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Gulermak Agir Sanayi Insaat Ve Taahhut A.S.

GLRMK.IS
38
Engineering & Construction · Industrials
Price
140.00 TRY
+2.30 (+1.67%)
Market Cap
45.16B TRY
Exchange
Istanbul Stock Exchange
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Sep 19, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Mixed
Cash Flow
Mixed
Stability
Good
Valuation
Good
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Share count rising — dilution

+297.8% over 4y

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

Diluted shares outstanding: 80.0M (2021) → 318.3M (2025)

§Winston Score History

The full picture

Gülermak is a Turkish engineering and construction company that specializes in building large infrastructure projects, particularly metro and rail transit systems. It designs and constructs tunnels, underground stations, and railway lines for governments and transit authorities. The company is one of Turkey's leading contractors in the heavy civil engineering space and has completed major urban rail projects both domestically and internationally.

Gülermak earns revenue through large-scale construction contracts, typically awarded by public agencies through competitive bidding. It operates primarily in Turkey but has expanded into markets across Europe, the Middle East, and South Asia, working on metro projects in cities like Delhi and Bucharest. Its track record on complex tunneling and transit jobs gives it credibility when bidding on new contracts. Key growth depends on continued global investment in urban transit infrastructure, though the business faces risks from project delays, cost overruns, and exposure to currency fluctuations given its international operations.

Growth Profile

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

Revenue Growth

+33.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+6.8% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

0 TRY/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Runway

~15 months

18.1B TRY cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Gulermak Agir Sanayi Insaat Ve Taahhut A.S. grew revenue 33% 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.

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Quality

Profit per sale
Gross Margin
12.4%
Thin — 12.4% gross margin
Profit after running costs
Operating Margin
10.3%
Modest — 10.3% operating margin
Return on the money invested
ROCE
10.9%
Below par — 10.9% 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
+52.4%
Fast-growing sales (+52.4% YoY)
Profit growth
EPS YoY
-5.1%
Earnings shrinking (-5.1% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
3/7 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
69%
Modest — 69% of profit becomes cash
Spare cash per sale
FCF Margin
0.8%
Thin free cash flow (0.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.63
Moderate — manageable debt (0.63)
Covers its interest
Interest Cover
4.84x
Adequate interest coverage (4.8x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
12.1x
Attractive valuation — P/E 12.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

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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