{"id":58570,"date":"2026-02-25T10:47:01","date_gmt":"2026-02-25T10:47:01","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/02\/25\/ford-otomotiv-froto-2025-4-ceyrek-bilanco-yorumu\/"},"modified":"2026-02-25T10:47:01","modified_gmt":"2026-02-25T10:47:01","slug":"ford-otomotiv-froto-2025-4-ceyrek-bilanco-yorumu","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/02\/25\/ford-otomotiv-froto-2025-4-ceyrek-bilanco-yorumu\/","title":{"rendered":"Ford Otomotiv (FROTO) 2025 4. \u00e7eyrek bilan\u00e7o yorumu"},"content":{"rendered":"

Ford Otomotiv Sanayi A.\u015e. (FROTO) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 9 \u015eubat g\u00fcn\u00fc kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o<\/a> sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e.\u2019den geldi.<\/p>\n

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Ford Otomotiv Sanayi A.\u015e. hisse haberleri \u2013 FROTO hisse yorumu<\/h2>\n

Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cDe\u011ferlendirme: S\u0131n\u0131rl\u0131 olumlu;<\/em> Ford Otosan, 4\u00c725 d\u00f6neminde 223.104 milyon TL sat\u0131\u015f geliri (Konsens\u00fcs: 227.648 milyon TL \/ Deniz Yat\u0131r\u0131m: 227.727 milyon TL), 13.765 milyon TL FAV\u00d6K (Konsens\u00fcs: 13.222 milyon TL \/ Deniz Yat\u0131r\u0131m: 13.866 milyon TL) ve 10.649 milyon TL net kar (Konsens\u00fcs: 9.104 milyon TL \/ Deniz Yat\u0131r\u0131m: 8.022 milyon TL) a\u00e7\u0131klad\u0131. 4\u00c725 d\u00f6nemi finansallar\u0131nda, parasal kazan\u00e7\/kay\u0131p kalemi alt\u0131nda 2.414 milyon TL\u2019lik olumlu etki olu\u015ftu.
\u25a0 Bilan\u00e7oda olumlu okudu\u011fumuz detaylar
\u2713 Beklentilerin \u00fczerinde a\u00e7\u0131klanan net kar, net bor\u00e7 pozisyonunda azal\u0131\u015f.
\u25a0 Bilan\u00e7oda olumsuz okudu\u011fumuz detaylar
\u2713 Y\u0131ll\u0131k bazda bask\u0131lanan operasyonel karl\u0131l\u0131k.
\u25a0 Bilan\u00e7oya dair k\u0131sa de\u011ferlendirmemiz
\u2192 Beklentilerle uyumlu operasyonel sonu\u00e7lar\u0131n yan\u0131 s\u0131ra, tahminleri a\u015fan net k\u00e2r rakam\u0131n\u0131 olumlu kar\u015f\u0131l\u0131yoruz. Ancak, 2026 \u00f6ng\u00f6r\u00fclerinin 2025 y\u0131l\u0131na k\u0131yasla yatay seyretmesinin, hisse \u00fczerinde k\u00e2r realizasyonu iste\u011fini tetikleyebilece\u011fini ve net kar kaleminin yaratabilece\u011fi k\u0131sa vadeli heyecan\u0131 bask\u0131layabilece\u011fini d\u00fc\u015f\u00fcn\u00fcyoruz.
\u25a0 Finansal verilere ge\u00e7meden \u00f6nce \u00fcretim ve sat\u0131\u015f verilerine bakacak olursak:
