1. Türkiye Stocks

  2. •

    Consumer Cyclical

  3. •

    Travel Services
Net Holding A.S.

Net Holding A.S.

NTHOL.IS
Net Holding A.S.TR flagIstanbul Stock Exchange
47.38
TRY
+1.20
- -
21.61BMarket Cap
Net Holding A.S.
NTHOL.IS
(Istanbul Stock Exchange)

Recent

price

47.38

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.39
0.28
0.29
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
51.82
Revenue per Share
0.23
0.02
0.21
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
3.5
Basic EPS, GAAP
0.09
-0.44
-0.42
-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
3.41
Free Cash Flow per Basic Share
- -
0.01
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
0.79
0.93
1.03
1.41
1.85
2.09
1.28
3.37
2.11
2.28
1.43
4.3
14.7
26.19
44.74
51.35
56.94
Book Value per Share
1.31
0.88
0.91
2.37
3.48
5.57
5.76
7.05
7.08
8.08
7.34
18.75
52.43
90.17
129.59
159.63
175.4
Tangible Book Value per Share
256
366
366
366
366
366
366
409
564
564
564
564
564
564
555
500
500
Basic Weighted Avg Shares
99
102
107
195
308
403
472
652
767
923
422
1,012
6,372
13,707
25,350
25,016
25,910
Sales/Revenue/Turnover
28.78
-25.64
-23.28
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
16.09
Operating Margin (%)
11
16
14
18
36
47
61
73
93
160
176
179
726
2,590
5,484
5,136
5,290
Depreciation Expense
59
8
76
150
23
66
-24
312
260
76
-490
910
1,530
3,220
3,439
1,666
1,748
Net Income, GAAP
- -
45.07
4.47
7.39
- -
21.84
126
23.67
28.3
47.33
- -
25.79
- -
43.8
20.64
3.04
24.09
Effective Tax Rate (%)
60.08
7.48
70.87
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
6.75
Profit Margin (%)
74
27
-22
17
392
368
473
204
183
105
-190
-264
-2,788
-4,138
-3,917
-1,442
-306
Working Capital
18
23
- -
200
390
150
150
105
- -
247
223
180
172
1,786
1,416
2,088
2,051
LT Debt
335
322
334
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
88,747
Total Equity
- -
-3.5
-6.2
1.93
- -
0.87
-0.65
3.57
3.56
1.69
- -
1.02
- -
3.86
4.41
5.06
4.1
Return on Invested Capital (%)
- -
3.41
18.3
20.77
- -
2.23
-2.8
21.89
22.01
9.77
- -
41.85
- -
20.5
17.12
8.45
7.32
Return on Capital (%)
28.82
2.82
21.18
33.76
3.84
9.16
-3.92
33.83
20.23
6.17
-46.88
56.41
28.56
27.93
17.36
6.59
7.05
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
101
254
247
LT Borrowings
- -
- -
- -
LT Finance Leases
1,393
2,088
2,051
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
467
457
456
Market Capitalization
21,400
24,230
19,370

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
7,825
8,272
7,782
Cash, Cash Equivalents & STI
3,493
3,291
4,167
Accounts Receivable, Net
981
1,397
710
Inventories
525
794
802
Total Current Liabilities
12,640
9,714
8,088
Payables & Accruals
- -
- -
- -
ST Debt
101
254
247
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

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

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4,426
5,119
5,815
7,092
25,350
2025
5,946
5,479
6,580
7,369
25,016
2026
6,483
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.53
0.97
1.51
- -
6.19
2025
0.52
0.5
2.06
- -
3.33
2026
0.65
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

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