Ülker Bisküvi Sanayi A.S.

ULKER.IS

Food Confectioners · Consumer Defensive

Price

93.45 TRY

+0.65 (+0.70%)

Market Cap

34.51B TRY

Exchange

Istanbul Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Exceptional

Dividends

Good

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Share count rising — dilution

+8.0% over 4y

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

Diluted shares outstanding: 342.0M (2021) → 369.3M (2025)

Winston Score History

The full picture

Ülker Bisküvi Sanayi A.Ş. is a Turkish food company that makes biscuits, chocolate, and other snacks. Its well-known brands include Ülker, Godiva (which it owns through its parent group), and a wide range of cookies, wafers, and candy bars. The company sells to everyday consumers across Turkey and many other countries, making it one of the largest confectionery producers in the Middle East and Central Asia.

Ülker earns money by manufacturing and selling packaged food products through supermarkets, small shops, and food service channels. It operates mainly in Turkey but also exports to dozens of countries across Europe, the Middle East, and Africa. Its strong brand recognition and wide distribution network give it a competitive edge in its home market. The biggest risk the company faces is Turkey's high inflation environment, which raises ingredient and production costs and can squeeze profit margins even as it pushes prices higher.

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

+17.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+92.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

619M TRY/ year

↑ Rising (+52% vs prior year)

0.6% of revenue

Below sector average (2%)

R&D investment increasing — building for the future

Insider Activity

47.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

27.9B TRY cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Ülker Bisküvi Sanayi A.S. is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

24.4%

Thin — 24.4% gross margin

Profit after running costs

Operating Margin

7.2%

Modest — 7.2% operating margin

Return on the money invested

ROCE

11.8%

Below par — 11.8% 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

+24.4%

Fast-growing sales (+24.4% YoY)

Profit growth

EPS YoY

-34.5%

Earnings shrinking (-34.5% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

211%

Turns 211% of profit into real cash

Spare cash per sale

FCF Margin

6.2%

Modest free cash flow (6.2%)

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

1.26

Elevated debt (1.26)

Covers its interest

Interest Cover

2.04x

Tight — interest eats into profit (2.0x)

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)

8.0x

Attractive valuation — P/E 8.0

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+4.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (8.0 → 3.7)

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Dividends

Dividend

Dividend Yield

6.15%

Healthy income — 6.15% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

Data not available

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