{"id":2392,"date":"2026-05-03T16:29:50","date_gmt":"2026-05-03T13:29:50","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2392"},"modified":"2026-05-03T16:33:45","modified_gmt":"2026-05-03T13:33:45","slug":"yatrmc-rehberi-pegasus-pgsus-iin-gncel-temel-ve-teknik-veri-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2392","title":{"rendered":"Yat\u0131r\u0131mc\u0131 Rehberi: Pegasus (PGSUS) \u0130\u00e7in G\u00fcncel Temel ve Teknik Veri Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"PGSUS Hisse Analizi: 2025 Y\u0131l\u0131 Finansal Performans\u0131 ve 2026 Teknik G\u00f6r\u00fcn\u00fcm\u00fc\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/VxKWljhZSnw?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>Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. (PGSUS) Finansal ve Teknik Analiz Brifingi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e.&#8217;nin (PGSUS) 2024 ve 2025 d\u00f6nemlerini kapsayan finansal performans\u0131n\u0131, g\u00fcncel piyasa verilerini ve teknik analiz g\u00f6stergelerini sentezlemektedir. 30 Nisan 2026 itibar\u0131yla 180.60 TL kapan\u0131\u015f fiyat\u0131na sahip olan \u015firket, temel rasyolar baz\u0131nda cazip \u00e7arpanlara (F\/K 6.57, PD\/DD 0.77) sahip g\u00f6r\u00fcnse de, teknik g\u00f6stergeler ve operasyonel marjlardaki daralma dikkat \u00e7ekicidir.<\/p>\n<p><b>Kritik Bulgular:<\/b><\/p>\n<ul>\n<li><b>Gelir Art\u0131\u015f\u0131 ve Marj Bask\u0131s\u0131:<\/b> Net sat\u0131\u015flar\u0131n y\u0131ll\u0131k bazda %37,83 art\u0131\u015f g\u00f6stermesine ra\u011fmen, sat\u0131\u015f maliyetlerindeki %47,24&#8217;l\u00fck daha y\u00fcksek art\u0131\u015f nedeniyle br\u00fct k\u00e2r marj\u0131 %22,30&#8217;dan %17,00&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Bor\u00e7luluk Yap\u0131s\u0131:<\/b> Net bor\u00e7 pozisyonu y\u0131ll\u0131k %48,10 artarak 161,3 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Toplam borcun \u00f6zkaynaklara oran\u0131 251,01 gibi y\u00fcksek bir seviyededir.<\/li>\n<li><b>Teknik G\u00f6r\u00fcn\u00fcm:<\/b> Orta vadeli g\u00f6stergeler &#8220;Sat&#8221; sinyali vermektedir. Hisse fiyat\u0131; 20, 50 ve 100 g\u00fcnl\u00fck hareketli ortalamalar\u0131n\u0131n alt\u0131nda seyrederek zay\u0131f bir teknik g\u00f6r\u00fcn\u00fcm sergilemektedir.<\/li>\n<li><b>Operasyonel Riskler:<\/b> G\u00fcvenlik riskleri nedeniyle Orta Do\u011fu u\u00e7u\u015flar\u0131n\u0131n iptal s\u00fcresinin uzat\u0131lmas\u0131 gibi d\u0131\u015fsal fakt\u00f6rler operasyonel s\u00fcreklili\u011fi etkilemektedir.<\/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>1. Gelir Tablosu ve Operasyonel Performans Analizi<\/h2>\n<p>Pegasus&#8217;un gelir yap\u0131s\u0131, sat\u0131\u015f hacmindeki b\u00fcy\u00fcmeye ra\u011fmen maliyet bask\u0131s\u0131 alt\u0131nda bir performans sergilemektedir.