Arena Bilgisayar Sanayi ve Ticaret A.S.

ARENA.IS

Technology Distributors · Technology

Exchange

Istanbul Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

Arena Bilgisayar is a Turkish technology distributor that buys computers, phones, tablets, and other electronics from big global brands and resells them to retailers, corporate buyers, and smaller resellers across Turkey. The company acts as a middleman between manufacturers like Apple, Lenovo, and HP and the thousands of stores and businesses that sell or use those products. It is one of the largest technology distributors in Turkey.

Arena makes money by buying products in bulk and selling them at a small markup, which explains its very thin gross margin of around 3.6%. The company operates almost entirely within Turkey, making its business closely tied to the Turkish economy, consumer spending, and currency fluctuations. Because the Turkish lira has been volatile in recent years, Arena faces real risk from currency swings that can squeeze already-thin margins — this remains the central challenge for the business going forward.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-39.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+16.7% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

54.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

958M TRY cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

958M TRY cash & investments at current burn rate

Revenue declining

Arena Bilgisayar Sanayi ve Ticaret A.S.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

3.0%

Thin — 3.0% gross margin

Profit after running costs

Operating Margin

-0.4%

Losing money on operations — -0.4%

Return on the money invested

ROCE

0.8%

Weak — 0.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-22.7%

Shrinking sales (-22.7% YoY)

Profit growth

EPS YoY

-183.8%

Earnings shrinking (-183.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-0.2%

Burning cash (-0.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

2.60

Heavy debt load (2.60)

Covers its interest

Interest Cover

0.03x

Dangerous — barely covers interest (0.0x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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