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Turkey's largest mobile operator, also offering fixed broadband, digital services (BiP, TV+, Paycell) and data centers.
Turkey's largest mobile operator, also offering fixed broadband, digital services (BiP, TV+, Paycell) and data centers.
Subscribers pay monthly or top up prepaid, with contract customers worth more, and home fibre and enterprise services add recurring revenue. Persistent inflation and a weak lira push the company to reprice often and make currency swings central to results. Subsidiaries in Ukraine and Belarus add mobile operations outside Turkey.
Moat: narrow (scale, regulatory licence, brand). Leading network scale and spectrum licences in Turkey, though Turk Telekom and Vodafone compete closely.
Headquarters: Istanbul, Turkey · Founded: 1994
Size Turkcell Iletisim Hizmetleri A.S. Sponsored ADR (TKC) is a United States Communication Services company (Wireless Telecommunications) with a market value of $4.02B, the 1341st largest of 3,117 United States companies the cockpit tracks. Shares closed at $4.57 on 6 Nov 2026.
Performance Over six months the shares fell 31.2%, against -3.0% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue grew 16.1% over the last twelve months (peer median +5.3%); the operating margin is 15.4% (peer median 10.6%).
Valuation It trades at 8.0× forward earnings against a peer median of 21.2× (cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -12% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points above its cost of capital (7.4% WACC).
Credit Turkcell Iletisim Hizmetleri A.S. Sponsored ADR has 2 bonds outstanding ($996M), rated BB by the agencies and trading like B+ at a weighted spread of 248 bp.
Short interest Short interest is 0.4% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.26B | $6.10B | $5.07B | $4.50B | $5.63B |
| Revenue growth | — | +20% | +13% | -20% | — |
| Gross profit | $1.71B | $1.75B | $1.26B | $1.45B | $1.63B |
| EBITDA | $2.71B | $2.64B | $2.12B | $2.44B | $3.32B |
| Net income | $452M | $445M | $447M | $527M | $415M |
| Free cash flow | $1.43B | $1.72B | $1.34B | $1.40B | $1.86B |
| Capital expenditure | $2.51B | $1.81B | $1.55B | $1.24B | $1.60B |
| Total debt | $4.55B | $3.69B | $2.95B | $2.85B | $4.74B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% |
| Vodafone Group Public VOD.L | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% |
| VEON Ltd. Sponsored ADR VEON | $4.95B | +57% | +15% | 23% | 11.2× | -4.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TKC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.7% | -1.9% | 5th lowest of 21 |
| 6-month return | -31.2% | -3.0% | 5th lowest of 20 |
| Distance from 52-week high | -36.4% | -28.8% | 6th lowest of 21 |
| Revenue growth (TTM) | +16.1% | +5.3% | 5th highest of 21 |
| Operating margin | 15.4% | 10.6% | 9th highest of 21 |
| Forward P/E | 8.0× | 21.2× | cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -12.0% | 3.6% | 3rd least demanding of 16 |
| Growth delivered (Del g) | +8.1% | +3.3% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -20.0 pp | -3.1 pp | least demanding of 15 |
| ROIC minus cost of capital | +1.3 pp | -0.2 pp | 11th highest of 21 |
| EV / EBITDA | 2.2× | 7.7× | cheapest of 17 |
| Net debt / EBITDA | 0.8× | 1.6× | 5th least indebted of 18 |
| Bond spread | 248 bp | 202 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% | +8.1% |
| Sunrise Communications SUNN.SW | Switzerland | $3.92B | +2% | -1% | 3% | n/a | 21.2% | n/a |
| Telephone and Data Systems TDS | United States | $3.54B | -29% | -74% | -3% | 92.2× | n/a | n/a |
| Guangzhou Haige Communications 002465.SZ | China | $3.43B | -38% | +1% | -16% | n/a | n/a | n/a |
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 11.2× | -4.8% | -9.1% |
| Orange Polska OPL.WA | Poland | $5.53B | +7% | +5% | 9% | 19.4× | 13.2% | +2.7% |
| TPG Telecom TPG.AX | Australia | $5.58B | +1% | -5% | 8% | 34.8× | 8.1% | +3.0% |
| Elisa ELISA.HE | Finland | $6.11B | -17% | 0% | 20% | 14.3× | -2.7% | +3.6% |
| Array Digital Infrastructure AD | United States | $2.59B | -46% | -94% | 1% | 27.6× | n/a | n/a |
| Digi Spain Telecom, S.A. Unipersonal DIGIS.MC | Spain | $2.16B | n/a | +19% | 6% | n/a | n/a | n/a |
| Okinawa Cellular Telephone 9436.T | Japan | $1.90B | -3% | +5% | 24% | 21.2× | -3.7% | +3.1% |
| TIM S.A. Sponsored ADR TIMB | United States | $8.61B | -24% | +14% | 25% | 9.4× | -12.4% | +7.3% |
| Bharti Hexacom BHARTIHEXA.NS | India | $8.84B | +10% | +8% | 29% | 36.6× | 33.4% | +15.2% |
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR TLK | United States | $10.3B | -35% | -3% | 24% | 9.5× | -16.1% | -1.1% |
| Globalstar GSAT | United States | $10.9B | +3% | +8% | 5% | n/a | n/a | n/a |
| Anterix ATEX | United States | $1.46B | +33% | +19% | -579% | n/a | 45.3% | +47.8% |
| SKTelecom 017670.KS | South Korea | $12.1B | -18% | +2% | 10% | 12.3× | -9.8% | +1.2% |
| Far Eastone Telecommunications 4904.TW | Taiwan | $12.2B | +17% | +10% | 15% | 26.1× | 3.8% | +6.8% |
| Airtel Africa AAF.L | United Kingdom | $13.5B | -33% | +27% | 34% | 14.6× | -1.2% | +10.0% |
| Telecom Italia TIT.MI | Italy | $13.6B | -20% | 0% | 11% | 31.8× | 5.3% | -2.8% |
| Millicom International Cellular TIGO | United States | $13.9B | +3% | +29% | 23% | 22.9× | 3.6% | +6.9% |
Turkcell Iletisim Hizmetleri A.S. Sponsored ADR has 2 bonds outstanding with $996M face value. The agencies rate it BB; its bonds trade like B+. Weighted yield 6.98%, a spread of 248 bp over government bonds.