1. Turkey Stocks

  2. •

    Consumer services

  3. •

    Hotels/Resorts/Cruise lines
Net Holding A.S.

Net Holding A.S.

BBIST:NTHOL
34.70
TRY
-0.38
(-1.08%)
3.17EPS
21.05P/E
19.83BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.53
0.84
1.1
1.29
1.59
1.36
1.64
0.75
1.79
11.3
24.31
45.65
50.03
54
Basic EPS, GAAP
0.41
0.06
0.18
-0.07
0.76
0.46
0.14
-0.87
1.61
2.71
5.71
6.19
3.33
2.07
Free Cash Flow per Basic Share
-1.15
-0.1
-0.19
-0.34
0.07
-0.18
0.3
-0.24
0.86
5.46
3.43
-3.35
3.1
-1.7
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
1.78
2.93
4.48
4.28
15.43
34.66
39.48
11.82
20.98
58.7
103.08
147.23
167.11
195.68
Tangible Book Value per Share
1.78
2.92
4.48
4.27
15.41
34.63
39.46
11.81
20.85
58.03
101.85
145.35
164.97
193.24
Basic Weighted Avg Shares
366
366
366
366
409
564
564
564
564
564
564
555
500
489
Sales/Revenue/Turnover
195
308
403
472
652
767
923
422
1,012
6,372
13,707
25,350
25,016
26,421
Operating Margin (%)
7.54
13.82
6.1
12.68
19.84
23.64
15.74
-39.81
10.49
21.86
21.01
14.1
16.66
10.02
Depreciation Expense
18
36
47
61
73
93
160
176
179
726
2,590
5,484
5,136
5,961
Net Income, GAAP
150
23
66
-24
312
260
76
-490
910
1,530
3,220
3,439
1,666
1,011
Effective Tax Rate (%)
7.39
- -
21.84
126
23.67
28.3
47.33
- -
25.79
- -
43.8
20.64
3.04
2.48
Profit Margin (%)
77.11
7.4
16.39
-5.12
47.88
33.87
8.28
-116.13
89.97
24.01
23.49
13.57
6.66
3.83
Working Capital
17
392
368
473
204
183
105
-190
-264
-2,788
-4,138
-3,917
-1,442
-669
LT Debt
200
390
150
150
105
- -
247
223
180
172
1,786
1,416
2,088
2,043
Total Equity
868
1,273
2,039
2,110
2,884
3,995
4,559
4,142
10,637
29,881
51,424
72,838
80,790
94,348
Return on Invested Capital (%)
15.28
- -
1.09
-0.67
3.84
4.02
1.77
- -
1.96
- -
3.89
4.6
4.79
3.03
Return on Capital (%)
21.55
- -
1.58
-1.86
13.13
9.22
3.29
- -
12.66
- -
7.4
6.74
3.37
1.95
Return on Common Equity (%)
35.91
2.65
4.88
-1.71
15.42
7.64
1.81
-11.48
13.05
8.03
8.42
5.88
2.3
1.34

Capital Structure

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
254
247
237
LT Borrowings
- -
- -
- -
LT Finance Leases
2,088
2,051
2,043
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
457
456
456
Market Capitalization
22,147
17,667
19,829

Working Capital

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
8,272
7,782
8,632
Cash, Cash Equivalents & STI
3,291
4,167
4,132
Accounts Receivable, Net
1,397
710
735
Inventories
794
802
884
Total Current Liabilities
9,714
8,088
9,301
Payables & Accruals
- -
- -
- -
ST Debt
254
247
237
Deferred Revenue
- -
- -
- -

Growth Rates

TRY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
54.6%
92.47%
10.92%
Free Cash Flow
-131.79%
-67.81%
-183.3%
Net Income, GAAP
-250.85%
-30.41%
-51.56%
Sales/Revenue/Turnover
90.74%
173.72%
-1.32%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4,426
5,119
5,815
7,092
25,350
2025
5,946
7,238
6,580
7,369
25,016
2026
6,483
5,989
- -
- -
- -

Quarterly Earnings Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.53
0.97
1.51
2.77
6.19
2025
0.52
0.66
2.06
0.32
3.33
2026
0.65
-0.98
- -
- -
- -

Quarterly Dividends Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Besim Tibuk
Full Time Employees
8,158
Sector
Consumer services
Industry
Hotels/Resorts/Cruise lines
Address
Bade Sokak Istanbul IB Turkey 34337
IPO Date
Oct 5, 1989
Website
netholding.com
Similar Companies
Airbnb, Inc. (NASDAQ:ABNB)
Carnival Corporation Ltd. (NYSE:CCL)
Indian Hotels Co. Ltd. (NSE:INDHOTEL)
Royal Caribbean Cruises Ltd. (NYSE:RCL)
Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH)
Marriott International (NASDAQ:MAR)
Business
Net Holding A.S. (NTHOL.IS) is a Turkey-based holding company primarily engaged in tourism, gaming, hotel management, real estate development, and related services across Turkey, Northern Cyprus, Montenegro, Croatia, and Bulgaria. Founded in 1974 by Besim Tibuk as Net Turizm A.Ş. and headquartered in Istanbul's Etiler district, the company operates through brands such as MERIT International Hotels & Resorts and MERIT Casinos, offering luxury hotels, casinos, duty-free shops, gift and souvenir stores under Bazaar54, cafes, bookstores, limousine services, publishing for tourists and children, and real estate projects; it ranks as the eighth-largest casino operator worldwide and focuses on gaming & lottery, hotel management, and property development sectors targeting leisure, travel, and entertainment markets. Net Holding employs around 7,134 people under CEO Hande Tibuk and listed on the Istanbul Stock Exchange since 1989, contributing to regional economies through expansions like the Hagia Sophia restoration in 1992, Merit casino openings in Northern Cyprus, and Balkan market entries with multiple casino and hotel properties since 2011. In recent developments, the company pursues a merger with Net Tourism (NTTUR) to eliminate cross-holdings, consolidate assets including tourism operations onto its balance sheet, enhance synergies, transparency, and market capitalization, with the process outlined since 2015 and ongoing transformation into a regional services holding emphasizing sustainable growth in gaming and hospitality.