{"id":64314,"date":"2026-04-08T13:28:50","date_gmt":"2026-04-08T13:28:50","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/08\/otokar-otkar-bilanco-yorumu\/"},"modified":"2026-04-08T13:28:50","modified_gmt":"2026-04-08T13:28:50","slug":"otokar-otkar-bilanco-yorumu","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/08\/otokar-otkar-bilanco-yorumu\/","title":{"rendered":"Otokar (OTKAR) bilan\u00e7o yorumu"},"content":{"rendered":"<p>Otokar Otomotiv ve Savunma Sanayi A.\u015e. (OTKAR) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 10 \u015eubat g\u00fcn\u00fc kamuya a\u00e7\u0131kland\u0131. <a href=\"https:\/\/rotaborsa.com\/haberler\/bilanco-haberleri\/\">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<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2023\/10\/otokar.webp\" alt=\"| Rota Borsa\" class=\"wp-image-78511\" title=\"2 kurum Ford Otomotiv (FROTO) i\u00e7in hedef fiyatlar\u0131n\u0131 a\u00e7\u0131klad\u0131 6 HABERLER, G\u00fcndemdekiler, \u015eirket Haberleri Rota Borsa\" \/><\/figure>\n<h2 class=\"wp-block-heading\">Otokar Otomotiv ve Savunma Sanayi A.\u015e. hisse haberleri \u2013 OTKAR hisse yorumu<\/h2>\n<p>Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201c<em>De\u011ferlendirme: S\u0131n\u0131rl\u0131 Olumlu<\/em>; Otokar, 4\u00c725\u2019te 19.678 milyon TL gelir (Konsens\u00fcs: 19.991 milyon TL, Deniz Yat\u0131r\u0131m: 19.991 milyon TL), 622 milyon TL FAV\u00d6K (Konsens\u00fcs: 1.340 milyon TL, Deniz Yat\u0131r\u0131m: 816 milyon TL) ve 1.004 milyon TL net zarar a\u00e7\u0131klad\u0131 (Konsens\u00fcs: 405 milyon TL net zarar, Deniz Yat\u0131r\u0131m: 383 milyon TL net zarar). 4\u00c725 finansallar\u0131nda, parasal kazan\u00e7\/kay\u0131p kalemi alt\u0131nda 841 milyon TL\u2019lik olumlu etki olu\u015ftu.<br \/>\u25a0 Bilan\u00e7oda olumlu okudu\u011fumuz detaylar<br \/>\u2713 Sat\u0131\u015f geliri ve FAV\u00d6K\u2019te y\u0131ll\u0131k bazda reel b\u00fcy\u00fcme.<br \/>\u25a0 Bilan\u00e7oda olumsuz okudu\u011fumuz detaylar<br \/>\u2713 Net finansman giderinde y\u00fcksek seyrin devam etmesi ve artan net bor\u00e7 pozisyonu, Romanya tazminat\u0131 kaynakl\u0131 etkiler.<br \/>\u25a0 Bilan\u00e7oya dair k\u0131sa de\u011ferlendirmemiz<br \/>\u2192 4\u00c725 d\u00f6neminde artan askeri ara\u00e7 teslimat\u0131 ve ihracat a\u011f\u0131rl\u0131kl\u0131 sat\u0131\u015f karmas\u0131 etkisi ile sat\u0131\u015f gelirlerinde izlenen art\u0131\u015f ve FAV\u00d6K\u2019te iyile\u015fme ile \u015eirket finansallar\u0131nda \u00f6nemli toparlanma g\u00f6zlenmektedir. Bununla birlikte, y\u00fcksek bor\u00e7 pozisyonu ve finansman gideri kaynakl\u0131 net karl\u0131l\u0131k bask\u0131lanmaya devam etmektedir. Ek olarak, Romanya projesine ili\u015fkin tazminat\u0131n, son \u00e7eyrek finansallar\u0131 ve y\u0131l genelinde a\u015fa\u011f\u0131 y\u00f6nl\u00fc etkisi \u00f6ne \u00e7\u0131kan bir di\u011fer unsur olarak yer almaktad\u0131r. Bu do\u011frultuda, son \u00e7eyrek finansallar\u0131n\u0131 s\u0131n\u0131rl\u0131 olumlu olarak de\u011ferlendirmekteyiz.