1. Türkiye Stocks

  2. •

    Consumer Defensive

  3. •

    Food Confectioners
Ülker Bisküvi Sanayi A.S.

Ülker Bisküvi Sanayi A.S.

ULKER.IS
Ülker Bisküvi Sanayi A.S.TR flagIstanbul Stock Exchange
97.65
TRY
-1.95
- -
36.06BMarket Cap
Ülker Bisküvi Sanayi A.S.
ULKER.IS
(Istanbul Stock Exchange)

Recent

price

97.65

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
5.67
5.23
6.85
8.04
8.45
11.09
12.26
14.11
17.41
22.82
28.41
36.66
140.77
218.31
298.09
3,030.38
306.73
Revenue per Share
0.69
1.92
0.49
0.55
0.62
0.85
0.8
1.16
2.05
2.91
3.16
-1.36
2.67
13.21
26.23
132
9.89
Basic EPS, GAAP
-0.61
0.52
0.54
0.46
0.32
0.34
0.93
1.23
-0.67
1.92
1.2
-1.56
7.27
24.01
11.44
112.77
19.33
Free Cash Flow per Basic Share
0.05
0.09
0.82
0.5
0.41
0.29
0.34
0.21
0.3
- -
0.02
1.09
0.54
0.78
1.29
103.86
1.08
Dividend per Share
2.49
2.2
1.85
1.96
1.76
2.41
2.93
3.76
5.46
12.59
15.86
16.19
52.81
89.44
63.81
657.76
76.52
Book Value per Share
5.68
3.2
3.16
3.71
3.26
3.56
3.06
6.22
9.04
13.21
17.42
8.09
33.35
64.57
104.83
1,108.06
126.4
Tangible Book Value per Share
269
342
342
342
342
342
342
342
342
342
342
342
369
369
369
37
370
Basic Weighted Avg Shares
1,524
1,789
2,343
2,748
2,891
3,794
4,194
4,826
5,956
7,803
9,716
12,537
51,981
80,616
110,078
111,905
113,354
Sales/Revenue/Turnover
3.81
3.16
8.18
10.01
9.32
10.26
11.77
12.49
12.95
14.42
17.5
15.94
10.65
16.64
16.2
14.07
12.35
Operating Margin (%)
27
32
47
52
54
76
87
116
149
171
199
230
1,168
1,710
2,383
2,452
2,654
Depreciation Expense
185
658
167
189
212
292
273
397
701
997
1,081
-464
985
4,878
9,687
4,875
3,656
Net Income, GAAP
14.44
7.12
19.69
18.55
10.73
10.72
15.53
15.04
19.1
19.11
19.52
- -
- -
11.6
26.89
22.05
29.68
Effective Tax Rate (%)
12.13
36.78
7.13
6.86
7.32
7.7
6.5
8.23
11.77
12.77
11.13
-3.7
1.89
6.05
8.8
4.36
3.23
Profit Margin (%)
726
562
1,115
302
1,602
1,632
285
2,619
4,547
2,329
11,470
12,631
13,947
31,099
47,993
49,616
54,825
Working Capital
- -
270
887
10
1,705
1,735
586
3,420
4,791
967
9,058
15,314
20,348
36,243
42,848
39,808
40,868
LT Debt
1,527
1,097
1,080
1,268
1,117
1,425
1,446
2,564
3,680
5,198
6,817
4,314
15,643
28,590
43,818
45,876
51,815
Total Equity
3.02
2.85
6.52
8.75
7.72
8.79
9.67
9.07
7.88
8.67
9.3
- -
- -
18.37
14.39
11.62
9.55
Return on Invested Capital (%)
40.2
68.37
7.11
8.54
8.33
9.16
8.26
10.76
13.19
12.85
8.99
- -
- -
12.29
15.9
10.32
8.86
Return on Capital (%)
30.52
92.55
24.08
28.93
33.25
40.96
29.87
34.71
44.46
32.29
22.23
-8.47
7.87
18.57
34.23
20.37
14.46
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
46,959
17,538
17,384
LT Borrowings
21,514
39,808
40,868
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
369
369
369
Market Capitalization
38,619
39,913
43,534

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
90,084
84,906
90,090
Cash, Cash Equivalents & STI
29,577
23,325
17,168
Accounts Receivable, Net
29,618
29,320
34,688
Inventories
23,046
23,671
28,470
Total Current Liabilities
60,835
35,290
35,265
Payables & Accruals
- -
- -
- -
ST Debt
46,959
17,538
17,384
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
56.13%
73.32%
4.7%
Free Cash Flow
-103.21%
-131.62%
-1.41%
Net Income, GAAP
15.54%
-2.16%
-49.68%
Sales/Revenue/Turnover
54.15%
87.39%
1.66%
Total Cash Common Dividend
- -
1,250.21%
703.25%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
27,070
20,675
24,255
26,083
110,078
2025
35,285
23,058
25,411
30,979
111,905
2026
33,906
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
8.11
4.61
1.7
- -
26.23
2025
8.55
1.95
2.89
- -
132
2026
4.29
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
-0.02
- -
1.29
2025
- -
- -
0.66
- -
103.86
2026
- -
- -
- -
- -
- -
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Business
Ülker Bisküvi Sanayi A.S. is a leading Turkish company specializing in the manufacture and sale of confectionery and bakery products. Its core product portfolio includes biscuits, chocolates, cakes, wafers, and crackers under various well-known brands such as Ülker and Godiva. The company also offers snack products, breakfast cereals, and dairy-based items, serving both retail consumers and the foodservice industry. Ülker operates primarily in Turkey while also exporting to international markets across Europe, the Middle East, and Central Asia. Founded in 1944 and headquartered in Istanbul, Ülker has grown to become a key player in the food industry with a comprehensive range of packaged food products. In the last two years, Ülker Bisküvi has pursued strategic expansions including product innovation and sustainability initiatives to strengthen its market position. The company has launched new product lines focusing on healthier options, including reduced sugar and gluten-free variants. Recent operational improvements involved enhancing production efficiency and expanding distribution networks, especially through digital channels and e-commerce platforms. Ülker continues to invest in modernizing facilities and embracing eco-friendly packaging solutions, aligning with evolving consumer preferences and regulatory trends. These measures mark a strategic push to maintain competitiveness and broaden consumer reach in a dynamic market environment. The company integrates advanced manufacturing technologies in its plants and maintains strict quality standards, offering a diverse product suite to supermarket chains, convenience retailers, and institutional buyers. Ülker Bisküvi’s business segments encompass confectionery, biscuits and bakery, chocolate, and dairy products, addressing broad consumer demographics from children to adults. It benefits from strong brand recognition and extensive distribution networks within Turkey and its export markets. Ülker is part of Yıldız Holding, one of Turkey’s largest conglomerates, which supports its financial and operational capabilities. Overall, Ülker’s product and service offerings emphasize quality packaged food products in confectionery and bakery categories, with ongoing innovation and operational enhancements shaping its business dynamics in recent years. The company’s strategic focus remains on expanding product variety, sustainability, and market presence both domestically and internationally. This description is based on the latest publicly available insights from company website and recent business developments covering Ülker Bisküvi’s core offerings and recent strategic changes.