Stock

Zorlu Enerji Elektrik Uretim A.S.

ZOREN.IS

Regulated Electric · Utilities

Price

2.29 TRY

-0.16 (-6.53%)

Market Cap

11.45B TRY

Exchange

Istanbul Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Sep 19, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Good

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Share count rising — dilution

+1297.3% over 4y

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

Diluted shares outstanding: 357.8M (2021) → 5.00B (2025)

§Winston Score History

The full picture

Zorlu Enerji is a Turkish energy company that generates electricity from multiple sources including geothermal, wind, solar, and natural gas. It sells power to businesses, households, and the national grid in Turkey, and also operates geothermal plants in other countries. The company is one of Turkey's largest private electricity producers and a leading geothermal energy operator.

Zorlu Enerji earns revenue by selling electricity through long-term contracts and on the wholesale market, as well as from energy trading activities. It operates primarily in Turkey with additional projects in countries like Israel and Pakistan. Its geothermal expertise gives it a competitive edge in renewable baseload power, but the company faces risks from currency volatility, since much of its debt is in foreign currencies while revenues are largely in Turkish lira, along with regulatory changes in Turkey's energy market.

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

+0.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+43.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 TRY/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

62.2%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

41.9B TRY cash & investments at current burn rate

Growth context

Zorlu Enerji Elektrik Uretim A.S. is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

4.2%

Thin — 4.2% gross margin

Profit after running costs

Operating Margin

-2.7%

Losing money on operations — -2.7%

Return on the money invested

ROCE

0.6%

Weak — 0.6% 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

+13.7%

Fast-growing sales (+13.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 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

-31.1%

Burning cash (-31.1%)

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

0.96

Moderate — manageable debt (0.96)

Covers its interest

Interest Cover

0.08x

Dangerous — barely covers interest (0.1x)

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

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

Dividend

Dividend Yield

6.99%

Healthy income — 6.99% yield

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

Dividend record

Dividend Growth

N/A

no trend

Data not available

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