Industry Fundamentals#
Across 18 NACE sections of the Turkish real economy, the median-component cash conversion cycle ran 92 days in FY2025, weighted by firm count across sectors. Economy-wide leverage, total liabilities as a part of total assets, stood at 53.8%. The source is the CBRT company accounts, released 15 Sep 2026, from solo tax-basis statements. Mining and Quarrying saw the sharpest lengthening of the cycle, +34 days against FY2024.
CBRT company accounts cover every corporate taxpayer in Türkiye. The statements are solo and on a tax basis, not IFRS. CBRT publishes once a year, with a lag of about nine months. In its own words, there is no temporal consistency: the company mix changes every year, and the whole published history is revised at every release. Read every figure as the vintage of this release. It does not continue last year's numbers for the same sector.
Sector Scoreboard#
One row per NACE section for FY2025: the cell shows the sector median, and the bar shows the middle half of the firms.
Notes
The bar spans Q1 to Q3, for all size classes together. Each column has its own bar scale. Do not compare bars across columns. CBRT publishes DSO, DIO and DPO as turnover ratios. The page converts them to days with 365 ÷ turnover. Leverage, current ratio, operating margin, finance costs / sales and financing cover are CBRT ratios as published. A dash means that the cell has no value. CBRT does not publish a sector with fewer than 12 reporting firms, or one that one or two firms dominate by assets or sales. This is a confidentiality rule, not a zero. A dash also appears when the turnover quartiles are not all positive, because 365 ÷ turnover has no meaning then.
Sector medians and ranges#
- Shows
- The median and the middle half of firms for each sector, in eight ratios.
- Each cell
- The number is the sector median. The bar spans Q1 to Q3. The tick marks the median.
- Bar scale
- Each column has its own scale. Compare bars within a column, not across columns.
- Dash
- CBRT does not publish the cell: the sector has too few firms, or one or two firms dominate it.
- Click
- Click a value for its calculation or its quartiles.
- Terms
- DSO · Leverage · Financing cover
| Sector | Firms, count | DSO, days | DIO, days | DPO, days | Leverage, % | Current ratio, % | Operating margin, % | Finance costs / sales, % | Financing cover, % |
|---|---|---|---|---|---|---|---|---|---|
| Accommodation and Food Service Activities | 68,043 | 20d | 53d | 54d | 65% | 98% | 4.5% | 1.1% | 254% |
| Administrative and Support Service Activities | 40,796 | 67d | 57d | 77d | 73% | 93% | 2.6% | 0.4% | 192% |
| Agriculture, Forestry and Fishing | 15,872 | 68d | 164d | 105d | 59% | 94% | 3.2% | 1.9% | 135% |
| Arts, Sports and Recreation | 7,903 | 42d | 67d | 86d | 75% | 67% | 2.8% | 0.7% | 185% |
| Construction | 169,110 | 104d | 204d | 122d | 75% | 106% | 3.5% | 0.7% | 185% |
| Education | 19,731 | 39d | 35d | 41d | 85% | 53% | 1.6% | 0.5% | 187% |
| Electricity, Gas, Steam and Air Conditioning Supply | 9,493 | 45d | 56d | 60d | 42% | 95% | 3.2% | 2.0% | 24% |
| Human Health and Social Work Activities | 30,194 | 40d | 58d | 55d | 42% | 115% | 12.1% | 0.9% | 382% |
| Manufacturing | 185,933 | 80d | 113d | 87d | 67% | 112% | 4.0% | 0.8% | 214% |
| Mining and Quarrying | 6,750 | 108d | 136d | 119d | 59% | 96% | 4.2% | 0.9% | 148% |
| Other Service Activities | 19,127 | 51d | 121d | 86d | 76% | 96% | 3.2% | 0.9% | 235% |
| Professional, Scientific and Technical Activities | 90,954 | 79d | 89d | 96d | 63% | 101% | 6.8% | 0.4% | 338% |
| Publishing, Broadcasting, and Content Production and Distribution Activities | 9,464 | 89d | 70d | 115d | 66% | 95% | 5.8% | 0.3% | 312% |
| Real Estate Activities | 23,616 | 81d | 182d | 139d | 69% | 62% | 1.7% | 0.3% | 112% |
| Telecommunication, Computer Programming, Consulting, Computing Infrastructure and Other Information Service Activities | 32,916 | 73d | 63d | 100d | 57% | 101% | 9.0% | 0.3% | 454% |
| Transportation and Storage | 60,388 | 61d | 28d | 64d | 61% | 100% | 3.3% | 0.7% | 198% |
| Water Supply; Sewerage, Waste Management and Remediation Activities | 2,928 | 74d | 111d | 96d | 70% | 102% | 2.8% | 0.8% | 172% |
| Wholesale and Retail Trade | 356,973 | 67d | 109d | 88d | 72% | 112% | 2.3% | 0.6% | 205% |
Manufacturing sub-industries (23 divisions)
- Shows
- The median and the middle half of firms for each sector, in eight ratios.
