{"id":65108,"date":"2026-04-10T08:02:32","date_gmt":"2026-04-10T08:02:32","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/10\/koton-magazacilik-koton-2025-4-ceyrek-bilanco-yorumu\/"},"modified":"2026-04-10T08:02:32","modified_gmt":"2026-04-10T08:02:32","slug":"koton-magazacilik-koton-2025-4-ceyrek-bilanco-yorumu","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/10\/koton-magazacilik-koton-2025-4-ceyrek-bilanco-yorumu\/","title":{"rendered":"Koton Ma\u011fazac\u0131l\u0131k (KOTON) 2025 4. \u00e7eyrek bilan\u00e7o yorumu"},"content":{"rendered":"<p>Koton Ma\u011fazac\u0131l\u0131k Tekstil Sanayi ve Ticaret A.\u015e. (KOTON) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 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, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler 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\/koton3.jpg\" alt=\"| Rota Borsa\" class=\"wp-image-258935\" 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\">Koton Ma\u011fazac\u0131l\u0131k Tekstil Sanayi ve Ticaret A.\u015e. hisse haberleri \u2013 KOTON hisse yorumu<\/h2>\n<p>\u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201c<strong><em>Ger\u00e7ekle\u015fen Rakamlar ve Tahminler:<\/em><\/strong> Beklentilerin alt\u0131nda net k\u00e2r performans\u0131. Piyasa beklentisi olan 110mn TL net zarar ve bizim 339mn TL net zarar tahminimizin \u00fczerinde, Koton 4\u00c725\u2019te 885mn TL net zarar a\u00e7\u0131klad\u0131 (4\u00c724: 1.849mn TL net zarar). Negatif s\u00fcrpriz a\u011f\u0131rl\u0131kl\u0131 olarak 472mn TL parasal kay\u0131p, net finansal giderlerde y\u0131ll\u0131k 9 art\u0131\u015f ve daha d\u00fc\u015f\u00fck vergi geliri kaynakl\u0131 ger\u00e7ekle\u015fti.<br \/><strong><em>\u00c7eyrekte \u00d6ne \u00c7\u0131kanlar:<\/em><\/strong> Sat\u0131\u015f gelirleri 4\u00c725\u2019te reel olarak y\u0131ll\u0131k  artarak 9.02 milyar TL\u2019ye ula\u015ft\u0131. Zay\u0131f t\u00fcketici talebi ve \u015firketin k\u00e2rl\u0131l\u0131k odakl\u0131 stratejisi do\u011frultusunda e-ticaret kanal\u0131ndaki daralma nedeniyle yurt i\u00e7i gelirler y\u0131ll\u0131k bazda yatay seyretti. Buna kar\u015f\u0131n yurt i\u00e7i ma\u011faza gelirleri, disiplinli tedarik y\u00f6netimi, dinamik fiyatlama stratejisi ve operasyonel verimlilikteki iyile\u015fme sayesinde %7,5 y\u0131ll\u0131k art\u0131\u015f kaydetti. Yurt d\u0131\u015f\u0131 gelirler ise g\u00fc\u00e7l\u00fc bir \u015fekilde S artt\u0131; bu art\u0131\u015f ma\u011faza gelirlerinde 7 ve e-ticaret kanal\u0131nda 6 b\u00fcy\u00fcme ile desteklendi. Bu performans, y\u00fcksek enflasyon ve g\u00fc\u00e7l\u00fc TL\u2019ye ra\u011fmen ger\u00e7ekle\u015fti. 4\u00c725\u2019te \u015firket yurt i\u00e7inde net 1 franchise ma\u011faza, yurt d\u0131\u015f\u0131nda ise net 5 kurumsal ma\u011faza a\u00e7t\u0131. Yurt i\u00e7i ve yurt d\u0131\u015f\u0131 ma\u011fazac\u0131l\u0131k LFL sat\u0131\u015f b\u00fcy\u00fcmesi s\u0131ras\u0131yla %7,9 ve %3,9 olarak ger\u00e7ekle\u015fti.