{"id":48,"date":"2026-06-12T18:51:30","date_gmt":"2026-06-12T15:51:30","guid":{"rendered":"https:\/\/tabildot.com.tr\/tv\/?p=48"},"modified":"2026-06-12T19:32:09","modified_gmt":"2026-06-12T16:32:09","slug":"%f0%9f%94%b5-vestl-2026-03-faaliyet-raporu-analizi-vestel-elektronik-sanayi-ve-ticaret-a-s-vestelin-bor","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/tv\/arsivler\/48","title":{"rendered":"\ud83d\udd35 VESTL 2026-03 Faaliyet Raporu Analizi | Vestel Elektronik Sanayi ve Ticaret A.\u015e. (Vestel&#8217;in bor&#8230;"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35 VESTL 2026-03 Faaliyet Raporu Analizi | Vestel Elektronik Sanayi ve Ticaret A.\u015e. (Vestel&amp;apos;in bor...\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/uucs5CxOLMs?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>Vestel Elektronik Sanayi ve Ticaret A.\u015e. i\u00e7in 10 Haziran 2026 tarihindeki 24,46 TL hisse fiyat\u0131 ve 31 Mart 2026 tarihli finansal rapor verileri temel al\u0131narak yap\u0131lan hesaplamalar ve finansal analiz a\u015fa\u011f\u0131dad\u0131r:1. Temel Piyasa ve De\u011ferleme Verileri \u2022 Piyasa De\u011feri: 335.456.275 TL olan \u00f6denmi\u015f sermaye \u00fczerinden hesapland\u0131\u011f\u0131nda, \u015firketin piyasa de\u011feri yakla\u015f\u0131k 8.205.260.487 TL seviyesindedir. \u2022 Defter De\u011feri (Hisse Ba\u015f\u0131na): Toplam 35.223.732.000 TL olan \u00f6zkaynaklar\u0131n \u00f6denmi\u015f sermayeye b\u00f6l\u00fcnmesiyle, hisse ba\u015f\u0131na defter de\u011feri 105,00 TL olarak hesaplanmaktad\u0131r. \u2022 PD\/DD (Piyasa De\u011feri \/ Defter De\u011feri): 0,23. \u015eirket, borsada defter de\u011ferinin yakla\u015f\u0131k %77 alt\u0131nda i\u015flem g\u00f6rmektedir. Bu durum, piyasan\u0131n \u015firketi varl\u0131k de\u011ferinin \u00e7ok alt\u0131nda fiyatlad\u0131\u011f\u0131n\u0131 g\u00f6sterir. \u2022 F\/K (Fiyat \/ Kazan\u00e7): \u015eirket 31.03.2026 itibar\u0131yla 3,14 milyar TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klad\u0131\u011f\u0131 i\u00e7in F\/K oran\u0131 bu d\u00f6nem i\u00e7in hesaplanamaz\/anlaml\u0131 de\u011fildir. \u2022 Firma De\u011feri (FD): Piyasa de\u011ferine net borcun eklenmesiyle hesaplanan firma de\u011feri yakla\u015f\u0131k 101.156.630.487 TL&#8217;dir. Firma de\u011ferinin piyasa de\u011ferinden bu denli y\u00fcksek olmas\u0131, \u015firketin de\u011ferlemesinde bor\u00e7 y\u00fck\u00fcn\u00fcn belirleyici oldu\u011funu kan\u0131tlamaktad\u0131r. \u2022 Net D\u00f6nem Kar\u0131 ve De\u011fi\u015fimi: \u015eirket 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde 3.142.265.000 TL net zarar etmi\u015ftir. Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 6.944.840.000 TL&#8217;lik zarara g\u00f6re zarar %54,75 oran\u0131nda azalm\u0131\u015ft\u0131r. Bu iyile\u015fme olumlu bir sinyal olsa da \u015firketin hala zarar b\u00f6lgesinde kalmas\u0131 dikkat \u00e7ekicidir. \u2022 Esas Faaliyet Kar\u0131 De\u011fi\u015fimi: \u015eirket bu d\u00f6nemde 5.220.304.000 TL esas faaliyet zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r. Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine (5.087.241.000 TL zarar) g\u00f6re faaliyet zarar\u0131ndaki %2,61&#8217;lik art\u0131\u015f, operasyonel zorluklar\u0131n s\u00fcrd\u00fc\u011f\u00fcn\u00fc g\u00f6stermektedir. \u2022 Sat\u0131\u015flar ve Br\u00fct Kar De\u011fi\u015fimi: Net sat\u0131\u015flar ge\u00e7en y\u0131la g\u00f6re %48,93 azalarak 21,02 milyar TL&#8217;ye gerilemi\u015ftir. Raporlama d\u00f6neminde br\u00fct yurt i\u00e7i sat\u0131\u015flar %40, yurt d\u0131\u015f\u0131 sat\u0131\u015flar ise %54 oran\u0131nda d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir. Sat\u0131\u015flardaki bu sert daralma, hem yurt i\u00e7i hem de k\u00fcresel talepteki zay\u0131fl\u0131\u011fa i\u015faret etmektedir. \u2022 Net Bor\u00e7 Durumu: \u015eirketin 