- Each cell
- The number is the sector median. The bar spans Q1 to Q3. The tick marks the median.
- Bar scale
- Each column has its own scale. Compare bars within a column, not across columns.
- Dash
- CBRT does not publish the cell: the sector has too few firms, or one or two firms dominate it.
- Click
- Click a value for its calculation or its quartiles.
- Terms
- DSO · Leverage · Financing cover
| Sector | Firms, count | DSO, days | DIO, days | DPO, days | Leverage, % | Current ratio, % | Operating margin, % | Finance costs / sales, % | Financing cover, % |
|---|---|---|---|---|---|---|---|---|---|
| Manufacture of basic metals | 4,247 | 73d | 94d | 76d | 64% | 114% | 3.6% | 1.1% | 159% |
| Manufacture of basic pharmaceutical products and pharmaceutical preparations | 1,077 | 104d | 147d | 116d | 69% | 103% | 5.6% | 1.1% | 163% |
| Manufacture of beverages | 671 | 67d | 115d | 76d | 55% | 106% | 7.9% | 1.9% | 180% |
| Manufacture of chemicals and chemical products | 7,703 | 89d | 113d | 98d | 70% | 109% | 4.5% | 1.0% | 178% |
| Manufacture of computer, electronic and optical products | 2,386 | 82d | 138d | 91d | 67% | 109% | 5.8% | 0.8% | 248% |
| Manufacture of electrical equipment | 6,816 | 81d | 105d | 88d | 70% | 113% | 4.2% | 0.9% | 225% |
| Manufacture of fabricated metal products, except machinery and equipment | 23,629 | 84d | 113d | 90d | 68% | 110% | 4.3% | 0.9% | 227% |
| Manufacture of food products | 20,852 | 48d | 80d | 60d | 62% | 114% | 3.7% | 0.9% | 235% |
| Manufacture of furniture | 11,718 | 91d | 150d | 102d | 75% | 109% | 3.6% | 0.8% | 241% |
| Manufacture of leather and related products of other materials | 4,077 | 112d | 136d | 116d | 70% | 114% | 3.0% | 0.5% | 251% |
| Manufacture of machinery and equipment n.e.c. | 17,372 | 84d | 120d | 86d | 66% | 115% | 4.9% | 0.7% | 280% |
| Manufacture of motor vehicles, trailers and semi-trailers | 4,604 | 77d | 116d | 86d | 64% | 113% | 4.6% | 0.9% | 203% |
| Manufacture of other non-metallic mineral products | 8,859 | 88d | 142d | 91d | 65% | 107% | 3.8% | 1.1% | 179% |
| Manufacture of other transport equipment | 2,045 | 76d | 172d | 93d | 76% | 102% | 4.8% | 0.6% | 185% |
| Manufacture of paper and paper products | 3,779 | 80d | 79d | 86d | 67% | 114% | 3.3% | 1.1% | 177% |
| Manufacture of rubber and plastic products | 10,574 | 79d | 136d | 88d | 67% | 114% | 3.8% | 1.1% | 176% |
| Manufacture of textiles | 11,834 | 89d | 119d | 88d | 62% | 117% | 3.3% | 1.0% | 156% |
| Manufacture of tobacco products | 85 | 242d | 525d | 212d | 72% | 95% | 0.5% | 1.7% | 113% |
| Manufacture of wearing apparel | 16,438 | 79d | 114d | 93d | 71% | 110% | 2.7% | 0.7% | 183% |
| Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials | 3,965 | 82d | 144d | 104d | 72% | 107% | 3.7% | 1.5% | 164% |
| Other manufacturing | 5,899 | 84d | 171d | 87d | 64% | 112% | 3.9% | 0.9% | 213% |
| Printing and reproduction of recorded media | 4,301 | 87d | 86d | 100d | 64% | 110% | 4.5% | 0.6% | 291% |
| Repair, maintenance and installation of machinery and equipment | 12,704 | 75d | 75d | 86d | 66% | 115% | 5.5% | 0.4% | 465% |
Construction (3 divisions)
- Shows
- The median and the middle half of firms for each sector, in eight ratios.
