{"id":42,"date":"2026-06-12T18:49:42","date_gmt":"2026-06-12T15:49:42","guid":{"rendered":"https:\/\/tabildot.com.tr\/tv\/?p=42"},"modified":"2026-06-12T19:32:09","modified_gmt":"2026-06-12T16:32:09","slug":"%f0%9f%94%b5-tralt-2026-03-faaliyet-raporu-analizi-turk-altin-isletmeleri-a-s-azalan-uretime-ragmen-kari","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/tv\/arsivler\/42","title":{"rendered":"\ud83d\udd35 TRALT 2026-03 Faaliyet Raporu Analizi | T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e. (Azalan \u00fcretime ra\u011fmen kar\u0131&#8230;"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35 TRALT 2026-03 Faaliyet Raporu Analizi | T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e. (Azalan \u00fcretime ra\u011fmen kar\u0131...\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/z8XCyzudypU?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>10 Haziran 2026 tarihi itibar\u0131yla 43,00 TL olan hisse fiyat\u0131 ve 31 Mart 2026 tarihli faaliyet raporu verileri do\u011frultusunda, T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e. (TRALT) i\u00e7in talep etti\u011finiz finansal hesaplamalar, de\u011fi\u015fim analizleri ve de\u011ferlendirmeler a\u015fa\u011f\u0131dad\u0131r:1. Piyasa ve Defter De\u011feri Analizi \u2022 Piyasa De\u011feri: \u015eirketin toplam \u00f6denmi\u015f sermayesi 3.202.500.000 TL&#8217;dir. 43,00 TL hisse fiyat\u0131 \u00fczerinden hesapland\u0131\u011f\u0131nda piyasa de\u011feri 137.707,5 milyon TL (yakla\u015f\u0131k 137,7 milyar TL) olarak ger\u00e7ekle\u015fmektedir. \u2022 Defter De\u011feri: 31 Mart 2026 itibar\u0131yla toplam \u00f6zkaynaklar 48.672.074.000 TL&#8217;dir . Hisse ba\u015f\u0131na defter de\u011feri 15,20 TL&#8217;dir. \u2022 PD\/DD (Piyasa De\u011feri \/ Defter De\u011feri): 43,00 \/ 15,20 = 2,83. \u015eirket, \u00f6zkaynaklar\u0131n\u0131n yakla\u015f\u0131k 2,8 kat\u0131 bir de\u011ferle piyasada i\u015flem g\u00f6rmektedir. \u2022 Net D\u00f6nem Kar\u0131: 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde net d\u00f6nem kar\u0131 1.608.957.000 TL olarak ger\u00e7ekle\u015fmi\u015ftir . \u2022 Y\u0131ll\u0131k Net Kar De\u011fi\u015fimi: 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011findeki 662.352.000 TL&#8217;lik kara oranla %142,9 oran\u0131nda \u00e7ok g\u00fc\u00e7l\u00fc bir art\u0131\u015f ya\u015fanm\u0131\u015ft\u0131r . \u2022 F\/K (Fiyat \/ Kazan\u00e7) Oran\u0131: Son d\u00f6rt \u00e7eyrek toplam kar\u0131 (TTM) yakla\u015f\u0131k 5.462,9 milyon TL olarak hesapland\u0131\u011f\u0131nda (2025 toplam\u0131ndan 2025-\u00c71 \u00e7\u0131kar\u0131l\u0131p 2026-\u00c71 eklenerek), F\/K oran\u0131 25,21 seviyesindedir . Bu oran, piyasan\u0131n \u015firketin b\u00fcy\u00fcme potansiyeline ve alt\u0131n fiyatlar\u0131ndaki y\u00fckseli\u015fe verdi\u011fi de\u011feri yans\u0131tmaktad\u0131r. \u2022 \u015eirketin Net Borcu: 31 Mart 2026 itibar\u0131yla \u015firketin nakit ve nakit benzerleri ile k\u0131sa vadeli finansal yat\u0131r\u0131mlar toplam\u0131 (nakit pozisyonu) 24.126,1 milyon TL&#8217;dir. Toplam finansal bor\u00e7lar\u0131 (kiralama bor\u00e7lar\u0131) ise sadece 12,6 milyon TL seviyesindedir . \u2022 Nette Nakit Durumu: \u015eirket net bor\u00e7lu de\u011fil, 24,1 milyar TL net nakit pozisyonundad\u0131r. Bu durum, \u015firketi finansal a\u00e7\u0131dan son derece likit ve g\u00fcvenli k\u0131lmaktad\u0131r. \u2022 Finansman Kayna\u011f\u0131: Toplam varl\u0131klar\u0131n (58.964,2 milyon TL) %82,5&#8217;i ana sermaye (\u00f6zkaynak) ile, sadece %17,5&#8217;i toplam bor\u00e7lar (y\u00fck\u00fcml\u00fcl\u00fckler) ile finanse edilmektedir . \u2022 Sat\u0131\u015flar ve Br\u00fct Kar: Sat\u0131\u015flar ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %60,8 artarken, br\u00fct kar %213,2 oran\u0131nda muazzam bir art\u0131\u015f g\u00f6stermi\u015ftir . Bu fark, ons ba\u015f\u0131na sat\u0131\u015f fiyat\u0131n\u0131n 2.761 dolardan 4.921 dolara y\u00fckselmesinden