{"id":70,"date":"2026-06-12T19:03:13","date_gmt":"2026-06-12T16:03:13","guid":{"rendered":"https:\/\/tabildot.com.tr\/tv\/?p=70"},"modified":"2026-06-12T19:32:08","modified_gmt":"2026-06-12T16:32:08","slug":"%f0%9f%94%b4-pgsus-2026-03-bilanco-analizi-pegasus-hava-tasimaciligi-a-s-pegasus-neden-zarar-ederken-nak","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/tv\/arsivler\/70","title":{"rendered":"\ud83d\udd34 PGSUS 2026-03 Bilan\u00e7o Analizi | Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. (Pegasus neden zarar ederken nak&#8230;"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34 PGSUS 2026-03 Bilan\u00e7o Analizi | Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. (Pegasus neden zarar ederken nak...\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/Mzz2L3BSTGA?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\/2514 9 Haziran 2026 tarihi itibar\u0131yla payla\u015f\u0131lan 168,90 TL hisse fiyat\u0131 ve 31 Mart 2026 tarihli finansal rapor verileri \u0131\u015f\u0131\u011f\u0131nda Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. (PGSUS) i\u00e7in talep etti\u011finiz hesaplamalar ve analizler a\u015fa\u011f\u0131dad\u0131r:Temel De\u011ferleme ve Finansal Oranlar \u2022 Piyasa De\u011feri: \u015eirketin toplam pay say\u0131s\u0131 500.000.000 adettir. 168,90 TL hisse fiyat\u0131 \u00fczerinden hesapland\u0131\u011f\u0131nda piyasa de\u011feri 84.450.000.000 TL (84,45 Milyar TL) seviyesindedir. \u2022 Net D\u00f6nem Kar\u0131 ve Y\u0131ll\u0131k De\u011fi\u015fim: \u015eirket 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde 7.758.354 bin TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r. 2025 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6nemindeki 2.634.619 bin TL&#8217;lik zarara g\u00f6re net zarar %194,5 oran\u0131nda art\u0131\u015f g\u00f6stermi\u015ftir. Havac\u0131l\u0131k sekt\u00f6r\u00fcnde ilk \u00e7eyreklerin mevsimsellik etkisiyle genellikle zay\u0131f ge\u00e7ti\u011fi not edilmelidir. \u2022 Defter De\u011feri ve PD\/DD: 31 Mart 2026 itibar\u0131yla toplam \u00f6zkaynaklar 115.747.897 bin TL&#8217;dir. Bu durumda hisse ba\u015f\u0131na Defter De\u011feri 231,50 TL olarak hesaplanmaktad\u0131r. Mevcut 168,90 TL fiyat ile PD\/DD (Piyasa De\u011feri \/ Defter De\u011feri) oran\u0131 0,73&#8217;t\u00fcr. Bu oran, hissenin defter de\u011ferinin yakla\u015f\u0131k %27 alt\u0131nda i\u015flem g\u00f6rd\u00fc\u011f\u00fcn\u00fc g\u00f6stermektedir. \u2022 F\/K (Fiyat\/Kazan\u00e7): \u015eirket son d\u00f6nemde zarar a\u00e7\u0131klad\u0131\u011f\u0131 i\u00e7in F\/K oran\u0131 negatiftir ve geleneksel de\u011ferleme a\u00e7\u0131s\u0131ndan anlaml\u0131 bir \u00e7arpan sunmamaktad\u0131r. \u2022 Net Bor\u00e7 ve Firma De\u011feri: \u2022 Varl\u0131k Fonlamas\u0131: Toplam varl\u0131klar 421.116.418 bin TL&#8217;dir. Varl\u0131klar\u0131n %27,5&#8217;i \u00f6zkaynaklar (ana sermaye) ile, %72,5&#8217;i ise bor\u00e7lar (y\u00fck\u00fcml\u00fcl\u00fckler) ile finanse edilmektedir. \u2022 \u00d6zkaynaklardaki De\u011fi\u015fim: \u00d6zkaynaklar 2025 sonundaki 116.853.872 bin TL seviyesinden %0,95 oran\u0131nda hafif bir azal\u0131\u015fla 115.747.897 bin TL&#8217;ye gerilemi\u015ftir. Bu s\u0131n\u0131rl\u0131 d\u00fc\u015f\u00fc\u015f, d\u00f6nem zarar\u0131n\u0131n etkisinin &#8220;riskten korunma kazan\u00e7lar\u0131&#8221; gibi di\u011fer kapsaml\u0131 gelir kalemleriyle dengelenmesinden kaynaklanm\u0131\u015ft\u0131r. \u2022 Finansal Bor\u00e7lardaki De\u011fi\u015fim: 2025 sonundaki 166.307.502 bin TL olan toplam finansal bor\u00e7lar, 31 Mart 2026 itibar\u0131yla %43,6 artarak 