Net Holding AS (NTHOL) - Net Assets

Latest as of December 2025: TL80.79 Billion TRY ≈ $1.81 Billion USD

Based on the latest financial reports, Net Holding AS (NTHOL) has net assets worth TL80.79 Billion TRY (≈ $1.81 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (TL118.79 Billion ≈ $2.66 Billion USD) and total liabilities (TL38.00 Billion ≈ $851.21 Million USD). 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. Check Net Holding AS liquidity resilience to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	TL80.79 Billion
% of Total Assets	68.01%
Annual Growth Rate	-22.96%
5-Year Change	659.54%
10-Year Change	3728.74%
Growth Volatility	64.4

Net Holding AS - Net Assets Trend (2000–2025)

This chart illustrates how Net Holding AS's net assets have evolved over time, based on quarterly financial data. Also explore Net Holding AS balance sheet assets for the complete picture of this company's asset base.

Annual Net Assets for Net Holding AS (2000–2025)

The table below shows the annual net assets of Net Holding AS from 2000 to 2025. For live valuation and market cap data, see NTHOL market cap.

Year	Net Assets	Change
2025-12-31	TL80.79 Billion ≈ $1.81 Billion	+10.92%
2024-12-31	TL72.84 Billion ≈ $1.63 Billion	+41.64%
2023-12-31	TL51.42 Billion ≈ $1.15 Billion	+196.89%
2022-12-31	TL17.32 Billion ≈ $387.94 Million	+62.84%
2021-12-31	TL10.64 Billion ≈ $238.23 Million	+156.79%
2020-12-31	TL4.14 Billion ≈ $92.77 Million	-9.15%
2019-12-31	TL4.56 Billion ≈ $102.11 Million	+14.12%
2018-12-31	TL4.00 Billion ≈ $89.48 Million	+38.52%
2017-12-31	TL2.88 Billion ≈ $64.60 Million	+36.68%
2016-12-31	TL2.11 Billion ≈ $47.26 Million	+3.47%
2015-12-31	TL2.04 Billion ≈ $45.68 Million	+60.19%
2014-12-31	TL1.27 Billion ≈ $28.51 Million	+46.63%
2013-12-31	TL868.21 Million ≈ $19.45 Million	+159.61%
2012-12-31	TL334.43 Million ≈ $7.49 Million	+3.99%
2011-12-31	TL321.59 Million ≈ $7.20 Million	-3.86%
2010-12-31	TL334.52 Million ≈ $7.49 Million	+60.35%
2009-12-31	TL208.62 Million ≈ $4.67 Million	+2.08%
2008-12-31	TL204.38 Million ≈ $4.58 Million	-12.44%
2007-12-31	TL233.42 Million ≈ $5.23 Million	+65.79%
2006-12-31	TL140.79 Million ≈ $3.15 Million	-100.00%
2001-12-31	TL86.60 Trillion ≈ $1.94 Trillion	+57.75%
2000-12-31	TL54.90 Trillion ≈ $1.23 Trillion	--

Equity Component Analysis

This analysis shows how different components contribute to Net Holding 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 decreased by 93.5% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	TL25.18 Billion	32.97%
Other Components	TL51.19 Billion	67.03%
Total Equity	TL76.37 Billion	100.00%

Net Holding AS Competitors by Market Cap

The table below lists competitors of Net Holding AS ranked by their market capitalization.