- Each cell
- The number is the sector median. The bar spans Q1 to Q3. The tick marks the median.
- Bar scale
- Each column has its own scale. Compare bars within a column, not across columns.
- Dash
- CBRT does not publish the cell: the sector has too few firms, or one or two firms dominate it.
- Click
- Click a value for its calculation or its quartiles.
- Terms
- DSO · Leverage · Financing cover
| Sector | Firms, count | DSO, days | DIO, days | DPO, days | Leverage, % | Current ratio, % | Operating margin, % | Finance costs / sales, % | Financing cover, % |
|---|---|---|---|---|---|---|---|---|---|
| Civil engineering | 9,787 | 116d | 81d | 126d | 71% | 106% | 4.1% | 0.9% | 245% |
| Construction of residential and non-residential buildings | 122,952 | 109d | 283d | 128d | 75% | 107% | 3.3% | 0.8% | 156% |
| Specialised construction activities | 36,371 | 93d | 116d | 110d | 77% | 104% | 3.8% | 0.7% | 249% |
Wholesale & retail trade (2 divisions)
- Shows
- The median and the middle half of firms for each sector, in eight ratios.
- Each cell
- The number is the sector median. The bar spans Q1 to Q3. The tick marks the median.
- Bar scale
- Each column has its own scale. Compare bars within a column, not across columns.
- Dash
- CBRT does not publish the cell: the sector has too few firms, or one or two firms dominate it.
- Click
- Click a value for its calculation or its quartiles.
- Terms
- DSO · Leverage · Financing cover
| Sector | Firms, count | DSO, days | DIO, days | DPO, days | Leverage, % | Current ratio, % | Operating margin, % | Finance costs / sales, % | Financing cover, % |
|---|---|---|---|---|---|---|---|---|---|
| Retail trade | 136,769 | 42d | 130d | 81d | 71% | 114% | 2.3% | 0.8% | 204% |
| Wholesale trade | 220,204 | 78d | 95d | 93d | 73% | 111% | 2.3% | 0.6% | 206% |
Transportation & storage (5 divisions)
- Shows
- The median and the middle half of firms for each sector, in eight ratios.
- Each cell
- The number is the sector median. The bar spans Q1 to Q3. The tick marks the median.
- Bar scale
- Each column has its own scale. Compare bars within a column, not across columns.
- Dash
- CBRT does not publish the cell: the sector has too few firms, or one or two firms dominate it.
- Click
- Click a value for its calculation or its quartiles.
- Terms
- DSO · Leverage · Financing cover
| Sector | Firms, count | DSO, days | DIO, days | DPO, days | Leverage, % | Current ratio, % | Operating margin, % | Finance costs / sales, % | Financing cover, % |
|---|---|---|---|---|---|---|---|---|---|
| Air transport | 490 | 85d | 18d | 64d | 60% | 79% | -0.1% | 0.3% | -54% |
| Land transport and transport via pipelines | 35,310 | 64d | 31d | 65d | 59% | 101% | 3.7% | 1.2% | 177% |
| Postal and courier activities | 2,491 | 58d | 35d | 66d | 77% | 91% | 2.4% | 0.3% | 295% |
| Warehousing, storage and support activities for transportation | 19,363 | 53d | 22d | 61d | 65% | 101% | 2.8% | 0.3% | 300% |
| Water transport | 2,734 | 64d | 39d | 71d | 65% | 53% | 0.5% | 0.3% | 48% |
Energy (electricity, gas, steam) (1 division)
- Shows
- The median and the middle half of firms for each sector, in eight ratios.
- Each cell
- The number is the sector median. The bar spans Q1 to Q3. The tick marks the median.
- Bar scale
- Each column has its own scale. Compare bars within a column, not across columns.
- Dash
- CBRT does not publish the cell: the sector has too few firms, or one or two firms dominate it.
- Click
- Click a value for its calculation or its quartiles.
