{"id":64406,"date":"2026-04-03T08:48:43","date_gmt":"2026-04-03T08:48:43","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/03\/sok-marketler-sokm-bilanco-degerlendirmesi\/"},"modified":"2026-04-03T08:48:43","modified_gmt":"2026-04-03T08:48:43","slug":"sok-marketler-sokm-bilanco-degerlendirmesi","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/03\/sok-marketler-sokm-bilanco-degerlendirmesi\/","title":{"rendered":"\u015eok Marketler (SOKM) bilan\u00e7o de\u011ferlendirmesi"},"content":{"rendered":"

\u015eok Marketler Ticaret A.\u015e. (SOKM) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o<\/a> sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi.<\/p>\n

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\u015eok Marketler Ticaret A.\u015e. hisse haberleri \u2013 SOKM hisse yorumu<\/h2>\n

\u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cTMS-29 dahil:<\/strong> Sat\u0131\u015flar 4\u00c725\u2019te g\u00fc\u00e7l\u00fc seyretti;<\/em>\u00a0<\/em><\/strong>Beklentilerin hafif \u00fczerinde (\u0130\u015f Yat\u0131r\u0131m: 71.075 mn TL; Piyasa: 71.011 mn TL) \u015eok Marketler 4\u00c725\u2019de, reel bazda y\u0131ll\u0131k %8,4 art\u0131\u015fla 71.740 mn TL net sat\u0131\u015f geliri a\u00e7\u0131klad\u0131. Y\u0131l geneli gelirler ise y\u0131ll\u0131k %5,4 art\u0131\u015fla 278,8 milyar TL\u2019ye ula\u015farak y\u0131l\u0131 \u015firketin payla\u015ft\u0131\u011f\u0131 beklenti aral\u0131\u011f\u0131 i\u00e7inde kapatt\u0131. Son \u00e7eyrekteki g\u00fc\u00e7l\u00fc performans, 2025 y\u0131l sonu b\u00fcy\u00fcmesini \u015firketin beklenti aral\u0131\u011f\u0131n\u0131n orta noktas\u0131na daha yak\u0131n bir seviyeye ta\u015f\u0131d\u0131. 4\u00c725\u2019teki g\u00fc\u00e7l\u00fc sat\u0131\u015f performans\u0131 a\u011f\u0131rl\u0131kl\u0131 olarak sepet b\u00fcy\u00fckl\u00fc\u011f\u00fcndeki art\u0131\u015ftan kaynaklan\u0131rken, m\u00fc\u015fteri trafi\u011fi de destekleyici oldu. Ayr\u0131ca, \u015eok 2.0\u2019a d\u00f6n\u00fc\u015ft\u00fcr\u00fclen ma\u011fazalardaki iyile\u015fen benzer ma\u011faza performans\u0131 (LfL) ile sadakat program\u0131 ve \u00e7ok kanall\u0131 yap\u0131n\u0131n devam eden katk\u0131s\u0131, \u00e7eyreklik sat\u0131\u015f momentumunu desteklemi\u015f g\u00f6r\u00fcn\u00fcyor.
Marjlar 4\u00c725\u2019te belirgin \u015fekilde toparland\u0131;<\/em> <\/em><\/strong>Br\u00fct kar marj\u0131 y\u0131ll\u0131k 1,4 puan artarak “,0\u2019ye y\u00fckselirken, FAV\u00d6K de beklentilerin belirgin \u015fekilde \u00fczerinde (\u0130\u015f Yat\u0131r\u0131m: 3.011 mn TL; Piyasa: 2.980 mn TL) ger\u00e7ekle\u015ferek 4\u00c724\u2019teki 2.309 mn TL\u2019den 4\u00c725\u2019te 3.756 mn TL\u2019ye \u00e7\u0131kt\u0131. B\u00f6ylece FAV\u00d6K marj\u0131 da y\u0131ll\u0131k 1,7 puan art\u0131\u015fla %5,2 oldu. Bu g\u00f6r\u00fcn\u00fcm, ge\u00e7en y\u0131la k\u0131yasla \u00e7ok daha sa\u011fl\u0131kl\u0131 bir operasyonel zemine i\u015faret ederken, sat\u0131\u015flara oranla faaliyet giderlerindeki 0,8 puanl\u0131k d\u00fc\u015f\u00fc\u015f de bu toparlanmay\u0131 destekledi. Y\u0131l geneline bak\u0131ld\u0131\u011f\u0131nda da benzer \u015fekilde kayda de\u011fer bir iyile\u015fme dikkat \u00e7ekiyor; br\u00fct kar marj\u0131 2024\u2019teki ,3\u2019ten ,5\u2019e y\u00fckselirken, FAV\u00d6K marj\u0131 da %2,8\u2019e ula\u015farak \u015firketin beklenti aral\u0131\u011f\u0131n\u0131n \u00fczerinde ger\u00e7eklemi\u015f oldu.
