{"id":67,"date":"2026-06-12T19:02:33","date_gmt":"2026-06-12T16:02:33","guid":{"rendered":"https:\/\/tabildot.com.tr\/tv\/?p=67"},"modified":"2026-06-12T19:32:08","modified_gmt":"2026-06-12T16:32:08","slug":"%f0%9f%94%b5-pgsus-2026-03-faaliyet-raporu-analizi-pegasus-hava-tasimaciligi-a-s-pegasusun-milyarlik-za","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/tv\/arsivler\/67","title":{"rendered":"\ud83d\udd35 PGSUS 2026-03 Faaliyet Raporu Analizi | Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. (Pegasus\u2019un Milyarl\u0131k Za&#8230;"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35 PGSUS 2026-03 Faaliyet Raporu Analizi | Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. (Pegasus\u2019un Milyarl\u0131k Za...\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/WQrQMw8ejnU?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>https:\/\/tabildot.com.tr\/marketrisk\/2516 Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. (PGSUS) i\u00e7in payla\u015ft\u0131\u011f\u0131n\u0131z 168,90 TL g\u00fcncel hisse fiyat\u0131 ve 31 Mart 2026 tarihli ara d\u00f6nem faaliyet raporu verileri \u0131\u015f\u0131\u011f\u0131nda talep etti\u011finiz hesaplamalar, de\u011fi\u015fimler ve analizler a\u015fa\u011f\u0131da sunulmu\u015ftur:1. Piyasa De\u011feri ve \u015eirket De\u011ferleme Oranlar\u0131 \u2022 Piyasa De\u011feri: \u015eirketin toplam \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 500.000.000 adettir. 168,90 TL hisse fiyat\u0131 \u00fczerinden Piyasa De\u011feri: 84.450.000.000 TL (84,45 Milyar TL) olarak hesaplanmaktad\u0131r. \u2022 Defter De\u011feri (Hisse Ba\u015f\u0131na): 31 Mart 2026 itibar\u0131yla toplam \u00f6zkaynaklar 115.747.897.000 TL&#8217;dir. Bu tutar toplam pay adedine b\u00f6l\u00fcnd\u00fc\u011f\u00fcnde hisse ba\u015f\u0131 defter de\u011feri 231,50 TL \u00e7\u0131kmaktad\u0131r. \u2022 PD\/DD (Piyasa De\u011feri \/ Defter De\u011feri): 84,45 Milyar TL \/ 115,75 Milyar TL = 0,73. \u2022 F\/K (Fiyat \/ Kazan\u00e7): \u015eirket 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde 7.758.354.000 TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klad\u0131\u011f\u0131 i\u00e7in bu d\u00f6nem i\u00e7in F\/K oran\u0131 hesaplanamamaktad\u0131r (negatiftir). \u2022 Firma De\u011feri (FD): Piyasa De\u011feri + Net Bor\u00e7 form\u00fcl\u00fcyle; 84,45 Milyar TL + 160,47 Milyar TL = 244,92 Milyar TL olarak hesaplan\u0131r. \u2022 Net D\u00f6nem Kar\u0131\/Zarar\u0131: 2026&#8217;n\u0131n ilk \u00fc\u00e7 ay\u0131nda 7.758.354.000 TL zarar edilmi\u015ftir. \u2022 Y\u0131ll\u0131k Net Kar De\u011fi\u015fimi: 2025 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6nemindeki 2.634.619.000 TL&#8217;lik zarara oranla, zarar %194 oran\u0131nda artm\u0131\u015ft\u0131r. \u2022 Sat\u0131\u015flardaki ve Br\u00fct Kardaki De\u011fi\u015fim: \u2022 Esas Faaliyet Kar\u0131ndaki De\u011fi\u015fim: Esas faaliyet zarar\u0131 3,91 Milyar TL&#8217;den 4,72 Milyar TL&#8217;ye y\u00fckselerek %21 artm\u0131\u015ft\u0131r. \u2022 \u00d6zkaynak Karl\u0131l\u0131\u011f\u0131ndaki De\u011fi\u015fim: \u00d6zkaynaklar bir \u00f6nceki y\u0131l sonuna g\u00f6re %1 azalarak 115,75 Milyar TL&#8217;ye gerilemi\u015ftir. D\u00f6nemsel zarar nedeniyle \u00f6zkaynak karl\u0131l\u0131\u011f\u0131 bu \u00e7eyrekte negatiftir. \u2022 \u015eirketin Net Borcu: 31 Mart 2026 itibar\u0131yla 160.466.811.000 TL (160,47 Milyar TL) net bor\u00e7 pozisyonu bulunmaktad\u0131r. \u2022 Varl\u0131k Finansman\u0131: \u2022 Finansal Bor\u00e7lardaki De\u011fi\u015fim: 2025 