THYAO Aviation & Transportation
🏢 Company Profile
Flag carrier airline; flies to more than 120 countries with a fleet of 428 aircraft, Star Alliance member. Source: Midas company cards, 24.10.2026.
- TURKISH WEALTH FUND — 49.12%
- Last quarter (2026/6): sales 585069000000 TL, net profit margin 3.2% (thin)
- Sales growth: YoY %+43.4 (increase).
- Net profit growth: YoY -24.7% (contraction).
- Owners' Equity Growth: YoY %+5.4 (increase)
- Asset turnover 1.1 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 89.8% (high leverage); total liabilities (short+long) / owners' equity 131.7%.
- Net financial debt 833888000000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 0.9 — short-term liability pressure.
- Current ratio (TradingView balance sheet section) 0.9 — short-term liability pressure.
- Multiples: P/E 3.6 · P/B 0.4 · EV/EBITDA 7.1.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
| Total Assets | 2.360.0 mlr TL | Total Debt | 1.341.6 mlr TL |
| Current Assets | 512.2 billion TL | Equity | 1.018.5 bn TRY |
| Financial Debt | 914.2 billion TL | Net Profit | 18.8 mlr TL |
📋 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 | 585.1 (+ 43.4% YoY) | 18.8 (- 24.7% YoY) | 3.2% | 2,360.0 | 1,018.5 | 914.2 | 89.8% |
| 2026/3 | 258.0 (+ 46.0% YoY) | 9.9 (- 631.6% YoY) | 3.8% | 2,158.0 | 966.4 | 814.0 | 84.2% |
| 2025/12 | 1,125.1 (+ 15.3% YoY) | 139.1 (- 6.3% YoY) | 12.4% | 2,351.3 | 1,073.1 | 900.0 | 83.9% |
| 2025/9 | 690.8 (+ 25.2% YoY) | 81.0 (- 8.9% YoY) | 11.7% | 1,794.4 | 844.0 | 644.6 | 76.4% |
| 2025/6 | 408.0 (+ 23.6% YoY) | 24.9 (- 33.2% YoY) | 6.1% | 1,652.6 | 752.1 | 584.6 | 77.7% |
| 2025/3 | 176.7 (+ 20.0% YoY) | -1.9 (- 126.8% YoY) | %-1.0 | 1,534.9 | 717.4 | 537.7 | 74.9% |
| 2024/12 | 975.7 | 148.4 | 15.2% | 1,832.0 | 890.1 | 641.3 | 72.0% |
| 2024/9 | 551.9 | 88.8 | 16.1% | 1,353.7 | 618.7 | 495.0 | 80.0% |
| 2024/6 | 330.1 | 37.3 | 11.3% | 1,233.8 | 557.8 | 425.6 | 76.3% |
| 2024/3 | 147.2 | 6.9 | 4.7% | 1,166.0 | 515.5 | 431.4 | 83.7% |
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) 1132.51 billion TL, EBITDA 144.56 billion TL — EBITDA margin 12.8% (low EBITDA margin).
- Net profit margin 9.9% (normal net profit margin).
- EV/EBITDA 6.7 — reasonable EV/EBITDA.
- Net financial debt 833.89 billion TL (239% of market value).
- Current ratio 0.90 — under short-term liability pressure.
