Turk Hava Yollari AO (TKHVY) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Turk Hava Yollari AO $86.25, price $61.88, upside +39.4%, quality 45 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Turk Hava Yollari AO ADR for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $10.51 – $99.92 · fair‑value band $60.38 – $112.12 · the $61.88 price screens below the $86.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
Follow Turk Hava Yollari AO ADR in your weekly email
Every Wednesday you see whether Turk Hava Yollari AO ADR is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Türk Hava Yollari Anonim Ortakligi provides air transport and aircraft technical maintenance services in Turkey and internationally.
Show more
Türk Hava Yollari Anonim Ortakligi provides air transport and aircraft technical maintenance services in Turkey and internationally. The company offers domestic and international passenger and cargo air transportation services; repair and maintenance; technical and infrastructure support services related to aviation sector; informatics and technology; cargo and courier transportation; support services; security services; payment systems; health services; management of various investment projects; cabin interior production; catering services; aviation ground handling services; aviation fuel services; It is also involved engine maintenance; and reverse thrust and engine nacelle services, as well as sports activities. The company was incorporated in 1933 and is headquartered in Istanbul, Turkey.
Stock analysis
Turk Hava Yollari AO ADR (TKHVY) currently trades at $61.88, while our model-based Fair Value estimate is $86.25, implying the stock looks roughly 28.3% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of $518.95 per share, and 24 of the 26 models we run sit above the $61.88 price.
Bear case: the Dividend Discount group reads lowest at $24.93, and 2 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: $60.38 (bear) to $112.12 (bull), the price of $61.88 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 45/100 (below-average quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Turk Hava Yollari AO ADR reported revenue of $24.1B in FY2025 versus $7.3B in FY2021, a compound +34.8%/yr. Reported net income was $3.0B in FY2025, compounding +48.3%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $9.8B · P/E ratio 29.3 · P/S ratio 3.63 · EPS (TTM) $2.11 · Dividend yield 2.4% · Net margin 12.4% · Return on equity 15.6% · Return on assets (EBIT) 80.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (medium confidence).
What moves the price
The share trades about 21% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 26% fair-value upside, at 39%, TKHVY screens cheaper than that median.
Fair Value models
Bear $60.38Fair Value $86.25Bull $112.12
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($1.54 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+29.1%
Start year 2020 (pandemic). Over 10 years: +8.7% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.6%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+36.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+34.1%
Dividend (yield on the price)2.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.34% vs 12%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−2% → 7%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
News mood ⓘNews mood, the average tone of recent news (87 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Compare Turk Hava Yollari AO ADR with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Airlines · 60 stocks
Beats the industry median on 8/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score45 · Above median
Fair Value upside+39% · Above median
Profitability
Return on equity (TTM)16% · Above median
Return on assets3% · Below median
Net margin (TTM)13% · Top 25%
Operating margin (TTM)−2% · Below median
Growth and dividend
Revenue growth21% · Top 25%
Dividend yield (TTM)2.4% · Above median
Balance sheet
Debt / equity0.05× · Lowest 25%
Valuation Multiplesvs Airlines median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Turk Hava Yollari AO ADR Fair Value". https://www.fairvalue-calculator.com/stock/TKHVY
Frequently asked questions
Is Turk Hava Yollari AO (TKHVY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $86.25 versus a price of $61.88, about +39% upside (undervalued).
What is the fair value of TKHVY?
Our model-based fair value for Turk Hava Yollari AO ADR is $86.25 (as of Sep 24, 2026), built from audited fundamentals. The current price: $61.88.
What is the quality score of TKHVY?
Turk Hava Yollari AO ADR has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Turk Hava Yollari AO (TKHVY)?
Our model-based price target is the fair value of $86.25 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario $60.38, optimistic scenario $112.12. It is a calculation from audited fundamentals, not an analyst target.
What is the Turk Hava Yollari AO ADR stock forecast for 2026?
Our models put fair value at $86.25, about +39% upside versus a price of $61.88 (undervalued). Cautious scenario $60.38, optimistic scenario $112.12. The calculation is refreshed regularly with new filings.
What is the revenue of Turk Hava Yollari AO (TKHVY)?
Turk Hava Yollari AO ADR reported trailing-twelve-month revenue of about $25.1B (latest available figure, as of Sep 24, 2026).
Does Turk Hava Yollari AO ADR pay a dividend?
Turk Hava Yollari AO ADR currently shows a dividend yield of about 2.38% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Turk Hava Yollari AO (TKHVY)?
For today's price to be fair in a discounted-cash-flow model, Turk Hava Yollari AO ADR would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +29.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TKHVY use?
