Otokar Otomotiv ve Savunma stock (TRAOTOSN91H6): shares steady on Borsa Istanbul ahead of valuation focus

Otokar Otomotiv ve Savunma shares traded broadly stable on Borsa Istanbul on 05/29/2026 as investors digested the latest 2025 financial figures and looked ahead to how the Turkish defense and bus maker is valued against earnings and cash flows.

Otokar Otomotiv ve Savunma shares traded broadly stable on Borsa Istanbul on 05/29/2026, with the stock changing hands around TRY 600 in relatively quiet trading as investors continued to digest the company’s 2025 financial statements and the broader backdrop for Turkish industrial and defense names. The stock is listed on Borsa Istanbul under the ticker OTKAR, giving it direct exposure to domestic investors in Turkey, where defense and transportation infrastructure spending remain important policy priorities.

In its 2025 annual results released on 02/20/2026, the company reported consolidated revenue of approximately TRY 26.5 billion and a net profit on the order of TRY 3.6 billion, according to its investor relations materials on the Turkish exchange and its corporate website. Management highlighted both defense vehicles and commercial buses as significant contributors, with exports to markets in Europe, the Middle East, and North Africa complementing domestic contracts. Against this backdrop, the broadly unchanged share price on 05/29/2026 suggests the market is weighing recent earnings against valuation and sector risks rather than reacting to a fresh company-specific shock.

As of: 05/29/2026

By the editorial team - specialized in equity coverage.

At a glance

• Name: Otokar
• Sector/industry: Defense and commercial vehicle manufacturing
• Headquarters/country: Sakarya, Turkey
• Core markets: Turkey, Europe, Middle East, North Africa
• Key revenue drivers: Armored and tactical vehicles, buses and coaches, light commercial vehicles, related aftersales services
• Home exchange/listing venue: Borsa Istanbul (OTKAR)
• Trading currency: TRY

Otokar Otomotiv ve Savunma: core business model

Otokar Otomotiv ve Savunma operates as a Turkish manufacturer focused on defense vehicles and commercial buses, with revenue primarily generated from supplying armored platforms, tactical vehicles, and passenger transport solutions to customers in Turkey and selected export markets.

Valuation metrics and multiples for Otokar Otomotiv ve Savunma

With the 2025 financials now available, investors can benchmark Otokar Otomotiv ve Savunma using earnings-based and cash-flow-based metrics as of early 2026. Based on a share price around TRY 600 on 05/29/2026 and roughly 24 million shares outstanding implied by recent filings, the company’s equity market capitalization is in the region of TRY 14.4 billion. Dividing this figure by the 2025 net profit of about TRY 3.6 billion results in a trailing price-to-earnings ratio in the mid-single digits, which places Otokar at a discount to many global defense and specialty vehicle manufacturers, but broadly in line with some Turkish industrial peers that also trade at lower multiples because of local macroeconomic risk and higher domestic interest rates.

On an enterprise-value-to-EBITDA basis, a similar pattern emerges when using the 2025 earnings before interest, tax, depreciation, and amortization figure, which was substantially positive in the low- to mid-single-digit billions of lira according to the full-year report. Net debt remains manageable compared with EBITDA, so enterprise value does not deviate significantly from the equity market capitalization at current prices, and this in turn limits the gap between the P/E ratio and the EV/EBITDA multiple. The board has historically proposed cash dividends when earnings allowed, and the 2025 profit figure, together with the stated payout approach, suggests that Otokar’s trailing dividend yield as of spring 2026 is meaningful in lira terms, although the real value for international investors is influenced by inflation and currency volatility.

Conclusion

The largely unchanged Otokar Otomotiv ve Savunma share price on Borsa Istanbul on 05/29/2026 reflects a market that appears to be consolidating recent gains and reassessing the implications of the 2025 results rather than reacting to new surprises. With a trailing P/E ratio in the mid-single digits and enterprise-value-based multiples that also look restrained relative to earnings and cash flow, the valuation snapshot highlights how investors are pricing Turkish macro, currency, and sector risks into the stock. For followers of Turkish industrials and defense-exposed names, Otokar remains a case study in how solid reported profitability can coexist with compressed market multiples in a volatile domestic environment.

Disclaimer: This article does not constitute investment advice. The comprehensive scope of this informative article was made possible through the use of a.i.. Stocks are volatile financial instruments.