XXX $595M XXX XXX XXX
EBIT Margin n/a XXX 14% XXX XXX XXX
Net Profit $611M XXX $602M XXX XXX XXX
Net Margin 12% XXX 14% XXX XXX XXX
Net Debt XXX XXX $782M XXX XXX XXX

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Turkcell Stock Performance

As of May 30, 2025, Turkcell's stock price is TRY 95 (or $2).

Turkcell has current market cap of TRY 207B (or $5.3B), and EV of TRY 243B (or $6.2B).

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Turkcell Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$6.2B $5.3B XXX XXX XXX XXX $0.20

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Turkcell Valuation Multiples

As of May 30, 2025, Turkcell has market cap of $5.3B and EV of $6.2B.

Turkcell's trades at 1.5x EV/Revenue multiple, and 3.3x EV/EBITDA.

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

Turkcell has a P/E ratio of 8.7x.

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Turkcell Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $5.3B XXX $5.3B XXX XXX XXX
EV (current) $6.2B XXX $6.2B XXX XXX XXX
EV/Revenue 1.3x XXX 1.5x XXX XXX XXX
EV/EBITDA 3.0x XXX 3.3x XXX XXX XXX
EV/EBIT n/a XXX 10.5x XXX XXX XXX
EV/Gross Profit 1.3x XXX n/a XXX XXX XXX
P/E 8.7x XXX 8.8x XXX XXX XXX
EV/FCF n/a XXX 19.8x XXX XXX XXX

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Turkcell Margins & Growth Rates

Turkcell's last 12 month revenue growth is 29%

Turkcell's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $21K for the same period.

Turkcell's rule of 40 is 72% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Turkcell's rule of X is 116% (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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Turkcell Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 29% XXX 29% XXX XXX XXX
EBITDA Margin 42% XXX 45% XXX XXX XXX
EBITDA Growth 31% XXX 47% XXX XXX XXX
Rule of 40 72% XXX 74% XXX XXX XXX
Bessemer Rule of X XXX XXX 116% XXX XXX XXX
Revenue per Employee XXX XXX $0.2M XXX XXX XXX
Opex per Employee XXX XXX $21K XXX XXX XXX
S&M Expenses to Revenue XXX XXX 3% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 11% XXX XXX XXX

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Turkcell Public Comps

See public comps and valuation multiples for Telecom Service Providers and Internet Service Providers comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
XXX XXX XXX XXX XXX XXX
e& XXX XXX XXX XXX XXX XXX
Space42 XXX XXX XXX XXX XXX XXX
Jordan Telecom XXX XXX XXX XXX XXX XXX
KPN XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Turkcell M&A and Investment Activity

Turkcell acquired  XXX companies to date.

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

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Latest Acquisitions by Turkcell

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 Turkcell

When was Turkcell founded? Turkcell was founded in 1993.
Where is Turkcell headquartered? Turkcell is headquartered in Turkey.
How many employees does Turkcell have? As of today, Turkcell has 22.2K+ employees.
Who is the CEO of Turkcell? Turkcell's CEO is Dr. Ali Taha Koc.
Is Turkcell publicy listed? Yes, Turkcell is a public company listed on IST.
What is the stock symbol of Turkcell? Turkcell trades under TCELL ticker.
When did Turkcell go public? Turkcell went public in 2000.
Who are competitors of Turkcell? Similar companies to Turkcell include e.g. , e&, Space42, Jordan Telecom.
What is the current market cap of Turkcell? Turkcell's current market cap is $5.3B
What is the current revenue of Turkcell? Turkcell's last 12 months revenue is $4.9B.
What is the current revenue growth of Turkcell? Turkcell revenue growth (NTM/LTM) is 29%.
What is the current EV/Revenue multiple of Turkcell? Current revenue multiple of Turkcell is 1.3x.
Is Turkcell profitable? Yes, Turkcell is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Turkcell? Turkcell's last 12 months EBITDA is $2.1B.
What is Turkcell's EBITDA margin? Turkcell's last 12 months EBITDA margin is 42%.
What is the current EV/EBITDA multiple of Turkcell? Current EBITDA multiple of Turkcell is 3.0x.

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