{"id":22,"date":"2026-06-12T15:23:38","date_gmt":"2026-06-12T12:23:38","guid":{"rendered":"https:\/\/tabildot.com.tr\/tv\/?p=22"},"modified":"2026-06-12T20:20:31","modified_gmt":"2026-06-12T17:20:31","slug":"%f0%9f%94%b5-tkfen-2026-03-faaliyet-raporu-analizi-tekfen-holding-a-s-tekfen-bilancosunda-kizildeniz-kri","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/tv\/arsivler\/22","title":{"rendered":"\ud83d\udd35 TKFEN 2026-03 Faaliyet Raporu Analizi | Tekfen Holding A.\u015e. (Tekfen Bilan\u00e7osunda K\u0131z\u0131ldeniz Kri&#8230;"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35 TKFEN 2026-03 Faaliyet Raporu Analizi | Tekfen Holding A.\u015e. (Tekfen Bilan\u00e7osunda K\u0131z\u0131ldeniz Kri...\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/Yu5XB9rtok8?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<p>Tekfen Holding A.\u015e. (TKFEN) i\u00e7in 11 Haziran 2026 tarihli 134,80 TL\u2019lik hisse fiyat\u0131 ve 31 Mart 2026 tarihli faaliyet raporu verileri \u0131\u015f\u0131\u011f\u0131nda haz\u0131rlanan finansal analiz ve oran hesaplamalar\u0131 a\u015fa\u011f\u0131dad\u0131r:1. Piyasa De\u011feri ve De\u011ferleme Oranlar\u0131 \u2022 Piyasa De\u011feri: \u015eirketin toplam sermayesi 370.000.000 TL (370 milyon adet hisse) oldu\u011fundan, piyasa de\u011feri 49.876.000.000 TL (yakla\u015f\u0131k 49,88 milyar TL) olarak hesaplanm\u0131\u015ft\u0131r. \u2022 Defter De\u011feri (Hisse Ba\u015f\u0131na): 31 Mart 2026 itibar\u0131yla ana ortakl\u0131\u011fa ait \u00f6zkaynaklar (35.055.157.000 TL) toplam hisse say\u0131s\u0131na b\u00f6l\u00fcnd\u00fc\u011f\u00fcnde defter de\u011feri 94,74 TL\u2019dir. \u2022 PD\/DD (Piyasa De\u011feri \/ Defter De\u011feri): \u015eirket \u015fu an defter de\u011ferinin 1,42 kat\u0131ndan i\u015flem g\u00f6rmektedir. Bu oran, piyasan\u0131n \u015firkete \u00f6zkaynaklar\u0131n\u0131n \u00fczerinde bir de\u011fer bi\u00e7ti\u011fini g\u00f6sterir. \u2022 F\/K (Fiyat\/Kazan\u00e7): \u015eirket 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde net d\u00f6nem zarar\u0131 a\u00e7\u0131klad\u0131\u011f\u0131 i\u00e7in F\/K oran\u0131 bu a\u015famada hesaplanamamaktad\u0131r (negatiftir). \u2022 Firma De\u011feri (FD): Piyasa de\u011feri ile net borcun toplam\u0131 olan Firma De\u011feri, 55.930.232.000 TL olarak hesaplanm\u0131\u015ft\u0131r. \u2022 \u015eirketin Net Borcu: 31 Mart 2026 itibar\u0131yla \u015firketin nakit de\u011ferleri 8,96 milyar TL, toplam finansal bor\u00e7lanmalar\u0131 ise yakla\u015f\u0131k 15,17 milyar TL&#8217;dir. Bu kapsamda \u015firket 6.054.232.000 TL net bor\u00e7lu pozisyondad\u0131r. Nette bor\u00e7lu olmas\u0131, finansman giderleri a\u00e7\u0131s\u0131ndan takip edilmesi gereken bir risktir. \u2022 Varl\u0131k Finansman\u0131: 78,65 milyar TL&#8217;lik toplam varl\u0131klar\u0131n; \u2022 \u00d6zkaynaklardaki De\u011fi\u015fim: 2025 y\u0131l sonuna g\u00f6re \u00f6zkaynaklar %1,63 oran\u0131nda hafif bir azal\u0131\u015f g\u00f6stererek 35,05 milyar TL&#8217;ye gerilemi\u015ftir. \u2022 Finansal Bor\u00e7lardaki De\u011fi\u015fim: Raporda 31 Mart 2026 itibar\u0131yla toplam bor\u00e7lanmalar 15,17 milyar TL olarak detayland\u0131r\u0131lm\u0131\u015ft\u0131r. K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin toplam\u0131 ise 39,7 milyar TL&#8217;den 39,1 milyar TL&#8217;ye s\u0131n\u0131rl\u0131 bir gerileme kaydetmi\u015ftir. \u2022 Cari Oran: 31 Mart 2026 itibar\u0131yla 0,77&#8217;dir (2025 sonu: 0,75). Bu oran\u0131n 1&#8217;in alt\u0131nda olmas\u0131, \u015firketin k\u0131sa vadeli bor\u00e7lar\u0131n\u0131 d\u00f6nen