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    Packaged software
VBT Yazilim AS

VBT Yazilim AS

BBIST:VBTYZ
19.20
TRY
-0.55
(-2.78%)
1.23EPS
14.92P/E
2.21BMarket Cap
VBT Yazilim AS
BIST:VBTYZ
(Istanbul Exchange)

Recent

price

19.20

P/E

ratio

14.92

div

yld

- -

ROIC.AI

2018
2019
2020
2021
2022
2023
2024
2025
TTM
TRY
0.79
0.85
1.16
1.7
10.07
26.34
25.81
20.75
22.47
Revenue per Share
0.06
0.08
0.13
0.29
0.09
1.24
0.39
1.5
1.27
Basic EPS, GAAP
0.02
0.18
0.43
0.84
1.33
-0.47
-16.67
2.52
2.83
Free Cash Flow per Basic Share
- -
- -
- -
- -
0.24
0.32
- -
- -
- -
Dividend per Share
0.16
0.24
0.37
1.19
3.71
6.19
8.6
7.78
9.03
Book Value per Share
0.13
0.17
0.23
1.03
3.1
5.46
-3.54
-0.44
1.3
Tangible Book Value per Share
113
113
113
117
117
117
117
117
117
Basic Weighted Avg Shares
89
95
130
199
1,178
3,082
3,019
2,428
2,630
Sales/Revenue/Turnover
3.29
10.39
9.67
8.01
6.71
4.11
9.11
10.14
12.87
Operating Margin (%)
- -
- -
1
4
24
43
-73
-342
-266
Depreciation Expense
6
9
15
34
11
145
46
175
148
Net Income, GAAP
3.99
7.04
11.11
12.94
75.87
17.92
- -
29.08
39.32
Effective Tax Rate (%)
7.09
9.93
11.6
17.2
0.9
4.71
1.53
7.21
5.64
Profit Margin (%)
15
23
32
96
284
437
28
366
534
Working Capital
1
2
5
2
5
4
676
482
465
LT Debt
18
28
43
139
433
723
1,004
912
1,050
Total Equity
- -
34.67
35.28
17.79
5.18
21.66
- -
12.03
11.57
Return on Invested Capital (%)
- -
44
38.43
36.17
4.6
25.49
- -
12.26
13.27
Return on Capital (%)
- -
41.19
42.49
37.42
3.72
25.05
5.33
18.26
14.93
Return on Common Equity (%)

Capital Structure

TRY

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
99
211
229
LT Borrowings
618
477
460
LT Finance Leases
5
5
5
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
117
117
117
Market Capitalization
2,251
1,982
2,214

Working Capital

TRY

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
609
1,349
1,346
Cash, Cash Equivalents & STI
114
356
340
Accounts Receivable, Net
127
521
247
Inventories
111
179
440
Total Current Liabilities
491
983
812
Payables & Accruals
- -
- -
- -
ST Debt
99
211
229
Deferred Revenue
- -
- -
- -

Growth Rates

TRY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
106.11%
-9.2%
Free Cash Flow
- -
670.91%
-115.11%
Net Income, GAAP
- -
306.32%
279.78%
Sales/Revenue/Turnover
- -
137.25%
-19.6%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
695
555
781
522
3,019
2025
661
391
301
1,163
2,428
2026
774
- -
- -
- -
- -

Quarterly Earnings Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.27
0.14
0.11
-0.17
0.39
2025
0.9
0.05
-0.6
1.31
1.5
2026
0.51
- -
- -
- -
- -

Quarterly Dividends Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
VBT Yazilim AS is a Turkey-based information technology and software engineering company that delivers enterprise software development, systems integration, IT infrastructure management, and digital transformation solutions. Founded in 1993 and headquartered in Istanbul, Turkey, the company maintains research and development centers in Istanbul, Ankara, and Adana, alongside international operations through subsidiaries in the United Kingdom, Switzerland, and the United States. VBT Yazilim primarily serves Tier-1 enterprise clients across the banking, financial services, insurance, telecommunications, defense, aviation, public sector, healthcare, and retail industries. The company provides a comprehensive portfolio of software products, specialized engineering solutions, and managed services, which includes: custom enterprise software development and application lifecycle management; mainframe systems management, legacy modernization, and distributed computing integration; core banking architectures, digital lending, mobile banking, and fintech platforms; cloud computing transition, hybrid cloud architecture, and DevOps orchestration; artificial intelligence, machine learning, predictive analytics, and big data management solutions; Robotic Process Automation (RPA) and intelligent business process management; database administration, performance optimization, and enterprise data warehousing; cybersecurity, identity governance, and enterprise threat intelligence; enterprise monitoring, IT service management (ITSM), and automated software testing tools; and comprehensive IT consulting, system support, and outsourced technical staffing. In recent developments, VBT Yazilim AS has accelerated its global expansion and expanded its technological footprint through strategic alliances, high-value contract acquisitions, and enhanced R&D investments. The company has broadened its international presence through its London-based subsidiary, VBT Software Ltd, targeting banking and financial sector clients across the United Kingdom, continental Europe, and the Gulf region. VBT Yazilim has reinforced its strategic partnerships with multinational technology leaders, including IBM, Red Hat, BMC Software, and Microsoft, focusing on hybrid cloud transformation and mainframe modernization. The company has secured several major multi-year enterprise contracts for core banking transformation, digital channel development, and IT infrastructure management with prominent private and state-owned commercial banks as well as leading public institutions in Turkey. Additionally, VBT Yazilim has advanced its proprietary product development within its Technopark R&D centers, launching artificial intelligence-driven enterprise automation platforms and pursuing strategic investments in early-stage software and cybersecurity ventures.