- Terms
- DSO · Leverage · Financing cover
| Sector | Firms, count | DSO, days | DIO, days | DPO, days | Leverage, % | Current ratio, % | Operating margin, % | Finance costs / sales, % | Financing cover, % |
|---|---|---|---|---|---|---|---|---|---|
| Electricity, gas, steam and air conditioning supply | 9,493 | 45d | 56d | 60d | 42% | 95% | 3.2% | 2.0% | 24% |
Accommodation & food (tourism) (2 divisions)
- Shows
- The median and the middle half of firms for each sector, in eight ratios.
- Each cell
- The number is the sector median. The bar spans Q1 to Q3. The tick marks the median.
- Bar scale
- Each column has its own scale. Compare bars within a column, not across columns.
- Dash
- CBRT does not publish the cell: the sector has too few firms, or one or two firms dominate it.
- Click
- Click a value for its calculation or its quartiles.
- Terms
- DSO · Leverage · Financing cover
| Sector | Firms, count | DSO, days | DIO, days | DPO, days | Leverage, % | Current ratio, % | Operating margin, % | Finance costs / sales, % | Financing cover, % |
|---|---|---|---|---|---|---|---|---|---|
| Accommodation | 17,637 | 28d | 44d | 53d | 49% | 84% | 6.0% | 1.2% | 185% |
| Food and beverage service activities | 50,406 | 18d | 55d | 54d | 69% | 101% | 4.3% | 1.1% | 275% |
CBRT Company Accounts (Sektör Bilançoları), tax basis, released 15 Sep 2026 · latest FY2025
Working Capital#
Each bar shows the middle half of the firms in a sector for FY2025, with a tick at the median.
Notes
Mining and Quarrying lengthened the most, by 34 days, between FY2024 and FY2025. The cash conversion cycle is DIO + DSO − DPO, built from three medians that CBRT publishes separately. It is a median-component cycle, not the median of the cycles of single firms. CBRT does not publish firm-level cycles. Net working capital as a percent of net sales is 100 ÷ net working capital turnover. CBRT defines net working capital as current assets less short-term liabilities. Where net working capital is positive, the largest shares of net sales are: Wholesale and Retail Trade 28%.
Days sales outstanding#
- Shows
- Days sales outstanding by sector.
- Each bar
- A pale bar spans Q1 to Q3 of the firms in the sector. A tick marks the median.
- Order
- Sectors by their median. The highest is at the top.
- Limit
- A sector without a bar has no published value. CBRT states that its firms change every year.
- Terms
- DSO
Days inventory outstanding#
- Shows
- Days inventory outstanding by sector.
- Each bar
- A pale bar spans Q1 to Q3 of the firms in the sector. A tick marks the median.
- Order
- Sectors by their median. The highest is at the top.
- Limit
- A sector without a bar has no published value. CBRT states that its firms change every year.
- Terms
- DIO
Days payables outstanding#
- Shows
- Days payables outstanding by sector.
- Each bar
- A pale bar spans Q1 to Q3 of the firms in the sector. A tick marks the median.
- Order
- Sectors by their median. The highest is at the top.
- Limit
- A sector without a bar has no published value. CBRT states that its firms change every year.
- Terms
- DPO
Cash conversion cycle, FY2024 to FY2025#
- Shows
- The cash conversion cycle of each sector in the prior year and the latest year.
- Each row
- One sector. The sector with the largest increase comes first.
- Colour
- Red marks a longer cycle, which is worse for a lender.
- Click
- Click a cycle to see the three medians behind it.
- Limit
- Each cycle uses three separate sector medians. CBRT states that the firms in the survey change every year.
- Terms
- CBRT CCC · Change in CCC
| Sector | Prior-year CCC, days | Latest CCC, days | Change in CCC, days |
|---|---|---|---|
| Mining and Quarrying | 91d | 125d | +34d |
| Agriculture, Forestry and Fishing | 105d | 127d | +21d |
| Water Supply; Sewerage, Waste Management and Remediation Activities | 77d | 89d | +13d |
| Construction | 175d | 186d | +11d |
| Real Estate Activities | 114d | 125d | +11d |
| Electricity, Gas, Steam and Air Conditioning Supply | 32d | 42d | +9d |
| Publishing, Broadcasting, and Content Production and Distribution Activities | 36d | 44d | +8d |
| Manufacturing | 98d | 106d | +8d |
| Transportation and Storage | 18d | 25d | +7d |
| Professional, Scientific and Technical Activities | 65d | 71d | +6d |
| Education | 28d | 34d | +6d |
| Arts, Sports and Recreation | 17d | 22d | +5d |
| Administrative and Support Service Activities | 42d | 46d | +5d |
| Wholesale and Retail Trade | 83d | 87d | +3d |
| Other Service Activities | 82d | 86d | +3d |
| Telecommunication, Computer Programming, Consulting, Computing Infrastructure and Other Information Service Activities | 33d | 36d | +3d |
| Human Health and Social Work Activities | 42d | 43d | +1d |
| Accommodation and Food Service Activities | 21d | 20d | -1d |
Manufacturing (C), by size class#
- Shows
- The median DSO, DIO and DPO of one sector, by size class of the firm.
