Ülker - Public Comps and Valuation Multiples

Ülker Overview

About Ülker

Ulker Biskuvi Sanayi AS manufactures biscuits, crackers, chocolate, and cake in its half a dozen production facilities in Turkey. Its major brands include Ulker, Alpella, Halk, Kat Tat, and Karsa. The company also has a financial stake in the Godiva brand. Biscuit sales and chocolate sales each account for more than 40% of the company’s total revenue. Substantially all of the remaining revenue is from cake sales. Nearly 90% of the company’s total revenue comes from sales in Turkey. The company is a subsidiary of Yildiz Holding.

Founded

1944

HQ

Employees

9.3K+

Website

ulkerbiskuvi.com.tr

Sectors

Food & Beverages

Financials

LTM Revenue $2.6B

LTM EBITDA $441M

EV

$1.8B

Valuation Multiples

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Ülker Financials

As of September 2025, Ülker reported last 12-month revenue of $2.6B and EBITDA of $441M.

In the same period, Ülker achieved $178M in LTM net income.

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Ülker P&L

In the most recent fiscal year, Ülker reported revenue of $2.0B and EBITDA of $420M.

Ülker 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	$2.6B	XXX	$2.0B	XXX	XXX	XXX
Gross Profit	n/a	XXX	$599M	XXX	XXX	XXX
Gross Margin	n/a	XXX	30%	XXX	XXX	XXX
EBITDA	$441M	XXX	$420M	XXX	XXX	XXX
EBITDA Margin	17%	XXX	21%	XXX	XXX	XXX
EBIT	$385M	XXX	$326M	XXX	XXX	XXX
EBIT Margin	15%	XXX	16%	XXX	XXX	XXX
Net Profit	$178M	XXX	$177M	XXX	XXX	XXX
Net Margin	7%	XXX	9%	XXX	XXX	XXX
Net Debt	XXX	XXX	$519M	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 $441M. In the most recent fiscal year, Ülker achieved $2.0B in revenue and $420M 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	$2.6B	Analyst estimates available to subscribers	$2.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$599M	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	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)	$441M	Analyst estimates available to subscribers	$420M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	17.2% 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)	$385M	Analyst estimates available to subscribers	$326M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	15.0% 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)	$178M	Analyst estimates available to subscribers	$177M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	6.9% 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	$519M	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 $441M in EBITDA over the last twelve months.
Net income over the last twelve months reached $178M.

Fiscal Year Performance

In the most recent fiscal year, Ülker reported $2.0B in total revenue.
Fiscal year EBITDA was $420M.
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 37.2B (or $890M), and EV of TRY 75.1B (or $1.8B).

Market Cap Evolution

Ülker Stock Data

As of October 16, 2025, Ülker's stock price is TRY 101 (or $2).

See Ülker trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.8B	$890M	XXX	XXX	XXX	XXX	$0.52

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Ülker Valuation Multiples

Ülker's trades at 0.9x EV/Revenue multiple, and 4.3x EV/EBITDA.

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Ülker Financial Valuation Multiples

As of October 16, 2025, Ülker has market cap of $890M and EV of $1.8B.

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 5.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$890M	XXX	$890M	XXX	XXX	XXX
EV (current)	$1.8B	XXX	$1.8B	XXX	XXX	XXX
EV/Revenue	0.7x	XXX	0.9x	XXX	XXX	XXX
EV/EBITDA	4.1x	XXX	4.3x	XXX	XXX	XXX
EV/EBIT	4.7x	XXX	5.5x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	5.0x	XXX	5.0x	XXX	XXX	XXX
EV/FCF	n/a	XXX	23.4x	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 26%

Ülker's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $29K for the same period.

Ülker's rule of 40 is 43% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Ülker's rule of X is 81% (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 2025	FY 2026	FY 2027
Revenue Growth	26%	XXX	29%	XXX	XXX	XXX
EBITDA Margin	17%	XXX	21%	XXX	XXX	XXX
EBITDA Growth	26%	XXX	38%	XXX	XXX	XXX
Rule of 40	43%	XXX	47%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	81%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$29K	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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