{"id":2383,"date":"2026-05-03T15:41:20","date_gmt":"2026-05-03T12:41:20","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2383"},"modified":"2026-05-03T15:51:24","modified_gmt":"2026-05-03T12:51:24","slug":"turk-hava-yollari-thyao-hisse-yorumu-ucuz-mu-teknik-ve-temel-analiz","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2383","title":{"rendered":"T\u00fcrk Hava Yollar\u0131 (THYAO) Hisse Yorumu: Ucuz mu? Teknik ve Temel Analiz"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"T\u00fcrk Hava Yollar\u0131 (THYAO) Hisse Yorumu: Ucuz mu? Teknik ve Temel Analiz\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/tIpwWhOWhlQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>T\u00fcrk Hava Yollar\u0131 (THYAO) Finansal ve Operasyonel De\u011ferlendirme Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>T\u00fcrk Hava Yollar\u0131 (THYAO), 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde (2026\/03) operasyonel ve finansal a\u00e7\u0131dan g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme sergilemi\u015ftir. \u015eirket, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 1,8 milyar TL&#8217;lik net zarardan, 9,9 milyar TL&#8217;lik net k\u00e2ra ge\u00e7erek dikkat \u00e7ekici bir &#8220;turnaround&#8221; (geri d\u00f6n\u00fc\u015f) performans\u0131 ortaya koymu\u015ftur. Net sat\u0131\u015flar %45,98 art\u0131\u015fla 257,9 milyar TL&#8217;ye ula\u015f\u0131rken, FAV\u00d6K (FAV\u00d6K) %109,12 oran\u0131nda artarak operasyonel verimlilikteki keskin y\u00fckseli\u015fi teyit etmi\u015ftir.<\/p>\n<p>Finansal \u00e7arpanlar a\u00e7\u0131s\u0131ndan hisse senedi, 3,27 F\/K ve 0,44 PD\/DD oranlar\u0131 ile olduk\u00e7a d\u00fc\u015f\u00fck de\u011ferlemelerle i\u015flem g\u00f6rmektedir. Ancak, teknik g\u00f6stergeler k\u0131sa vadede sat\u0131c\u0131l\u0131 bir seyre i\u015faret etmekte ve fiyat hareketli ortalamalar\u0131n alt\u0131nda seyretmektedir. Net bor\u00e7taki %61&#8217;lik art\u0131\u015f ve \u00f6zsermaye karl\u0131l\u0131\u011f\u0131ndaki d\u00fc\u015f\u00fck seviyeler, b\u00fcy\u00fcme ivmesine e\u015flik eden finansal risk unsurlar\u0131 olarak \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Gelir Tablosu ve Karl\u0131l\u0131k Analizi<\/h2>\n<p>\u015eirketin 2026 y\u0131l\u0131n\u0131n ilk \u00fc\u00e7 ayl\u0131k d\u00f6nemindeki performans\u0131, maliyet kontrol\u00fc ve gelir art\u0131\u015f\u0131n\u0131n senkronize bir \u015fekilde y\u00f6netildi\u011fini g\u00f6stermektedir.<\/p>\n<h3>Temel Finansal G\u00f6stergeler (Mio TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025\/03<\/td>\n<td>2026\/03<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Sat\u0131\u015flar<\/b><\/td>\n<td>176.712<\/td>\n<td>257.961<\/td>\n<td>%45,98<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>11.731<\/td>\n<td>21.568<\/td>\n<td>%83,85<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K<\/b><\/td>\n<td>10.167<\/td>\n<td>21.261<\/td>\n<td>%109,12<\/td>\n<\/tr>\n<tr>\n<td><b>Net Kar \/ Zarar<\/b><\/td>\n<td>-1.818<\/td>\n<td>9.915<\/td>\n<td>a.d.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Kar Marjlar\u0131ndaki Geli\u015fim<\/h3>\n<p>Karl\u0131l\u0131k oranlar\u0131nda t\u00fcm kalemlerde baz puan (bps) baz\u0131nda iyile\u015fme kaydedilmi\u015ftir:<\/p>\n<ul>\n<li><b>Br\u00fct Kar Marj\u0131:<\/b> %6,64&#8217;ten %8,36&#8217;ya y\u00fckselmi\u015ftir (+172 bps).<\/li>\n<li><b>FAV\u00d6K Marj\u0131:<\/b> %5,75&#8217;ten %8,24&#8217;e \u00e7\u0131karak operasyonel karl\u0131l\u0131kta belirgin bir art\u0131\u015fa i\u015faret etmi\u015ftir.