y\u0131l sonuna g\u00f6re finansal bor\u00e7lar 233,18 Milyar TL&#8217;den 238,87 Milyar TL&#8217;ye \u00e7\u0131karak %2 oran\u0131nda art\u0131\u015f kaydetmi\u015ftir. \u2022 Cari Oran: D\u00f6nen Varl\u0131klar (92,67 Milyar TL) \/ K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler (95,68 Milyar TL) = 0,97. Bu oran, k\u0131sa vadeli bor\u00e7lar\u0131n kar\u015f\u0131lanmas\u0131 noktas\u0131nda likiditenin s\u0131n\u0131ra yak\u0131n oldu\u011funu g\u00f6stermektedir. \u2022 Operasyonel Verimlilik: Misafir say\u0131s\u0131 %9,0 artarak 9,83 milyona, doluluk oran\u0131 ise 0,2 puan art\u0131\u015fla %86,3&#8217;e y\u00fckselmi\u015ftir. \u2022 Birim Maliyet (CASK): 2026&#8217;n\u0131n ilk \u00fc\u00e7 ay\u0131nda birim maliyet 3,08 \u20acc olarak ger\u00e7ekle\u015fmi\u015ftir. \u2022 Yan Gelirlerin Pay\u0131: Yan \u00fcr\u00fcn ve hizmetlerden elde edilen gelirler, toplam gelirin %45&#8217;ini olu\u015fturarak g\u00fc\u00e7l\u00fc bir nakit ak\u0131\u015f\u0131 kayna\u011f\u0131 olmaya devam etmektedir. 2. K\u00e2rl\u0131l\u0131k ve De\u011fi\u015fim Analizi (2026 Q1 vs 2025 Q1)3. Bor\u00e7luluk ve Sermaye Yap\u0131s\u01314. Di\u011fer \u00d6nemli Oranlar ve Tart\u0131\u015fmaGenel De\u011ferlendirme: Pegasus, 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde has\u0131lat\u0131n\u0131 %39 art\u0131rmas\u0131na ra\u011fmen, maliyetlerdeki veya operasyonel giderlerdeki art\u0131\u015f nedeniyle net zarar\u0131n\u0131 ciddi oranda (%194) b\u00fcy\u00fctm\u00fc\u015ft\u00fcr. Havac\u0131l\u0131k sekt\u00f6r\u00fc i\u00e7in ilk \u00e7eyre\u011fin genellikle d\u00fc\u015f\u00fck sezon oldu\u011fu unutulmamal\u0131d\u0131r. Ancak, hisse fiyat\u0131n\u0131n defter de\u011ferinin alt\u0131nda (0,73 PD\/DD) olmas\u0131, piyasan\u0131n mevcut zararlar\u0131 ve y\u00fcksek bor\u00e7luluk yap\u0131s\u0131n\u0131 (Net Bor\u00e7 160,47 Milyar TL) fiyatlad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. \u015eirketin b\u00fcy\u00fcme stratejisi kapsam\u0131nda filosuna yeni u\u00e7aklar eklemeye devam etmesi (A321neo say\u0131s\u0131 %17 artm\u0131\u015ft\u0131r) uzun vadeli kapasite art\u0131\u015f\u0131 sinyali vermektedir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>https:\/\/tabildot.com.tr\/marketrisk\/2516 Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. (PGSUS) i\u00e7in payla\u015ft\u0131\u011f\u0131n\u0131z 168,90 TL g\u00fcncel hisse fiyat\u0131 ve 31 Mart 2026 tarihli ara d\u00f6nem faaliyet raporu verileri \u0131\u015f\u0131\u011f\u0131nda talep etti\u011finiz hesaplamalar, de\u011fi\u015fimler ve analizler a\u015fa\u011f\u0131da sunulmu\u015ftur:1. Piyasa De\u011feri ve \u015eirket De\u011ferleme Oranlar\u0131 \u2022 Piyasa&#8230; <\/p>\n","protected":false},"author":2,"featured_media":68,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[10],"class_list":["post-67","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-risk","tag-pgsus"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/67","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=67"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/67\/revisions"}],"predecessor-version":[{"id":69,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/67\/revisions\/69"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media\/68"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media?parent=67"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/categories?post=67"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/tags?post=67"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}