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Ulker Biskuvinayi AS (IST:ULKER) Piotroski F-Score : 5 (As of Jul. 23, 2025)


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What is Ulker Biskuvinayi AS Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Ulker Biskuvinayi AS has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Ulker Biskuvinayi AS's Piotroski F-Score or its related term are showing as below:

IST:ULKER' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of Ulker Biskuvinayi AS was 8. The lowest was 3. And the median was 6.


Ulker Biskuvinayi AS Piotroski F-Score Historical Data

The historical data trend for Ulker Biskuvinayi AS's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Ulker Biskuvinayi AS Piotroski F-Score Chart

Ulker Biskuvinayi AS Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 3.00 6.00 7.00 6.00

Ulker Biskuvinayi AS Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 8.00 4.00 6.00 5.00

Competitive Comparison of Ulker Biskuvinayi AS's Piotroski F-Score

For the Confectioners subindustry, Ulker Biskuvinayi AS's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Ulker Biskuvinayi AS's Piotroski F-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Ulker Biskuvinayi AS's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Ulker Biskuvinayi AS's Piotroski F-Score falls into.


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How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar25) TTM:Last Year (Mar24) TTM:
Net Income was 1260.349 + 470.48 + 2998.242 + 2413.368 = ₺7,142 Mil.
Cash Flow from Operations was 3485.519 + -974.062 + 4538.058 + -5741.318 = ₺1,308 Mil.
Revenue was 15309.329 + 18196.405 + 26083.023 + 26962.317 = ₺86,551 Mil.
Gross Profit was 4677.247 + 4930.932 + 7643.6 + 9015.462 = ₺26,267 Mil.
Average Total Assets from the begining of this year (Mar24)
to the end of this year (Mar25) was
(70253.658 + 76252.568 + 89877.783 + 97437.437 + 112279.639) / 5 = ₺89220.217 Mil.
Total Assets at the begining of this year (Mar24) was ₺70,254 Mil.
Long-Term Debt & Capital Lease Obligation was ₺35,522 Mil.
Total Current Assets was ₺77,285 Mil.
Total Current Liabilities was ₺33,983 Mil.
Net Income was -2471.381 + 3052.403 + 1889.64 + 2993.134 = ₺5,464 Mil.

Revenue was 16395.693 + 17809.406 + 24465.871 + 27069.643 = ₺85,741 Mil.
Gross Profit was 4484.869 + 5400.714 + 6774.644 + 8652.263 = ₺25,312 Mil.
Average Total Assets from the begining of last year (Mar23)
to the end of last year (Mar24) was
(41322.972 + 44926.068 + 48060.699 + 88922.371 + 70253.658) / 5 = ₺58697.1536 Mil.
Total Assets at the begining of last year (Mar23) was ₺41,323 Mil.
Long-Term Debt & Capital Lease Obligation was ₺27,876 Mil.
Total Current Assets was ₺43,524 Mil.
Total Current Liabilities was ₺17,102 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Ulker Biskuvinayi AS's current Net Income (TTM) was 7,142. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Ulker Biskuvinayi AS's current Cash Flow from Operations (TTM) was 1,308. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar24)
=7142.439/70253.658
=0.10166644

ROA (Last Year)=Net Income/Total Assets (Mar23)
=5463.796/41322.972
=0.13222176

Ulker Biskuvinayi AS's return on assets of this year was 0.10166644. Ulker Biskuvinayi AS's return on assets of last year was 0.13222176. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Ulker Biskuvinayi AS's current Net Income (TTM) was 7,142. Ulker Biskuvinayi AS's current Cash Flow from Operations (TTM) was 1,308. ==> 1,308 <= 7,142 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar24 to Mar25
=35521.562/89220.217
=0.39813355

Gearing (Last Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=27876.01/58697.1536
=0.47491247

Ulker Biskuvinayi AS's gearing of this year was 0.39813355. Ulker Biskuvinayi AS's gearing of last year was 0.47491247. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar25)=Total Current Assets/Total Current Liabilities
=77284.896/33982.563
=2.27425153

Current Ratio (Last Year: Mar24)=Total Current Assets/Total Current Liabilities
=43524.184/17102.472
=2.54490602

Ulker Biskuvinayi AS's current ratio of this year was 2.27425153. Ulker Biskuvinayi AS's current ratio of last year was 2.54490602. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Ulker Biskuvinayi AS's number of shares in issue this year was 369.276. Ulker Biskuvinayi AS's number of shares in issue last year was 369.276. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=26267.241/86551.074
=0.30348833

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=25312.49/85740.613
=0.29522171

Ulker Biskuvinayi AS's gross margin of this year was 0.30348833. Ulker Biskuvinayi AS's gross margin of last year was 0.29522171. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar24)
=86551.074/70253.658
=1.23197961

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar23)
=85740.613/41322.972
=2.0748898

Ulker Biskuvinayi AS's asset turnover of this year was 1.23197961. Ulker Biskuvinayi AS's asset turnover of last year was 2.0748898. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+0+1+0+1+1+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Ulker Biskuvinayi AS has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Ulker Biskuvinayi AS  (IST:ULKER) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Ulker Biskuvinayi AS Piotroski F-Score Related Terms

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Ulker Biskuvinayi AS Business Description

Traded in Other Exchanges
Address
Davutpa?a Cad No 10, Topkap?, Istanbul, TUR, 366
Ulker Biskuvi Sanayi AS manufactures biscuits, crackers, chocolate, and cake in its half a dozen production facilities in Turkey. Its major brands include Ulker, Alpella, Halk, Kat Tat, and Karsa. The company also has a financial stake in the Godiva brand. Biscuit sales and chocolate sales each account for more than 40% of the company's total revenue. Substantially all of the remaining revenue is from cake sales. Nearly 90% of the company's total revenue comes from sales in Turkey. The company is a subsidiary of Yildiz Holding.

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