\u2713 Ford Otosan\u2019\u0131n, 4\u00c725 d\u00f6neminde toplam \u00fcretimi %6 art\u0131\u015f g\u00f6stererek 186.191 adet olarak ger\u00e7ekle\u015fti. Bu d\u00f6nemde yurt i\u00e7i toptan sat\u0131\u015flar\u0131 %4 art\u0131\u015fla 41.080, yurt d\u0131\u015f\u0131 sat\u0131\u015flar\u0131 ise %4 art\u0131\u015fla 157.061 adet olarak ger\u00e7ekle\u015fmi\u015ftir. B\u00f6ylece toplam sat\u0131\u015f adetleri %4 art\u0131\u015fla 198.141 seviyesinde olu\u015fmu\u015ftur.
\u2713 2025\u2019te ise toplam \u00fcretimi art\u0131\u015f g\u00f6stererek 700.174 adet olarak ger\u00e7ekle\u015fti. Bu d\u00f6nemde yurt i\u00e7i toptan sat\u0131\u015flar\u0131 %6 art\u0131\u015fla 121.655, yurt d\u0131\u015f\u0131 sat\u0131\u015flar\u0131 ise art\u0131\u015fla 602.842 adet olarak ger\u00e7ekle\u015fmi\u015ftir.
B\u00f6ylece toplam sat\u0131\u015f adetleri art\u0131\u015fla 724.497 seviyesinde olu\u015fmu\u015ftur.
\u2713 Yurt i\u00e7i sat\u0131\u015f adetleri, yo\u011fun fiyat rekabeti nedeniyle y\u00fcr\u00fct\u00fclen agresif sat\u0131\u015f kampanyalar\u0131, de\u011fi\u015fken makroekonomik beklentiler, \u00d6TV art\u0131\u015flar\u0131 \u00f6ncesinde \u00f6ne \u00e7ekilen talep, y\u00fckselen alt\u0131n fiyatlar\u0131n\u0131n yaratt\u0131\u011f\u0131 servet etkisi, ara\u00e7 bulunabilirli\u011finin iyile\u015fmesi ve elektrikli ara\u00e7larda \u00d6TV matrah e\u015fi\u011finin y\u00fckseltilmesi dolay\u0131s\u0131yla g\u00fc\u00e7lenmi\u015ftir.
\u25a0 Ford Otosan\u2019\u0131n sat\u0131\u015f geliri 4\u00c725 d\u00f6neminde y\u0131ll\u0131k bazda %3 art\u0131\u015fla 223.104 milyon TL olarak ger\u00e7ekle\u015fti. 2025\u2019te ise sat\u0131\u015f geliri %7 art\u0131\u015fla 830.828 milyon TL seviyesinde ger\u00e7ekle\u015fti.
\u25a0 4\u00c725 d\u00f6nemde br\u00fct kar y\u0131ll\u0131k bazda art\u0131\u015fla 18.510 milyon TL ve FAV\u00d6K y\u0131ll\u0131k bazda ! art\u0131\u015fla 13.765 milyon TL seviyesine y\u00fckselmi\u015ftir. 2025\u2019te ise br\u00fct kar y\u0131ll\u0131k bazda %3 azal\u0131\u015fla 69.384 milyon TL\u2019ye gerilerken, FAV\u00d6K ge\u00e7en y\u0131la paralel 52.105 milyon TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir. \u015eirket, karl\u0131l\u0131ktaki daralman\u0131n temel sebeplerini; i) rekabet\u00e7i fiyatlama ortam\u0131 ii) toplam gelirler i\u00e7inde ihracat gelirlerinin pay\u0131n\u0131n y\u00fckselmesi iii) enflasyonist ortam ve d\u00f6viz kuru hareketlerine ba\u011fl\u0131 olarak ithal ara\u00e7 maliyetlerindeki art\u0131\u015f ve \u00fcretimde elektrikli ara\u00e7lar\u0131n pay\u0131n\u0131n y\u00fckselmesine ba\u011fl\u0131 olarak maliyetlerdeki art\u0131\u015f olarak a\u00e7\u0131klam\u0131\u015ft\u0131r.
\u25a0 \u015eirket, 4\u00c725 d\u00f6neminde y\u0131ll\u0131k bazda 0 azal\u0131\u015fla 10.649 milyon TL net kar a\u00e7\u0131klad\u0131. Beklentimizin \u00fczerinde a\u00e7\u0131klanan net kar rakam\u0131nda vergi giderinin beklentimizin alt\u0131nda ger\u00e7ekle\u015fmesi etkili olmu\u015ftur.