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: -2.5%
| Market value | 342.5 billion TL |
| Equity (2026/6) | 1018.5 billion TL |
| Net profit (last 12 months) | 132.9 billion TL |
| P/E (last 12 months) | 2.6 |
| P/B | 0.34 |
| ROE (last 12 months) | 13.1% |
| Financial debt / equity | 90% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 144.6 billion TL |
| EBITDA margin | 12.8% |
| EV / EBITDA | 6.7 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Aviation & Transportation sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | positive |
| Score | +1 |
| Channels | interest rate increase, domestic demand increase, commodity decrease |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | STRONG SELL |
| Short term (EMA 5-8-13-21) | SELL |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | SELL |
| Wave Trend (indicator) | SELL |
| Channel position | %-9 |
| Trend strength (r) | -0.87 |
| Score | 0 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- THY 29 OCTOBER CAMPAIGN 2026 ✈️ How much are THY discounted tickets? When does the THY 29 October campaign end? — Uzmanpara · 29.10
- THY's 115 thousand seat campaign: Tickets starting from 1699 TL — Dünya Gazetesi · 28.10
- Türk Hava Yolları discounted ticket campaign started: How much is THY discounted plane ticket? Which flights is it valid for? — 24 Saat Gazetesi · 28.10
- THY's cheap ticket campaign — NTV Haber · 28.10
- Türk Hava Yolları received AAA (tr) rating confirmation from JCR Avrasya — Investing.com Turkey · 26.10
- THY's Business Class passengers get a 5-star restaurant! — Haber Aero · 23.10
📋 KAP Notifications
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- 16 October 09:35 — Special Situation Disclosure (General)→
- 12 Ekim 14:58 — SPK Transaction Ban Due to Share Announcement →
- 9 October 16:54 — Announcement of Conversion to Traded Type→
- 8 October 16:06 — Special Situation Disclosure (General)→
- 23 September 18:19 — Special Situation Disclosure (General)→
- 22 September 20:43 — Default Transaction→
- 22 September 11:16 — Default Transaction→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Turkish Airlines, on September 23, 2026, is trading at 298.50 TL with a 0.17% increase. Medium and long-term EMA sequence is in SELL position; Wave Trend BUY, short-term WAIT — chart at 1/4 SELL level. Channel position at 95% with the upper end of the regression band; trend strength (r) -0.90 is accumulating reaction potential in the oversold zone of a strong downtrend. The stock is priced 6% above the 60-day low of 282.00 TL and 11% below the 335.00 TL peak; regaining the 300 TL psychological threshold is being monitored.
🌍 Macroeconomic Evaluation
The macro equation for THY; shaped at the intersection of jet fuel, exchange rates, and global travel demand. The moderate trend in oil prices supports fuel costs, while over 60% of revenues being in foreign currency provides natural protection from the USD/TL level at 48.83. The strong trend in tourist arrivals to Turkey and the consolidation of Istanbul's hub status are boosting traffic growth; the increase in transit passenger share improves unit revenue quality. Inflation falling to 31.5% provides predictability in domestic costs; interest rate cut expectations are the main catalyst to ease fleet financing costs. Global aircraft supply shortage increases pricing power for current fleet owners; THY is among the carriers benefiting from this supply discipline. With gold at 6.786 TL, travel demand resistance is maintained. Main risks; geopolitical developments' impact on routes and demand, fuel shock, and real appreciation of TL.
🧾 Balance Sheet Evaluation
THY increased sales by 43.4% in the first half of 2026, but net profit decreased by 24.7%; in the second quarter, it had 327.1 billion TL sales (+41.4%) and 8.9 billion TL net profit (-66.7%), remaining under pressure from high base effects and rising operational costs. The company, which generated 1.3 trillion TL sales and 132.9 billion TL net profit in the last four quarters, has a market value of ~410 billion TL; with P/E ~3.1x and P/B ~0.4x, significantly below global aviation thresholds. The reasons for this deep discount; one-off gains question profit quality, normalization in cargo revenues, and high fleet financing obligations. Financial debt/equity at 89.8% and ~908 billion TL net debt (aircraft financing weighted) is structurally required by the sector; lease obligations included, leverage is the main risk factor to monitor. ROE at 13.1% is reasonable; increasing occupancy rates and passenger revenues maintain operational strength. 2.3% dividend yield is supported by a regular distribution policy. Fleet expansion plans and new route openings are driving capacity growth. In summary, THY appears cheap on a multiple basis, but the discount closing depends on confirmation of profit quality and stable operating margins; the structural supply shortage in global aviation strengthens the company's position.
This section is manually updated; for informational purposes only, not investment advice.