<br \/>FAV\u00d6K, piyasa beklentisiyle uyumlu \u015fekilde 1.71 milyar TL ( f0 y\u0131ll\u0131k) olarak ger\u00e7ekle\u015firken, FAV\u00d6K marj\u0131 14,8 puan art\u0131\u015fla ,4\u2019e y\u00fckseldi. Bu art\u0131\u015fta d\u00fc\u015f\u00fck baz etkisi, daha y\u00fcksek br\u00fct k\u00e2rl\u0131l\u0131k ve operasyonel giderlerin temkinli y\u00f6netimi etkili oldu. Konsolide br\u00fct k\u00e2r marj\u0131, dinamik \u00fcr\u00fcn planlamas\u0131 ve etkin maliyet y\u00f6netiminin katk\u0131s\u0131yla 4\u00c725\u2019te y\u0131ll\u0131k 8,8 puan artarak yakla\u015f\u0131k Q,6 seviyesine ula\u015ft\u0131. Ayn\u0131 d\u00f6nemde yurt i\u00e7i br\u00fct k\u00e2r marj\u0131 9,7 puan, yurt d\u0131\u015f\u0131 br\u00fct k\u00e2r marj\u0131 ise 8,7 puan artt\u0131.<br \/>Serbest nakit ak\u0131m\u0131 2025 y\u0131l\u0131nda 3.49 milyar TL ile pozitif ger\u00e7ekle\u015fti; bu performans iyile\u015fen i\u015fletme sermayesi y\u00f6netimi ve daha d\u00fc\u015f\u00fck yat\u0131r\u0131m harcamas\u0131 yo\u011funlu\u011fu sayesinde desteklendi. Sabit kira y\u00fck\u00fcml\u00fcl\u00fcklerine ili\u015fkin lease \u00f6demeleri d\u00fc\u015f\u00fcld\u00fc\u011f\u00fcnde serbest nakit ak\u0131m\u0131 903mn TL oldu. Bu arada net bor\u00e7 2025 y\u0131l sonunda 7.8 milyar TL seviyesinde ger\u00e7ekle\u015firken, finansal kald\u0131ra\u00e7 1.0x\u2019e geriledi.<br \/><strong><em>De\u011ferleme \u00dczerindeki Etki ve G\u00f6r\u00fcn\u00fcm:<\/em><\/strong> 2026 Beklentileri: Koton, 2026 y\u0131l\u0131nda reel olarak %5\u20137 ciro b\u00fcy\u00fcmesi, T br\u00fct k\u00e2r marj\u0131 ve $ FAV\u00d6K marj\u0131 (2025: #,7) hedefliyor. \u015eirket 10 net yeni ma\u011faza a\u00e7\u0131l\u0131\u015f\u0131, %3,5 yat\u0131r\u0131m harcamalar\u0131\/sat\u0131\u015f oran\u0131 ve IFRS-16 hari\u00e7 0,5x finansal kald\u0131ra\u00e7 \u00f6ng\u00f6r\u00fcyor; bu hedefler 2025 ile b\u00fcy\u00fck \u00f6l\u00e7\u00fcde benzer seviyelerde. A\u00e7\u0131klanan hedefler 2026 tahminlerimizle genel olarak uyumlu. Biz %5 reel b\u00fcy\u00fcme, T br\u00fct k\u00e2r marj\u0131 ve % FAV\u00d6K marj\u0131 (\u015firket tan\u0131m\u0131yla) bekliyoruz.<br \/>2026 y\u0131l\u0131nda yurt d\u0131\u015f\u0131 ma\u011faza a\u00e7\u0131l\u0131\u015flar\u0131n\u0131n a\u011f\u0131rl\u0131kl\u0131 olarak GCC b\u00f6lgesinde ger\u00e7ekle\u015fmesi planlan\u0131rken, y\u0131l\u0131n ikinci yar\u0131s\u0131nda Kuveyt pazar\u0131na giri\u015f hedefleniyor. Ayr\u0131ca Koton\u2019un 2Y26\u2019da e-ticaret kanal\u0131 \u00fczerinden ABD pazar\u0131na girmeyi planlad\u0131\u011f\u0131 belirtiliyor. \u015eirketin GCC b\u00f6lgesine artan oda\u011f\u0131 ve TL\u2019deki reel de\u011ferlenmenin yava\u015flamas\u0131, \u00f6n\u00fcm\u00fczdeki d\u00f6nemde operasyonel performans\u0131 destekleyebilir. Ocak 2026\u2019da yurt i\u00e7i ma\u011fazac\u0131l\u0131k LFL sat\u0131\u015flar\u0131 nominal olarak 9, yurt d\u0131\u015f\u0131 LFL sat\u0131\u015flar\u0131 ise 3 artarken, ayn\u0131 d\u00f6nemde T\u00dcFE 1 olarak ger\u00e7ekle\u015fti.<br \/>Yorum: Beklentilerin alt\u0131nda kalan net k\u00e2r performans\u0131na ra\u011fmen, g\u00fc\u00e7l\u00fc serbest nakit ak\u0131m\u0131 \u00fcretimi, 2026 y\u0131l\u0131na ili\u015fkin sa\u011flam beklentiler ve hissenin son d\u00f6nemdeki zay\u0131f performans\u0131 nedeniyle piyasa tepkisinin n\u00f6tr olmas\u0131n\u0131 bekliyoruz. 