- Each bar
- One measure for one size class: micro, small, medium or large.
- Limit
- A size class that CBRT does not publish for the sector has no bar.
- Terms
- DSO · DIO · DPO
Wholesale and retail trade (G), by size class#
- Shows
- The median DSO, DIO and DPO of one sector, by size class of the firm.
- Each bar
- One measure for one size class: micro, small, medium or large.
- Limit
- A size class that CBRT does not publish for the sector has no bar.
- Terms
- DSO · DIO · DPO
CBRT Company Accounts (Sektör Bilançoları), tax basis, released 15 Sep 2026 · latest FY2025
Indebtedness & Coverage#
15 of 18 sectors have a bottom-quartile financing cover below 100% in FY2025.
Notes
In each of them, at least a quarter of the firms lost money before tax. The table shows leverage, bank funding and financing costs by sector, all for all size classes together. Cover above 300% at the Q3 end is common and is not an error. It reflects firms with very low financing expenses next to a normal operating profit, not extraordinary profitability.
Leverage, bank funding and cover, by sector#
- Shows
- Leverage, bank funding, financing costs and their cover, by sector.
- Each cell
- The number is the sector median. The bar spans Q1 to Q3. The tick marks the median.
- Bar scale
- Each column has its own scale.
- Click
- Click a value to see its quartiles.
- Limit
- Cover above 300% at the Q3 end is common. It shows firms with very low financing expenses.
- Terms
- Leverage · Bank loans / liabilities · Financing cover
| Sector | Leverage, % | Bank loans / liabilities, % | Short-term bank loans share, % | Finance costs / sales, % | Financing cover, % |
|---|---|---|---|---|---|
| Accommodation and Food Service Activities | 65% | 16% | 11% | 1% | 254% |
| Administrative and Support Service Activities | 73% | 15% | 9% | 0% | 192% |
| Agriculture, Forestry and Fishing | 59% | 32% | 23% | 2% | 135% |
| Arts, Sports and Recreation | 75% | 13% | 9% | 1% | 185% |
| Construction | 75% | 9% | 6% | 1% | 185% |
| Education | 85% | 12% | 8% | 1% | 187% |
| Electricity, Gas, Steam and Air Conditioning Supply | 42% | 37% | 17% | 2% | 24% |
| Human Health and Social Work Activities | 42% | 28% | 18% | 1% | 382% |
| Manufacturing | 67% | 14% | 9% | 1% | 214% |
| Mining and Quarrying | 59% | 13% | 9% | 1% | 148% |
| Other Service Activities | 76% | 14% | 10% | 1% | 235% |
| Professional, Scientific and Technical Activities | 63% | 13% | 9% | 0% | 338% |
| Publishing, Broadcasting, and Content Production and Distribution Activities | 66% | 10% | 8% | 0% | 312% |
| Real Estate Activities | 69% | 16% | 11% | 0% | 112% |
| Telecommunication, Computer Programming, Consulting, Computing Infrastructure and Other Information Service Activities | 57% | 13% | 9% | 0% | 454% |
| Transportation and Storage | 61% | 22% | 13% | 1% | 198% |
| Water Supply; Sewerage, Waste Management and Remediation Activities | 70% | 15% | 10% | 1% | 172% |
| Wholesale and Retail Trade | 72% | 14% | 11% | 1% | 205% |
By size class, manufacturing and trade#
- Shows
- The median leverage of manufacturing and trade, by size class of the firm.
- Each bar
- One sector for one size class.
- Terms
- Leverage
Economy-wide averages, 2023–2025 (EVDS)#
The series has the same window as the CBRT release. It does not go further back, so it is not a long trend.
- Shows
- Economy-wide ratios of all companies in the CBRT survey, for each year of the release.