<\/li>\n<li><b>Net Kar Marj\u0131:<\/b> -%1,03&#8217;ten %3,84 seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Sat\u0131\u015f Detaylar\u0131<\/h3>\n<ul>\n<li><b>Yurt d\u0131\u015f\u0131 Sat\u0131\u015flar:<\/b> 230,6 milyar TL ile toplam has\u0131lat\u0131n ana motoru olmaya devam etmektedir (Art\u0131\u015f: %47,26).<\/li>\n<li><b>Yurt i\u00e7i Sat\u0131\u015flar:<\/b> 17,8 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir (Art\u0131\u015f: %37,18).<\/li>\n<li><b>\u0130hracat Oran\u0131:<\/b> %89,40 seviyesiyle d\u00f6viz bazl\u0131 gelir yap\u0131s\u0131n\u0131n g\u00fcc\u00fc korunmaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Bilan\u00e7o ve Finansal Yap\u0131 De\u011ferlendirmesi<\/h2>\n<p>THYAO&#8217;nun varl\u0131k yap\u0131s\u0131 b\u00fcy\u00fcmeye devam ederken, bor\u00e7 y\u00fck\u00fcml\u00fcl\u00fcklerinde de art\u0131\u015f g\u00f6zlemlenmektedir.<\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 2,16 trilyon TL&#8217;ye ula\u015farak y\u0131ll\u0131k %40,59 b\u00fcy\u00fcme kaydetmi\u015ftir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> %34,72 art\u0131\u015fla 966,4 milyar TL seviyesine \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Bor\u00e7 Durumu:<\/b>\n<ul>\n<li><b>Net Bor\u00e7:<\/b> 328,7 milyar TL&#8217;den 530,4 milyar TL&#8217;ye y\u00fckselmi\u015ftir (%61,33 art\u0131\u015f).<\/li>\n<li><b>K\u0131sa Vadeli Bor\u00e7lar:<\/b> Toplam borcun %41,82&#8217;sini olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Mali Bor\u00e7 \/ \u00d6zsermaye:<\/b> %74,42 seviyesine y\u00fckselmi\u015ftir (\u00d6nceki: %63,63).<\/li>\n<\/ul>\n<\/li>\n<li><b>Likit Yap\u0131:<\/b> Cari oran 0,97, Likit oran 0,86 ve Nakit oran 56,90 olarak ger\u00e7ekle\u015fmi\u015ftir. Likidite rasyolar\u0131nda ge\u00e7en y\u0131la oranla s\u0131n\u0131rl\u0131 bir iyile\u015fme mevcuttur.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Hisse Performans\u0131 ve Piyasa De\u011ferlemesi<\/h2>\n<p>Hisse senedi verileri, 3 May\u0131s 2026 itibar\u0131yla piyasa de\u011ferinin defter de\u011ferinin alt\u0131nda oldu\u011funu g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>G\u00fcncel Fiyat:<\/b> 308,25 TL<\/li>\n<li><b>Piyasa De\u011feri (PD):<\/b> 425,4 milyar TL (9,46 milyar USD).<\/li>\n<li><b>De\u011ferleme \u00c7arpanlar\u0131:<\/b>\n<ul>\n<li><b>Fiyat\/Kazan\u00e7 (F\/K):<\/b> 3,27<\/li>\n<li><b>Piyasa De\u011feri \/ Defter De\u011feri (PD\/DD):<\/b> 0,44<\/li>\n<li><b>Firma De\u011feri \/ FAV\u00d6K:<\/b> 5,65<\/li>\n<li><b>Hisse Ba\u015f\u0131na Kar (HBK):<\/b> 94,16 TL<\/li>\n<\/ul>\n<\/li>\n<li><b>Getiri Performans\u0131:<\/b>\n<ul>\n<li>Haftal\u0131k: -%4,71<\/li>\n<li>Ayl\u0131k: %4,76<\/li>\n<li>Y\u0131ll\u0131k: %11,01<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Teknik Analiz ve G\u00f6stergeler<\/h2>\n<p>K\u0131sa vadeli teknik g\u00f6r\u00fcn\u00fcm, fiyat\u0131n bask\u0131 alt\u0131nda oldu\u011funu ve d\u00fc\u015f\u00fc\u015f e\u011filiminin devam edebilece\u011fini g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Hareketli Ortalamalar:<\/b> Hisse fiyat\u0131 (308,25 TL), 20 g\u00fcnl\u00fck (314,72) ve 10 g\u00fcnl\u00fck (317,22) hareketli ortalamalar\u0131n\u0131n alt\u0131nda seyretmektedir. 50 g\u00fcnl\u00fck ortalama ile (308,27) kafa kafaya bir g\u00f6r\u00fcn\u00fcm sergilemektedir.<\/li>\n<li><b>Hacim ve Fiyat \u0130li\u015fkisi:<\/b> Son iki g\u00fcnde fiyat d\u00fc\u015ferken i\u015flem hacminin belirgin \u015fekilde artmas\u0131, sat\u0131\u015f bask\u0131s\u0131n\u0131n g\u00fc\u00e7l\u00fc oldu\u011funu teyit etmektedir.<\/li>\n<li><b>Osilat\u00f6rler:<\/b>\n<ul>\n<li><b>CCI (-199,95):<\/b> A\u015f\u0131r\u0131 sat\u0131m b\u00f6lgesinde ve negatif sinyal \u00fcretmektedir.