TAV Havalimanlari Holding Net Assets
TAV Havalimanlari Holding net assets. Based on the latest financial reports, TAV Havalimanlari Holding (TAVHL) has net assets worth TL1.56 Billion TRY (≈ $34.87 Million USD) as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (TL5.01 Billion ≈ $112.16 Million USD) and total liabilities (TL3.45 Billion ≈ $77.28 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. Also explore TAV Havalimanlari Holding annual equity growth to track the company's year-over-year net asset growth rate.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | TL1.56 Billion |
| % of Total Assets | 31.09% |
| Annual Growth Rate | 11.54% |
| 5-Year Change | 59.24% |
| 10-Year Change | 99.4% |
| Growth Volatility | 24.43 |
Net Assets of TAV Havalimanlari Holding (2003–2025)
Net assets of TAV Havalimanlari Holding from 2003 to 2025. This chart illustrates how TAV Havalimanlari Holding's net assets have evolved over time, based on quarterly financial data. See TAVHL net asset quality score to measure how much of total assets are equity-financed.
Annual Net Assets for TAV Havalimanlari Holding (2003–2025)
The table below shows the annual net assets of TAV Havalimanlari Holding from 2003 to 2025. For live market cap and overall valuation, see how much is TAV Havalimanlari Holding worth.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | TL1.61 Billion ≈ $36.05 Million |
-0.83% |
| 2024-12-31 | TL1.62 Billion ≈ $36.35 Million |
+13.77% |
| 2023-12-31 | TL1.43 Billion ≈ $31.95 Million |
+16.48% |
| 2022-12-31 | TL1.22 Billion ≈ $27.43 Million |
+21.17% |
| 2021-12-31 | TL1.01 Billion ≈ $22.64 Million |
+8.13% |
| 2020-12-31 | TL934.70 Million ≈ $20.93 Million |
-28.47% |
| 2019-12-31 | TL1.31 Billion ≈ $29.27 Million |
+27.15% |
| 2018-12-31 | TL1.03 Billion ≈ $23.02 Million |
+15.56% |
| 2017-12-31 | TL889.29 Million ≈ $19.92 Million |
+10.18% |
| 2016-12-31 | TL807.09 Million ≈ $18.08 Million |
-0.78% |
| 2015-12-31 | TL813.43 Million ≈ $18.22 Million |
+9.08% |
| 2014-12-31 | TL745.69 Million ≈ $16.70 Million |
+19.07% |
| 2013-12-31 | TL626.27 Million ≈ $14.03 Million |
+16.67% |
| 2012-12-31 | TL536.77 Million ≈ $12.02 Million |
-4.56% |
| 2011-12-31 | TL562.42 Million ≈ $12.60 Million |
+4.08% |
| 2010-12-31 | TL540.39 Million ≈ $12.10 Million |
+30.84% |
| 2009-12-31 | TL413.00 Million ≈ $9.25 Million |
+33.64% |
| 2008-12-31 | TL309.04 Million ≈ $6.92 Million |
-9.25% |
| 2007-12-31 | TL340.55 Million ≈ $7.63 Million |
+2.07% |
| 2006-12-31 | TL333.64 Million ≈ $7.47 Million |
+100.08% |
| 2005-12-31 | TL166.76 Million ≈ $3.73 Million |
+35.71% |
| 2004-12-31 | TL122.88 Million ≈ $2.75 Million |
-15.64% |
| 2003-12-31 | TL145.66 Million ≈ $3.26 Million |
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Equity Component Analysis
This analysis shows how different components contribute to TAV Havalimanlari Holding'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 1838.7% over the analyzed period, indicating profitable operations and earnings retention.
TAV Havalimanlari Holding Net Assets Breakdown (December 2025)
TAV Havalimanlari Holding net assets breakdown by equity component as of December 2025.
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | TL1.21 Billion | 76.75% |
| Other Components | TL367.98 Million | 23.25% |
| Total Equity | TL1.58 Billion | 100.00% |
TAV Havalimanlari Holding Competitors by Market Cap
The table below lists competitors of TAV Havalimanlari Holding ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Zhejiang Yonghe Refrigerant Co Ltd
SHG:605020
|
$2.03 Billion |
|
CJ Corp
KO:001040
|
$2.04 Billion |
|
Strive, Inc.
NASDAQ:ASST
|
$2.04 Billion |
|
HORNBACH Baumarkt AG
HM:HBM
|
$2.04 Billion |
|
Super Retail Group Ltd
AU:SUL
|
$2.03 Billion |
|
Greif Bros Corporation
NYSE:GEF
|
$2.03 Billion |
|
NBCC (India) Limited
NSE:NBCC
|
$2.03 Billion |
|
NGL Energy Partners LP
NYSE:NGL
|
$2.03 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in TAV Havalimanlari Holding's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,607,672,000 to 1,582,443,000, a change of -25,229,000 (-1.6%).
- Net income of 50,659,000 contributed positively to equity growth.
- Dividend payments of 3,314,000 reduced retained earnings.
