FORTE BILGI ILETISIM TEKNOLOJILERI VE SAVUNMA SANAYI A.S.

FORTE BILGI ILETISIM TEKNOLOJILERI VE SAVUNMA SANAYI A.S.

BBIST:FORTE
81.25
TRY
-3.15
(-3.73%)
38.96EPS
2.36P/E
6.15BMarket Cap
FORTE BILGI ILETISIM TEKNOLOJILERI VE SAVUNMA SANAYI A.S.
BIST:FORTE
(Istanbul Exchange)

Recent

price

81.25

P/E

ratio

2.36

div

yld

- -

ROIC.AI

2020
2021
2022
2023
2024
2025
TTM
TRY
3.05
3.21
10.23
18.09
34.8
36.38
58.11
Revenue per Share
0.47
0.35
0.83
0.23
-1.6
34.76
38.82
Basic EPS, GAAP
0.7
-0.14
-0.88
3.14
-2.43
39.18
51.72
Free Cash Flow per Basic Share
- -
- -
- -
1.06
0.17
- -
- -
Dividend per Share
0.79
1.09
4.08
12.78
14.95
36.82
46.54
Book Value per Share
0.71
0.92
3.01
10.08
8.67
-7.17
-8.11
Tangible Book Value per Share
67
67
67
53
67
67
67
Basic Weighted Avg Shares
204
215
685
960
2,332
2,438
3,894
Sales/Revenue/Turnover
23.29
15.33
21.45
24.55
10.24
30
26.66
Operating Margin (%)
1
1
9
16
38
52
76
Depreciation Expense
31
23
55
12
-107
2,329
2,601
Net Income, GAAP
13.2
17.71
32.93
85.28
- -
2.82
4.51
Effective Tax Rate (%)
15.32
10.89
8.07
1.27
-4.6
95.55
66.8
Profit Margin (%)
57
61
204
593
406
678
1,194
Working Capital
- -
- -
2
18
39
961
1,491
LT Debt
62
73
274
856
1,010
2,478
3,132
Total Equity
- -
23.66
42.96
4.9
- -
23.49
25.48
Return on Invested Capital (%)
- -
34.32
24.35
2.5
- -
101.53
93.82
Return on Capital (%)
- -
37.36
31.91
2.16
-11.56
134.29
131.44
Return on Common Equity (%)

Capital Structure

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
841
864
992
LT Borrowings
885
1,240
1,413
LT Finance Leases
76
88
78
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
67
67
67
Market Capitalization
5,414
7,169
6,151

Working Capital

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
2,625
2,919
4,121
Cash, Cash Equivalents & STI
507
488
507
Accounts Receivable, Net
787
1,077
1,274
Inventories
851
892
1,910
Total Current Liabilities
1,946
2,153
2,927
Payables & Accruals
- -
- -
- -
ST Debt
841
864
992
Deferred Revenue
- -
- -
- -

Growth Rates

TRY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
133.85%
145.41%
Free Cash Flow
- -
-373.94%
-1,709.92%
Net Income, GAAP
- -
-643.48%
-2,269.61%
Sales/Revenue/Turnover
- -
82.22%
4.54%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
269
473
298
946
2,332
2025
322
349
549
1,324
2,438
2026
992
1,029
- -
- -
- -

Quarterly Earnings Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.73
-1.01
-0.74
0.63
-1.6
2025
-0.66
-0.39
27.73
7.89
34.76
2026
0.14
3.03
- -
- -
- -

Quarterly Dividends Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
0.01
0.17
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
Business
Forte Bilgi Iletisim Teknolojileri ve Savunma Sanayi A.S. is a Turkey-based technology and defense engineering company that provides end-to-end system integration, enterprise information technology infrastructure, and mission-critical software solutions. Founded in 2006 and headquartered in Ankara, Turkey, the company primarily serves government institutions, military and defense organizations, and commercial enterprises across strategic industries including defense, energy, finance, and telecommunications. The company operates across multiple core domains comprising system integration, defense software engineering, enterprise IT services, and emerging digital technologies. Its primary products and services include: enterprise network infrastructure, data center design, virtualization, server and storage architectures, disaster recovery systems, and business continuity solutions; IT hardware procurement, turn-key infrastructure deployment, IT Service Management (ITSM), mobile device management (MDM), custom application development, artificial intelligence tools, and technical personnel outsourcing; command, control, communications, computers, and intelligence (C4I) systems, tactical data link software, electronic warfare solutions, image exploitation and intelligence processing platforms, simulation systems, and unmanned aerial vehicle (UAV) management systems; integrated product support (IPS), logistics engineering, and technical documentation platforms compliant with international standards including S1000D; and precision agricultural technology solutions and crowdfunding platforms. In recent corporate developments, the company has substantially expanded its defense footprint and vertical market presence through strategic acquisitions and corporate restructuring. In June 2025, Forte acquired 100% of defense software company MilSOFT Yazilim Teknolojileri A.S. from SSTEK Savunma Sanayi Teknolojileri A.S. for 9.95 million USD, integrating proprietary tactical data links, command-and-control software, and defense simulation capabilities into its core portfolio. In January 2024, the company acquired a 51% controlling stake in Cetwell Bilgi Teknolojileri ve Zirai Sistemler Danismanlik Hizmetleri A.S. to enter the precision agricultural technology sector, and subsequently established Techfor Bilisim Teknolojileri A.S. as a wholly owned subsidiary to support broader IT consulting operations. Following its June 2023 initial public offering on Borsa Istanbul under the ticker FORTE, the company has secured significant multi-million-dollar defense and public infrastructure contracts, including large-scale defense software orders and national utility infrastructure projects, while expanding its export initiatives across regional and international defense markets.