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Financial data sourced from official regulatory filings and verified market data providers. Metrics calculated using GAAP/IFRS standards.

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Last updated: April 2026

MERIT FINANCIAL STATEMENTS

Merit Turizm Yatirim ve Isletme Anonim Sirketi — balance sheet, income statement and cash flow trends

MERITMerit Turizm Yatirim ve Isletme Anonim Sirketi

🇹🇷 Turkey · IS · Consumer Cyclical · Resorts & Casinos

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
0250 M500 M750 M2020202120222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue341.4 M ₺Gross Profit328.8 M ₺ · 96%Operating Income208.8 M ₺ · 61%Pre-tax Income816 M ₺ · 239%Net Income765.2 M ₺ · 224%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue341.4 M ₺+68.0%
Gross Profit328.8 M ₺+71.8%
Operating Income208.8 M ₺+84.6%
EBITDA208.8 M ₺+84.6%
Net Income765.2 M ₺+91.2%

Peer Comparison· Resorts & Casinos

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
MERIT68.0%96.3%61.2%224.2%
FLL1.5%44.5%8.6%-12.8%
CNTY1.7%32.4%16.8%-9.9%
BALY16.6%47.5%10.3%-30.0%
MCRI5.8%51.6%34.4%19.6%
PENN6.4%29.7%-1.7%-13.5%
Industry median3.4%44.2%25.1%3.8%
CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
MERIT68.0%96.3%61.2%224.2%
PKENT-0.2%4.2%19.6%9.6%
AYCES-3.8%8.6%4.9%-20.5%
Industry median3.4%44.2%25.1%3.8%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
010 B20 B2020202120222023202420252026

Capital Structure

Q1 2026
Total Assets19.1 B
  • Equity19 B ₺100%
  • Current Liabilities17 M ₺0%
  • Long-term Liabilities12.5 M ₺0%

Key Figures

YoY change
Total Assets19.1 B ₺+76.5%
Total Liabilities29.5 M ₺+51.5%
Total Equity19 B ₺+76.6%
Cash & ST Investments5.7 M ₺+293.0%
Total Debt0 ₺—
Net Debt-5.7 M ₺—

Peer Comparison· Resorts & Casinos

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
MERIT7.940.0%-0.0399.8%
FLL0.60-9,941.6%19.40-0.8%
CNTY1.22-937.4%10.41-10.2%
BALY1.11290.1%5.997.2%
MCRI0.982.4%-0.5675.8%
PENN0.82451.8%-61.9613.0%
Industry median0.98115.3%3.9110.0%
CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
MERIT7.940.0%-0.0399.8%
PKENT1.480.0%-2.3471.3%
AYCES0.502.0%4.3677.4%
Industry median0.98115.3%3.9110.0%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
-200 M0200 M2020202120222023202420252026

Cash Flow Bridge

Q1 2026 · TTM
0100 M200 M237.8 M ₺Operating-180 M ₺Investing-53.6 M ₺Financing4.3 M ₺Net Change

Key Figures

YoY change
Operating Cash Flow237.8 M ₺+426.2%
Capital Expenditures-303 K ₺—
Free Cash Flow57.9 M ₺+43.2%
Dividends Paid-53.6 M ₺—

Peer Comparison· Resorts & Casinos

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
MERIT69.7%16.9%0.1%31.1%
FLL5.2%1.0%4.1%-40.5%
CNTY1.7%-1.4%3.1%-17.6%
BALY-7.0%-13.3%6.2%23.4%
MCRI31.8%27.8%4.0%162.0%
PENN8.3%-0.8%9.1%-61.5%
Industry median15.4%6.9%6.6%46.5%
CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
MERIT69.7%16.9%0.1%31.1%
PKENT40.4%10.6%27.8%420.0%
AYCES13.1%4.0%10.2%-64.2%
Industry median15.4%6.9%6.6%46.5%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.