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Turk Hava Yollari AOIST:THYAO -0.17%76 Forward Rate of Return (Yacktman) % is 38.57% as of Jun. 2026, which is 80% below its 10-year median of 189.48. GuruFocus rates IST:THYAO with a GF Score™ of 76/100 and a GF Value™ of ₺454.80 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 755 Transportation companies, Turk Hava Yollari AO ranks better than 94.83% on this metric.
Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. Turk Hava Yollari AO's forward rate of return for was 38.57%.
The historical rank and industry rank for Turk Hava Yollari AO's Forward Rate of Return (Yacktman) % or its related term are showing as below:
IST:THYAO'
s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 40.11 Med: 189.48 Max: 949.6
Current: 40.11
During the past 13 years, Turk Hava Yollari AO's highest Forward Rate of Return was 949.60. The lowest was 40.11. And the median was 189.48.
IST:THYAO's Forward Rate of Return (Yacktman) % is ranked better than 94.83% of 755
companies
in the Transportation industry
Industry Median: 10.63
vs IST:THYAO: 40.11
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Turk Hava Yollari AO (IST:THYAO) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
Turk Hava Yollari AO Forward Rate of Return (Yacktman) % Related Terms
Turk Hava Yollari AO Forward Rate of Return (Yacktman) % Historical Data
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The historical data trend for Turk Hava Yollari AO's Forward Rate of Return (Yacktman) % 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.
Turk Hava Yollari AO Forward Rate of Return (Yacktman) % Chart
IST:THYAO vs DAL, UAL, LUV: Forward Rate of Return (Yacktman) % Comparison
For the Airlines subindustry, Turk Hava Yollari AO's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % 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.
Turk Hava Yollari AO Forward Rate of Return (Yacktman) % vs Transportation Industry
For the Transportation industry and Industrials sector, Turk Hava Yollari AO's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where Turk Hava Yollari AO's Forward Rate of Return (Yacktman) % falls into.
Turk Hava Yollari AO Forward Rate of Return (Yacktman) % Calculation
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
* 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 Forward Rate of Return (Yacktman) % of 38.57% mean?
Turk Hava Yollari AO (IST:THYAO) has a Forward Rate of Return (Yacktman) % of 38.57% as of Jun. 2026. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Turk Hava Yollari AO and its competitors. This is 80% below median its historical median of 189.48. Over the past decade, Turk Hava Yollari AO's Forward Rate of Return (Yacktman) % has ranged from 40.11 to 949.60. According to the industry distribution chart, Turk Hava Yollari AO ranks #39 out of 755 companies in the Transportation industry, placing it in the top 5.2%.
Is Turk Hava Yollari AO's Forward Rate of Return (Yacktman) % too high?
Turk Hava Yollari AO's current Forward Rate of Return (Yacktman) % of 38.57% is 80% below median its 10-year median of 189.48. Over the past 10 years, this metric has ranged from a low of 40.11 to a high of 949.60. The Transportation industry median Forward Rate of Return (Yacktman) % is 10.63. Turk Hava Yollari AO's value of 38.57% is 262.8% above this industry median. Based on the distribution chart, Turk Hava Yollari AO ranks #39 out of 755 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Turk Hava Yollari AO has a GF Score™ of 76/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Turk Hava Yollari AO's Forward Rate of Return (Yacktman) % compare to DAL and UAL?
According to the Transportation industry distribution chart, Turk Hava Yollari AO ranks #39 out of 755 companies for Forward Rate of Return (Yacktman) %. This places Turk Hava Yollari AO in the top 5% of its industry — outperforming the majority of peers. The industry median Forward Rate of Return (Yacktman) % is 10.63. Turk Hava Yollari AO's value of 38.57% is 262.8% above this benchmark. Historically, Turk Hava Yollari AO's own Forward Rate of Return (Yacktman) % has ranged from 40.11 to 949.60 over the past decade. While the company's 10-year median is 189.48 vs. the industry median of 10.63, Turk Hava Yollari AO has consistently been above 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 Forward Rate of Return (Yacktman) % for a Transportation company?
The median Forward Rate of Return (Yacktman) % among Transportation companies is 10.63, based on 755 companies in the industry. Companies in the top quartile (top 25%) have a Forward Rate of Return (Yacktman) % significantly above this median, while those in the bottom quartile fall well below. However, Forward Rate of Return (Yacktman) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Turk Hava Yollari AO's current Forward Rate of Return (Yacktman) % of 38.57% is 262.8% above 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 Forward Rate of Return (Yacktman) % mean?
A high Forward Rate of Return (Yacktman) % can signal that a stock is expensive relative to its fundamentals. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Turk Hava Yollari AO and its competitors. For the Transportation industry, the median Forward Rate of Return (Yacktman) % is 10.63 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Turk Hava Yollari AO's current Forward Rate of Return (Yacktman) % is 38.57%, which is 80% below median its own 10-year median of 189.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Turk Hava Yollari AO stock overvalued right now?
Based on GuruFocus' analysis, Turk Hava Yollari AO (IST:THYAO) is currently considered Possible Value Trap. The stock's GF Value™ is ₺454.80, compared to a current price of ₺300.50 — trading 33.9% below its estimated fair value. The current Forward Rate of Return (Yacktman) % is 38.57%, which is 80% below median its 10-year median of 189.48 and 262.8% above the Transportation industry median of 10.63. Turk Hava Yollari AO's overall GF Score™ is 76/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward Rate of Return (Yacktman) % calculated?
Forward Rate of Return (Yacktman) % is calculated from a company's financial statements. For Turk Hava Yollari AO (IST:THYAO), the current Forward Rate of Return (Yacktman) % is 38.57% as of Jun. 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 Turk Hava Yollari AO (IST:THYAO) Overvalued in 2026?
Based on GuruFocus' analysis, Turk Hava Yollari AO stock appears to be undervalued.
The current stock price of ₺300.50 is trading 33.9% below its estimated GF Value™ of ₺454.80.
GuruFocus considers Turk Hava Yollari AO to be Possible Value Trap.
Key valuation signals for IST:THYAO:
Forward Rate of Return (Yacktman) %: 38.57% (80% below median its 10-year median of 189.48)
GF Value™: ₺454.80 vs. price of ₺300.50 (33.9% below fair value)
Industry Position: 262.8% above the Transportation median (#39 of 755)
No single metric tells the full story. See the IST:THYAO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Turk Hava Yollari AO is a Turkish airline operator. It has flight networks across the globe, and transports passengers to many different regions. Additionally, it can provide long-haul direct cargo flights and other logistics to serve a diverse range of customers. It has two operating segments: air transportation and aircraft technical maintenance operations. The majority of revenue is generated from transferring passengers and cargo (air transportation segment). The company owns several hangars to perform maintenance on different types of aircraft. Its geographical segments are Asia & Far East, Europe, Americas, Africa, and Middle East.
76GF Score
Get the complete analysis for IST:THYAO
Forward Rate of Return (Yacktman) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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