2026T D\u00fczeltilmi\u015f FD\/FAV\u00d6K \u00e7arpan\u0131 3.6x seviyesinde i\u015flem g\u00f6ren (IFRS-16, di\u011fer gelir\/giderler ve kredi kart\u0131 komisyonlar\u0131 i\u00e7in d\u00fczeltilmi\u015f) hisse i\u00e7in AL \u00f6nerimizi koruyoruz.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"743\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/03\/2A51D15A-C31C-4EE3-93F1-F4C4D1FF697D-1024x743.png\" alt=\"| Rota Borsa\" class=\"wp-image-421143\" 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-7e156aba-b63f-4261-9539-0da72dd8c525\" href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/03\/KOTON_4C25_Kar-Analizi_040326.pdf\">KOTON_4C25_Kar-Analizi_040326<\/a><a href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/03\/KOTON_4C25_Kar-Analizi_040326.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-7e156aba-b63f-4261-9539-0da72dd8c525\">\u0130ndir<\/a><\/div>\n<p><em><strong>Kaynak: <\/strong>\u0130\u015f 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 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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><em><em><strong>\u0130\u015f Yat\u0131r\u0131m yasal uyar\u0131s\u0131:<\/strong> Burada yer alan bilgiler \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. taraf\u0131ndan bilgilendirme amac\u0131 ile haz\u0131rlanm\u0131\u015ft\u0131r. 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. Herhangi bir yat\u0131r\u0131m arac\u0131n\u0131n al\u0131m-sat\u0131m \u00f6nerisi ya da getiri vaadi olarak yorumlanmamal\u0131d\u0131r. Bu g\u00f6r\u00fc\u015fler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir. Bu nedenle, sadece burada yer alan bilgilere dayanarak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir. Burada yer alan fiyatlar, veriler ve bilgilerin tam ve do\u011fru oldu\u011fu garanti edilemez; i\u00e7erik, haber verilmeksizin de\u011fi\u015ftirilebilir. T\u00fcm veriler, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. taraf\u0131ndan g\u00fcvenilir oldu\u011funa inan\u0131lan kaynaklardan al\u0131nm\u0131\u015ft\u0131r. Bu kaynaklar\u0131n kullan\u0131lmas\u0131 nedeni ile ortaya \u00e7\u0131kabilecek hatalardan \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. sorumlu de\u011fildir. <\/em><\/em><\/em><\/em><\/em><br \/><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>Koton Ma\u011fazac\u0131l\u0131k Tekstil Sanayi ve Ticaret A.\u015e. (KOTON) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi. Koton Ma\u011fazac\u0131l\u0131k Tekstil Sanayi ve Ticaret A.\u015e. hisse haberleri \u2013 KOTON hisse yorumu \u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cGer\u00e7ekle\u015fen Rakamlar ve Tahminler: Beklentilerin alt\u0131nda net k\u00e2r [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":65109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-65108","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\/65108","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=65108"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/65108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/65109"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=65108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=65108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=65108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}