- Each line
- One ratio. Leverage, current ratio and bank loans share are asset-weighted means. Operating margin and finance costs are plain averages of company ratios.
- Limit
- The release holds only a few years. CBRT states that its firms change every year.
- Terms
- Leverage · Current ratio · Operating margin
CBRT Company Accounts (Sektör Bilançoları), tax basis, released 15 Sep 2026 · CBRT EVDS company-accounts aggregates · latest FY2025
Profitability#
The table shows the median and the middle half of gross, operating and net margin and of return on equity, by sector, for FY2025.
Notes
No sector has a negative median return on equity in FY2025.
Margins and return on equity, by sector#
- Shows
- Margins and return on equity, by sector.
- Each cell
- The number is the sector median. The bar spans Q1 to Q3. The tick marks the median.
- Bar scale
- Each column has its own scale.
- Click
- Click a value to see its quartiles.
- Terms
- Gross margin · Net margin · ROE
| Sector | Gross margin, % | Operating margin, % | Net margin, % | ROE, % |
|---|---|---|---|---|
| Accommodation and Food Service Activities | 29.4% | 4.5% | 2.8% | 22.0% |
| Administrative and Support Service Activities | 21.2% | 2.6% | 1.7% | 15.2% |
| Agriculture, Forestry and Fishing | 18.6% | 3.2% | 1.7% | 1.3% |
| Arts, Sports and Recreation | 40.5% | 2.8% | 2.0% | 27.8% |
| Construction | 17.6% | 3.5% | 2.1% | 3.8% |
| Education | 27.4% | 1.6% | 1.6% | 29.1% |
| Electricity, Gas, Steam and Air Conditioning Supply | 20.6% | 3.2% | 0.9% | 0.7% |
| Human Health and Social Work Activities | 50.9% | 12.1% | 8.4% | 32.5% |
| Manufacturing | 19.9% | 4.0% | 2.1% | 7.3% |
| Mining and Quarrying | 23.2% | 4.2% | 2.2% | 1.7% |
| Other Service Activities | 27.5% | 3.2% | 2.0% | 20.1% |
| Professional, Scientific and Technical Activities | 44.2% | 6.8% | 4.7% | 19.5% |
| Publishing, Broadcasting, and Content Production and Distribution Activities | 51.5% | 5.8% | 4.3% | 21.1% |
| Real Estate Activities | 69.5% | 1.7% | 1.1% | 6.5% |
| Telecommunication, Computer Programming, Consulting, Computing Infrastructure and Other Information Service Activities | 61.2% | 9.0% | 7.3% | 27.7% |
| Transportation and Storage | 17.4% | 3.3% | 1.8% | 10.1% |
| Water Supply; Sewerage, Waste Management and Remediation Activities | 18.9% | 2.8% | 1.4% | 6.3% |
| Wholesale and Retail Trade | 15.8% | 2.3% | 1.3% | 8.0% |
Return on equity, by sector#
- Shows
- Return on equity by sector.
- Each bar
- A pale bar spans Q1 to Q3 of the firms in the sector. A tick marks the median.
- Order
- Sectors by their median. The highest is at the top.
- Limit
- A sector without a bar has no published value. CBRT states that its firms change every year.
- Terms
- ROE
CBRT Company Accounts (Sektör Bilançoları), tax basis, released 15 Sep 2026 · latest FY2025
Listed Companies (KAP)#
In Jun 2026 (6 months), 785 ordinary filers had a median cash conversion cycle of 66d.
Notes
Their median net debt / EBITDA was 1.84x. 50% had operating profit below interest expense. The filers are the listed and bond-issuing companies on KAP. The ratios use the period-end balances of each filing and its own year-to-date flows, annualized by actual days. Under IAS 29 only one statement is internally consistent. So the levels are not comparable one for one with the average-balance turnover of CBRT above. Quarters with different year-to-date windows carry seasonality. Compare a quarter with the same quarter a year earlier. Banks, insurers, and leasing and factoring filers use other statement formats and are left out. Sectors follow NACE Rev. 2.1, mapped from the KAP sector of each company.
Distribution, Jun 2026 (6 months)#
- Shows
- How the ordinary KAP filers spread across each ratio in the latest complete quarter.
- Each row
- One ratio. Click its name for its definition.
- Columns
- Q1, the median and Q3 of the filers.
- Limit
- Flows are the year to date of each filing. Compare a quarter with the same quarter of the year before.
