TAV Havalimanlari Holding (TAVHL) - Net Assets
Based on the latest financial reports, TAV Havalimanlari Holding (TAVHL) has net assets worth TL1.53 Billion TRY (≈ $34.22 Million USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (TL4.83 Billion ≈ $108.28 Million USD) and total liabilities (TL3.31 Billion ≈ $74.06 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 balance sheet size of TAV Havalimanlari Holding for the complete picture of this company's asset base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | TL1.53 Billion |
| % of Total Assets | 31.6% |
| Annual Growth Rate | 11.54% |
| 5-Year Change | 59.24% |
| 10-Year Change | 99.4% |
| Growth Volatility | 24.43 |
TAV Havalimanlari Holding - Net Assets Trend (2003–2025)
This chart illustrates how TAV Havalimanlari Holding's net assets have evolved over time, based on quarterly financial data. Check tangible equity quality of TAV Havalimanlari Holding to evaluate the tangible quality of the company's equity base.
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 valuation and market cap data, see TAV Havalimanlari Holding stock valuation.
| 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.
Current Equity Component Breakdown (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 |
|---|---|
|
EIH Limited
NSE:EIHOTEL
|
$2.21 Billion |
|
Eternal Materials Co Ltd
TW:1717
|
$2.21 Billion |
|
Jiangsu Goodwe Power Supply Technology Co Ltd
SHG:688390
|
$2.21 Billion |
|
DBG Technology Co Ltd Class A
SHE:300735
|
$2.21 Billion |
|
MLS Co Ltd
SHE:002745
|
$2.21 Billion |
|
Oyak Cimento Fabrikalari AS
IS:OYAKC
|
$2.21 Billion |
|
Chongqing Fuling Electric Power Industrial Co Ltd
SHG:600452
|
$2.21 Billion |
|
Aether Industries Limited
NSE:AETHER
|
$2.21 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: 62.39x
- 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 456.56x to 62.39x 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 | TL271.75 | x |
| 2006-12-31 | TL1.02 | TL271.75 | x |
| 2007-12-31 | TL1.03 | TL271.75 | x |
| 2008-12-31 | TL1.21 | TL271.75 | x |
| 2009-12-31 | TL1.07 | TL271.75 | x |
| 2010-12-31 | TL1.20 | TL271.75 | x |
| 2011-12-31 | TL1.31 | TL271.75 | x |
| 2012-12-31 | TL1.39 | TL271.75 | x |
| 2013-12-31 | TL1.63 | TL271.75 | x |
| 2014-12-31 | TL2.01 | TL271.75 | x |
| 2015-12-31 | TL2.22 | TL271.75 | x |
| 2016-12-31 | TL2.22 | TL271.75 | x |
| 2017-12-31 | TL2.46 | TL271.75 | x |
| 2018-12-31 | TL2.85 | TL271.75 | x |
| 2019-12-31 | TL3.62 | TL271.75 | x |
| 2020-12-31 | TL2.54 | TL271.75 | x |
| 2021-12-31 | TL2.76 | TL271.75 | x |
| 2022-12-31 | TL3.33 | TL271.75 | x |
| 2023-12-31 | TL3.88 | TL271.75 | x |
| 2024-12-31 | TL4.43 | TL271.75 | x |
| 2025-12-31 | TL4.36 | TL271.75 | 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) | TL1.53 Billion | 45.97% | 2.16x | $2.21 Billion |
| Celebi Hava Servisi AS (CLEBI) | $353.09 Million | 57.94% | 3.31x | $785.36 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