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Turkish (BIST) Market Analysis & Valuation
UpdatedSep 15, 2025
DataAggregated Company Financials
Companies574
- 7D-1.8%
- 3M20.5%
- 1Y15.3%
- YTD15.6%
Over the last 7 days, the market has dropped 1.8%, driven by a loss of 4.8% in the Materials sector. Meanwhile, the Energy sector has outperformed, gaining 3.7% in that time. In the last year, the market is actually up 15%. Looking forward, earnings are forecast to grow by 42% annually.
Market Valuation and Performance
Has the Turkish Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 15 Sep 2025 | ₺16.0t | ₺15.9t | ₺796.6b | 22.5x | 20.1x | 1x |
| Wed, 13 Aug 2025 | ₺18.0t | ₺15.6t | ₺829.9b | 22.3x | 21.7x | 1.2x |
| Fri, 11 Jul 2025 | ₺14.7t | ₺15.4t | ₺844.2b | 18.3x | 17.4x | 1x |
| Sun, 08 Jun 2025 | ₺13.6t | ₺15.4t | ₺840.6b | 17.7x | 16.1x | 0.9x |
| Tue, 06 May 2025 | ₺13.2t | ₺15.4t | ₺857.2b | 17x | 15.4x | 0.9x |
| Thu, 03 Apr 2025 | ₺13.6t | ₺15.4t | ₺876.4b | 17.4x | 15.5x | 0.9x |
| Sat, 01 Mar 2025 | ₺13.3t | ₺13.3t | ₺1.1t | 16x | 12.5x | 1x |
| Mon, 27 Jan 2025 | ₺13.8t | ₺11.4t | ₺1.2t | 16x | 11.2x | 1.2x |
| Wed, 25 Dec 2024 | ₺13.2t | ₺11.4t | ₺1.2t | 15.3x | 10.7x | 1.2x |
| Fri, 22 Nov 2024 | ₺12.9t | ₺11.4t | ₺1.2t | 15x | 10.5x | 1.1x |
| Sun, 20 Oct 2024 | ₺12.1t | ₺11.6t | ₺1.4t | 14.6x | 8.9x | 1x |
| Tue, 17 Sep 2024 | ₺13.1t | ₺11.5t | ₺1.4t | 16.1x | 9.5x | 1.1x |
| Thu, 15 Aug 2024 | ₺13.1t | ₺11.6t | ₺1.4t | 16.5x | 9.3x | 1.1x |
| Sat, 13 Jul 2024 | ₺14.5t | ₺11.2t | ₺1.4t | 16.2x | 10.2x | 1.3x |
| Mon, 10 Jun 2024 | ₺13.7t | ₺11.1t | ₺1.4t | 16x | 9.8x | 1.2x |
| Wed, 08 May 2024 | ₺14.4t | ₺11.3t | ₺1.5t | 15.4x | 9.7x | 1.3x |
| Fri, 05 Apr 2024 | ₺12.4t | ₺10.2t | ₺1.4t | 14x | 8.5x | 1.2x |
| Sun, 03 Mar 2024 | ₺12.7t | ₺8.5t | ₺1.4t | 16.5x | 9.3x | 1.5x |
| Tue, 30 Jan 2024 | ₺11.3t | ₺8.2t | ₺1.4t | 13.6x | 8.3x | 1.4x |
| Thu, 28 Dec 2023 | ₺9.6t | ₺8.2t | ₺1.4t | 11x | 7.1x | 1.2x |
| Sat, 25 Nov 2023 | ₺11.0t | ₺8.2t | ₺1.3t | 13.5x | 8.2x | 1.3x |
| Mon, 23 Oct 2023 | ₺10.4t | ₺7.3t | ₺1.1t | 14.1x | 9.1x | 1.4x |
| Wed, 20 Sep 2023 | ₺9.8t | ₺7.2t | ₺1.1t | 14x | 8.6x | 1.4x |
| Fri, 18 Aug 2023 | ₺10.2t | ₺7.1t | ₺1.1t | 13.5x | 9.2x | 1.4x |
| Sun, 16 Jul 2023 | ₺7.3t | ₺6.7t | ₺1.1t | 11.9x | 6.9x | 1.1x |
| Tue, 13 Jun 2023 | ₺6.3t | ₺6.6t | ₺1.1t | 9.8x | 6x | 1x |
| Thu, 11 May 2023 | ₺5.0t | ₺6.5t | ₺1.0t | 7.6x | 4.8x | 0.8x |
| Sat, 08 Apr 2023 | ₺5.5t | ₺5.9t | ₺1.0t | 8.9x | 5.5x | 0.9x |
| Mon, 06 Mar 2023 | ₺5.8t | ₺5.7t | ₺912.7b | 10.4x | 6.3x | 1x |
| Wed, 01 Feb 2023 | ₺5.5t | ₺5.0t | ₺1.8t | 11.8x | 3.1x | 1.1x |
| Fri, 30 Dec 2022 | ₺6.2t | ₺4.9t | ₺680.5b | 13.9x | 9.1x | 1.2x |
| Sun, 27 Nov 2022 | ₺5.6t | ₺4.9t | ₺680.0b | 12.7x | 8.2x | 1.1x |
| Tue, 25 Oct 2022 | ₺4.5t | ₺3.9t | ₺501.3b | 12.3x | 9.1x | 1.2x |
| Thu, 22 Sep 2022 | ₺3.6t | ₺3.9t | ₺499.4b | 10x | 7.3x | 0.9x |
Price to Earnings Ratio
7.3x
Current Market PE
- Investors are optimistic on the Turkish market, and appear confident in strong long term growth rates.
- The market is trading at a PE ratio of 20.1x which is higher than its 3-year average PE of 10.4x.
Past Earnings Growth
- The earnings for Turkish listed companies have grown 17% per year over the last three years.
- Revenues for these companies have grown 60% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Sector Trends
Which sectors have driven the changes within the Turkish Market?
| TR Market | -1.76% | |
| Energy | 3.70% | |
| Industrials | -0.67% | |
| Financials | -1.13% | |
| Real Estate | -1.26% | |
| Utilities | -2.29% | |
| Consumer Staples | -2.52% | |
| Healthcare | -2.66% | |
| Consumer Discretionary | -2.91% | |
| Tech | -4.12% | |
| Telecom | -4.12% | |
| Materials | -4.82% | |
Sector PE
- Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 41.5x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 63.2% which is higher than its past year's earnings decline of 47.1% per year.
Forecasted Growth
- Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 113% over the next 5 years.
- This is better than its past earnings decline of 69% per year.
- In contrast, the Real Estate sector is expected to see its earnings grow by 3.4% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| QNBTR QNB Bank | ₺490.00 | 2.7% +₺43.6b | 47.9% | PB11.8x | Financials | |
| INVES Investco Holding | ₺773.00 | 14.2% +₺18.0b | 122.1% | PB7x | Financials | |
| TUPRS Türkiye Petrol Rafinerileri | ₺173.40 | 3.5% +₺11.4b | 6.6% | PE16.6x | Energy | |
| HEDEF Hedef Holding | ₺22.60 | 23.1% +₺8.3b | 491.6% | PS78.8x | Financials | |
| TOASO Tofas Türk Otomobil Fabrikasi Anonim Sirketi | ₺240.50 | 6.8% +₺7.7b | 8.3% | PE123x | Consumer Discretionary |