<\/p>\n<h3>Gelir ve K\u00e2rl\u0131l\u0131k Kalemleri (Mio TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2024\/12<\/td>\n<td>2025\/12<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Sat\u0131\u015flar<\/b><\/td>\n<td>111.822,52<\/td>\n<td>154.127,55<\/td>\n<td>+37,83<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>86.887,04<\/td>\n<td>127.931,81<\/td>\n<td>+47,24<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>24.935,48<\/td>\n<td>26.195,75<\/td>\n<td>+5,05<\/td>\n<\/tr>\n<tr>\n<td><b>FAV\u00d6K<\/b><\/td>\n<td>31.765,41<\/td>\n<td>37.096,01<\/td>\n<td>+16,78<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>13.285,44<\/td>\n<td>13.750,22<\/td>\n<td>+3,50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Marj Analizi ve Verimlilik<\/h3>\n<p>\u015eirketin k\u00e2rl\u0131l\u0131k rasyolar\u0131nda baz puan (bps) cinsinden belirgin bir d\u00fc\u015f\u00fc\u015f g\u00f6zlemlenmektedir:<\/p>\n<ul>\n<li><b>Br\u00fct K\u00e2r Marj\u0131:<\/b> 530 bps azalarak %17,00&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Net K\u00e2r Marj\u0131:<\/b> %11,88&#8217;den %8,92&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>\u00d6zsermaye K\u00e2rl\u0131l\u0131\u011f\u0131:<\/b> %20,04&#8217;ten %13,51&#8217;e gerileyerek verimlilik kayb\u0131na i\u015faret etmektedir.<\/li>\n<li><b>ROIC (Yat\u0131r\u0131lan Sermaye Getirisi):<\/b> %8,95&#8217;ten %5,90&#8217;a d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h3>Sat\u0131\u015flar\u0131n Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>\u015eirketin has\u0131lat yap\u0131s\u0131nda yurt d\u0131\u015f\u0131 sat\u0131\u015flar bask\u0131n rol oynamaya devam etmektedir:<\/p>\n<ul>\n<li><b>Yurt D\u0131\u015f\u0131 Sat\u0131\u015flar:<\/b> 74,4 milyar TL (%29,37 art\u0131\u015f).<\/li>\n<li><b>Yurt \u0130\u00e7i Sat\u0131\u015flar:<\/b> 20,05 milyar TL (%38,44 art\u0131\u015f).<\/li>\n<li><b>Di\u011fer Sat\u0131\u015flar:<\/b> 59,67 milyar TL (%49,83 art\u0131\u015f).<\/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 Yap\u0131s\u0131 ve Finansal Durum<\/h2>\n<p>Pegasus&#8217;un varl\u0131k yap\u0131s\u0131 b\u00fcy\u00fcmeye devam ederken, y\u00fck\u00fcml\u00fcl\u00fckler taraf\u0131ndaki art\u0131\u015f finansal kald\u0131ra\u00e7 oranlar\u0131n\u0131 y\u00fckseltmektedir.<\/p>\n<h3>Varl\u0131k ve Kaynak Y\u00f6netimi (Mio TL)<\/h3>\n<ul>\n<li><b>Toplam Aktifler:<\/b> %44,64 art\u0131\u015fla 410.168,21 seviyesine \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 90.234,82 (Toplam\u0131n %22&#8217;si).<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> 319.933,39 (Toplam\u0131n %78&#8217;is\u0131).<\/li>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> %55,97 artarak 116.853,87 olmu\u015ftur.<\/li>\n<\/ul>\n<h3>Bor\u00e7luluk ve Likidite Rasyolar\u0131<\/h3>\n<ul>\n<li><b>Net Bor\u00e7:<\/b> 161.358,09 Mio TL seviyesindedir (Y\u0131ll\u0131k %48,10 art\u0131\u015f).<\/li>\n<li><b>Cari Oran:<\/b> 1,26&#8217;dan 1,03&#8217;e gerileyerek k\u0131sa vadeli \u00f6deme g\u00fcc\u00fcnde daralma g\u00f6stermi\u015ftir.<\/li>\n<li><b>Likit Oran:<\/b> 0,99 (2025\/12 itibar\u0131yla).