{"id":64316,"date":"2026-04-07T13:33:01","date_gmt":"2026-04-07T13:33:01","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/07\/tofas-otomobil-toaso-bilanco-yorumu\/"},"modified":"2026-04-07T13:33:01","modified_gmt":"2026-04-07T13:33:01","slug":"tofas-otomobil-toaso-bilanco-yorumu","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/07\/tofas-otomobil-toaso-bilanco-yorumu\/","title":{"rendered":"Tofa\u015f Otomobil (TOASO)\u00a0bilan\u00e7o yorumu"},"content":{"rendered":"<p>Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e. (TOASO)\u00a02025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 9 \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\/2024\/12\/toaso4.jpg\" alt=\"| Rota Borsa\" class=\"wp-image-258787\" 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\">Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e. hisse haberleri \u2013 TOASO hisse yorumu<\/h2>\n<p>Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201c<em>De\u011ferlendirme: Olumlu;<\/em> Tofa\u015f, 4\u00c725 d\u00f6neminde 121.703 milyon TL sat\u0131\u015f geliri (Konsens\u00fcs: 122.431 milyon TL \/ Deniz Yat\u0131r\u0131m: 120.305 milyon TL), 4.589 milyon TL FAV\u00d6K (Konsens\u00fcs: 3.266 milyon TL \/ Deniz Yat\u0131r\u0131m: 3.177 milyon TL) ve 5.296 milyon TL net kar (Konsens\u00fcs: 3.019 milyon TL net kar \/ Deniz Yat\u0131r\u0131m: 3.057 milyon TL) a\u00e7\u0131klad\u0131. 4\u00c725 finansallar\u0131nda, parasal kazan\u00e7\/kay\u0131p kalemi alt\u0131nda 278 milyon TL\u2019lik olumlu etki olu\u015ftu.<br \/>\u25a0 Bilan\u00e7oda olumlu okudu\u011fumuz detaylar<br \/>\u2713 Stellantis birle\u015fmesi sonucunda art\u0131\u015f g\u00f6steren sat\u0131\u015f geliri ve operasyonel karl\u0131l\u0131k.<br \/>\u25a0 Bilan\u00e7oda olumsuz okudu\u011fumuz detaylar<br \/>\u2713 Artan net bor\u00e7 pozisyonu.<br \/>\u25a0 Bilan\u00e7oya dair k\u0131sa de\u011ferlendirmemiz<br \/>\u2192 Stellantis birle\u015fmesi sonras\u0131nda i\u00e7 pazarda g\u00f6r\u00fclen g\u00fc\u00e7l\u00fc ivme olumlu kar\u015f\u0131lanmakla birlikte, V\u00d6K marj\u0131ndaki iyile\u015fme ile 2025 finansallar\u0131n\u0131 olumlu olarak de\u011ferlendirmekteyiz. Ancak, 2026 \u00f6ng\u00f6r\u00fclerinin 2025 y\u0131l\u0131na k\u0131yasla yatay seyretmesinin, hisse \u00fczerinde k\u00e2r realizasyonu iste\u011fini tetikleyebilece\u011fini d\u00fc\u015f\u00fcn\u00fcyoruz.<br \/>\u25a0 Finansal verilere ge\u00e7meden \u00f6nce a\u00e7\u0131klanan yeni beklentiler paralelinde \u00fcretim ve sat\u0131\u015f taraf\u0131ndaki ger\u00e7ekle\u015fmelere bakt\u0131\u011f\u0131m\u0131zda; Tofa\u015f\u2019\u0131n, 4\u00c725\u2019te toplam \u00fcretimi g art\u0131\u015fla 42 bin adet olarak ger\u00e7ekle\u015firken, 2025\u2019te toplam \u00fcretimi %6 azalarak 132 bin adede gerilemi\u015ftir.<br \/>\u25a0 Yurti\u00e7i sat\u0131\u015f adetleri Stellantis birle\u015fmesiyle 2025\u2019te 3 art\u0131\u015fla 297.988 adet olarak ger\u00e7ekle\u015fmi\u015ftir. \u00d6te yandan, 2025\u2019te ihracat adetleri A oran\u0131nda art\u0131\u015f g\u00f6stererek 47 bin adet olarak ger\u00e7ekle\u015fmi\u015ftir.<br \/>\u25a0 Finansal verilere ge\u00e7ti\u011fimizde; Tofa\u015f\u2019\u0131n sat\u0131\u015f geliri 4\u00c725 d\u00f6neminde y\u0131ll\u0131k bazda #5 art\u0131\u015fla 121.703 milyon TL olarak ger\u00e7ekle\u015fti. B\u00f6ylelikle 2025\u2019te sat\u0131\u015f geliri 3 art\u0131\u015fla 319.414 milyon TL\u2019ye ula\u015ft\u0131.