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Ayen Enerji ASIST:AYEN 50 Owner Earnings per Share (TTM) is 5.77 as of Mar. 2026, which is 21% below its 10-year median of 7.31. GuruFocus rates IST:AYEN with a GF Score™ of 50/100 and a GF Value™ of ₺22.96 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 165 Utilities - Independent Power Producers companies, Ayen Enerji AS ranks better than 73.94% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Ayen Enerji AS's Owner Earnings per Share (TTM) ended in Mar. 2026 was ₺5.77. It's Price-to-Owner-Earnings ratio for today is 5.89.
The historical rank and industry rank for Ayen Enerji AS's Owner Earnings per Share (TTM) or its related term are showing as below:
IST:AYEN'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 1.06 Med: 7.31 Max: 80.72
Current: 6.09
IST:AYEN's Price-to-Owner-Earnings is ranked better than 73.94% of 165
companies
in the Utilities - Independent Power Producers industry
Industry Median: 12.5
vs IST:AYEN: 6.09
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Ayen Enerji AS Owner Earnings per Share (TTM) Related Terms
Ayen Enerji AS Owner Earnings per Share (TTM) Historical Data
* Premium members only.
The historical data trend for Ayen Enerji AS's Owner Earnings per Share (TTM) 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.
Ayen Enerji AS Owner Earnings per Share (TTM) Chart
Ayen Enerji AS Owner Earnings per Share (TTM) Competitor Comparison
For the Utilities - Renewable subindustry, Ayen Enerji AS's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings 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.
Ayen Enerji AS Price-to-Owner-Earnings vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Ayen Enerji AS's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Ayen Enerji AS's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Ayen Enerji AS's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was ₺532 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = ₺72 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Ayen Enerji AS's 5-Year Average Maintenance Capital Expenditure = ₺72 Mil
5. "Change In Working Capital" is from cashflow statement. Ayen Enerji AS's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was ₺-6 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* 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.
What does a Owner Earnings per Share (TTM) of 5.77 mean?
Ayen Enerji AS (IST:AYEN) has a Owner Earnings per Share (TTM) of 5.77 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Ayen Enerji AS. This is 21% below median its historical median of 7.31. Over the past decade, Ayen Enerji AS's Owner Earnings per Share (TTM) has ranged from 1.06 to 80.72. According to the industry distribution chart, Ayen Enerji AS ranks #43 out of 165 companies in the Utilities - Independent Power Producers industry, placing it in the top 26.1%.
Is Ayen Enerji AS's Owner Earnings per Share (TTM) too high?
Ayen Enerji AS's current Owner Earnings per Share (TTM) of 5.77 is 21% below median its 10-year median of 7.31. Over the past 10 years, this metric has ranged from a low of 1.06 to a high of 80.72. The Utilities - Independent Power Producers industry median Owner Earnings per Share (TTM) is 12.50. Ayen Enerji AS's value of 5.77 is 53.8% below this industry median. Based on the distribution chart, Ayen Enerji AS ranks #43 out of 165 companies in the Utilities - Independent Power Producers industry, which is above the industry midpoint. Overall, Ayen Enerji AS has a GF Score™ of 50/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ayen Enerji AS's Owner Earnings per Share (TTM) compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, Ayen Enerji AS ranks #43 out of 165 companies for Owner Earnings per Share (TTM). This puts Ayen Enerji AS in the upper half of its industry. The industry median Owner Earnings per Share (TTM) is 12.50. Ayen Enerji AS's value of 5.77 is 53.8% below this benchmark. Historically, Ayen Enerji AS's own Owner Earnings per Share (TTM) has ranged from 1.06 to 80.72 over the past decade. While the company's 10-year median is 7.31 vs. the industry median of 12.50, Ayen Enerji AS has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for an Utilities - Independent Power Producers company?
The median Owner Earnings per Share (TTM) among Utilities - Independent Power Producers companies is 12.50, based on 165 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ayen Enerji AS's current Owner Earnings per Share (TTM) of 5.77 is 53.8% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Ayen Enerji AS. For the Utilities - Independent Power Producers industry, the median Owner Earnings per Share (TTM) is 12.50 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ayen Enerji AS's current Owner Earnings per Share (TTM) is 5.77, which is 21% below median its own 10-year median of 7.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ayen Enerji AS stock overvalued right now?
Based on GuruFocus' analysis, Ayen Enerji AS (IST:AYEN) is currently considered Significantly Overvalued. The stock's GF Value™ is ₺22.96, compared to a current price of ₺34.00 — trading 48.1% above its estimated fair value. The current Owner Earnings per Share (TTM) is 5.77, which is 21% below median its 10-year median of 7.31 and 53.8% below the Utilities - Independent Power Producers industry median of 12.50. Ayen Enerji AS's overall GF Score™ is 50/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Ayen Enerji AS (IST:AYEN), the current Owner Earnings per Share (TTM) is 5.77 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Ayen Enerji AS (IST:AYEN) Overvalued in 2026?
Based on GuruFocus' analysis, Ayen Enerji AS stock appears to be overvalued.
The current stock price of ₺34.00 is trading 48.1% above its estimated GF Value™ of ₺22.96.
GuruFocus considers Ayen Enerji AS to be Significantly Overvalued.
Key valuation signals for IST:AYEN:
Owner Earnings per Share (TTM): 5.77 (21% below median its 10-year median of 7.31)
GF Value™: ₺22.96 vs. price of ₺34.00 (48.1% above fair value)
Industry Position: 53.8% below the Utilities - Independent Power Producers median (#43 of 165)
No single metric tells the full story. See the IST:AYEN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ayen Enerji AS is a Turkey-based company engaged in the generation, transmission, distribution, and trading of electricity. The company's geographical segment includes Turkey and Abroad. It generates maximum revenue from Abroad. The company generates the majority of its energy from Hydro plants. The companies located in abroad operate in Albania, Serbia, and Slovenia.
50GF Score
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