<br \/>\u25a0 Otokar ge\u00e7en seneye k\u0131yasla 4\u00c725\u2019te y\u0131ll\u0131k bazda 7 art\u0131\u015fla 19.678 milyon TL sat\u0131\u015f geliri kaydetti. Y\u0131ll\u0131k bazda bak\u0131ld\u0131\u011f\u0131nda, sat\u0131\u015f geliri  art\u0131\u015fla 51.962 milyon TL seviyesinde ger\u00e7ekle\u015fti. \u00d6zellikle son \u00e7eyrekte askeri ara\u00e7 teslimatlar\u0131 ile desteklenen hacim ve toplam cironun e,9\u2019una ula\u015fan yurt d\u0131\u015f\u0131 sat\u0131\u015flar, has\u0131lat\u0131 destekledi. Buna ek olarak, ticari segmentte kamyon ve pick-up segmentlerinden gelen katk\u0131 da sat\u0131\u015f gelirlerindeki art\u0131\u015fta etkili oldu.<br \/>\u25a0 FAV\u00d6K 4\u00c725\u2019te y\u0131ll\u0131k &#8216;1 art\u0131\u015fla 622 milyon TL seviyesinde ger\u00e7ekle\u015firken, FAV\u00d6K marj\u0131 2,0 puan artarak %3,2 oldu. Br\u00fct kar marj\u0131ndaki gerilemeye kar\u015f\u0131n, faaliyet giderleri\/sat\u0131\u015flar rasyosunda g\u00f6zlenen 4,4 puanl\u0131k azal\u0131\u015f, FAV\u00d6K\u2019teki art\u0131\u015fa katk\u0131 sa\u011flad\u0131. Y\u00fcksek marjl\u0131 yap\u0131s\u0131 ile artan askeri ara\u00e7 pay\u0131 ve ihracatta g\u00f6zlenen etki ile d\u00f6viz kuru hareketlerinin deste\u011fi, operasyonel karl\u0131l\u0131\u011f\u0131n desteklenmesine \u00f6nemli katk\u0131 sa\u011flad\u0131.<br \/>\u25a0 Romanya projesine ili\u015fkin tazminatIN 2025 y\u0131l\u0131 gelirlerinden d\u00fc\u015f\u00fclmesi 4\u00c725 d\u00f6neminde ciro \u00fczerinde %9, br\u00fct kar \u00fczerinde 2, FAV\u00d6K \u00fczerinde ise U oran\u0131nda negatif etki yaratm\u0131\u015ft\u0131r. Tazminat \u00f6demesi elimine edilmi\u015f y\u0131ll\u0131k veriler ile sat\u0131\u015f gelirleri 4\u00c725\u2019te 22,6 milyar TL, br\u00fct kar 6,1 milyar TL, FAV\u00d6K 3,5 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<br \/>\u25a0 \u015eirket, 4\u00c725 d\u00f6neminde 1.004 milyon TL net zarar a\u00e7\u0131klad\u0131 (3\u00c725: 366 milyon TL net zarar, 4\u00c724: 725 milyon TL net zarar). Net di\u011fer gelirleri 4\u00c725\u2019te 534 milyon TL (4\u00c724: 157 milyon TL) olarak ger\u00e7ekle\u015firken, 2.348 milyon TL ile y\u00fcksek seyrini koruyan net finansman gideri, zarar\u0131n olu\u015fmas\u0131nda etkili oldu.<br \/>\u25a0 Y\u0131l sonu itibariyle \u015eirket\u2019in 27.821 milyon TL net bor\u00e7 pozisyonu bulunmaktad\u0131r (Eyl\u00fcl 2025: 24.877 milyon TL net bor\u00e7 pozisyonu). 2025 y\u0131l sonu rakamlar\u0131na net bor\u00e7\/FAV\u00d6K rasyosu 12,9x (9A25: 14,6x net bor\u00e7\/FAV\u00d6K) olarak ger\u00e7ekle\u015fti.<br \/>\u25a0 <em>Genel de\u011ferlendirme:<\/em> Hisse, y\u0131l ba\u015f\u0131ndan itibaren BIST 100 endeksinin # alt\u0131nda performans g\u00f6sterdi. Geriye d\u00f6n\u00fck 12 ayl\u0131k verilere g\u00f6re hisse 38,7x FD\/FAV\u00d6K \u00e7arpanlar\u0131ndan i\u015flem g\u00f6rmektedir. 2026 y\u0131l\u0131na ili\u015fkin beklentilerimiz \u015eirket\u2019in 64.814 milyon TL ciro, 4.560 milyon TL FAV\u00d6K ve 1.393 milyon TL net kar a\u00e7\u0131klamas\u0131 y\u00f6n\u00fcnde bulunuyor.\u201d<br \/>\u27a2 Raporun tamam\u0131n\u0131 PDF olarak g\u00f6r\u00fcnt\u00fclemek i\u00e7in a\u015fa\u011f\u0131daki dosyay\u0131 indirebilirsiniz.