<\/li>\n<li><b>Net Bor\u00e7 \/ FAV\u00d6K:<\/b> 3,13&#8217;ten 3,88&#8217;e y\u00fckselmi\u015ftir.<\/li>\n<li><b>Yabanc\u0131 Para Net Pozisyonu \/ \u00d6zkaynak:<\/b> -%23,09 seviyesiyle d\u00f6viz riskine i\u015faret etmektedir.<\/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. Piyasa Verileri ve Teknik Analiz<\/h2>\n<p>Piyasa \u00e7arpanlar\u0131 baz\u0131nda hisse senedi tarihsel olarak d\u00fc\u015f\u00fck seviyelerde i\u015flem g\u00f6rse de teknik momentum negatif y\u00f6nl\u00fcd\u00fcr.<\/p>\n<h3>G\u00fcncel Piyasa De\u011ferlemesi (30\/04\/2026)<\/h3>\n<ul>\n<li><b>Fiyat:<\/b> 180.60 TL (G\u00fcnl\u00fck +%0.84, Y\u0131ll\u0131k -%18.98).<\/li>\n<li><b>Fiyat\/Kazan\u00e7 (F\/K):<\/b> 6.57.<\/li>\n<li><b>Piyasa De\u011feri \/ Defter De\u011feri (PD\/DD):<\/b> 0.77.<\/li>\n<li><b>Firma De\u011feri \/ FAV\u00d6K:<\/b> 6.78.<\/li>\n<li><b>Piyasa De\u011feri:<\/b> 90,3 Milyar TL (Yakla\u015f\u0131k 2 Milyar USD).<\/li>\n<\/ul>\n<h3>Teknik G\u00f6stergeler ve Sinyaller<\/h3>\n<p>\u015eirketin teknik g\u00f6r\u00fcn\u00fcm\u00fc k\u0131sa ve orta vadede zay\u0131f sinyaller vermektedir:<\/p>\n<ul>\n<li><b>Hareketli Ortalamalar:<\/b> Fiyat (180.60), 3 g\u00fcnl\u00fck (181.13), 20 g\u00fcnl\u00fck (184.79) ve 100 g\u00fcnl\u00fck (194.28) ortalamalar\u0131n tamam\u0131n\u0131n alt\u0131ndad\u0131r.<\/li>\n<li><b>CCI (-145.79):<\/b> Belirgin &#8220;Sat&#8221; sinyali vermektedir.<\/li>\n<li><b>MACD (-0.20):<\/b> Negatif b\u00f6lgededir ve &#8220;Sat&#8221; sinyali \u00fcretmektedir.<\/li>\n<li><b>Momentum (98.31):<\/b> Negatif bir e\u011filim sergilemektedir.<\/li>\n<li><b>RSI (44.32):<\/b> G\u00f6rece n\u00f6tr ancak zay\u0131f b\u00f6lgededir.<\/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. Ortakl\u0131k Yap\u0131s\u0131 ve Kurumsal Geli\u015fmeler<\/h2>\n<h3>Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Esas Holding A.\u015e.:<\/b> %52,81 (264,05 Mio TL).<\/li>\n<li><b>Di\u011fer (Halka A\u00e7\u0131k):<\/b> %47,19 (235,94 Mio TL).<\/li>\n<li><b>Fiili Dola\u015f\u0131m Oran\u0131:<\/b> %43,00.<\/li>\n<\/ul>\n<h3>\u00d6nemli \u0130\u015ftirakler<\/h3>\n<ul>\n<li><b>Hitit Bilgisayar Hizmetleri A.\u015e.:<\/b> %36,20 pay oran\u0131.<\/li>\n<li><b>Pegasus Airlines Ventures LP:<\/b> %100,00 pay oran\u0131.<\/li>\n<\/ul>\n<h3>Son D\u00f6nem Haber Ak\u0131\u015f\u0131 ve Operasyonel Geli\u015fmeler<\/h3>\n<ul>\n<li><b>Operasyonel K\u0131s\u0131tlamalar:<\/b> G\u00fcvenlik riskleri nedeniyle \u0130ran ba\u015fta olmak \u00fczere t\u00fcm Orta Do\u011fu u\u00e7u\u015flar\u0131n\u0131n iptal s\u00fcresi 12 Nisan&#8217;a kadar uzat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Genel Kurul:<\/b> 31 Mart 2026 tarihli Ola\u011fan Genel Kurul&#8217;da 2025 y\u0131l\u0131 d\u00f6nem k\u00e2r\u0131n\u0131n kullan\u0131m\u0131na ili\u015fkin kararlar al\u0131nm\u0131\u015f ve yeni y\u00f6netim kurulu g\u00f6rev da\u011f\u0131l\u0131m\u0131 yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Trafik Verileri:<\/b> 13 Nisan 2026 itibar\u0131yla Mart ay\u0131 trafik