ASELS Defense
🏢 Company Profile
Land, air, sea and space applications for electrical-electronic, software and systems R&D, engineering, production and sales: communication, radar, air defense, electro-optic, unmanned systems and command control. Source: Midas company cards, 24.10.2026.
- TURKISH ARMED FORCES FOUNDATION — 74.20%
- Last quarter (2026/6): sales 88494252000 TL, net profit margin 16.3% (normal)
- Sales growth: YoY %+24.7 (increase).
- Net profit growth: YoY +70.6% (increase).
- Owners' Equity Growth: YoY %+9.1 (increase)
- Asset turnover 0.8 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 23.8% (moderate leverage); total liabilities (short+long) / owners' equity 78.2%.
- Net financial debt 33824364000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 1.5 — balanced liquidity.
- Current ratio (TradingView balance sheet section) 1.5 — balanced liquidity.
- Multiples: P/E 45.4 · P/B 5.5 · EV/EBITDA 30.9 · dividend yield 0.1.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
📋 Announced Financial Statements· manually added financial table summary · last pull: 2026-09-23
| Period | Sales Revenues (mlr TL) | Net Profit (mlr TL) | Profit Margin | Total Assets (mlr TL) | Equity (mlr TL) | Financial Debt (mlr TL) | Financial Debt / Equity |
|---|---|---|---|---|---|---|---|
| 2026/6 | 88.5 (+ 24.7% YoY) | 14.4 (+ 70.6% YoY) | 16.3% | 549.7 | 308.5 | 73.3 | 23.8% |
| 2026/3 | 34.3 (+ 15.0% YoY) | 5.5 (+ 98.8% YoY) | 16.2% | 485.0 | 282.7 | 53.1 | 18.8% |
| 2025/12 | 212.5 (+ 35.1% YoY) | 35.2 (+ 76.8% YoY) | 16.6% | 508.2 | 296.5 | 50.7 | 17.1% |
| 2025/9 | 90.9 (+ 12.3% YoY) | 11.6 (+ 43.1% YoY) | 12.8% | 324.3 | 187.6 | 38.2 | 20.4% |
| 2025/6 | 71.0 (+ 47.1% YoY) | 8.5 (+ 72.0% YoY) | 11.9% | 290.3 | 170.2 | 36.8 | 21.6% |
| 2025/3 | 29.8 (+ 42.7% YoY) | 2.8 (+ 63.2% YoY) | 9.4% | 270.0 | 157.7 | 32.9 | 20.9% |
| 2024/12 | 157.3 | 19.9 | 12.7% | 317.8 | 185.0 | 42.6 | 23.0% |
| 2024/9 | 80.9 | 8.1 | 10.0% | 212.3 | 125.4 | 33.4 | 26.6% |
| 2024/6 | 48.2 | 4.9 | 10.2% | 185.5 | 113.3 | 26.9 | 23.7% |
| 2024/3 | 20.9 | 1.7 | 8.2% | 163.2 | 102.9 | 22.8 | 22.2% |
Income statement items (sales revenues and net profit) are cumulative from the beginning of the year; balance sheet items are period-end balances. Source: İş Yatırım financial statements (based on KAP announcements).
🔎 Fundamental Analysis Summary · automatic
- Revenue (TTM) 233.72 billion TRY, EBITDA 63.64 billion TRY — EBITDA margin 27.2% (solid EBITDA margin).
- Net profit margin 18.6% (normal net profit margin).
- EV/EBITDA 26.7 — EV/EBITDA is high — a premium is being priced in.
- Net financial debt 60.35 billion TRY (4% of market value).
- Current ratio 1.45 — balanced liquidity.
- Dividend yield 0.1%.
Rule-based summary: It is generated from İş Yatırım financial statements (TTM) and TradingView base data with fixed thresholds; no LLM, no hallucination risk. It is not investment advice.
