Turkish Airlines (THYAO) - Net Assets

Latest as of December 2025: TL21.31 Billion TRY ≈ $477.38 Million USD

Based on the latest financial reports, Turkish Airlines (THYAO) has net assets worth TL21.31 Billion TRY (≈ $477.38 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (TL46.60 Billion ≈ $1.04 Billion USD) and total liabilities (TL25.29 Billion ≈ $566.41 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 THYAO goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	TL21.31 Billion
% of Total Assets	45.74%
Annual Growth Rate	-28.17%
5-Year Change	211.74%
10-Year Change	319.99%
Growth Volatility	503.87

Turkish Airlines - Net Assets Trend (2000–2025)

This chart illustrates how Turkish Airlines's net assets have evolved over time, based on quarterly financial data. See Turkish Airlines (THYAO) defensive interval to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Turkish Airlines (2000–2025)

The table below shows the annual net assets of Turkish Airlines from 2000 to 2025. For live valuation and market cap data, see market value of Turkish Airlines.

Year	Net Assets	Change
2025-12-31	TL21.31 Billion ≈ $477.38 Million	-96.87%
2024-12-31	TL680.01 Billion ≈ $15.23 Billion	+48.76%
2023-12-31	TL457.11 Billion ≈ $10.24 Billion	+151.95%
2022-12-31	TL181.43 Billion ≈ $4.06 Billion	+2553.61%
2021-12-31	TL6.84 Billion ≈ $153.13 Million	-82.70%
2020-12-31	TL39.51 Billion ≈ $884.94 Million	+476.29%
2019-12-31	TL6.86 Billion ≈ $153.56 Million	+15.95%
2018-12-31	TL5.91 Billion ≈ $132.44 Million	+11.30%
2017-12-31	TL5.31 Billion ≈ $118.99 Million	+4.68%
2016-12-31	TL5.07 Billion ≈ $113.66 Million	-63.98%
2015-12-31	TL14.09 Billion ≈ $315.58 Million	+53.92%
2014-12-31	TL9.15 Billion ≈ $205.03 Million	+31.48%
2013-12-31	TL6.96 Billion ≈ $155.94 Million	+28.81%
2012-12-31	TL5.41 Billion ≈ $121.06 Million	+20.14%
2011-12-31	TL4.50 Billion ≈ $100.76 Million	+20.05%
2010-12-31	TL3.75 Billion ≈ $83.93 Million	+8.78%
2009-12-31	TL3.44 Billion ≈ $77.16 Million	+15.35%
2008-12-31	TL2.99 Billion ≈ $66.89 Million	+56.83%
2007-12-31	TL1.90 Billion ≈ $42.65 Million	+18.30%
2006-12-31	TL1.61 Billion ≈ $36.05 Million	+28.95%
2005-12-31	TL1.25 Billion ≈ $27.96 Million	+12.45%
2004-12-31	TL1.11 Billion ≈ $24.86 Million	-100.00%
2003-12-31	TL881.11 Trillion ≈ $19.73 Trillion	+129.82%
2002-12-31	TL383.40 Trillion ≈ $8.59 Trillion	+129.35%
2001-12-31	TL167.17 Trillion ≈ $3.74 Trillion	+100.28%
2000-12-31	TL83.47 Trillion ≈ $1.87 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 2019500000000.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	TL20.20 Billion	94.76%
Other Components	TL1.12 Billion	5.24%
Total Equity	TL21.31 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
Aegon NV AS:AGN	$10.02 Billion
REC Limited NSE:RECLTD	$10.02 Billion
Banque Cantonale Vaudoise SW:BCVN	$10.02 Billion
CSPC Pharmaceutical Group Limited F:CVG	$10.04 Billion
Fresenius Medical Care AG & Co. KGaA XETRA:FME	$10.01 Billion
CHINA RE.PO.HO.UNS.ADR/15 F:CRP0	$10.01 Billion
Turkiye Petrol Rafinerileri AS IS:TUPRS	$10.01 Billion
United Spirits Limited NSE:MCDOWELL-N	$10.00 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 2024 to 2025, total equity changed from 679,887,000,000 to 21,312,000,000, a change of -658,575,000,000 (-96.9%).
Net income of 2,910,000,000 contributed positively to equity growth.
Dividend payments of 223,000,000 reduced retained earnings.
Share repurchases of 8,000,000 reduced equity.
New share issuances of 1,000,000 increased equity.
Other factors decreased equity by 661,255,000,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	TL2.91 Billion	+13.65%
Dividends Paid	TL223.00 Million	-1.05%
Share Repurchases	TL8.00 Million	-0.04%
Share Issuances	TL1.00 Million	+0.0%
Other Changes	TL-661.25 Billion	-3102.74%
Total Change	TL-	-96.87%

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: 20.99x
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 84.62x to 20.99x 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	TL325.75	x
2018-12-31	TL4.28	TL325.75	x
2019-12-31	TL4.97	TL325.75	x
2020-12-31	TL28.62	TL325.75	x
2021-12-31	TL4.95	TL325.75	x
2022-12-31	TL131.47	TL325.75	x
2023-12-31	TL331.35	TL325.75	x
2024-12-31	TL494.41	TL325.75	x
2025-12-31	TL15.52	TL325.75	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): 13.65%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 12.08%
• Asset Turnover: 0.52x
• Equity Multiplier: 2.19x
Recent ROE (13.65%) is above the historical average (11.93%), indicating improving 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
2025	13.65%	12.08%	0.52x	2.19x	TL778.80 Million

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: $327,352,148
Average return on equity (ROE) among peers: 38.58%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Turkish Airlines (THYAO)	TL21.31 Billion	24.27%	1.19x	$10.01 Billion
Pegasus Hava Tasimaciligi AS (PGSUS)	$327.35 Million	38.58%	5.75x	$2.03 Billion

About Turkish Airlines

IS:THYAO Turkey Airlines

Market Cap

$10.01 Billion

TL447.02 Billion TRY

Market Cap Rank

#2254 Global

#6 in Turkey

Share Price

TL325.75

Change (1 day)

+5.85%

52-Week Range

TL252.00 - TL347.75

All Time High

TL347.75