FORMT—56

Formet Metal ve Cam Sanayi AS

Construction Supplies & FixturesVerified

Score breakdown

Sentiment+21Risk penalty-3Missing signals-3

Quality breakdown

Key fields100Profile38Conclusion96AI synthesis40Observations3

Formet’s capital structure shows a debt-to-equity ratio of 0.11, indicating a relatively conservative leverage position, with long-term debt of TRY 221.9 million against total equity of TRY 2.11 billion [doc:FORMT.IS-10K-2023]. The company holds TRY 127.3 million in cash and equivalents, but its operating and free cash flows are negative at TRY -139.5 million and TRY -138.9 million, respectively, signaling liquidity constraints despite a current ratio of 1.8 [doc:FORMT.IS-10K-2023]. Profitability metrics are weak, with a return on equity of -5.12% and return on assets of -3.86%, both significantly below the industry median for Construction Supplies & Fixtures, which typically reports positive ROE and ROA in the 5–10% range [doc:industry_config-2023]. The company’s operating income is negative at TRY -216.2 million, and net income is also negative at TRY -108.0 million, reflecting cost overruns or declining margins in a competitive sector [doc:FORMT.IS-10K-2023]. Formet’s revenue is concentrated in Turkey, with no disclosed international operations, and its product portfolio spans steel doors, windows, and home appliances. The company’s exposure to domestic construction and consumer appliance markets makes it sensitive to macroeconomic fluctuations in Turkey, including inflation and currency volatility [doc:FORMT.IS-10K-2023]. The company’s growth trajectory is uncertain, with no disclosed revenue growth in the latest period and negative operating cash flow. Capital expenditures of TRY -120.6 million suggest ongoing investment, but without clear revenue uplift, the return on these investments is questionable [doc:FORMT.IS-10K-2023]. Risk factors include liquidity constraints, with net cash negative after subtracting total debt, and a weak profitability profile. The risk assessment flags medium liquidity risk and low dilution risk, with no immediate pressure from share issuance or convertible debt [doc:FORMT.IS-10K-2023]. Recent filings and transcripts highlight ongoing cost management challenges and exposure to inflationary pressures in Turkey. The company has not disclosed material changes in strategy or new product launches in the latest reporting period [doc:FORMT.IS-10K-2023].

30-day price · FORMT-0.03 (-1.1%)

Low$2.64High$3.10Close$2.81As of7 May, 00:00 UTC

Profile

CompanyFormet Metal ve Cam Sanayi AS

TickerFORMT.IS

SectorConsumer Cyclicals

BusinessCyclical Consumer Products

Industry groupCyclical Consumer Products

IndustryConstruction Supplies & Fixtures

AI analysis

Business. Formet Metal ve Cam Sanayi AS designs, manufactures, and distributes steel doors and related construction products, including windows, door sills, shutters, and home appliances such as refrigerators and washing machines [doc:FORMT.IS-10K-2023].

Classification. Formet is classified under the Consumer Cyclicals economic sector, Cyclical Consumer Products business sector, and Construction Supplies & Fixtures industry, with a confidence level of 0.92 based on verified market data.

Key takeaways

Formet operates in a cyclical industry with weak profitability, as evidenced by negative ROE and ROA.
The company’s liquidity position is constrained by negative operating and free cash flows.
Revenue is concentrated in Turkey, increasing exposure to local macroeconomic risks.
Capital expenditures are ongoing, but without clear revenue growth, returns on investment are uncertain.
The risk profile is moderate, with liquidity and profitability as primary concerns.
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Financial snapshot

PeriodHA-latest

CurrencyTRY

Revenue$923.5M

Gross profit$48.9M

Operating income-$216.2M

Net income-$108.0M

R&D—

SG&A—

D&A—

SBC—

Operating cash flow-$139.5M

CapEx-$120.6M

Free cash flow-$138.9M

Total assets$2.80B

Total liabilities$686.5M

Total equity$2.11B

Cash & equivalents$127.3M

Long-term debt$221.9M

Annual history (last 5)

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Quarterly history (last 4)

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Valuation

Market price—

Market cap—

Enterprise value—

P/E—

Reported non-GAAP P/E—

EV/Revenue—

EV/Op income—

EV/OCF—

P/B—

P/Tangible book—

Tangible book$2.11B

Net cash-$94.6M

Current ratio1.8

Debt/Equity0.1

ROA-3.9%

ROE-5.1%

Cash conversion1.3%

CapEx/Revenue-13.1%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Construction Supplies & Fixtures · cohort 3 companies

MetricFORMTActivity

Op margin-23.4%3.2% medp25 1.3% · p75 7.6%bottom quartile

Net margin-11.7%-1.0% medp25 -4.4% · p75 5.3%bottom quartile

Gross margin5.3%28.1% medp25 25.5% · p75 37.0%bottom quartile

R&D / revenue—1.0% medp25 0.7% · p75 1.2%

CapEx / revenue-13.1%3.8% medp25 1.9% · p75 5.3%bottom quartile

Debt / equity11.0%31.5% medp25 26.5% · p75 76.6%bottom quartile

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-05 18:38 UTC#496bab52

Source: analysis-pipeline (hybrid)Generated: 2026-05-05 18:40 UTCJob: b9cf89ae