Vergi \u00f6ncesi karl\u0131l\u0131k ve marjlardaki belirgin toparlanmaya ra\u011fmen net kar taraf\u0131 4\u00c725\u2019te zay\u0131f kald\u0131.<\/em>\u00a0TMS-29 dahil rakamlara g\u00f6re, beklentilerin belirgin alt\u0131nda (\u0130\u015f Yat\u0131r\u0131m: 53 mn TL; Piyasa: 78 mn TL) kalan \u015eok Marketler, 4\u00c725\u2019te 1,4 milyar TL net zarar a\u00e7\u0131klad\u0131. \u015eirket, 4\u00c724\u2019te ise 212 mn TL net zarar a\u00e7\u0131klam\u0131\u015ft\u0131. B\u00f6ylece net kar marj\u0131, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki -%0,3\u2019ten -%1,9\u2019a geriledi. Beklentilerden negatif y\u00f6nl\u00fc sapman\u0131n ana nedeni, y\u0131l sonunda vergiye tabi finansallarda enflasyon muhasebesi uygulamas\u0131n\u0131n kald\u0131r\u0131lmas\u0131n\u0131 takiben, 9A25\u2019te stoklar \u00fczerinden muhasebele\u015ftirilen ertelenmi\u015f vergi gelirinin ters \u00e7evrilmesinden kaynaklanan yakla\u015f\u0131k 900 mn TL\u2019lik tek seferlik negatif ertelenmi\u015f vergi kalemi etkili oldu. Y\u0131l geneline bak\u0131ld\u0131\u011f\u0131nda \u015firket, 2025\u2019te 1,9 milyar TL net zarar a\u00e7\u0131klad\u0131; 2024\u2019te ise 80 mn TL net kar a\u00e7\u0131klanm\u0131\u015ft\u0131. B\u00f6ylece net kar marj\u0131 -%0,7 seviyesinde ger\u00e7ekle\u015fti. Bununla birlikte, vergi \u00f6ncesi kar hem 4\u00c725\u2019te hem de 2025 genelinde pozitife d\u00f6nerken, parasal pozisyon kazan\u00e7\/kay\u0131plar\u0131 hari\u00e7 net kar 4\u00c725\u2019te ge\u00e7en y\u0131lki 532 mn TL\u2019den 799 mn TL\u2019ye, 2025 genelinde ise 658 mn TL\u2019den 725 mn TL\u2019ye y\u00fckseldi.
TMS-29 hari\u00e7:<\/strong> TMS-29 hari\u00e7 bak\u0131ld\u0131\u011f\u0131nda, operasyonel performans 4\u00c725\u2019te anlaml\u0131 \u015fekilde iyile\u015fti.<\/em>\u00a0Gelirler y\u0131ll\u0131k B,5 art\u0131\u015fla 71,16 milyar TL\u2019ye y\u00fckselirken, bu art\u0131\u015f a\u011f\u0131rl\u0131kl\u0131 olarak sepet b\u00fcy\u00fckl\u00fc\u011f\u00fcndeki art\u0131\u015ftan kaynakland\u0131; m\u00fc\u015fteri trafi\u011fi de destekleyici olmaya devam etti. Br\u00fct kar y\u0131ll\u0131k E,0 art\u0131\u015fla 16,54 mlr TL\u2019ye \u00e7\u0131karken, br\u00fct kar marj\u0131 da y\u0131ll\u0131k 0,4 puan artarak #,3\u2019e y\u00fckseldi. Faaliyet giderleri gelirlerden daha yava\u015f b\u00fcy\u00fcd\u00fc ve bu sayede faaliyet giderlerinin sat\u0131\u015flara oran\u0131 y\u0131ll\u0131k 0,8 puan iyile\u015ferek ,7 oldu. Sonu\u00e7 olarak FAV\u00d6K y\u0131ll\u0131k h,0 art\u0131\u015fla 4,7 milyar TL\u2019ye y\u00fckselirken, FAV\u00d6K marj\u0131 da 4\u00c724\u2019teki %5,4\u2019ten %6,5\u2019e \u00e7\u0131kt\u0131. Parasal pozisyon kazan\u00e7\/kay\u0131plar\u0131 hari\u00e7 net kar da y\u0131ll\u0131k P,1 art\u0131\u015fla 799 mn TL\u2019ye y\u00fckseldi ve net kar marj\u0131 y\u0131ll\u0131k bazda yatay seyrederek %1,1 olarak ger\u00e7ekle\u015fti.
