Turkiye Petrol Rafinerileri AS

Turkiye Petrol Rafinerileri AS maintains a conservative capital structure characterized by low leverage and adequate liquidity coverage. The company holds total equity of TRY 364.1 billion against total liabilities of TRY 227.9 billion, resulting in a debt-to-equity ratio of 0.13. This low leverage profile is supported by a cash and equivalents position of TRY 87.5 billion, which exceeds long-term debt of TRY 46.2 billion. The current ratio stands at 1.4, indicating sufficient short-term assets to cover immediate obligations. Despite positive operating cash flow of TRY 27.3 billion, free cash flow is negative at TRY -9.5 billion due to capital expenditures of TRY 19.1 billion, suggesting ongoing investment in refining capacity or maintenance.

Profitability metrics indicate moderate returns on capital employed. The company reports a return on equity (ROE) of 8.11% and a return on assets (ROA) of 4.99%. With a net income of TRY 29.5 billion on revenue of TRY 830.4 billion, the net margin is approximately 3.56%. The operating income of TRY 41.6 billion reflects an operating margin of roughly 5.01%, while gross profit of TRY 81.2 billion yields a gross margin of approximately 9.78%. These margins are typical for integrated refining operations where volume and crack spreads drive profitability. The valuation multiples reflect this profile, with a price-to-earnings ratio of 17.1 and an EV/EBITDA of 11.13. The price-to-book ratio of 1.39 suggests the market values the company slightly above its tangible book value, implying modest expectations for future earnings growth or asset revaluation.