Aygaz AS
Aygaz A.S. purchases liquid petroleum gas (LPG) to retailers for distribution to customers in Turkey. It operates through three segments: LPG and Gas, Cargo Transportation and Distribution, and Petroleum Products and Electricity. The company manufactures LPG cylinders and tanks, regulators, and other supplementary materials; and retails and wholesales fuel and lubricants through its autogas stati… Read more
Aygaz AS (AYGAZ) - Net Assets
Latest net assets as of December 2025: TL69.58 Billion TRY
Based on the latest financial reports, Aygaz AS (AYGAZ) has net assets worth TL69.58 Billion TRY as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (TL82.24 Billion) and total liabilities (TL12.66 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | TL69.58 Billion |
| % of Total Assets | 84.61% |
| Annual Growth Rate | -24.65% |
| 5-Year Change | 2458.78% |
| 10-Year Change | 2437.91% |
| Growth Volatility | 95.6 |
Aygaz AS - Net Assets Trend (2000–2025)
This chart illustrates how Aygaz AS's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Aygaz AS (2000–2025)
The table below shows the annual net assets of Aygaz AS from 2000 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | TL69.58 Billion | +33.11% |
| 2024-12-31 | TL52.27 Billion | +43.12% |
| 2023-12-31 | TL36.52 Billion | +365.00% |
| 2022-12-31 | TL7.85 Billion | +188.85% |
| 2021-12-31 | TL2.72 Billion | +17.34% |
| 2020-12-31 | TL2.32 Billion | -6.48% |
| 2019-12-31 | TL2.48 Billion | -0.97% |
| 2018-12-31 | TL2.50 Billion | -14.39% |
| 2017-12-31 | TL2.92 Billion | +6.62% |
| 2016-12-31 | TL2.74 Billion | +5.01% |
| 2015-12-31 | TL2.61 Billion | +10.67% |
| 2014-12-31 | TL2.36 Billion | +5.15% |
| 2013-12-31 | TL2.24 Billion | -5.75% |
| 2012-12-31 | TL2.38 Billion | +10.48% |
| 2011-12-31 | TL2.15 Billion | +6.99% |
| 2010-12-31 | TL2.01 Billion | +14.60% |
| 2009-12-31 | TL1.76 Billion | +19.24% |
| 2008-12-31 | TL1.47 Billion | -1.66% |
| 2007-12-31 | TL1.50 Billion | +11.96% |
| 2006-12-31 | TL1.34 Billion | +40.23% |
| 2005-12-31 | TL954.49 Million | +15.69% |
| 2004-12-31 | TL825.00 Million | -100.00% |
| 2003-12-31 | TL695.16 Trillion | +24.21% |
| 2002-12-31 | TL559.68 Trillion | +284.06% |
| 2001-12-31 | TL145.73 Trillion | +76.98% |
| 2000-12-31 | TL82.34 Trillion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Aygaz AS's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 5549337500000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | TL55.49 Billion | 79.76% |
| Other Components | TL14.08 Billion | 20.24% |
| Total Equity | TL69.58 Billion | 100.00% |
Aygaz AS Competitors by Market Cap
The table below lists competitors of Aygaz AS ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Gold Fields Ltd
JSE:GFI
|
$356.05 Million |
|
Guangdong Ganhua Science & Industry Co Ltd
SHE:000576
|
$356.12 Million |
|
Shanghai Morn Electric Equipment Co Ltd
SHE:002451
|
$356.17 Million |
|
PT Bank Aladin Syariah Tbk
PINK:BKALF
|
$356.20 Million |
|
N-Able Inc
NYSE:NABL
|
$355.82 Million |
|
Shanghai Yct Electronics Group Co.Ltd
SHE:301099
|
$355.74 Million |
|
Growthpoint Properties Australia
AU:GOZ
|
$355.70 Million |
|
Dah Sing Banking Group Ltd
PINK:DHSBF
|
$355.61 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Aygaz AS's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 52,272,628,000 to 69,578,349,000, a change of 17,305,721,000 (33.1%).
- Net income of 4,996,552,000 contributed positively to equity growth.
- Dividend payments of 3,279,417,000 reduced retained earnings.