<br \/>\u25a0 4\u00c725 d\u00f6neminde 4.589 milyon TL olarak kaydedilen FAV\u00d6K, %3,8 oran\u0131nda bir marja i\u015faret etti. 2025 y\u0131l\u0131n\u0131n tamam\u0131nda ise FAV\u00d6K y\u0131ll\u0131k  daralmayla 9.998 milyon TL seviyesine gerilerken, FAV\u00d6K marj\u0131 %3,1 olarak ger\u00e7ekle\u015fti.<br \/>\u25a0 4\u00c725 d\u00f6neminde V\u00d6K marj\u0131 %4,6, 2025\u2019te ise %2,8 seviyesinde ger\u00e7ekle\u015fti. \u015eirket, V\u00d6K marj\u0131ndaki iyile\u015fmeyi Stellantis-T\u00fcrkiye konsolidasyonu, K0 \u00fcretim temposundaki art\u0131\u015f ve enflasyonda ya\u015fanan d\u00fc\u015f\u00fc\u015f olarak a\u00e7\u0131klad\u0131.<br \/>\u25a0 \u015eirket, 4\u00c725 d\u00f6neminde 5.296 milyon TL net kar a\u00e7\u0131klad\u0131. Net kardaki art\u0131\u015f\u0131, iyile\u015fen operasyonel karl\u0131l\u0131k ve varl\u0131k sat\u0131\u015f\u0131 destekledi.<br \/>\u25a0 4\u00c725 d\u00f6nem sonu itibariyle \u015eirket\u2019in 33.530 milyon TL net bor\u00e7 pozisyonu bulunmaktad\u0131r (3\u00c725 sonu: 20.398 milyon TL net bor\u00e7). Net bor\u00e7\/FAV\u00d6K oran\u0131 ise 4\u00c725 d\u00f6nemi sonu itibariyle 3,4x (3\u00c725: 3,6x net bor\u00e7\/FAV\u00d6K) seviyesindedir.<br \/>\u25a0 <em>Genel de\u011ferlendirme:<\/em> Hisse, y\u0131l ba\u015f\u0131ndan itibaren BIST 100 endeksinin %4 \u00fczerinde performans g\u00f6stermi\u015ftir. Geriye d\u00f6n\u00fck 12 ayl\u0131k verilere g\u00f6re hisse 19,0x F\/K ve 19,2x FD\/FAV\u00d6K \u00e7arpanlar\u0131ndan i\u015flem g\u00f6rmektedir.<br \/>\u25a0 Tofa\u015f, 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.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"170\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/02\/A8E4BD28-30F1-4CC2-A6FE-06C39D167EE4-1024x170.png\" alt=\"| Rota Borsa\" class=\"wp-image-411301\" title=\"| Rota Borsa\" \/><\/figure>\n<p>\u27a2 Raporun tamam\u0131n\u0131 PDF olarak g\u00f6r\u00fcnt\u00fclemek i\u00e7in a\u015fa\u011f\u0131daki dosyay\u0131 indirebilirsiniz.<\/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 data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object><\/object><a id=\"wp-block-file--media-c9af6ab1-2386-4872-aa01-b3a1cc82e836\" href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/02\/170807-5780.pdf\">170807-5780<\/a><a href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/02\/170807-5780.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-c9af6ab1-2386-4872-aa01-b3a1cc82e836\">\u0130ndir<\/a><\/div>\n<p><em><strong>Kaynak: <\/strong>Deniz Yat\u0131r\u0131m Ara\u015ft\u0131rma<\/em><\/p>\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>Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e. (TOASO)\u00a02025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 9 \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. Tofa\u015f T\u00fcrk Otomobil Fabrikas\u0131 A.\u015e. hisse haberleri \u2013 TOASO hisse yorumu Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cDe\u011ferlendirme: Olumlu; Tofa\u015f, 4\u00c725 d\u00f6neminde 121.703 milyon TL sat\u0131\u015f geliri [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":64317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-64316","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\/64316","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=64316"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/64316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/64317"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=64316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=64316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=64316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}