- Other factors decreased equity by 72,574,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | TL50.66 Million | +3.2% |
| Dividends Paid | TL3.31 Million | -0.21% |
| Other Changes | TL-72.57 Million | -4.59% |
| Total Change | TL- | -1.57% |
Book Value vs Market Value Analysis
This analysis compares TAV Havalimanlari Holding'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: 57.39x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 420.02x to 57.39x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2005-12-31 | TL0.60 | TL250.00 | x |
| 2006-12-31 | TL1.02 | TL250.00 | x |
| 2007-12-31 | TL1.03 | TL250.00 | x |
| 2008-12-31 | TL1.21 | TL250.00 | x |
| 2009-12-31 | TL1.07 | TL250.00 | x |
| 2010-12-31 | TL1.20 | TL250.00 | x |
| 2011-12-31 | TL1.31 | TL250.00 | x |
| 2012-12-31 | TL1.39 | TL250.00 | x |
| 2013-12-31 | TL1.63 | TL250.00 | x |
| 2014-12-31 | TL2.01 | TL250.00 | x |
| 2015-12-31 | TL2.22 | TL250.00 | x |
| 2016-12-31 | TL2.22 | TL250.00 | x |
| 2017-12-31 | TL2.46 | TL250.00 | x |
| 2018-12-31 | TL2.85 | TL250.00 | x |
| 2019-12-31 | TL3.62 | TL250.00 | x |
| 2020-12-31 | TL2.54 | TL250.00 | x |
| 2021-12-31 | TL2.76 | TL250.00 | x |
| 2022-12-31 | TL3.33 | TL250.00 | x |
| 2023-12-31 | TL3.88 | TL250.00 | x |
| 2024-12-31 | TL4.43 | TL250.00 | x |
| 2025-12-31 | TL4.36 | TL250.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently TAV Havalimanlari Holding 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): 3.20%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 2.78%
- • Asset Turnover: 0.36x
- • Equity Multiplier: 3.17x
- Recent ROE (3.20%) is below the historical average (11.82%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2003 | 45.97% | 34.60% | 0.71x | 1.88x | TL52.22 Million |
| 2004 | 11.96% | 6.34% | 0.79x | 2.40x | TL2.22 Million |
| 2005 | 23.89% | 12.92% | 0.25x | 7.37x | TL21.66 Million |
| 2006 | -19.08% | -15.35% | 0.28x | 4.37x | TL-90.32 Million |
| 2007 | -11.81% | -7.89% | 0.33x | 4.55x | TL-70.99 Million |
| 2008 | 1.59% | 0.60% | 0.47x | 5.55x | TL-24.73 Million |
| 2009 | 13.82% | 6.00% | 0.45x | 5.16x | TL14.22 Million |
| 2010 | 11.81% | 6.84% | 0.37x | 4.66x | TL7.91 Million |
| 2011 | 10.91% | 5.91% | 0.42x | 4.38x | TL4.32 Million |
| 2012 | 25.17% | 11.40% | 0.50x | 4.46x | TL76.52 Million |
| 2013 | 22.34% | 12.93% | 0.45x | 3.81x | TL73.28 Million |
| 2014 | 29.33% | 23.44% | 0.34x | 3.63x | TL140.84 Million |
| 2015 | 24.81% | 19.98% | 0.30x | 4.09x | TL119.57 Million |
| 2016 | 14.81% | 11.58% | 0.33x | 3.84x | TL38.86 Million |
| 2017 | 20.74% | 16.28% | 0.38x | 3.36x | TL95.95 Million |
| 2018 | 24.25% | 22.77% | 0.32x | 3.33x | TL147.33 Million |
| 2019 | 5.85% | 10.79% | 0.19x | 2.91x | TL-54.66 Million |
| 2020 | -30.14% | -92.28% | 0.08x | 3.85x | TL-370.42 Million |
| 2021 | 4.49% | 8.57% | 0.15x | 3.46x | TL-54.85 Million |
| 2022 | 10.14% | 11.62% | 0.25x | 3.55x | TL1.74 Million |
| 2023 | 16.36% | 17.63% | 0.28x | 3.37x | TL89.76 Million |
| 2024 | 11.38% | 11.02% | 0.34x | 3.02x | TL22.23 Million |
| 2025 | 3.20% | 2.78% | 0.36x | 3.17x | TL-107.59 Million |
Industry Comparison
This section compares TAV Havalimanlari Holding's net assets metrics with peer companies in the Airports & Air Services industry.
Industry Context
- Industry: Airports & Air Services
- Average net assets among peers: $353,087,514
- Average return on equity (ROE) among peers: 57.94%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| TAV Havalimanlari Holding (TAVHL) | TL1.56 Billion | 45.97% | 2.22x | $2.03 Billion |
| Celebi Hava Servisi AS (CLEBI) | $353.09 Million | 57.94% | 3.31x | $622.09 Million |
About TAV Havalimanlari Holding
TAV Havalimanlari Holding A.S., together with its subsidiaries, constructs terminal buildings, and manages and operates terminals or airports in Turkey, Georgia, Kazakhstan, Macedonia, Tunisia, Croatia, Oman, Latvia, Spain, Qatar, Saudi Arabia, and internationally. It operates through Terminal Operations, Catering Operations, Duty Free Operations, Ground Handling and Bus Operations, and Other seg… Read more