kaynaklanmaktad\u0131r. \u2022 Esas Faaliyet Kar\u0131: %622 gibi rekor bir art\u0131\u015fla 526,2 milyon TL&#8217;den 3.799,2 milyon TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r. Bu, operasyonel verimlili\u011fin ve alt\u0131n fiyatlar\u0131ndaki art\u0131\u015f\u0131n do\u011frudan karl\u0131l\u0131\u011fa yans\u0131d\u0131\u011f\u0131n\u0131 g\u00f6sterir. \u2022 \u00d6zkaynaklardaki De\u011fi\u015fim: 2025 y\u0131l sonuna g\u00f6re \u00f6zkaynaklar %3,4 oran\u0131nda artm\u0131\u015ft\u0131r . \u2022 Finansal Bor\u00e7lardaki De\u011fi\u015fim: Toplam finansal bor\u00e7lar (kiralama i\u015flemleri) 20,5 milyon TL&#8217;den 12,6 milyon TL&#8217;ye d\u00fc\u015ferek %38,3 azalm\u0131\u015ft\u0131r . \u2022 \u00d6zkaynak Karl\u0131l\u0131\u011f\u0131 (ROE): Y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f bazda \u00f6zkaynak karl\u0131l\u0131\u011f\u0131, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki %6,1 seviyesinden %13,2 seviyesine y\u00fckselmi\u015ftir . \u2022 Cari Oran: 3,3 seviyesindedir. \u015eirketin k\u0131sa vadeli bor\u00e7lar\u0131n\u0131 \u00f6deme g\u00fcc\u00fc olduk\u00e7a y\u00fcksektir (Genel kabul g\u00f6ren oran 2.0 \u00fczeridir). \u2022 FAV\u00d6K Marj\u0131: Esas faaliyetlerden ar\u0131nd\u0131r\u0131lm\u0131\u015f FAV\u00d6K marj\u0131 %15,4&#8217;ten %48,1&#8217;e y\u00fckselmi\u015ftir. Bu, \u015firketin her 100 TL&#8217;lik sat\u0131\u015ftan yakla\u015f\u0131k 48 TL nakit bazl\u0131 operasyonel kar \u00fcretti\u011fini g\u00f6sterir. \u2022 Ons Ba\u015f\u0131 Maliyet: Ons ba\u015f\u0131 parasal maliyet 2.552 dolardan 2.560 dolara \u00e7\u0131karak neredeyse sabit kalm\u0131\u015ft\u0131r. Sat\u0131\u015f fiyat\u0131 ise iki kat\u0131na yak\u0131n artt\u0131\u011f\u0131 i\u00e7in kar marj\u0131 geni\u015flemi\u015ftir. 2. Karl\u0131l\u0131k ve \u00c7arpanlar3. Bor\u00e7luluk ve Finansal Yap\u01314. D\u00f6nemsel De\u011fi\u015fimler ve Tart\u0131\u015fmaDi\u011fer \u00d6nemli Oranlar ve AnalizGenel De\u011ferlendirme: T\u00fcrk Alt\u0131n \u0130\u015fletmeleri, alt\u0131n fiyatlar\u0131ndaki agresif y\u00fckseli\u015fi (ortalama 4.921 USD\/ons) sabit kalan \u00fcretim maliyetleriyle birle\u015ftirerek karl\u0131l\u0131\u011f\u0131n\u0131 katlam\u0131\u015ft\u0131r. \u015eirketin devasa nakit pozisyonu (24,1 milyar TL) ve d\u00fc\u015f\u00fck bor\u00e7lulu\u011fu, yeni yat\u0131r\u0131mlar (Mollakara, Ka\u015fk\u00f6y, Karap\u0131nar projeleri gibi) i\u00e7in \u00e7ok g\u00fc\u00e7l\u00fc bir zemin haz\u0131rlamaktad\u0131r. Hisse fiyat\u0131ndaki 43,00 TL seviyesi, \u015firketin bu g\u00fc\u00e7l\u00fc nakit yap\u0131s\u0131n\u0131 ve artan karl\u0131l\u0131\u011f\u0131n\u0131 fiyatlamaya devam etti\u011fini g\u00f6stermektedir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>10 Haziran 2026 tarihi itibar\u0131yla 43,00 TL olan hisse fiyat\u0131 ve 31 Mart 2026 tarihli faaliyet raporu verileri do\u011frultusunda, T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e. (TRALT) i\u00e7in talep etti\u011finiz finansal hesaplamalar, de\u011fi\u015fim analizleri ve de\u011ferlendirmeler a\u015fa\u011f\u0131dad\u0131r:1. Piyasa ve Defter De\u011feri Analizi \u2022&#8230; <\/p>\n","protected":false},"author":2,"featured_media":43,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-42","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-risk"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/42","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=42"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/42\/revisions"}],"predecessor-version":[{"id":44,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/42\/revisions\/44"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media\/43"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media?parent=42"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/categories?post=42"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/tags?post=42"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}