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Aselsan Elektronik Sanayi ve Ticaret A.S. Class B

ASELS.IS
69
Aerospace & Defense · Industrials
Price
372.75 TRY
-7.00 (-1.84%)
Market Cap
1.70T TRY
Exchange
Istanbul Stock Exchange
Winston Score
69
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 19, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Exceptional
Cash Flow
Exceptional
Stability
Strong
Valuation
Good
Dividends
Weak
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Share count rising — dilution

+100.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.28B (2021) → 4.56B (2025)

§Winston Score History

The full picture

Aselsan is Turkey's largest defense electronics company. It designs and manufactures military communication systems, radar and electronic warfare equipment, electro-optic sensors, and air defense systems. Its primary customer is the Turkish Armed Forces, but it also exports to dozens of countries and supplies NATO-allied militaries.

Aselsan earns revenue mainly through long-term government defense contracts, selling both hardware and integrated systems. Headquartered in Ankara, it is majority-owned by the Turkish Armed Forces Foundation, giving it a strong institutional relationship with its biggest buyer. This close government tie acts as a significant moat but also concentrates customer risk. The company has been expanding its export business and investing in areas like autonomous systems and satellite technologies. Key growth depends on continued Turkish defense spending increases and winning more international contracts, while currency volatility and geopolitical shifts remain notable risks.

Growth Profile

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

Revenue Growth

+75.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+112.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

5.4B TRY/ year

↑ Rising (+61% vs prior year)

3.0% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

74.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

160.8B TRY cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Aselsan Elektronik Sanayi ve Ticaret A.S. Class B grew revenue 75% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
32.5%
Modest — 32.5% gross margin
Profit after running costs
Operating Margin
22.6%
Excellent — 22.6% operating margin
Return on the money invested
ROCE
12.7%
Good — 12.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+26.6%
Fast-growing sales (+26.6% YoY)
Profit growth
EPS YoY
+88.0%
Earnings growing fast (+88.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
136%
Turns 136% of profit into real cash
Spare cash per sale
FCF Margin
12.7%
Converts sales into free cash efficiently (12.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.24
Conservative — low debt load (0.24)
Covers its interest
Interest Cover
6.96x
Adequate interest coverage (7.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
45.8x
Expensive — P/E 45.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+33.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (45.8 → 12.5)

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Dividends

Dividend
Dividend Yield
0.11%
Small dividend — 0.11% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-90.6%
Dividend cut (-90.6% YoY) — warning sign

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