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    Energy minerals

  3. •

    Oil refining/Marketing
Tupras Turkiye Petrol Rafinerileri A.S.

Tupras Turkiye Petrol Rafinerileri A.S.

BBIST:TUPRS
352.25
TRY
-7.00
(-1.95%)
36.40EPS
6.31P/E
438.35BMarket Cap
Oct 29Next Earn
Tupras Turkiye Petrol Rafinerileri A.S.
BIST:TUPRS
(Istanbul Exchange)

Recent

price

352.25

P/E

ratio

6.31

div

yld

2.08%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TRY
14.97
23.28
24.19
23.43
22.66
21.04
19.88
30.78
50.52
51.11
36.08
79.14
628.14
514.43
550.52
430.95
569.52
Revenue per Share
0.42
0.71
0.83
0.68
0.83
1.45
1.02
2.17
2.12
0.3
-1.42
1.81
42.01
40.15
12.44
15.32
36.04
Basic EPS, GAAP
1.3
-1.93
0.21
0.17
0.1
-0.72
2.18
1.04
0.23
5.7
0.59
-1.45
50.99
48.18
14.58
15.75
76.18
Free Cash Flow per Basic Share
0.36
0.43
0.56
0.55
0.23
- -
0.93
0.89
1.94
2.16
- -
0.01
0.05
25.66
33.13
18.08
7.33
Dividend per Share
2.21
2.49
2.76
2.91
3.51
4.74
4.61
5.92
5.6
7.39
7.24
10.73
92.32
150.44
191.72
188.97
236.73
Book Value per Share
2.03
2.33
2.74
2.88
3.48
4.7
4.58
5.88
5.57
7.37
7.1
10.41
90.86
147.25
187.58
183.71
230.91
Tangible Book Value per Share
1,753
1,753
1,754
1,753
1,753
1,754
1,753
1,753
1,753
1,753
1,753
1,927
1,459
1,927
1,927
1,927
1,927
Basic Weighted Avg Shares
26,236
40,806
42,437
41,078
39,723
36,893
34,855
53,948
88,552
89,601
63,244
152,492
916,751
991,203
1,060,730
830,356
1,097,352
Sales/Revenue/Turnover
5.04
4.9
2.64
2.17
1.55
8.85
7.79
9.43
9.08
3.54
-0.22
8.86
10.56
13.18
4.96
5.84
8.62
Operating Margin (%)
221
249
222
240
258
486
541
574
622
706
742
854
6,282
8,754
12,587
14,626
14,944
Depreciation Expense
737
1,242
1,464
1,197
1,459
2,550
1,793
3,812
3,713
526
-2,494
3,495
61,314
77,354
23,973
29,523
69,450
Net Income, GAAP
20.21
19.3
- -
- -
- -
- -
6.75
14.16
- -
- -
- -
- -
10.16
6.83
40.04
31.75
21.5
Effective Tax Rate (%)
2.81
3.04
3.45
2.91
3.67
6.91
5.14
7.07
4.19
0.59
-3.94
2.29
6.69
7.8
2.26
3.56
6.33
Profit Margin (%)
442
678
1,061
-632
-1,570
-86
1,007
2,690
5,013
-201
2,515
1,687
67,506
66,239
48,198
67,183
114,112
Working Capital
526
1,212
3,540
5,447
6,978
8,048
10,176
9,777
13,836
13,898
21,148
21,565
35,055
7,736
13,004
28,429
36,443
LT Debt
3,901
4,406
4,890
5,139
6,213
8,368
8,167
10,478
9,946
13,137
12,925
19,081
179,413
293,004
374,675
369,828
463,307
Total Equity
12.86
21.22
- -
- -
- -
- -
10.27
16.63
- -
- -
- -
- -
45.41
32.03
7.04
6.55
14.17
Return on Invested Capital (%)
15.26
19.67
- -
- -
- -
- -
12.68
19.47
- -
- -
- -
- -
48.32
30.54
9.4
9.88
18.83
Return on Capital (%)
19.36
30.15
31.77
24.09
25.94
35.27
21.88
41.29
36.76
4.62
-19.43
22.18
62.34
33.08
7.27
8.05
18.21
Return on Common Equity (%)

Capital Structure

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
21,821
19,376
31,758
LT Borrowings
27,928
35,319
35,978
LT Finance Leases
501
499
465
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,927
1,927
1,927
Market Capitalization
355,301
497,595
438,346

Working Capital

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
236,931
315,177
439,481
Cash, Cash Equivalents & STI
91,705
76,846
170,433
Accounts Receivable, Net
52,753
76,810
78,748
Inventories
62,908
63,128
97,951
Total Current Liabilities
169,748
286,504
325,369
Payables & Accruals
- -
- -
- -
ST Debt
21,821
19,376
31,758
Deferred Revenue
- -
- -
- -

Growth Rates

TRY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
102.91%
195.56%
-1.29%
Free Cash Flow
-145.73%
-633.3%
8.03%
Net Income, GAAP
81.48%
278.91%
23.15%
Sales/Revenue/Turnover
72.09%
127.14%
-21.72%
Total Cash Common Dividend
9,922.62%
14,475.58%
-45.41%

Quarterly Revenue

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
228,525
257,560
261,553
211,054
1,060,730
2025
207,582
241,976
220,666
232,012
830,356
2026
258,254
386,420
- -
- -
- -

Quarterly Earnings Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.23
3.51
5.36
2.46
12.44
2025
0.07
6.09
6.31
4
15.32
2026
1.93
23.81
- -
- -
- -

Quarterly Dividends Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
9.56
7.09
33.13
2025
- -
- -
1.94
5.39
18.08
2026
- -
- -
- -
- -
- -
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Business
Türkiye Petrol Rafinerileri A.S. (Tüpraş) is Turkey's largest industrial enterprise and a leading oil refiner, operating four refineries with a total annual crude oil processing capacity of 30 million tons across İzmit, İzmir, Kırıkkale, and Batman facilities; it produces a comprehensive range of petroleum and petrochemical products including liquefied petroleum gases, gasoline, diesel, jet fuel, fuel oils, base oils, waxes, extracts, bitumen and bituminous binders, naphtha, white spirits, clarified oils, petroleum coke, and sulfur. The company engages in purchasing, selling, importing, exporting, storing, and marketing of crude oil, petroleum products, liquefied petroleum gas, and natural gas; it also provides transportation services via subsidiaries Ditaş (maritime tanker fleet) and Körfez Ulaştırma (rail operations), electricity generation through Entek (zero-carbon power plants), trading via Tüpraş Trading Ltd., and venture investments in energy transition technologies through Tüpraş Ventures. Founded in 1983 and headquartered in Istanbul, Turkey, Tüpraş primarily serves domestic markets while exporting internationally and operates through Refining and Electric segments, holding stakes in fuel retailer Opet and supporting Turkey's energy needs with over 60% of national refining capacity. Recent developments include the commissioning of an Ecofining unit for sustainable aviation fuel (SAF) production in Q4 2025, a letter of intent with Turkish Airlines for SAF supply from İzmir Refinery, a $500 million sustainability-linked loan from seven international banks in May 2025, initiation of $271 million propylene splitter projects at İzmit and İzmir refineries, expansion of zero-carbon electricity capacity to 416 MW with additional 214 MW solar investments in Europe via Entek, securing a 10-year SAF feedstock agreement, and Tüpraş Ventures investments in green hydrogen startups and robotics technologies as part of its Strategic Transition Plan targeting carbon neutrality by 2050.