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Marshall Boya ve Vernik Sanayi A.S.

Marshall Boya ve Vernik Sanayi A.S.

BBIST:MRSHL
1,082.00
TRY
-21.00
(-1.90%)
23.14BMarket Cap
Marshall Boya ve Vernik Sanayi A.S.
BIST:MRSHL
(Istanbul Exchange)

Recent

price

1,082.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2009
2010
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TRY
17.85
22.3
26.88
25.58
27.11
33.02
38.57
39.36
50.62
75.16
314.45
412.33
483.6
397.9
- -
Revenue per Share
0.72
1.32
-0.03
-0.05
0.37
-0.24
-3.58
1.88
2.17
-9.63
-3.59
-19.28
-28.99
-26.51
- -
Basic EPS, GAAP
3.75
-0.45
0.09
1.8
-0.22
-1.56
-3.03
5.87
11.23
-17.06
32.99
56.79
2.3
13.71
57.99
Free Cash Flow per Basic Share
0.83
0.36
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
10.65
11.61
10.79
10.62
10.83
10.6
6.54
8.39
10.48
0.71
34.64
101.7
106.31
79.97
112.58
Book Value per Share
10.6
11.57
10.71
10.55
10.83
10.6
6.53
8.37
10.47
0.71
34.64
101.7
106.27
79.95
112.55
Tangible Book Value per Share
10
10
10
10
10
10
10
10
10
10
10
11
11
11
11
Basic Weighted Avg Shares
178
223
269
256
271
330
386
394
506
752
3,145
4,496
5,317
4,375
- -
Sales/Revenue/Turnover
4.58
7.84
1.26
1.91
4.05
2.48
3.37
13.85
5.96
-2.21
7.7
8.17
7.53
8.71
- -
Operating Margin (%)
6
6
14
14
13
11
15
13
18
25
108
157
220
278
294
Depreciation Expense
7
13
- -
-1
4
-2
-36
19
22
-96
-36
-210
-319
-291
- -
Net Income, GAAP
21.78
- -
122.26
155.45
18.58
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
4.05
5.91
-0.12
-0.2
1.35
-0.73
-9.29
4.76
4.28
-12.81
-1.14
-4.68
-5.99
-6.66
- -
Profit Margin (%)
63
77
51
55
70
59
22
28
-4
-145
-308
81
-222
-186
26
Working Capital
- -
- -
- -
- -
- -
- -
- -
6
3
- -
1
- -
57
116
87
LT Debt
106
116
108
106
108
106
65
84
105
7
346
1,118
1,169
879
1,238
Total Equity
- -
- -
-0.69
-2.56
7.66
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Invested Capital (%)
- -
- -
-0.92
-2.77
7.56
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
11.84
-0.29
-0.47
3.42
-2.25
-41.81
25.13
22.99
-172.15
-20.31
-28.71
-27.87
-28.47
- -
Return on Common Equity (%)

Capital Structure

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
542
574
472
LT Borrowings
92
88
87
LT Finance Leases
25
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
11
11
11
Market Capitalization
17,239
14,886
23,143

Working Capital

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,890
2,993
3,455
Cash, Cash Equivalents & STI
339
327
364
Accounts Receivable, Net
648
1,886
2,435
Inventories
462
395
440
Total Current Liabilities
2,076
2,983
3,429
Payables & Accruals
- -
- -
- -
ST Debt
542
574
472
Deferred Revenue
- -
- -
- -

Growth Rates

TRY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
489.14%
975.33%
-24.77%
Free Cash Flow
34.46%
-11.28%
497.18%
Net Income, GAAP
17.56%
-15.62%
-8.53%
Sales/Revenue/Turnover
48.56%
82.07%
-17.72%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,705
1,718
851
580
5,317
2025
1,937
1,354
- -
877
4,375
2026
1,498
1,611
- -
- -
- -

Quarterly Earnings Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-1.97
5.9
-19.54
-10.56
-28.99
2025
8.03
-10.28
- -
-8.88
-26.51
2026
14.96
9.54
- -
- -
- -

Quarterly Dividends Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Marshall Boya ve Vernik Sanayi A.S. is a Turkey-based chemical and building materials manufacturing company primarily engaged in the development, production, marketing, and distribution of architectural paints, varnishes, wood preservation products, and thermal insulation solutions. Founded in 1954 and headquartered in Dilovasi, Kocaeli, Turkey, the company operates as a subsidiary of Akzo Nobel Coatings International B.V., part of the global paints and coatings conglomerate AkzoNobel. Marshall Boya ve Vernik Sanayi A.S. offers a comprehensive portfolio of surface treatment and decorative finishing products organized across several principal categories: interior decorative paints, including water-based wall paints, silicone-enhanced emulsions, antibacterial coatings, ceiling paints, and matte, satin, and gloss finishes; exterior wall paints and textured facade coatings engineered for weather resistance and UV protection; wood care and preservation solutions, encompassing protective stains, varnishes, yacht varnishes, and parquet coatings; synthetic and oil-based enamels, anti-corrosive primers, and metal coatings; and external thermal insulation composite systems (ETICS), including insulation boards, adhesive mortars, and decorative exterior plasters. The company distributes its products under recognized brand names including Marshall, Cuprinol, and Hammerite, supported by proprietary computerized color-tinting systems and automated dispensing machines installed across an extensive dealer and distribution network. Its solutions serve individual retail consumers, professional painting contractors, construction firms, commercial property developers, and industrial customers across Turkey, with export operations extending to markets in the Middle East, the Caucasus, Central Asia, and Eastern Europe. In recent operational developments, Marshall Boya ve Vernik Sanayi A.S. has advanced its sustainable product strategy by expanding its low-VOC (volatile organic compound), water-borne, and eco-certified coating lines in alignment with AkzoNobel's global environmental objectives. The company has also accelerated its digital transformation through enhanced digital color consultation and augmented-reality visualization platforms for consumers and professionals, while executing operational efficiency, automation, and sustainability investments at its Dilovasi manufacturing facility, including resource-efficiency measures and supply chain optimizations to reinforce cost competitiveness and distribution capabilities.