Turkish Airlines

IS:THYAO Turkey Airlines
Market Cap
$11.42 Billion
TL404.89 Billion TRY
Market Cap Rank
#2498 Global
#6 in Turkey
Share Price
TL294.75
Change (1 day)
+1.64%
52-Week Range
TL252.00 - TL347.75
All Time High
TL347.75
Categories
Companies in Turkey Airlines
About

Türk Hava Yollari Anonim Ortakligi provides air transport and aircraft technical maintenance services in Turkey and internationally. The company offers domestic and international passenger and cargo air transportation services; repair and maintenance; technical and infrastructure support services related to aviation sector; technology and information services; support services; occupational healt… Read more

Turkish Airlines (THYAO) - Net Assets

Latest net assets as of September 2025: TL20.37 Billion TRY

Based on the latest financial reports, Turkish Airlines (THYAO) has net assets worth TL20.37 Billion TRY as of September 2025.

Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (TL43.23 Billion) and total liabilities (TL22.86 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 TL20.37 Billion
% of Total Assets 47.13%
Annual Growth Rate -18.16%
5-Year Change 1621.07%
10-Year Change 4726.2%
Growth Volatility 511.83

Turkish Airlines - Net Assets Trend (2000–2024)

This chart illustrates how Turkish Airlines's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.

Annual Net Assets for Turkish Airlines (2000–2024)

The table below shows the annual net assets of Turkish Airlines from 2000 to 2024.

Year Net Assets Change
2024-12-31 TL680.01 Billion +48.76%
2023-12-31 TL457.11 Billion +151.95%
2022-12-31 TL181.43 Billion +2553.61%
2021-12-31 TL6.84 Billion -82.70%
2020-12-31 TL39.51 Billion +476.29%
2019-12-31 TL6.86 Billion +15.95%
2018-12-31 TL5.91 Billion +11.30%
2017-12-31 TL5.31 Billion +4.68%
2016-12-31 TL5.07 Billion -63.98%
2015-12-31 TL14.09 Billion +53.92%
2014-12-31 TL9.15 Billion +31.48%
2013-12-31 TL6.96 Billion +28.81%
2012-12-31 TL5.41 Billion +20.14%
2011-12-31 TL4.50 Billion +20.05%
2010-12-31 TL3.75 Billion +8.78%
2009-12-31 TL3.44 Billion +15.35%
2008-12-31 TL2.99 Billion +56.83%
2007-12-31 TL1.90 Billion +18.30%
2006-12-31 TL1.61 Billion +28.95%
2005-12-31 TL1.25 Billion +12.45%
2004-12-31 TL1.11 Billion -100.00%
2003-12-31 TL881.11 Trillion +129.82%
2002-12-31 TL383.40 Trillion +129.35%
2001-12-31 TL167.17 Trillion +100.28%
2000-12-31 TL83.47 Trillion --

Equity Component Analysis

This analysis shows how different components contribute to Turkish Airlines'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 34224500000000.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2024)

Component Amount Percentage
Retained Earnings TL342.25 Billion 50.34%
Other Components TL337.64 Billion 49.66%
Total Equity TL679.89 Billion 100.00%

Turkish Airlines Competitors by Market Cap

The table below lists competitors of Turkish Airlines ranked by their market capitalization.

Company Market Cap
Paramount Skydance Corporation Class B Common Stock
NASDAQ:PSKY
 		$5.84 Billion
Airports Of Thailand PCL
BK:AOT
 		$5.84 Billion
Compagnie Générale des Établissements Michelin Société en commandite par actions
PINK:MGDDF
 		$5.84 Billion
PharmaEssentia
TW:6446
 		$5.84 Billion
TXNM Energy, Inc.
NYSE:TXNM
 		$5.83 Billion
Southwest Gas Holdings Inc
NYSE:SWX
 		$5.83 Billion
Formosa Plastics Corp
TW:1301
 		$5.82 Billion
Hiscox Ltd
PINK:HCXLY
 		$5.81 Billion

Equity Growth Attribution

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

Equity Growth Insights

  • From 2023 to 2024, total equity changed from 457,257,000,000 to 679,887,000,000, a change of 222,630,000,000 (48.7%).
  • Net income of 3,425,000,000 contributed positively to equity growth.
  • Share repurchases of 6,000,000 reduced equity.
  • Other factors increased equity by 219,211,000,000.