- Terms
- Median · Filers
| Metric | Filers, count | Q1 | Median | Q3 |
|---|---|---|---|---|
| CCC, days | 643 | 9d | 66d | 175d |
| DSO, days | 716 | 32d | 69d | 125d |
| DIO, days | 651 | 4d | 56d | 129d |
| DPO, days | 658 | 27d | 60d | 111d |
| Net debt / EBITDA, x | 354 | 0.43x | 1.84x | 3.90x |
| EBITDA cover, x | 568 | 0.45x | 2.23x | 9.58x |
| Short-term debt, % | 421 | 45% | 70% | 88% |
Quarterly trend#
Each bar is the Q1 to Q3 range of the cash conversion cycles of single filers. The dotted line is the share of filers with EBIT below interest.
- Shows
- The cash conversion cycle of the listed filers and the share with EBIT below interest, by quarter.
- Bars
- A bar spans Q1 to Q3 of the filer cycles, on the left axis.
- Solid line
- The median cycle, on the left axis.
- Dotted line
- The share of filers with EBIT below interest, on the right axis.
- Limit
- Quarters with different year-to-date windows carry seasonality. Compare like with like.
- Terms
- Listed CCC · EBIT below interest
By sector, Jun 2026 (6 months), next to CBRT FY2025#
- Shows
- The cash conversion cycle, debt and interest cover of the listed filers of each sector, next to the CBRT cycle.
- Each row
- One sector with at least 5 filers. Sectors with the most filers come first.
- Limit
- The listed and the CBRT cycle use different balances. Do not read them as one series.
- Terms
- Listed CCC · CBRT CCC · EBIT below interest
These quarters are not complete and are left out: Sep 2026 (3 filers so far). Sectors with fewer than 5 filers are left out of the table. The sector and its number of filers: Publishing, Broadcasting, and Content Production and Distribution Activities (3); Professional, Scientific and Technical Activities (4); Human Health and Social Work Activities (4); Arts, Sports and Recreation (2). 159 filers have no sector. They are not listed on BIST, and their names do not say what they do.
| Sector | Filers, count | Listed CCC, days | CBRT CCC, days | Net debt / EBITDA, x | EBITDA cover, x | EBIT below interest, % |
|---|---|---|---|---|---|---|
| Manufacturing | 258 | 111d | 106d | 2.41x | 2.47x | 49% |
| Financial and insurance activities | 82 | 15d | — | 1.80x | 1.18x | 53% |
| Real Estate Activities | 81 | 1096d | 125d | 0.69x | 1.87x | 42% |
| Telecommunication, Computer Programming, Consulting, Computing Infrastructure and Other Information Service Activities | 45 | 45d | 36d | 0.92x | 2.48x | 55% |
| Electricity, Gas, Steam and Air Conditioning Supply | 44 | 31d | 42d | 4.25x | 2.27x | 60% |
| Wholesale and Retail Trade | 40 | 34d | 87d | 1.81x | 1.71x | 59% |
| Construction | 17 | 38d | 186d | 0.71x | 7.04x | 43% |
| Accommodation and Food Service Activities | 14 | -2d | 20d | 2.58x | 0.72x | 88% |
| Transportation and Storage | 12 | 17d | 25d | 1.62x | 3.43x | 45% |
| Administrative and Support Service Activities | 8 | 43d | 46d | 3.07x | 0.65x | 75% |
| Mining and Quarrying | 7 | 75d | 125d | 0.05x | 28.41x | 33% |
| Agriculture, Forestry and Fishing | 5 | 53d | 127d | 1.32x | 0.87x | 60% |
CBRT company accounts cover the whole real economy, but they arrive once a year with a long lag. This release came on 15 Sep 2026 and covers FY2023 to FY2025. The KAP panel covers only listed and bond-issuing companies, but it is quarterly and current within weeks. Neither replaces the other. A complete but lagged view of the economy, next to a timely but narrow listed sample, is the insight itself. Do not reconcile the two away. The two also build their ratios in different ways. CBRT uses annual turnover ratios on average balances. KAP uses period-end balances with year-to-date flows annualized by actual days, under IAS 29. Never plot them as one series. Never compare their levels without saying so.
Every company's own ratios, peers and changes over 1 year: Company Fundamentals →
KAP financial statements (kap_statement_panel.py) · CBRT company accounts · latest 30 Jun 2026