verileri ve karbon emisyon istatistikleri kamuoyuyla payla\u015f\u0131lm\u0131\u015ft\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>5. Sonu\u00e7 ve De\u011ferlendirme<\/h2>\n<p>Pegasus, sat\u0131\u015f gelirlerini ve aktif b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc art\u0131rmaya devam etse de, maliyet y\u00f6netimi ve bor\u00e7luluk seviyeleri \u00fczerinde bask\u0131 hissetmektedir. \u00d6zellikle br\u00fct ve net k\u00e2r marjlar\u0131ndaki d\u00fc\u015f\u00fc\u015f, operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n s\u00fcrd\u00fcr\u00fclebilirli\u011fi a\u00e7\u0131s\u0131ndan kritik bir izleme noktas\u0131d\u0131r. PD\/DD oran\u0131n\u0131n 1,00&#8217;in alt\u0131nda (0.77) olmas\u0131 hisse senedinin varl\u0131klar\u0131na g\u00f6re iskontolu i\u015flem g\u00f6rd\u00fc\u011f\u00fcn\u00fc g\u00f6sterse de, teknik g\u00f6stergelerin &#8220;Sat&#8221; sinyali \u00fcretmesi ve fiyat\u0131n hareketli ortalamalar\u0131n alt\u0131nda kalmas\u0131, k\u0131sa vadeli bask\u0131n\u0131n devam edebilece\u011fine i\u015faret etmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2392\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Pegasus 2025 Finansal Sonu\u00e7lar\u0131: Sat\u0131\u015flarda Rekor, Marjlarda Bask\u0131!<br \/>\nPegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 (PGSUS), 2025 y\u0131l\u0131na ait finansal verilerini payla\u015ft\u0131. Sat\u0131\u015f gelirlerinde %37,8\u2019lik g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme yakalayan havayolu devinin net kar\u0131, maliyet art\u0131\u015flar\u0131n\u0131n g\u00f6lgesinde kalarak 13,75 milyar TL seviyesinde ger\u00e7ekle\u015fti. \u00d6zellikle sat\u0131\u015f maliyetlerindeki y\u00fckseli\u015f ve operasyonel giderlerdeki art\u0131\u015f kar marjlar\u0131n\u0131 bask\u0131larken; 0,77\u2019lik PD\/DD oran\u0131 hissenin piyasa de\u011ferine g\u00f6re iskontolu i\u015flem g\u00f6rd\u00fc\u011f\u00fcne i\u015faret ediyor. Teknik g\u00f6stergelerin &#8220;Sat&#8221; sinyali verdi\u011fi ve jeopolitik risklerin u\u00e7u\u015f takvimini etkiledi\u011fi bu d\u00f6nemde, Pegasus\u2019un mali tablolar\u0131ndaki t\u00fcm kritik detaylar\u0131 ve gelecek projeksiyonlar\u0131n\u0131 analiz ediyoruz. Yat\u0131r\u0131mc\u0131lar i\u00e7in f\u0131rsatlar ve riskler neler? Detaylar yaz\u0131m\u0131zda.<\/p>\n","protected":false},"author":5,"featured_media":2385,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[337],"tags":[78],"class_list":["post-2392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hisse-teknik-analizi","tag-pgsus"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2392","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2392"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2392\/revisions"}],"predecessor-version":[{"id":2394,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2392\/revisions\/2394"}],"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=2392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}