<\/li>\n<li><b>RSI (46,21):<\/b> N\u00f6tr b\u00f6lgeye yak\u0131n ancak zay\u0131f bir seyir izlemektedir.<\/li>\n<li><b>MACD (4,06):<\/b> Hareketli ortalamas\u0131n\u0131n (5,64) alt\u0131nda kalarak &#8220;Sat&#8221; konumunu korumaktad\u0131r.<\/li>\n<li><b>Stokastik (13,95):<\/b> A\u015f\u0131r\u0131 sat\u0131m b\u00f6lgesinden bir toparlanma \u00e7abas\u0131 g\u00f6sterse de genel teknik tabloyu de\u011fi\u015ftirmemektedir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. \u00d6nemli Geli\u015fmeler ve Operasyonel Haberler<\/h2>\n<ul>\n<li><b>AJet Kampanyalar\u0131:<\/b> THYAO i\u015ftiraki olan AJet, yurt d\u0131\u015f\u0131 u\u00e7u\u015flarda 60 dolardan ba\u015flayan fiyatlarla yeni bir indirim kampanyas\u0131 ba\u015flatm\u0131\u015ft\u0131r.<\/li>\n<li><b>SunExpress Performans\u0131:<\/b> T\u00fcrk Hava Yollar\u0131 ve Lufthansa ortakl\u0131\u011f\u0131 olan SunExpress, Paskalya d\u00f6neminde (28 Mart &#8211; 12 Nisan) 680 bin yolcu ta\u015f\u0131m\u0131\u015f ve %85 zaman\u0131nda var\u0131\u015f performans\u0131 sergilemi\u015ftir.<\/li>\n<li><b>\u00d6\u011frenci \u0130ndirimleri:<\/b> THY, T\u00fcrkiye \u00e7\u0131k\u0131\u015fl\u0131 Avrupa var\u0131\u015fl\u0131 u\u00e7u\u015flarda \u00f6\u011frencilere y\u00f6nelik %15 indirimli bilet sat\u0131\u015f\u0131na ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Kurumsal De\u011fi\u015fiklikler:<\/b> Nisan 2026 i\u00e7erisinde \u00fcst y\u00f6netim de\u011fi\u015fiklikleri ve Ola\u011fan Genel Kurul kararlar\u0131n\u0131n tescili tamamlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> T\u00fcrkiye Varl\u0131k Fonu %49,12 pay ile ana ortak konumundad\u0131r; halka a\u00e7\u0131kl\u0131k oran\u0131 ise %50,00&#8217;dir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2383\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>T\u00fcrk Hava Yollar\u0131 (THYAO), 2026 y\u0131l\u0131 ilk \u00e7eyrek finansal sonu\u00e7lar\u0131yla havac\u0131l\u0131k sekt\u00f6r\u00fcndeki g\u00fcc\u00fcn\u00fc bir kez daha kan\u0131tl\u0131yor. Sat\u0131\u015f gelirlerini %46 oran\u0131nda art\u0131ran dev havayolu \u015firketi, ge\u00e7ti\u011fimiz y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re zarar\u0131n\u0131 kapatmakla kalmay\u0131p 10 milyar TL&#8217;ye yak\u0131n net k\u00e2r a\u00e7\u0131klad\u0131. \u00d6zellikle FAV\u00d6K taraf\u0131ndaki %109&#8217;luk b\u00fcy\u00fcme, operasyonel verimlili\u011fin ne denli artt\u0131\u011f\u0131n\u0131n en somut g\u00f6stergesi. Finansal \u00e7arpanlar a\u00e7\u0131s\u0131ndan bak\u0131ld\u0131\u011f\u0131nda, olduk\u00e7a d\u00fc\u015f\u00fck F\/K ve PD\/DD oranlar\u0131 ile dikkat \u00e7eken hisse i\u00e7in teknik analiz verileri ne s\u00f6yl\u00fcyor? Teknik g\u00f6stergelerin a\u015f\u0131r\u0131 sat\u0131m b\u00f6lgesinde oldu\u011fu bu d\u00f6nemde, THYAO hissesi yat\u0131r\u0131mc\u0131lar i\u00e7in bir f\u0131rsat m\u0131 yoksa risk mi ta\u015f\u0131yor? En g\u00fcncel bilan\u00e7o verileri ve teknik yorumlarla haz\u0131rlad\u0131\u011f\u0131m\u0131z detayl\u0131 analizimiz yay\u0131nda.<\/p>\n","protected":false},"author":6,"featured_media":2385,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[337],"tags":[28],"class_list":["post-2383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hisse-teknik-analizi","tag-thyao"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2383"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2383\/revisions"}],"predecessor-version":[{"id":2384,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2383\/revisions\/2384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/2385"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}