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Arcelik
(OTC:ACKAY)
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Rating:41Neutral
Price Target:
$9.50
▼(-9.18% Downside)
Action:Reiterated
Date:08/04/26
The score is held down primarily by weak financial quality—net losses, high leverage (~3.32x debt-to-equity), and consistently negative free cash flow—despite some ongoing revenue growth and moderate EBITDA margins. Technicals add further pressure with price below major moving averages and negative momentum indicators. Valuation is not compelling given the negative P/E driven by losses and no dividend yield data.
Positive Factors
Diversified product & channel footprint
Arçelik's broad product range and multi-channel distribution across Türkiye and export markets reduces dependence on any single segment or route-to-market. This structural diversification smooths demand cycles, supports cross-sell and brand leverage, and underpins stable revenue mix over months.
Negative Factors
High leverage
Leverage near 3.3x materially raises interest and refinancing risk and limits strategic flexibility. Elevated debt amplifies downside from demand volatility, constrains investment choices and increases probability the firm must prioritize debt servicing over growth initiatives in the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified product & channel footprint
Arçelik's broad product range and multi-channel distribution across Türkiye and export markets reduces dependence on any single segment or route-to-market. This structural diversification smooths demand cycles, supports cross-sell and brand leverage, and underpins stable revenue mix over months.
Read all positive factors
Arcelik (ACKAY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.30B
Dividend YieldN/A
Average Volume (3M)10.00
Price to Earnings (P/E)―
Beta (1Y)0.25
Revenue Growth-3.10%
EPS Growth-5.97%
CountryUS
Employees53,401
SectorConsumer Cyclical
Sector Strength84
IndustryFurnishings, Fixtures & Appliances
Share Statistics
EPS (TTM)-21.45
Shares Outstanding135,145,600
10 Day Avg. Volume0
30 Day Avg. Volume10
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.98
Price to Sales (P/S)0.12
P/FCF Ratio-4.23
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.52
Revenue Forecast (FY)$13.57B
Arcelik Business Overview & Revenue Model
Company Description
Arçelik Anonim Sirketi, together with its affiliated companies, is engaged in the manufacturing, promotion, distribution, sales, after-sales support, import, and export of consumer durable goods and electronic devices, serving both the Turkish mar...
How the Company Makes Money
Arçelik makes money primarily by selling products in the consumer durables category, with revenue recognized from the sale of home appliances and related goods through domestic and international channels. Key revenue streams typically include: (1)...
Arcelik Earnings Call Summary
Earnings Call Date:Oct 25, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Oct 16, 2026
Earnings Call Sentiment Negative
The earnings call highlighted substantial international revenue growth and recovery signs in key European markets, driven by inorganic growth and cost management strategies. However, these positives were overshadowed by significant challenges, including declining gross margins, increased financial expenses, a recorded net loss, and rising leverage. Despite some market recoveries, the financial pressures and operational costs presented a challenging quarter.Positive Updates
Revenue Growth
Achieved 13.8% revenue growth year-on-year, totaling TRY 105.4 billion in Q3, with significant contributions from inorganic growth in Europe and MENA.
Negative Updates
Gross Margin Decline
Gross profit margin decreased by 2.9 points year-on-year to 26.4%, impacted by unfavorable product mix and rising raw material costs.
Read all updates
Q3-2024 Updates
Positive
Negative
Revenue Growth
Achieved 13.8% revenue growth year-on-year, totaling TRY 105.4 billion in Q3, with significant contributions from inorganic growth in Europe and MENA.
Read all positive updates
Company Guidance
During the Q3 2024 earnings call for Arcelik, the company provided guidance indicating revised expectations for the full year. They anticipate a flat performance in local sales due to stagnant demand but foresee a 50% year-on-year increase in international revenues in euro terms, driven by inorganic growth. The adjusted EBITDA margin is projected to be between 5.8% and 6% for the full year. Additionally, Arcelik expects an improvement in the net working capital over sales ratio, updating the guidance to approximately 20%. The company also revised its CapEx guidance from EUR 350 million to EUR 400 million, factoring in costs related to maintenance, integration, and restructuring. With ongoing synergies and cost savings from recent acquisitions, Arcelik remains optimistic about achieving these targets, despite current leverage standing at 4.3%.Arcelik Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
38
Negative
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 612.26B | 568.57B | 428.55B | 257.10B | 133.92B | 68.18B |
| Gross Profit | 164.10B | 148.78B | 118.10B | 75.38B | 39.49B | 20.48B |
| EBITDA | 45.90B | 53.92B | 36.25B | 24.33B | 11.65B | 7.55B |
| Net Income | -2.43B | -9.07B | 1.69B | 7.67B | 4.32B | 3.06B |
Balance Sheet | ||||||
| Total Assets | 595.24B | 543.25B | 397.73B | 258.14B | 132.24B | 85.08B |
| Cash, Cash Equivalents and Short-Term Investments | 64.52B | 97.78B | 50.82B | 48.79B | 24.53B | 16.01B |
| Total Debt | 257.94B | 235.90B | 138.04B | 101.91B | 51.44B | 32.58B |
| Total Liabilities | 513.70B | 467.39B | 322.66B | 198.57B | 105.14B | 64.02B |
| Stockholders Equity | 77.74B | 70.35B | 67.17B | 53.17B | 24.95B | 19.38B |
Cash Flow | ||||||
| Free Cash Flow | -7.89B | -16.23B | -9.41B | -22.43B | -811.47M | -3.14B |
| Operating Cash Flow | 10.72B | 3.60B | 14.39B | -8.64B | 5.10B | -627.45M |
| Investing Cash Flow | -31.78B | -29.05B | -14.72B | -14.41B | -4.62B | -4.38B |
| Financing Cash Flow | 12.96B | 53.96B | 1.06B | 31.54B | 4.07B | 4.80B |
Arcelik Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $2.23B | 15.43 | 18.54% | 0.30% | 6.54% | 53.02% | |
72 Outperform | $7.85B | 17.16 | 5.52% | ― | 4.62% | 0.16% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $1.58B | 17.52 | 6.94% | 3.40% | 4.68% | ― | |
45 Neutral | $2.68B | 13.95 | 5.83% | 11.94% | -3.92% | ― | |
43 Neutral | $1.30B | 16.34 | 7.86% | 2.38% | 0.20% | -10.08% | |
41 Neutral | $1.30B | -22.81 | -11.41% | ― | -3.10% | -5.97% |
* Consumer Cyclical Sector Average
ACKAY
Arcelik
9.64
-6.12
-38.81%
MLKN
MillerKnoll
23.13
2.86
14.08%
TILE
Interface
38.58
11.94
44.81%
LZB
La-Z-Boy Incorporated
32.57
-3.47
-9.62%
MHK
Mohawk
129.89
-0.63
-0.48%
WHR
Whirlpool
41.15
-49.61
-54.66%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.