Ülker - Public Comps and Valuation Multiples

Ülker Overview

About Ülker

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.

Founded

1975

HQ

Employees

10.3K+

Website

ulkerbiskuvi.com.tr

Sectors

Food & Beverages

Financials

LTM Revenue $2.6B

LTM EBITDA $445M

EV

$2.1B

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Ülker Financials

As of December 2025, Ülker reported last 12-month revenue of $2.6B and EBITDA of $445M.

In the same period, Ülker generated $753M in LTM gross profit and $163M in net income.

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Ülker P&L

In the most recent fiscal year, Ülker reported revenue of $1.9B and EBITDA of $406M.

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

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$2.6B	XXX	$1.9B	XXX	XXX	XXX
Gross Profit	$753M	XXX	$579M	XXX	XXX	XXX
Gross Margin	29%	XXX	30%	XXX	XXX	XXX
EBITDA	$445M	XXX	$406M	XXX	XXX	XXX
EBITDA Margin	17%	XXX	21%	XXX	XXX	XXX
EBIT	$394M	XXX	$315M	XXX	XXX	XXX
EBIT Margin	15%	XXX	16%	XXX	XXX	XXX
Net Profit	$163M	XXX	$171M	XXX	XXX	XXX
Net Margin	6%	XXX	9%	XXX	XXX	XXX
Net Debt	XXX	XXX	$501M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Ülker including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.6B. EBITDA for the last twelve months was $445M. In the most recent fiscal year, Ülker achieved $1.9B in revenue and $406M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$2.6B	Analyst estimates available to subscribers	$1.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$753M	Analyst estimates available to subscribers	$579M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	28.8% gross margin	Analyst estimates available to subscribers	29.8% 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)	$445M	Analyst estimates available to subscribers	$406M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	17.0% EBITDA margin	Analyst estimates available to subscribers	20.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$394M	Analyst estimates available to subscribers	$315M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	15.1% EBIT margin	Analyst estimates available to subscribers	16.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$163M	Analyst estimates available to subscribers	$171M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	6.2% net profit margin	Analyst estimates available to subscribers	8.8% 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	$501M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Ülker

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

Recent Performance Highlights

Ülker generated $2.6B in revenue over the last twelve months.
The company achieved $445M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $753M.
Net income over the last twelve months reached $163M.

Fiscal Year Performance

In the most recent fiscal year, Ülker reported $1.9B in total revenue.
Fiscal year EBITDA was $406M.
The company maintained a gross profit margin of 29.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 20.9%.
Net profit margin reached 8.8% in the most recent fiscal year.

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

Ülker Stock Performance

Ülker has current market cap of TRY 50.1B (or $1.2B), and EV of TRY 89.0B (or $2.1B).

Market Cap Evolution

Ülker Stock Data

As of January 19, 2026, Ülker's stock price is TRY 136 (or $3).

See Ülker trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.1B	$1.2B	XXX	XXX	XXX	XXX	$0.50

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Ülker Valuation Multiples

Ülker's trades at 0.8x EV/Revenue multiple, and 4.6x EV/EBITDA.

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Ülker Financial Valuation Multiples

As of January 19, 2026, Ülker has market cap of $1.2B and EV of $2.1B.

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

Ülker has a P/E ratio of 7.1x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$1.2B	XXX	$1.2B	XXX	XXX	XXX
EV (current)	$2.1B	XXX	$2.1B	XXX	XXX	XXX
EV/Revenue	0.8x	XXX	0.8x	XXX	XXX	XXX
EV/EBITDA	4.6x	XXX	4.6x	XXX	XXX	XXX
EV/EBIT	5.2x	XXX	5.2x	XXX	XXX	XXX
EV/Gross Profit	2.7x	XXX	n/a	XXX	XXX	XXX
P/E	7.1x	XXX	7.1x	XXX	XXX	XXX
EV/FCF	23.1x	XXX	23.1x	XXX	XXX	XXX

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

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Ülker Margins & Growth Rates

Ülker's last 12 month revenue growth is 22%

Ülker's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $26K for the same period.

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

Ülker's rule of X is 72% (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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Ülker Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	22%	XXX	26%	XXX	XXX	XXX
EBITDA Margin	17%	XXX	17%	XXX	XXX	XXX
EBITDA Growth	23%	XXX	39%	XXX	XXX	XXX
Rule of 40	40%	XXX	39%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	72%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$26K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	9%	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	14%	XXX	XXX	XXX

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

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