Our models discount Turk Hava Yollari AO ADR at 9.7 %: a base by market capitalisation (mid), country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Turk Hava Yollari AO ADR that is less than minus 40 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Turk Hava Yollari AO (TKHVY) delivered so far?
Over the past 5 years revenue at Turk Hava Yollari AO ADR grew +29.1 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Turk Hava Yollari AO (TKHVY) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Turk Hava Yollari AO ADR (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Turk Hava Yollari AO (TKHVY)?
The free-cash-flow yield on the price is 44.27 %: that much free cash flow Turk Hava Yollari AO ADR produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Turk Hava Yollari AO (TKHVY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Turk Hava Yollari AO ADR it is $86.25 per share (as of Sep 24, 2026), against a price of $61.88. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Turk Hava Yollari AO ADR stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TKHVY trades below its calculated fair value: price $61.88, fair value $86.25, a gap of about +39% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TKHVY?
No. The price is what the market pays today ($61.88); the fair value is what the company's own numbers justify ($86.25). For Turk Hava Yollari AO ADR the two are $24.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is Turk Hava Yollari AO ADR worth?
The market values Turk Hava Yollari AO ADR at about $9.8B (market capitalisation, as of Sep 24, 2026). Per share that is $61.88; our models calculate a fair value of $86.25 per share.
What do the bullish and bearish scenarios say about TKHVY?
Our models span a range for Turk Hava Yollari AO ADR: cautious scenario $60.38, base $86.25, optimistic $112.12 per share (as of Sep 24, 2026, price $61.88). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TKHVY?
Turk Hava Yollari AO ADR trades at a price-to-earnings ratio of 29.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $86.25 is built from several models across several years.
How solid is the balance sheet of Turk Hava Yollari AO (TKHVY)?
Balance-sheet figures for Turk Hava Yollari AO ADR (as of Sep 24, 2026): return on equity 15.6%, debt of 0.05 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is TKHVY from its 52-week high?
Turk Hava Yollari AO ADR trades at $61.88, about 21% below its 52-week high of $78.15 and 11% above the low of $55.71 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $86.25 is for.
Which stocks are comparable to Turk Hava Yollari AO ADR?
From the same area (Industrials) we also value Delta Air Lines, Inc, United Airlines Holdings, Ryanair Holdings, Southwest Airlines Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Turk Hava Yollari AO ADR stock attractive at the current price?
The data as of Sep 24, 2026: price $61.88, calculated fair value $86.25 (+39%), Quality Score 45/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TKHVY calculated?
We run Turk Hava Yollari AO ADR through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $86.25, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Turk Hava Yollari AO ADR currently trades 39 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Turk Hava Yollari AO (TKHVY)?
The closing price on Sep 23, 2026 was $61.88. Our model-based fair value is $86.25, about +39% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Turk Hava Yollari AO ADR right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($60.38 to $112.12) leaves room in how you read the outcome.
Key figures of Turk Hava Yollari AO ADR
How large is the market capitalisation of Turk Hava Yollari AO (TKHVY)?
The market capitalisation of Turk Hava Yollari AO ADR is $9.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Turk Hava Yollari AO (TKHVY)?
The price-to-sales ratio of Turk Hava Yollari AO ADR is 3.63 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Turk Hava Yollari AO (TKHVY)?
Earnings per share at Turk Hava Yollari AO ADR are $2.11 (price ÷ EPS = P/E 29.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Turk Hava Yollari AO (TKHVY)?
The dividend yield of Turk Hava Yollari AO ADR is 2.4% (payout 69.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Turk Hava Yollari AO (TKHVY)?
The net margin of Turk Hava Yollari AO ADR is 12.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Turk Hava Yollari AO (TKHVY)?
The return on equity (ROE) of Turk Hava Yollari AO ADR is 15.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Turk Hava Yollari AO (TKHVY)?
On an EBIT basis the return on assets of Turk Hava Yollari AO ADR is 80.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Turk Hava Yollari AO (TKHVY)?
The operating margin of Turk Hava Yollari AO ADR is −2.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Turk Hava Yollari AO (TKHVY)?
Revenue at Turk Hava Yollari AO ADR is growing +21.1% versus a year earlier (3y avg +13.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Turk Hava Yollari AO (TKHVY)?
Earnings per share at Turk Hava Yollari AO ADR are growing +25.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Turk Hava Yollari AO (TKHVY) carry?
The net debt of Turk Hava Yollari AO ADR is $15.8B (fiscal year 2025, ≈ 4.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Turk Hava Yollari AO ADR in the live analysis
One click puts Turk Hava Yollari AO ADR on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Thin data
Sep 24, 2026