varl\u0131klar\u0131 ile kar\u015f\u0131lamada likidite bask\u0131s\u0131 ya\u015fayabilece\u011fine i\u015faret eder. \u2022 Marjlar: Br\u00fct k\u00e2r marj\u0131 %7,96&#8217;dan %7,04&#8217;e, FAV\u00d6K marj\u0131 ise %2,72&#8217;den %2,37&#8217;ye gerilemi\u015ftir. Bu durum, karl\u0131l\u0131k oranlar\u0131nda genel bir daralma oldu\u011funu teyit etmektedir. \u2022 \u00d6zkaynak K\u00e2rl\u0131l\u0131\u011f\u0131: \u015eirket son \u00e7eyrekte zarar a\u00e7\u0131klad\u0131\u011f\u0131 i\u00e7in \u00f6zkaynak k\u00e2rl\u0131l\u0131\u011f\u0131 negatiftir. 2. K\u00e2rl\u0131l\u0131k ve Faaliyet Sonu\u00e7lar\u0131ndaki De\u011fi\u015fim (2026\/1\u00c7 vs 2025\/1\u00c7)Kalem2025\/1\u00c7 (Bin TL)2026\/1\u00c7 (Bin TL)De\u011fi\u015fim (%)Has\u0131lat (Sat\u0131\u015flar)17.746.33214.743.186-%16,92Br\u00fct K\u00e2r1.412.8311.037.274-%26,58Esas Faaliyet Kar\u0131\/Zarar\u0131(415.185)(552.646)-%33,11 (Zarar Art\u0131\u015f\u0131)Net D\u00f6nem Kar\u0131\/Zarar\u0131(962.370)(539.398)+%43,95 (Zarar Azalm\u0131\u015ft\u0131r)Tart\u0131\u015fma: Sat\u0131\u015flardaki %16,9\u2019luk gerileme ve br\u00fct k\u00e2r\u0131n %26,6 oran\u0131nda d\u00fc\u015fmesi, operasyonel verimlilikte bir bask\u0131 oldu\u011funu g\u00f6stermektedir. Esas faaliyet zarar\u0131 artmas\u0131na ra\u011fmen, net d\u00f6nem zarar\u0131n\u0131n ge\u00e7en y\u0131la g\u00f6re %44 oran\u0131nda azalmas\u0131 (iyile\u015fmesi), vergi \u00f6ncesi kar kalemindeki iyile\u015fme gibi faaliyet d\u0131\u015f\u0131 finansal unsurlardan kaynaklanm\u0131\u015f g\u00f6r\u00fcnmektedir.3. Finansal Durum ve Net Bor\u00e7 Analizi4. Di\u011fer \u00d6nemli Oranlar ve De\u011ferlendirmeGenel Sonu\u00e7: Tekfen Holding&#8217;in 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde sat\u0131\u015f hacmi ve operasyonel k\u00e2rl\u0131l\u0131kta daralma ya\u015fad\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. Her ne kadar net zarar ge\u00e7en y\u0131la g\u00f6re daralm\u0131\u015f olsa da, esas faaliyet zarar\u0131 b\u00fcy\u00fcm\u00fc\u015ft\u00fcr. Likidite seviyesini g\u00f6steren cari oran\u0131n 1&#8217;in alt\u0131nda olmas\u0131 ve 6 milyar TL&#8217;lik net bor\u00e7 pozisyonu, finansal y\u00f6netim a\u00e7\u0131s\u0131ndan kritik \u00f6nem arz eden di\u011fer unsurlard\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tekfen Holding A.\u015e. (TKFEN) i\u00e7in 11 Haziran 2026 tarihli 134,80 TL\u2019lik hisse fiyat\u0131 ve 31 Mart 2026 tarihli faaliyet raporu verileri \u0131\u015f\u0131\u011f\u0131nda haz\u0131rlanan finansal analiz ve oran hesaplamalar\u0131 a\u015fa\u011f\u0131dad\u0131r:1. Piyasa De\u011feri ve De\u011ferleme Oranlar\u0131 \u2022 Piyasa De\u011feri: \u015eirketin toplam sermayesi&#8230; <\/p>\n","protected":false},"author":2,"featured_media":23,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[7,22],"class_list":["post-22","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-risk","tag-2026-03","tag-tkfen"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/22","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/comments?post=22"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/22\/revisions"}],"predecessor-version":[{"id":24,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/22\/revisions\/24"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media\/23"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media?parent=22"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/categories?post=22"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/tags?post=22"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}