Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Turkish (BIST) Market Analysis & Valuation

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies578
  • 7D-0.1%
  • 3M2.2%
  • 1Y23.5%
  • YTD24.4%

The Healthcare sector gained 3.8% while the market remained flat over the last week. More promisingly, the market is up 24% over the past year. Earnings are forecast to grow by 47% annually.

Trending IndustriesOil and GasSoftwareRenewable Energy

Market Valuation and Performance

Has the Turkish Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 26 Dec 2025₺17.4t₺16.4t₺910.3b18.5x19.1x1.1x
Sun, 23 Nov 2025₺17.1t₺16.5t₺904.0b17.5x18.9x1x
Tue, 21 Oct 2025₺16.6t₺15.8t₺795.8b21.5x20.9x1.1x
Thu, 18 Sep 2025₺17.1t₺15.8t₺784.2b24x21.8x1.1x
Sat, 16 Aug 2025₺17.4t₺15.6t₺818.5b22.2x21.3x1.1x
Mon, 14 Jul 2025₺14.8t₺15.4t₺844.6b18.3x17.5x1x
Wed, 11 Jun 2025₺13.8t₺15.4t₺841.5b17.7x16.4x0.9x
Fri, 09 May 2025₺13.4t₺15.4t₺860.9b17.7x15.5x0.9x
Sun, 06 Apr 2025₺13.5t₺15.4t₺877.2b17.5x15.4x0.9x
Tue, 04 Mar 2025₺13.6t₺13.4t₺1.1t16.2x12.8x1x
Thu, 30 Jan 2025₺13.6t₺11.4t₺1.2t15.5x11.1x1.2x
Sat, 28 Dec 2024₺13.6t₺11.4t₺1.2t15.9x11.1x1.2x
Mon, 25 Nov 2024₺13.1t₺11.4t₺1.2t15.5x10.7x1.1x
Wed, 23 Oct 2024₺12.2t₺11.5t₺1.4t14.8x9x1.1x
Fri, 20 Sep 2024₺13.5t₺11.6t₺1.4t16.5x9.7x1.2x
Sun, 18 Aug 2024₺13.1t₺11.5t₺1.4t16.3x9.3x1.1x
Tue, 16 Jul 2024₺14.5t₺11.2t₺1.4t16.2x10.2x1.3x
Thu, 13 Jun 2024₺13.6t₺11.1t₺1.4t15.4x9.7x1.2x
Sat, 11 May 2024₺14.4t₺11.4t₺1.5t16.3x9.8x1.3x
Mon, 08 Apr 2024₺13.0t₺10.3t₺1.4t14.8x9x1.3x
Wed, 06 Mar 2024₺12.5t₺8.8t₺1.4t16.2x9.1x1.4x
Fri, 02 Feb 2024₺11.3t₺8.3t₺1.4t14.1x8.2x1.4x
Sun, 31 Dec 2023₺10.1t₺8.2t₺1.4t11.9x7.4x1.2x
Tue, 28 Nov 2023₺11.7t₺8.2t₺1.3t13.6x8.7x1.4x
Thu, 26 Oct 2023₺10.4t₺7.3t₺1.2t13.6x8.9x1.4x
Sat, 23 Sep 2023₺10.4t₺7.2t₺1.1t15.3x9.1x1.4x
Mon, 21 Aug 2023₺8.8t₺7.2t₺1.1t13.1x7.9x1.2x
Wed, 19 Jul 2023₺7.2t₺6.7t₺1.1t11.8x6.8x1.1x
Fri, 16 Jun 2023₺6.2t₺6.6t₺1.1t9.6x5.9x0.9x
Sun, 14 May 2023₺6.2t₺6.5t₺1.1t8.1x5.8x0.9x
Tue, 11 Apr 2023₺5.7t₺5.9t₺1.0t9.2x5.6x1x
Thu, 09 Mar 2023₺6.0t₺5.8t₺945.5b10.5x6.3x1x
Sat, 04 Feb 2023₺5.5t₺5.0t₺722.5b11.4x7.6x1.1x
Mon, 02 Jan 2023₺6.2t₺4.9t₺680.5b14x9.1x1.3x
Price to Earnings Ratio

9.1x


Total Market Cap: ₺6.2tTotal Earnings: ₺680.5bTotal Revenue: ₺4.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Turkish Market Price to Earnings3Y Average 11.5x20242025
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 19.1x which is higher than its 3-year average PE of 11.5x.
Past Earnings Growth
  • The earnings for Turkish listed companies have grown 10% per year over the last three years.
  • Revenues for these companies have grown 49% 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-0.15%
Healthcare3.79%
Industrials3.27%
Real Estate2.94%
Materials1.23%
Energy0.57%
Consumer Discretionary-0.21%
Consumer Staples-0.64%
Tech-0.66%
Utilities-1.38%
Telecom-2.20%
Financials-3.50%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 86.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 58.3% which is higher than its past year's earnings decline of 44.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 106% over the next 5 years.
  • This is better than its past earnings decline of 56% per year.
  • In contrast, the Tech sector is expected to see its earnings grow by 7.6% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
KLRHO Kiler Holding Anonim Sirketi₺311.7517.1%
+₺73.9b		836.7%PE326.9xIndustrials
ASELS ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi₺226.107.1%
+₺68.4b		205.7%PE54.9xIndustrials
DSTKF Destek Finans Faktoring₺596.0011.9%
+₺21.2b		n/aPE62.5xFinancials
UFUK UFUK Yatirim Yonetim ve Gayrimenkul₺1.96k15.3%
+₺12.2b		230.2%PE1996.4xReal Estate
GUBRF Gübre Fabrikalari Türk Anonim Sirketi₺362.7510.9%
+₺11.9b		28.4%PE19.9xMaterials
See more