31 Mart 2026 itibar\u0131yla 92.951.370.000 TL net borcu bulunmaktad\u0131r. \u015eirket y\u00fcksek miktarda nette bor\u00e7lu durumdad\u0131r. \u2022 Finansal Bor\u00e7lardaki De\u011fi\u015fim: 2025 y\u0131l sonundaki 95,43 milyar TL olan net bor\u00e7 seviyesi, 3 ayda %2,60 oran\u0131nda azalarak 92,95 milyar TL&#8217;ye inmi\u015ftir. Bor\u00e7lulukta hafif bir geri \u00e7ekilme s\u00f6z konusudur. \u2022 Varl\u0131klar\u0131n Finansman Kayna\u011f\u0131: \u015eirketin 199,4 milyar TL&#8217;lik toplam aktiflerinin %17,66&#8217;s\u0131 \u00f6zkaynaklar (ana sermaye) ile, %82,34&#8217;\u00fc ise yabanc\u0131 kaynaklar (bor\u00e7) ile finanse edilmektedir. Bu durum, \u015firketin y\u00fcksek kald\u0131ra\u00e7la \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. \u2022 \u00d6zkaynaklardaki De\u011fi\u015fim: \u00d6zkaynaklar, 2025 y\u0131l sonuna g\u00f6re net d\u00f6nem zarar\u0131n\u0131n etkisiyle %9,04 azalarak 35,22 milyar TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. \u2022 Net Bor\u00e7 \/ \u00d6zkaynaklar: %264. Ge\u00e7en y\u0131l sonundaki %246 seviyesinden y\u00fckselmi\u015ftir. Bu oran, \u00f6zkaynaklar\u0131n bor\u00e7 y\u00fck\u00fcn\u00fc kar\u015f\u0131lamada zay\u0131f kald\u0131\u011f\u0131n\u0131 ve finansal riskin y\u00fcksek oldu\u011funu g\u00f6stermektedir. \u2022 FAV\u00d6K Marj\u0131: -%6,27. Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminde %3,71 olan pozitif marj\u0131n negatife d\u00f6nmesi, operasyonel verimlilikte ciddi bir bozulmaya i\u015faret eder. \u2022 Ar-Ge Harcamas\u0131 \/ Sat\u0131\u015flar: %4,15. Sat\u0131\u015flar\u0131n d\u00fc\u015fmesine ra\u011fmen bu oran\u0131n ge\u00e7en y\u0131la (%2,46) g\u00f6re artmas\u0131, \u015firketin teknoloji geli\u015ftirme ve inovasyon oda\u011f\u0131n\u0131 sat\u0131\u015f hacmindeki d\u00fc\u015f\u00fc\u015fe ra\u011fmen korudu\u011funu g\u00f6stermektedir. \u2022 Kredi Notu: Moody&#8217;s, 21 Nisan 2026&#8217;da \u015firketin kredi notunu &#8220;Caa1&#8243;den &#8220;Caa2&#8243;ye d\u00fc\u015f\u00fcrm\u00fc\u015f ve g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc &#8220;Negatif&#8221; olarak belirlemi\u015ftir. 2. Kar ve Zarar Analizi (31.03.2026 &#8211; 31.03.2025 Kar\u015f\u0131la\u015ft\u0131rmal\u0131)3. Finansal Durum ve Bor\u00e7luluk Analizi4. Di\u011fer \u00d6nemli Oranlar ve Tart\u0131\u015fma\u00d6zetle; Vestel Elektronik hissesi (VESTL), finansal verilerine g\u00f6re varl\u0131k de\u011ferinin \u00e7ok alt\u0131nda (0,23 PD\/DD) fiyatlansa da, \u015firketin y\u00fcksek bor\u00e7luluk oran\u0131 (%264), operasyonel zarar\u0131n s\u00fcrmesi ve sat\u0131\u015f hacmindeki %49&#8217;luk daralma, hisse fiyat\u0131 \u00fczerindeki temel bask\u0131 unsurlar\u0131 olarak \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vestel Elektronik Sanayi ve Ticaret A.\u015e. i\u00e7in 10 Haziran 2026 tarihindeki 24,46 TL hisse fiyat\u0131 ve 31 Mart 2026 tarihli finansal rapor verileri temel al\u0131narak yap\u0131lan hesaplamalar ve finansal analiz a\u015fa\u011f\u0131dad\u0131r:1. Temel Piyasa ve De\u011ferleme Verileri \u2022 Piyasa De\u011feri: 335.456.275&#8230; <\/p>\n","protected":false},"author":2,"featured_media":49,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-48","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\/48","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=48"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/48\/revisions"}],"predecessor-version":[{"id":50,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/48\/revisions\/50"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media\/49"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media?parent=48"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/categories?post=48"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/tags?post=48"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}