238.866.181 bin TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015fta yeni kiralama i\u015flemleri ve kur de\u011fi\u015fimlerinin etkisi b\u00fcy\u00fckt\u00fcr. \u2022 Sat\u0131\u015f ve Br\u00fct Kar De\u011fi\u015fimi: \u2022 Esas Faaliyet Kar\u0131ndaki De\u011fi\u015fim: \u015eirketin esas faaliyet zarar\u0131 %21 art\u0131\u015fla 4.724.610 bin TL olarak ger\u00e7ekle\u015fmi\u015ftir. \u2022 \u00d6zkaynak Karl\u0131l\u0131\u011f\u0131 (ROE) De\u011fi\u015fimi: D\u00f6nem zarar\u0131 nedeniyle \u00f6zkaynak karl\u0131l\u0131\u011f\u0131 negatiftir. Ge\u00e7en y\u0131l\u0131n ilk \u00e7eyre\u011finde de zarar a\u00e7\u0131kland\u0131\u011f\u0131 i\u00e7in karl\u0131l\u0131kta negatif y\u00f6nl\u00fc bir seyir devam etmektedir. \u2022 Cari Oran: D\u00f6nen varl\u0131klar (92.668.869 bin TL) \/ K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler (95.675.454 bin TL) = 0,97. Bu oran 1&#8217;in hafif alt\u0131nda olup, k\u0131sa vadeli bor\u00e7 \u00f6deme kapasitesinin yak\u0131ndan izlenmesi gerekti\u011fini g\u00f6stermektedir. \u2022 Hizmet Gelirlerinin Pay\u0131: Toplam 32,7 Milyar TL&#8217;lik has\u0131lat\u0131n 14,6 Milyar TL&#8217;si (%44,7) tarifeli hizmet (yan gelirler) gelirlerinden olu\u015fmaktad\u0131r. Bu, d\u00fc\u015f\u00fck maliyetli havayolu modeli (LCC) i\u00e7in kritik bir ba\u015far\u0131 g\u00f6stergesidir. \u2022 D\u00f6viz Pozisyonu: \u015eirketin 34,2 Milyar TL tutar\u0131nda net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu bulunmaktad\u0131r. Bu durum, TL&#8217;nin de\u011fer kaybetti\u011fi d\u00f6nemlerde finansman giderleri \u00fczerinden net kar\u0131 bask\u0131layan \u00f6nemli bir risk fakt\u00f6r\u00fcd\u00fcr. Finansal Durum ve Performans AnaliziDi\u011fer \u00d6nemli Oranlar ve Tart\u0131\u015fma\u00d6zetle; Pegasus, sat\u0131\u015flar\u0131n\u0131 y\u0131ll\u0131k bazda %39 art\u0131rmay\u0131 ba\u015farm\u0131\u015f olsa da, maliyet art\u0131\u015flar\u0131 ve kur etkisiyle operasyonel zarar\u0131n\u0131 ve net zarar\u0131n\u0131 b\u00fcy\u00fctm\u00fc\u015ft\u00fcr. PD\/DD oran\u0131n\u0131n 0,73 olmas\u0131, piyasan\u0131n \u015firketi varl\u0131k de\u011ferinin alt\u0131nda fiyatlad\u0131\u011f\u0131na i\u015faret etmektedir. Ancak y\u00fcksek bor\u00e7luluk ve d\u00f6viz riski bu iskontonun ana nedenleri olarak de\u011ferlendirilebilir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>https:\/\/tabildot.com.tr\/marketrisk\/2514 9 Haziran 2026 tarihi itibar\u0131yla payla\u015f\u0131lan 168,90 TL hisse fiyat\u0131 ve 31 Mart 2026 tarihli finansal rapor verileri \u0131\u015f\u0131\u011f\u0131nda Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. (PGSUS) i\u00e7in talep etti\u011finiz hesaplamalar ve analizler a\u015fa\u011f\u0131dad\u0131r:Temel De\u011ferleme ve Finansal Oranlar \u2022 Piyasa De\u011feri: \u015eirketin&#8230; <\/p>\n","protected":false},"author":2,"featured_media":71,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[10],"class_list":["post-70","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\/70","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=70"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/70\/revisions"}],"predecessor-version":[{"id":72,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/70\/revisions\/72"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media\/71"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media?parent=70"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/categories?post=70"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/tags?post=70"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}