Company	Market Cap
Krishana Phoschem Limited NSE:KRISHANA	$401.25 Million
Rotshtein TA:ROTS	$401.26 Million
Guangdong Real-Design Intelligent Technology Co. Ltd. SHE:301135	$401.32 Million
Haypp Grp Ab ST:HAYPP	$401.40 Million
Kalyani Steels Limited NSE:KSL	$401.14 Million
Magnetic Resources NL AU:MAU	$401.12 Million
Shunya International Brand Consulting Beijing Co Ltd Class A SHE:300612	$401.11 Million
Basler Aktiengesellschaft XETRA:BSL	$400.95 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Net Holding AS's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 68,780,372,000 to 76,371,093,000, a change of 7,590,721,000 (11.0%).
Net income of 1,665,869,000 contributed positively to equity growth.
Share repurchases of 502,148,000 reduced equity.
Other factors increased equity by 6,427,000,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	TL1.67 Billion	+2.18%
Share Repurchases	TL502.15 Million	-0.66%
Other Changes	TL6.43 Billion	+8.42%
Total Change	TL-	11.04%

Book Value vs Market Value Analysis

This analysis compares Net Holding 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: 0.23x
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 7.55x to 0.23x 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	TL5.07	TL38.34	x
2018-12-31	TL6.99	TL38.34	x
2019-12-31	TL39.48	TL38.34	x
2020-12-31	TL11.82	TL38.34	x
2021-12-31	TL20.98	TL38.34	x
2022-12-31	TL34.18	TL38.34	x
2023-12-31	TL103.08	TL38.34	x
2024-12-31	TL147.23	TL38.34	x
2025-12-31	TL163.48	TL38.34	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Net Holding 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): 2.18%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 6.66%
• Asset Turnover: 0.21x
• Equity Multiplier: 1.56x
Recent ROE (2.18%) is below the historical average (11.58%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2001	2.11%	36.16%	0.05x	1.13x	TL-6.83 Trillion
2006	10.15%	7.18%	0.24x	5.90x	TL72.40K
2007	71.92%	112.90%	0.23x	2.79x	TL65.88 Million
2010	18.83%	35.69%	0.23x	2.34x	TL16.52 Million
2011	4.13%	6.68%	0.23x	2.68x	TL-10.87 Million
2012	39.02%	67.98%	0.17x	3.30x	TL54.01 Million
2013	23.09%	77.11%	0.13x	2.32x	TL85.13 Million
2014	2.13%	7.40%	0.14x	2.03x	TL-84.16 Million
2015	4.03%	16.39%	0.14x	1.73x	TL-97.94 Million
2016	-2.03%	-5.05%	0.16x	2.59x	TL-142.89 Million
2017	10.91%	47.88%	0.15x	1.54x	TL25.98 Million
2018	6.59%	33.87%	0.12x	1.59x	TL-134.27 Million
2019	1.70%	8.28%	0.12x	1.67x	TL-372.51 Million
2020	-12.11%	-116.13%	0.06x	1.87x	TL-893.62 Million
2021	9.19%	89.97%	0.06x	1.79x	TL-80.42 Million
2022	16.50%	78.86%	0.12x	1.70x	TL1.05 Billion
2023	6.67%	23.49%	0.17x	1.65x	TL-1.61 Billion
2024	5.00%	13.57%	0.23x	1.61x	TL-3.44 Billion
2025	2.18%	6.66%	0.21x	1.56x	TL-5.97 Billion

Industry Comparison

This section compares Net Holding AS's net assets metrics with peer companies in the Travel Services industry.

Industry Context

Industry: Travel Services
Average net assets among peers: $685,551,958
Average return on equity (ROE) among peers: 9.42%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Net Holding AS (NTHOL)	TL80.79 Billion	2.11%	0.47x	$401.17 Million
Flap Kongre Toplanti Hizmetleri Otomotiv ve Turizm AS (FLAP)	$234.45 Million	20.41%	0.16x	$29.52 Million
Gezinomi Seyahat Turizm Ticaret AS (GZNMI)	$1.14 Billion	-1.57%	1.61x	$103.44 Million

About Net Holding AS

IS:NTHOL Turkey Travel Services

Market Cap

$401.17 Million

TL17.91 Billion TRY

Market Cap Rank

#13672 Global

#125 in Turkey

Share Price

TL38.34

Change (1 day)

-0.42%

52-Week Range

TL36.80 - TL52.15

All Time High

TL52.15