<\/p>\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object><\/object><a id=\"wp-block-file--media-18ea7c0e-66e3-4181-b7ca-13b75d61e999\" href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/02\/1770704002958_DenizYatrmStratejiveAratrmaOTKAR425BilanoDeerlendirme12881.pdf\">1770704002958_DenizYatrmStratejiveAratrmaOTKAR425BilanoDeerlendirme12881<\/a><a href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/02\/1770704002958_DenizYatrmStratejiveAratrmaOTKAR425BilanoDeerlendirme12881.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-18ea7c0e-66e3-4181-b7ca-13b75d61e999\">\u0130ndir<\/a><\/div>\n<p><em><strong>Kaynak: <\/strong>Deniz Yat\u0131r\u0131m Ara\u015ft\u0131rma<\/em><\/p>\n<div class=\"kanews-banner kanews-banner-single\">\n<div style=\"min-height:280px\" data-empower-zone=\"159899\" class=\"empower-ad\"><\/div>\n<\/div>\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\" style=\"font-size:10px\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-social-links aligncenter has-huge-icon-size has-visible-labels has-icon-color is-style-default is-horizontal is-content-justification-center is-layout-flex wp-container-core-social-links-is-layout-499968f5 wp-block-social-links-is-layout-flex\">\n<li style=\"color:#ffffff\" class=\"wp-social-link wp-social-link-whatsapp has-white-color wp-block-social-link\"><a rel=\"noopener nofollow\" target=\"_blank\" href=\"https:\/\/whatsapp.com\/channel\/0029Vb6J7JQ6GcG8uLrIR81x\" class=\"wp-block-social-link-anchor\"><span class=\"wp-block-social-link-label\">Rota Borsa WhatsApp kanal\u0131na kat\u0131l\u0131n!<\/span><\/a><\/li>\n<li style=\"color:#ffffff\" class=\"wp-social-link wp-social-link-telegram has-white-color wp-block-social-link\"><a rel=\"noopener nofollow\" target=\"_blank\" href=\"https:\/\/t.me\/rotaborsa_halkaarz\" class=\"wp-block-social-link-anchor\"><span class=\"wp-block-social-link-label\">Rota Borsa Telegram kanal\u0131na kat\u0131l\u0131n!<\/span><\/a><\/li>\n<li style=\"color:#ffffff\" class=\"wp-social-link wp-social-link-x has-white-color wp-block-social-link\"><a rel=\"noopener nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/rotaborsa\" class=\"wp-block-social-link-anchor\"><span class=\"wp-block-social-link-label\">Rota Borsa Twitter hesab\u0131n\u0131 takip edin!<\/span><\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><em><em><em><em><strong>Deniz Yat\u0131r\u0131m yasal uyar\u0131s\u0131:<\/strong><\/em> <em>Bu rapor\/e-posta i\u00e7erisinde yer alan de\u011ferlendirmeler Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e. taraf\u0131ndan, g\u00fcvenilir oldu\u011funa inan\u0131lan kaynaklardan elde edilen bilgi ve veriler kullan\u0131larak genel nitelikte haz\u0131rlanm\u0131\u015ft\u0131r. Raporda yer alan ifadeler, mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir ve hi\u00e7bir \u015fekilde al\u0131\u015f veya sat\u0131\u015f yap\u0131lmas\u0131 y\u00f6n\u00fcnde y\u00f6nlendirme olarak de\u011ferlendirilmemelidir. Deniz Yat\u0131r\u0131m, bu bilgilerin do\u011fru, eksiksiz ve de\u011fi\u015fmez oldu\u011funu garanti etmemektedir. Bu sebeple, okuyucular\u0131n, bu raporlardan elde edilen bilgilere dayanarak hareket etmeden \u00f6nce, bilgilerin do\u011frulu\u011funu teyit etmeleri \u00f6nerilir ve bu bilgilere dayan\u0131larak ald\u0131klar\u0131 kararlarda sorumluluk okuyucular\u0131n kendilerine