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Alarko Carrier Sanayi ve Ticaret A.S.

Alarko Carrier Sanayi ve Ticaret A.S.

BBIST:ALCAR
535.50
TRY
-21.00
(-3.77%)
-54.16EPS
8.46BMarket Cap
Alarko Carrier Sanayi ve Ticaret A.S.
BIST:ALCAR
(Istanbul Exchange)

Recent

price

535.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TRY
23.1
30.42
32.75
34.29
37.75
40.61
45.09
53.81
58.92
54.12
73.21
117.12
385.21
730.58
791.08
694.8
705.31
Revenue per Share
0.81
4.86
2.4
3.19
2.73
3.41
3.53
4.73
4.57
1.52
5.73
6.66
44.71
-55
50.05
-63.54
-54.16
Basic EPS, GAAP
0.88
-0.16
-0.04
0.2
-0.17
0.31
-1.15
-2.76
-3.02
2.46
0.29
-15.91
-42.12
-130.32
-6.29
25.92
70.52
Free Cash Flow per Basic Share
- -
0.21
0.75
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
72.99
- -
Dividend per Share
19.8
24.43
26.17
28.75
30.55
32.46
31.79
33.33
35.36
36.66
41.98
46.09
185.85
199.34
311.46
175.5
188.35
Book Value per Share
19.72
24.33
26.09
28.68
30.46
32.37
31.67
33.18
34.76
36
41.31
45.35
180.92
192.54
307.62
171.65
183.97
Tangible Book Value per Share
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
11
Basic Weighted Avg Shares
249
329
354
370
408
439
487
581
636
585
791
1,265
4,160
7,890
8,544
7,504
7,617
Sales/Revenue/Turnover
1.29
8.45
7.78
9.15
8.05
7.04
7.55
11.05
7.47
0.98
8.57
6.8
0.56
-0.97
-1.03
-0.5
-1.71
Operating Margin (%)
4
4
4
4
4
4
5
5
5
10
12
15
81
150
199
212
218
Depreciation Expense
9
52
26
34
30
37
38
51
49
16
62
72
483
-594
540
-686
-585
Net Income, GAAP
18.19
14.11
17.94
17.58
17.35
17.77
17.46
17.1
19.24
9.31
20.71
7.32
1.42
- -
35.04
- -
- -
Effective Tax Rate (%)
3.49
15.97
7.31
9.31
7.24
8.4
7.82
8.78
7.75
2.8
7.83
5.69
11.61
-7.53
6.33
-9.15
-7.68
Profit Margin (%)
176
230
252
280
299
321
318
336
356
363
440
489
1,829
1,247
3,174
1,769
1,244
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
3
2
18
38
66
222
1,058
1,129
564
LT Debt
214
264
283
311
330
351
343
360
382
396
453
498
2,007
2,153
3,364
1,895
2,034
Total Equity
1.25
17.11
9.72
11.87
9.57
8.87
11.71
16.24
15.7
4.98
14.3
27.54
9.6
- -
-1.89
- -
- -
Return on Invested Capital (%)
6.82
22.85
9.94
12.29
9.75
11.4
11.6
15.99
15.8
4.95
13.42
12.38
31.92
- -
16.05
- -
- -
Return on Capital (%)
4.16
21.97
9.47
11.62
9.22
10.82
10.98
14.52
13.3
4.22
14.57
15.13
38.55
-28.56
19.59
-26.1
-28.86
Return on Common Equity (%)

Capital Structure

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
1,088
1,127
1,287
LT Borrowings
1,114
799
525
LT Finance Leases
15
13
39
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
11
11
11
Market Capitalization
9,202
7,700
8,456

Working Capital

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
4,543
4,327
4,546
Cash, Cash Equivalents & STI
902
531
481
Accounts Receivable, Net
1,927
1,880
1,717
Inventories
1,161
1,218
1,538
Total Current Liabilities
2,774
2,836
3,302
Payables & Accruals
- -
- -
- -
ST Debt
1,088
1,127
1,287
Deferred Revenue
- -
- -
- -

Growth Rates

TRY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
35.99%
66.58%
-43.65%
Free Cash Flow
-645.64%
-1,172.48%
-511.84%
Net Income, GAAP
19.11%
-10.72%
-226.97%
Sales/Revenue/Turnover
44.16%
74.93%
-12.17%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,822
1,822
2,312
179
8,544
2025
1,600
2,659
1,948
1,998
7,504
2026
1,674
1,997
- -
- -
- -

Quarterly Earnings Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-13.82
-15.43
0.27
71.09
50.05
2025
-26.09
-6.98
-6.68
-28.47
-63.54
2026
-6.27
-12.75
- -
- -
- -

Quarterly Dividends Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
72.99
2026
- -
- -
- -
- -
- -
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Business
Alarko Carrier Sanayi ve Ticaret A.S. is a Turkey-based joint venture manufacturer, distributor, and engineering services provider specializing in heating, ventilation, air conditioning (HVAC), water management, and building automation systems. Established in 1954 and restructured in 1998 through an equal partnership between Alarko Holding and Carrier Corporation, the company is headquartered in Kocaeli, Turkey, and operates a modern manufacturing and engineering complex in the Gebze Organized Industrial Zone. The company operates through two primary divisions: Manufacturing and Trading/Distribution. Its comprehensive product and service offerings comprise heating systems, including residential condensing wall-hung boilers, commercial floor-standing boilers, burners, panel radiators, and solar thermal collectors; cooling and climate control equipment, including centrifugal and scroll chillers, rooftop units, air handling units, fan coil units, and variable refrigerant flow (VRF) systems; water and fluid management systems, including submersible pumps, multi-stage booster sets, inline circulation pumps, and drainage systems; building management systems, including automated environmental controls, energy management software, and digital monitoring devices; and professional services, including heating and cooling system design, engineering consultancy, installation oversight, maintenance contracting, and spare parts distribution through its Totaline branch network. The company produces equipment under the Alarko and Carrier brand names, while also serving as the exclusive distributor of Toshiba residential and light commercial air conditioners in Turkey. Alarko Carrier distributes its offerings to residential developers, industrial facilities, hospitals, educational institutions, commercial centers, and public infrastructure projects domestically and across export markets in Europe, the Middle East, North Africa, and the Commonwealth of Independent States. In recent operational developments, the company has accelerated its transition toward energy efficiency and decarbonization by expanding its lineup of advanced air-to-water heat pumps, hybrid renewable thermal systems, and air conditioning units utilizing low global warming potential (GWP) refrigerants. The company has also integrated Industry 4.0 digital manufacturing workflows at its Gebze production plant, launched next-generation IoT-enabled smart combi boilers featuring remote diagnostic capabilities, and broadened its distribution footprint in European HVAC markets to support regional green building retrofits and clean energy transitions.