- Other factors increased equity by 15,588,586,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | TL5.00 Billion | +7.18% |
| Dividends Paid | TL3.28 Billion | -4.71% |
| Other Changes | TL15.59 Billion | +22.4% |
| Total Change | TL- | 33.11% |
Book Value vs Market Value Analysis
This analysis compares Aygaz AS's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.75x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 24.28x to 0.75x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2017-12-31 | TL9.74 | TL236.60 | x |
| 2018-12-31 | TL8.34 | TL236.60 | x |
| 2019-12-31 | TL8.26 | TL236.60 | x |
| 2020-12-31 | TL7.72 | TL236.60 | x |
| 2021-12-31 | TL8.99 | TL236.60 | x |
| 2022-12-31 | TL35.16 | TL236.60 | x |
| 2023-12-31 | TL164.56 | TL236.60 | x |
| 2024-12-31 | TL237.82 | TL236.60 | x |
| 2025-12-31 | TL316.55 | TL236.60 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Aygaz AS utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 7.18%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 5.57%
- • Asset Turnover: 1.09x
- • Equity Multiplier: 1.18x
- Recent ROE (7.18%) is below the historical average (15.99%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2000 | 28.62% | 6.99% | 2.00x | 2.04x | TL15.33 Trillion |
| 2001 | 17.98% | 3.14% | 3.54x | 1.62x | TL11.63 Trillion |
| 2002 | 8.52% | 2.89% | 1.47x | 2.01x | TL-8.15 Trillion |
| 2003 | 17.87% | 4.17% | 2.70x | 1.59x | TL53.09 Trillion |
| 2004 | 7.65% | 1.62% | 2.86x | 1.65x | TL-18.75 Million |
| 2005 | 9.75% | 2.16% | 2.63x | 1.72x | TL-2.33 Million |
| 2006 | 27.35% | 13.76% | 1.08x | 1.84x | TL226.49 Million |
| 2007 | 25.33% | 11.26% | 1.39x | 1.62x | TL217.34 Million |
| 2008 | 1.19% | 0.46% | 1.45x | 1.76x | TL-123.40 Million |
| 2009 | 18.36% | 8.31% | 1.45x | 1.52x | TL143.25 Million |
| 2010 | 12.11% | 5.14% | 1.66x | 1.42x | TL41.66 Million |
| 2011 | 17.63% | 6.96% | 2.01x | 1.26x | TL164.28 Million |
| 2012 | 12.75% | 5.43% | 1.89x | 1.24x | TL65.49 Million |
| 2013 | 9.15% | 3.42% | 1.88x | 1.42x | TL-19.04 Million |
| 2014 | 9.24% | 3.09% | 2.07x | 1.45x | TL-17.89 Million |
| 2015 | 16.03% | 6.52% | 1.64x | 1.50x | TL157.36 Million |
| 2016 | 15.17% | 6.16% | 1.56x | 1.57x | TL141.62 Million |
| 2017 | 19.74% | 6.81% | 1.71x | 1.70x | TL284.71 Million |
| 2018 | 9.13% | 2.39% | 1.91x | 2.00x | TL-21.86 Million |
| 2019 | 11.04% | 2.68% | 2.06x | 2.00x | TL25.67 Million |
| 2020 | -1.07% | -0.25% | 1.88x | 2.33x | TL-256.63 Million |
| 2021 | 24.84% | 4.22% | 1.91x | 3.09x | TL400.33 Million |
| 2022 | 61.25% | 12.62% | 2.25x | 2.15x | TL3.96 Billion |
| 2023 | 23.77% | 9.18% | 2.03x | 1.28x | TL4.98 Billion |
| 2024 | 5.32% | 2.60% | 1.73x | 1.18x | TL-2.45 Billion |
| 2025 | 7.18% | 5.57% | 1.09x | 1.18x | TL-1.96 Billion |
Industry Comparison
This section compares Aygaz AS's net assets metrics with peer companies in the Utilities - Regulated Gas industry.
Industry Context
- Industry: Utilities - Regulated Gas
- Average net assets among peers: $934,515,720
- Average return on equity (ROE) among peers: 15.12%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Aygaz AS (AYGAZ) | TL69.58 Billion | 28.62% | 0.18x | $355.92 Million |
| Ahlatci Dogal Gaz Dagitim Enerji ve Yatirim A.S. (AHGAZ) | $-500.25 Million | 0.00% | 0.00x | $148.40 Million |
| Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS (BASGZ) | $2.37 Billion | 30.25% | 2.00x | $241.48 Million |