Equity Change Factors (2023 to 2024)

Factor Impact Contribution
Net Income TL3.42 Billion +0.5%
Share Repurchases TL6.00 Million -0.0%
Other Changes TL219.21 Billion +32.24%
Total Change TL- 48.69%

Book Value vs Market Value Analysis

This analysis compares Turkish Airlines'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: 0.60x
  • 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 76.56x to 0.60x 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 TL3.85 TL294.75 x
2018-12-31 TL4.28 TL294.75 x
2019-12-31 TL4.97 TL294.75 x
2020-12-31 TL28.62 TL294.75 x
2021-12-31 TL4.95 TL294.75 x
2022-12-31 TL131.47 TL294.75 x
2023-12-31 TL331.35 TL294.75 x
2024-12-31 TL494.41 TL294.75 x

Capital Efficiency Dashboard

This dashboard shows how efficiently Turkish Airlines 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): 0.50%
  • The company may be facing challenges in efficiently utilizing shareholder equity.
  • DuPont Analysis Breakdown:
  • • Net Profit Margin: 15.11%
  • • Asset Turnover: 0.02x
  • • Equity Multiplier: 2.06x
  • Recent ROE (0.50%) is below the historical average (11.85%), 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 24.27% 8.56% 0.85x 3.34x TL125.75 Trillion
2004 9.64% 4.28% 0.85x 2.66x TL-3.95 Million
2005 11.07% 4.68% 0.84x 2.82x TL13.39 Million
2006 11.54% 4.87% 0.83x 2.86x TL24.78 Million
2007 15.33% 6.46% 0.92x 2.58x TL101.46 Million
2008 37.98% 18.52% 0.78x 2.64x TL835.57 Million
2009 16.23% 7.95% 0.82x 2.49x TL214.59 Million
2010 7.64% 3.40% 0.79x 2.84x TL-88.30 Million
2011 0.41% 0.16% 0.72x 3.65x TL-431.38 Million
2012 20.97% 7.60% 0.79x 3.47x TL592.86 Million
2013 9.81% 3.64% 0.74x 3.65x TL-13.54 Million
2014 19.87% 7.53% 0.76x 3.48x TL903.82 Million
2015 21.24% 10.41% 0.60x 3.38x TL1.58 Billion
2016 -0.26% -0.16% 0.45x 3.64x TL-520.82 Million
2017 3.17% 1.61% 0.58x 3.40x TL-362.96 Million
2018 12.93% 6.44% 0.58x 3.49x TL173.30 Million
2019 11.12% 6.04% 0.51x 3.60x TL76.60 Million
2020 -14.15% -12.03% 0.25x 4.74x TL-9.54 Billion
2021 14.03% 8.97% 0.40x 3.88x TL275.40 Million
2022 26.14% 15.24% 0.54x 3.19x TL29.29 Billion
2023 1.32% 28.75% 0.02x 2.30x TL-39.70 Billion
2024 0.50% 15.11% 0.02x 2.06x TL-64.56 Billion

Industry Comparison

This section compares Turkish Airlines's net assets metrics with peer companies in the Airlines industry.

Industry Context

  • Industry: Airlines
  • Average net assets among peers: $74,919,093,000
  • Average return on equity (ROE) among peers: 17.73%

Peer Company Comparison

Company Net Assets Return on Equity Debt-to-Equity Market Cap
Turkish Airlines (THYAO) TL20.37 Billion 24.27% 1.12x $5.84 Billion
Pegasus Hava Tasimaciligi AS (PGSUS) $74.92 Billion 17.73% 2.78x $1.15 Billion