\u25a0 4\u00c725 d\u00f6nemi itibariyle \u015eirket\u2019in 99.194 milyon TL net bor\u00e7 pozisyonu bulunmaktad\u0131r (3\u00c725: 102.031 milyon TL net bor\u00e7). Net bor\u00e7\/FAV\u00d6K oran\u0131 ise 1,9 seviyesindedir (2\u00c725: 2,1x).
\u25a0 \u015eirket, 4\u00c725 d\u00f6neminde 3.749 milyon TL seviyesinde net di\u011fer gelir (4\u00c724: 2.497 milyon TL net gelir) ve 4.857 milyon TL seviyesinde net finansman gideri (4\u00c724: 5.572 milyon TL net finansman gideri) kaydetti. Ayr\u0131ca, parasal kazan\u00e7\/kay\u0131p kalemi alt\u0131nda 2.414 milyon TL\u2019lik olumlu etki olu\u015ftu.
\u25a0 Ford Otosan, y\u0131l\u0131n son \u00e7eyre\u011finde i\u015fletme faaliyetlerinden 30.854 milyon TL nakit giri\u015fi sa\u011flad\u0131 (3\u00c725: 7.111, 4\u00c724: 16.514 milyon TL). B\u00f6ylece \u015eirket, 2025 y\u0131l\u0131n\u0131n tamam\u0131n\u0131 i\u015fletme faaliyetlerinden elde etti\u011fi 105.100 milyon TL nakit giri\u015fiyle tamamlad\u0131. Yat\u0131r\u0131m taraf\u0131nda, 4\u00c725 d\u00f6neminde 6.812 milyon TL, y\u0131l genelinde ise 23.730 milyon TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fti (2024:-42.591 milyon TL). Finansman faaliyetlerinden kaynaklanan nakit \u00e7\u0131k\u0131\u015flar\u0131 ise 4\u00c725\u2019te 14.983 milyon TL, 2025 toplam\u0131nda ise 34.770 milyon TL olarak kaydedildi.
\u25a0 Ford, 2026 y\u0131l\u0131 beklentilerini a\u00e7\u0131klad\u0131. A\u015fa\u011f\u0131daki tabloda \u015eirket\u2019in 2025 y\u0131l\u0131nda payla\u015ft\u0131\u011f\u0131 beklentiler, ger\u00e7ekle\u015fmeler ve 2026 beklentilerini bulabilirsiniz.<\/p>\n

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\u25a0 Genel de\u011ferlendirme:<\/em> Hisse, y\u0131l ba\u015f\u0131ndan itibaren BIST 100 endeksinin %5 gerisinde performans g\u00f6stermi\u015ftir. Geriye d\u00f6n\u00fck 12 ayl\u0131k verilere g\u00f6re hisse 12,3x F\/K ve 9,9x FD\/FAV\u00d6K \u00e7arpanlar\u0131ndan i\u015flem g\u00f6rmektedir.
\u27a2 Raporun tamam\u0131n\u0131 PDF olarak g\u00f6r\u00fcnt\u00fclemek i\u00e7in a\u015fa\u011f\u0131daki dosyay\u0131 indirebilirsiniz.<\/p>\n

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<\/div>\n<\/div>\n
<\/object>170733-froto<\/a>\u0130ndir<\/a><\/div>\n

Kaynak: <\/strong>Deniz Yat\u0131r\u0131m Ara\u015ft\u0131rma<\/em><\/p>\n

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Aselsan (ASELS) hisseleri 12 ay i\u00e7inde bu fiyatlar\u0131 g\u00f6rebilir<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

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