ASELSAN Financial Performance Hits Record Highs Amid Market Volatility

Ender Öztürk

October 28, 2026

ASELSAN, the premier Turkish defense company, officially disclosed its financial results for the first nine months of 2026 to the Public Disclosure Platform (KAP) yesterday. The report reveals a robust growth trajectory, marked by a significant increase in revenue and record-breaking order backlogs. Despite this strong fundamental performance, ASELSAN shares have experienced downward pressure over the past three months, decoupling from the company’s internal success. While the firm achieves historical highs in production and technological investment, external market factors stemming from recent financial fund liquidations have hindered the stock’s price appreciation on Borsa Istanbul.

Financial Data Reflect Strong Operational Growth

The latest financial statements demonstrate that ASELSAN is successfully scaling its operations. With a 38 percent growth in EBITDA reaching 40.6 billion Turkish Liras, the company has improved its profit margins by 190 basis points. The nine-month net profit of 26.47 billion Turkish Liras significantly outperformed the market consensus of approximately 8.9 billion Turkish Liras for the third quarter alone. This performance highlights the company’s ability to maintain efficiency while expanding its total volume of operations.

Order Backlogs Reach Record Levels

The most striking aspect of the current report is the expansion of the order book. Having closed 2025 at 20 billion dollars, the backlog reached 30.7 billion dollars within nine months. This surge represents the highest level in the company’s history. General Manager Ahmet Akyol noted that the company is effectively converting orders into capacity and capacity into future value. The business-to-sales ratio of 4.4 confirms that ASELSAN continues to secure new projects at a pace four times higher than its current sales volume, particularly in radar, electronic warfare, and air defense systems.

Technological Investments Remain a Top Priority

ASELSAN continues to allocate significant resources toward high-technology sectors. Research and development expenditures rose by 36 percent to 1.3 billion dollars. The company is actively investing in quantum computing, underwater systems, and high-frequency microwave technologies. Furthermore, the introduction of the ASTRALINK low-orbit satellite concept signifies a strategic expansion into satellite communications. Despite these heavy investments, the balance sheet remains disciplined, with a low financial debt-to-assets ratio of 14 percent.

Market Volatility Masks Genuine Performance

The discrepancy between the company’s operational success and its stock price is notable. ASELS shares declined by approximately 5 percent over the last three months, largely influenced by the broader market crisis involving the liquidation of 131 investment funds. Because ASELSAN is the most liquid and valuable stock on Borsa Istanbul, it has faced disproportionate selling pressure as institutional investors sought liquidity during this period of uncertainty. While the underlying company fundamentals remain intact, the market environment has created a temporary disconnect between value and price.

Future Expectations Remain Positive

Analysts continue to maintain a positive outlook, with a median target price of 480 Turkish Liras suggested by leading brokerage firms. As the market stabilizes and the impact of the fund crisis dissipates, the company’s valuation is expected to align more closely with its record-breaking financial outcomes. The focus remains on transforming ASELSAN into a global leader in defense technology through sustained innovation and disciplined growth.

Given the strong growth in ASELSAN’s order backlog and its ongoing technological investments, how do you perceive the current stock performance in relation to these fundamental achievements? Please share your thoughts and market analysis in the comments section below.