Y\u0131l geneline bak\u0131ld\u0131\u011f\u0131nda da temel g\u00f6r\u00fcn\u00fcm net bir toparlanmaya i\u015faret etti.<\/em>\u00a0Gelirler 2025\u2019te y\u0131ll\u0131k B,1 art\u0131\u015fla 253,4 milyar TL\u2019ye y\u00fckselirken, br\u00fct kar y\u0131ll\u0131k E,5 art\u0131\u015fla 58,1 milyar TL\u2019ye ula\u015ft\u0131. B\u00f6ylece br\u00fct kar marj\u0131 y\u0131ll\u0131k 0,5 puan art\u0131\u015fla “,9 oldu. Faaliyet giderleri y\u0131ll\u0131k 8,8 artarken, faaliyet giderlerinin sat\u0131\u015flara oran\u0131 ,7 seviyesine geldi. Bunun sonucunda FAV\u00d6K 13,3 milyar TL\u2019ye y\u00fckselirken, FAV\u00d6K marj\u0131 da 2024\u2019teki %4,7\u2019den %5,3\u2019e \u00e7\u0131kt\u0131. Parasal pozisyon kazan\u00e7\/kay\u0131plar\u0131 hari\u00e7 net kar da 2025\u2019te 658 mn TL\u2019den 725 mn TL\u2019ye y\u00fckselerek, enflasyon muhasebesi kaynakl\u0131 bask\u0131ya ra\u011fmen temel karl\u0131l\u0131k g\u00f6r\u00fcn\u00fcm\u00fcn\u00fcn daha iyi oldu\u011funa i\u015faret etti.
Net bor\u00e7 \/ nakit ak\u0131\u015f\u0131:<\/strong>\u00a0\u015eok Marketler\u2019in IFRS-16 hari\u00e7 net nakit pozisyonu, 3\u00c725\u2019teki 11,6 milyar TL\u2019den 4\u00c725\u2019te 9,3 milyar TL\u2019ye geriledi. IFRS-16 kira y\u00fck\u00fcml\u00fcl\u00fckleri dahil edildi\u011finde ise net bor\u00e7, \u00f6nceki \u00e7eyrekteki 1,0 milyar TL\u2019den 5,1 milyar TL\u2019ye y\u00fckseldi. Bu de\u011fi\u015fimde daha d\u00fc\u015f\u00fck nakit seviyesi ve daha y\u00fcksek kira y\u00fck\u00fcml\u00fcl\u00fckleri etkili oldu. Bununla birlikte, g\u00fc\u00e7l\u00fc i\u015fletme sermayesi dinamikleri ve nakit yarat\u0131m\u0131 bilan\u00e7oyu desteklemeye devam etti.
2026 Beklentileri:<\/strong>\u00a0\u015eok Marketler, 2026 y\u0131l\u0131 i\u00e7in TMS-29 dahil bazda %5,0 ( \/-1,0%) reel sat\u0131\u015f b\u00fcy\u00fcmesi ve %3,0 ( \/-0,5%) FAV\u00d6K marj\u0131 \u00f6ng\u00f6r\u00fcyor. Hat\u0131rlanaca\u011f\u0131 \u00fczere, 2025 y\u0131l\u0131nda ger\u00e7ekle\u015fen sat\u0131\u015f b\u00fcy\u00fcmesi %5,4, FAV\u00d6K marj\u0131 ise %2,8 olmu\u015ftu. \u015eirket ayr\u0131ca sat\u0131\u015flara oranla yat\u0131r\u0131m harcamalar\u0131n\u0131n yakla\u015f\u0131k %2,0 seviyesinde ger\u00e7ekle\u015fmesini bekliyor; bu oran 2025\u2019te %1,9 seviyesindeydi. Beklentiler, ciro taraf\u0131nda daha s\u0131n\u0131rl\u0131 bir de\u011fi\u015fime i\u015faret ederken, marjlarda ilave toparlanma sinyali veriyor.
Yorum:<\/strong>\u00a0TMS-29 kaynakl\u0131 tek seferlik muhasebe etkileri nedeniyle raporlanan net kar zay\u0131f kalm\u0131\u015f olsa da, 4\u00c725\u2019teki g\u00fc\u00e7l\u00fc operasyonel performans, belirgin marj toparlanmas\u0131, g\u00fc\u00e7l\u00fc nakit yarat\u0131m\u0131 ve destekleyici 2026 beklentileri, daha sa\u011fl\u0131kl\u0131 bir g\u00f6r\u00fcn\u00fcme i\u015faret ediyor. Genel olarak sonu\u00e7lara olumlu tepki beklesek de zay\u0131f net kar, piyasa tepkisindeki yukar\u0131 y\u00f6n\u00fc bir miktar s\u0131n\u0131rlayabilir. Hafif Pozitif.\u201d<\/p>\n

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\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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<\/object>SOKM_4C25_Kar-Analizi_100326<\/a>\u0130ndir<\/a><\/div>\n

Kaynak: <\/strong>\u0130\u015f Yat\u0131r\u0131m Ara\u015ft\u0131rma<\/em><\/p>\n

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