Valuation and Profitability · single source, last 12 months
Last 5 trading days return: +6.0%
| Market value | 1576.6 billion TL |
| Equity (2026/6) | 308.5 billion TL |
| Net profit (last 12 months) | 41.2 billion TL |
| P/E (last 12 months) | 38.3 |
| P/B | 5.11 |
| ROE (last 12 months) | 13.4% |
| Financial debt / equity | 24% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 63.6 billion TRY |
| EBITDA margin | 27.2% |
| EV / EBITDA | 26.7 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Defense sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | negative |
| Score | -1 |
| Channels | interest rate increase |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | SELL |
| Short term (EMA 5-8-13-21) | BEKLE |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | BEKLE |
| Wave Trend (indicator) | BUY |
| Channel position | 56% |
| Trend strength (r) | -0.74 |
| Score | 1 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- From ASELSAN to Ford Otosan: 11 companies will distribute dividends — Hisse.net · 29.10
- ASELSAN's orders exceeded 30 billion dollars — Defence Turk · 29.10
- ASELSAN'ın revenue rose in 9 months to 151.5 milyar liraya — TRT Haber · 27.10
- Aselsan balance sheet: 9-month net profit rose 75 percent — Paratic Haber · 27.10
- Huge deal worth half a billion Euros from ASELSAN — Bigpara · 26.10
- New contract between Aselsan and SSB — Bloomberght · 26.10
📋 KAP Notifications
- 23 Ekim 11:07 — New Business Relationship →
- 23 Ekim 10:19 — Circuit Breaker Notification on a Share Basis→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- 19 October 17:31 — Circuit Breaker Notification on a Share Basis→
- 13 October 14:05 — Financial Calendar→
- 8 Ekim 16:32 — Announcement of Conversion to Traded Type→
- 8 Ekim 09:16 — New Business Relationship →
- 7 Ekim 11:54 — Circuit Breaker Notification on a Share Basis→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Aselsan is trading at 380.75 TL with a 1.67% gain on September 23, 2026. While the long-term EMA and Wave Trend are in a BUY position, the short and medium-term sequence remains WAIT, keeping the chart at a 2/4 NEUTRAL level. The channel position is at 39% and the trend strength (r) is 0.38, showing a recovery trend, but an unconfirmed structure still dominates. The stock is priced 16% above its 60-day low of 329.25 TL and 10% below its peak of 421.00 TL; news of a new facility investment of 56 million USD and updated target prices from foreign institutions (up to 510 TL) are keeping interest in the stock alive.
🌍 Macroeconomic Evaluation
The defense industry stands out with its relatively independent structure from macroeconomic fluctuations: the order flow fed from the state budget and long-term contracts provide natural protection against slowing domestic demand. In a context of high geopolitical tensions, Turkey's defense exports continue to grow; the USD/TL rate at 48.83 supports Aselsan, which has a significant portion of its revenues in foreign currency. The decline in inflation to 31.5% and expectations of monetary easing indirectly support high-multiple growth stocks like ASELS by lowering the discount rate. Although the record high price of gold at 6.786 TL indicates active demand for hedging against risk, the increasing trend in public defense spending partially separates the company's outlook from the macroeconomic cycle. Key risks; possible pressure on export margins from a real appreciation of TL, supply chain costs, and sensitivity of high expectations to quarterly results.
🧾 Balance Sheet Evaluation
Aselsan had a strong period in the first half of 2026, increasing its sales by 24.7% and net profit by 70.6% year-on-year; in the second quarter, it announced sales of 54.2 billion TL (+31.7%) and net profit of 8.9 billion TL (+56.8%). The quarterly net margin of 16.4% is significantly above the 11.9% in the first half of the previous year; operating leverage and high-value-added system deliveries are pushing profitability up. The company, which generated 230.0 billion TL in sales and 41.2 billion TL in net profit over the last four quarters, has a market value of ~1.74 trillion TL, making it one of the largest on BIST. This value corresponds to ~42x P/E, ~5.6x P/B, and ~33.6x EV/EBITDA multiples; these levels above global defense thresholds and its historical average reflect the premium the market is paying for order accumulation and growth outlook. The balance sheet is solid: financial debt/equity is 23.8%, net debt is ~0.7x EBITDA; therefore, valuation risk stems from expectation intensity rather than financial leverage. ROE is 13.4%, still below inflation; profitability is expected to scale as new capacity investments come online. Competitive export potential, increasing defense budgets, and record order backlog form the core story, while current multiples have priced in a significant portion of the positive news flow. In summary, ASELS is fundamentally strong but valuation-wise demanding; new order announcements and quarterly margin performance will be the main variables determining the price direction.
This section is manually updated; for informational purposes only, not investment advice.