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TKC · NYSE · United States · Telephone Communications (No Radiotelephone)

TURKCELL ILETISIM HIZMETLERI A S

Istanbul · Fiscal year ends in December · Figures in TRY

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In shortTURKCELL ILETISIM HIZMETLERI A S is profitable, generates cash and carries moderate debt, with revenue growing (+14.6% last year).

Financial health

Solid

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability46

Operating marginShare of each sale left after running the business, before interest and tax.	7.3%	41/100
Net marginShare of each sale left as profit after every cost, interest and tax.	11.7%	67/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	10.8%	54/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	3.0%	20/100

Weight in the score: 25%

Balance sheet61

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	1.78×	81/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	0.69×	73/100
Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.	0.87×	89/100
Interest coverageHow many times operating profit covers interest. Below 2 is risky.	0.39×	0/100
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	3.58	64/100

Weight in the score: 25%

Cash generation100

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	25.7%	100/100
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	2.19×	100/100
Years with positive free cash flow (last 5)	5 of 5	100/100

Weight in the score: 20%

Stability55
Profitable years (last 5) 5 of 5 100/100
Years of revenue decline (last 5) 1 of 5 67/100
Revenue growth volatility 74.8% 0/100
Operating margin volatility 6.3% 52/100
Weight in the score: 20%
Growth100
Revenue growth, 3-year average 15.5% 100/100
EPS growth, 3-year average 39.9% 100/100
Weight in the score: 10%

Profitable years (last 5)	5 of 5	100/100
Years of revenue decline (last 5)	1 of 5	67/100
Revenue growth volatility	74.8%	0/100
Operating margin volatility	6.3%	52/100

Revenue growth, 3-year average	15.5%	100/100
EPS growth, 3-year average	39.9%	100/100

Fiscal year 2023 · change vs prior year

Revenue: TRY 107.1B; ▲ 14.6%
Net income: TRY 12.6B; ▲ 82.5%
Free cash flow: TRY 27.5B; ▲ 2.2%
Operating margin: 7.3%; +4.1 pts
Cash & investments: TRY 50.0B; –
Total debt: TRY 84.1B; ▼ 5.2%
Diluted EPS: TRY5.75; ▲ 82.5%
Return on equity: 10.8%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

4 older years available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

Statements

The last 5 fiscal years from the company's annual reports.

TRY millions; negative values in parentheses.

Fiscal year	FY19	FY20	FY21	FY22	FY23
Revenue	25,137	69,503	108,600	93,487	107,116
Cost of revenue	17,083	53,112	86,138	81,681	84,418
Gross profit	8,054	16,391	22,462	11,806	22,698
Research & development	–	175	90	129	133
Operating income	5,033	8,993	12,101	2,953	7,813
Interest expense	2,025	8,275	21,308	11,949	19,932
Pre-tax income	3,290	5,428	7,317	3,251	5,887
Income tax	786	920	900	(2,785)	(4,676)
Net income	3,246	4,503	7,135	6,880	12,554
Diluted EPS	TRY1.49	TRY2.10	TRY3.27	TRY3.15	TRY5.75
Diluted shares (millions)	2,184	2,183	2,183	2,183	2,182

4 older years available with the 10-year history. Essential plan, from €8.25/month →

Risk checks

Altman Z'' score

3.58 Safe zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

9/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: passed
Cash flow exceeds net income: passed
Long-term debt ratio fell: passed
Current ratio improved: passed
No share dilution: passed
Gross margin improved: passed
Asset turnover improved: passed

Sources

20-FPeriod ending Dec 31, 2025Filed Apr 17, 2026Open the report ↗
20-FPeriod ending Dec 31, 2024Filed Apr 29, 2025Open the report ↗
20-FPeriod ending Dec 31, 2023Filed May 13, 2024Open the report ↗
20-FPeriod ending Dec 31, 2022Filed Apr 27, 2023Open the report ↗
20-FPeriod ending Dec 31, 2021Filed Apr 14, 2022Open the report ↗
20-FPeriod ending Dec 31, 2020Filed Apr 26, 2021Open the report ↗
20-FPeriod ending Dec 31, 2019Filed Apr 2, 2020Open the report ↗
20-FPeriod ending Dec 31, 2018Filed Mar 15, 2019Open the report ↗

TURKCELL ILETISIM HIZMETLERI A S (TKC) financial health, profit and balance sheet · Scorvest