Koç Holding A.S. (KCHOL.IS) Stock Analysis & Winston Score

§Winston Score History

Koç Holding is Turkey's largest conglomerate, with businesses spanning energy, automotive, consumer durables, and financial services. Its well-known subsidiaries include Tüpraş (Turkey's sole oil refiner), Ford Otosan (a joint venture with Ford), Arçelik (a major home appliance maker), and Yapı Kredi (one of Turkey's biggest banks). The company serves millions of consumers and businesses primarily across Turkey and Europe.

Koç generates revenue through a diversified mix of fuel refining, vehicle manufacturing, appliance sales, banking, and other industrial activities. It is headquartered in Istanbul and operates across dozens of countries, making it one of the largest private-sector groups in the region. Its scale, brand portfolio, and long-standing joint ventures with global partners like Ford and UniCredit give it a strong competitive position in the Turkish market. The main risks include Turkey's macroeconomic volatility, currency depreciation, and the challenge of managing such a wide range of businesses through uncertain economic cycles.

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

+49.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+155.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

4.2B TRY/ year

↓ Declining (-39% vs prior year)

0.2% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

63.2%ownership

Insiders own a meaningful stake in the company

Cash Runway

~5 years

2.5T TRY cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

2.5T TRY cash & investments at current burn rate

Revenue accelerating

Koç Holding A.S. grew revenue 49% 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.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 2.54B (2021) → 2.54B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

18.5%

Thin — 18.5% gross margin

Profit after running costs

Operating Margin

6.6%

Modest — 6.6% operating margin

Return on the money invested

ROCE

5.9%

Weak — 5.9% 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

+32.6%

Fast-growing sales (+32.6% YoY)

Profit growth

EPS YoY

+507.8%

Earnings growing fast (+507.8% YoY)

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

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

-310%

Weak — only -310% of profit becomes cash

Spare cash per sale

FCF Margin

-7.2%

Burning cash (-7.2%)

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

2.20

Heavy debt load (2.20)

Covers its interest

Interest Cover

2.14x

Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.3x

Fair value — P/E 15.3

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

+4.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.3 → 10.6)

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Dividends

Dividend

Dividend Yield

3.18%

Moderate income — 3.18% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+1019.3%

Dividend growing fast (1019.3% YoY)

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Koç Holding A.S.

§How the score breaks down

§Winston Score History

Growth Profile

Share count broadly stable

Every number that matters to educated investors.

Quality

Growth

Cash Flow

Stability

Valuation

Dividends