aittir. Bilgilerin eksikli\u011fi ve yanl\u0131\u015fl\u0131\u011f\u0131ndan Deniz Yat\u0131r\u0131m hi\u00e7bir \u015fekilde sorumlu tutulamaz. Ayr\u0131ca, Deniz Yat\u0131r\u0131m ve DenizBank Finansal Hizmetler Grubu \u00e7al\u0131\u015fanlar\u0131 ve dan\u0131\u015fmanlar\u0131n\u0131n, herhangi bir \u015fekilde bu rapor\/e-posta i\u00e7erisinde yer alan bilgiler dolay\u0131s\u0131yla ortaya \u00e7\u0131kabilecek, do\u011frudan veya dolayl\u0131 zararlarla ilgili herhangi bir sorumlulu\u011fu yoktur. Burada yer alan bilgiler sermaye piyasas\u0131 arac\u0131na y\u00f6nelik bir yat\u0131r\u0131m tavsiyesi, al\u0131m-sat\u0131m \u00f6nerisi ya da getiri vaadi de\u011fildir ve yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kapsam\u0131nda yer almamaktad\u0131r. Yat\u0131r\u0131m Dan\u0131\u015fmanl\u0131\u011f\u0131 hizmeti; yetkili kurulu\u015flar taraf\u0131ndan imzalanacak yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 s\u00f6zle\u015fmesi \u00e7er\u00e7evesinde ki\u015filerin risk ve getiri tercihleri dikkate al\u0131narak ki\u015fiye \u00f6zel sunulmaktad\u0131r. Sadece burada yer alan bilgilere dayan\u0131larak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir.<\/em><\/em><\/em><\/em><br \/><em><strong>Rota Borsa yasal uyar\u0131s\u0131:<\/strong> Burada yer alan yat\u0131r\u0131m bilgi, yorum ve tavsiyeleri yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kapsam\u0131nda de\u011fildir. Yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 hizmeti, arac\u0131 kurumlar, portf\u00f6y y\u00f6netim \u015firketleri, mevduat kabul etmeyen bankalar ile m\u00fc\u015fteri aras\u0131nda imzalanacak yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 s\u00f6zle\u015fmesi \u00e7er\u00e7evesinde sunulmaktad\u0131r. Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanlar\u0131n ki\u015fisel g\u00f6r\u00fc\u015flerine dayanmaktad\u0131r. Bu g\u00f6r\u00fc\u015fler, mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir. Bu nedenle sadece burada yer alan bilgilere dayan\u0131larak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Otokar Otomotiv ve Savunma Sanayi A.\u015e. (OTKAR) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 10 \u015eubat g\u00fcn\u00fc kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e.\u2019den geldi. Otokar Otomotiv ve Savunma Sanayi A.\u015e. hisse haberleri \u2013 OTKAR hisse yorumu Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cDe\u011ferlendirme: S\u0131n\u0131rl\u0131 Olumlu; Otokar, 4\u00c725\u2019te 19.678 milyon [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":64315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-64314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilanco-haberleri"],"_links":{"self":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/64314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/comments?post=64314"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/64314\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/64315"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=64314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=64314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=64314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}