Market Insights

Header cover image
Three Sectors Expected to Rally in 2026 📈
With the backdrop of consistently strong broad market returns over the last few years, analysts are now looking at sector-specific plays that could outperform in 2026.
Continue reading
🤖 AI Companies Hit The Bond Market
Last Week

🤖 AI Companies Hit The Bond Market

Latest News

EFOR
₺25.10
Efor Yatirim Sanayi Ticaret Anonim Sirketi
7D
-20.3%
1Y
177.9%
TERA
₺194.30
Tera Yatirim Menkul Degerler
7D
-40.9%
1Y
2,537.6%
AKBNK
₺69.25
Akbank T.A.S
7D
-3.6%
1Y
4.5%

AKBNK: Higher Margins May Not Offset Risk From Compressed Earnings Multiple

Analysts have raised their price target for Akbank T.A.S., citing improved profit margin expectations and a more attractive forward P/E multiple, resulting in an upward revision in fair value from approximately 56.0 to about 64.5. Valuation Changes Fair Value: Raised from approximately TRY 56.0 to about TRY 64.5, reflecting a moderate upward revision in the bank's estimated intrinsic value. Discount Rate: Increased slightly from around 32.17 percent to roughly 32.50 percent, indicating a marginally higher required return by investors.
TCELL
₺95.25
Turkcell Iletisim Hizmetleri
7D
-5.7%
1Y
1.3%
THYAO
₺268.00
Türk Hava Yollari Anonim Ortakligi
7D
-3.3%
1Y
-7.8%

THYAO: European Expansion Will Drive Long-Term Upside Despite Higher Discount Rate

Analysts have slightly lowered their fair value estimate for Türk Hava Yollari Anonim Ortakligi from approximately ₺586 to ₺580, citing expectations of modestly slower revenue growth, compressed profit margins, and a higher discount rate that more than offset the impact of a richer projected future P E multiple. What's in the News Board approves withdrawal from Air Albania partnership, with plans to sell Turkish Airlines' entire 49 percent stake and provide further updates as the process advances (regulatory filing) Exit from Air Albania follows a strategic shift toward new European opportunities, including a recently signed EUR 300 million minority investment deal in Spain's Air Europa, largely via a capital increase (company announcement) New interline and codeshare agreements with Air Transat take effect, enabling single ticket and through check in for itineraries that combine both airlines' flights between Canada, Turkiye, and key long haul destinations (Air Transat announcement) Codeshare partnership with Air Transat begins on Toronto to Istanbul routes, with an additional Thursday frequency from May 28, 2026, raising service to three weekly flights (Air Transat announcement) Company formally denies media reports that it is negotiating to acquire all shares of SunExpress, stating there has been no change in the joint ownership structure with Deutsche Lufthansa (Borsa Istanbul filing) Valuation Changes The Fair Value Estimate has been reduced slightly from TRY 586 to TRY 580, reflecting modestly less optimistic assumptions.
HALKB
₺36.94
Türkiye Halk Bankasi
7D
3.5%
1Y
122.1%

HALKB: Elevated Risk And Low Earnings Visibility Will Likely Restrain Upside

Analysts have nudged their price target on Türkiye Halk Bankasi slightly higher to reflect a modestly lower perceived risk and marginally improved future earnings visibility, while maintaining a broadly unchanged fair value estimate at ₺31.16 per share. Valuation Changes Fair Value Estimate remains unchanged at approximately TRY 31.16 per share, indicating no material reassessment of intrinsic value.
YKBNK
₺35.18
Yapi ve Kredi Bankasi
7D
-4.5%
1Y
13.0%

YKBNK: Future Returns Will Benefit From Stronger Revenue Outlook

Analysts have nudged their price target for Yapi ve Kredi Bankasi modestly higher to an updated fair value of 41.97. This reflects slightly stronger revenue growth expectations and a marginally lower discount rate, which more than offset a small compression in forecast profit margins and a higher projected future P/E multiple.
DSTKF
₺596.00
Destek Finans Faktoring
7D
11.9%
1Y
n/a
AKSEN
₺68.00
Aksa Enerji Üretim
7D
14.2%
1Y
76.2%
PKENT
₺182.10
Petrokent Turizm
7D
-8.3%
1Y
-27.6%
KLRHO
₺311.75
Kiler Holding Anonim Sirketi
7D
17.1%
1Y
836.7%
ASELS
₺226.10
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi
7D
7.1%
1Y
205.7%
GUBRF
₺362.75
Gübre Fabrikalari Türk Anonim Sirketi
7D
10.9%
1Y
28.4%
POLTK
₺12,320.00
Politeknik Metal Sanayi ve Ticaret Anonim Sirketi
7D
28.3%
1Y
80.6%
QNBTR
₺430.00
QNB Bank
7D
-4.7%
1Y
59.6%
UFUK
₺1,960.00
UFUK Yatirim Yonetim ve Gayrimenkul
7D
15.3%
1Y
230.2%