{"id":5618,"date":"2025-11-17T02:25:53","date_gmt":"2025-11-16T23:25:53","guid":{"rendered":"https:\/\/datakapital.com\/blog\/?p=5618"},"modified":"2025-11-17T02:25:53","modified_gmt":"2025-11-16T23:25:53","slug":"ford-otosan-2025-ucuncu-ceyrek-analizi","status":"publish","type":"post","link":"https:\/\/datakapital.com\/blog\/ford-otosan-2025-ucuncu-ceyrek-analizi\/","title":{"rendered":"Ford Otosan 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Analizi"},"content":{"rendered":"<p>Ford Otosan 2025 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek bilan\u00e7osu ge\u00e7ti\u011fimiz haftalarda a\u00e7\u0131klad\u0131. Dikkat \u00e7eken noktalar: g\u00fc\u00e7l\u00fc hacim art\u0131\u015f\u0131 ve k\u00e2r marjlar\u0131nda daralma oldu. \u015eirket, sat\u0131\u015f hacmini \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015f g\u00f6r\u00fcn\u00fcyor. \u00d6te yandan k\u00e2rl\u0131l\u0131k konusunda belirgin s\u0131k\u0131nt\u0131lar g\u00f6ze \u00e7arparken FAV\u00d6K marj\u0131, yatay seyrini \u015firketin beklentilerinden uzakta s\u00fcrd\u00fcrmeye devam ediyor. Bu noktada \u015firketin esas faaliyetlerinden elde etti\u011fi k\u00e2r bu trende e\u015flik ederken \u015firketin g\u00fc\u00e7l\u00fc nakit pozisyonunu do\u011fru kullan\u0131m\u0131 sayesinde elde edilen finansman gelirleri net k\u00e2ra \u00f6nemli bir katk\u0131 sunuyor.<\/p>\n<p><strong>Has\u0131lat ve Hacimde G\u00fc\u00e7l\u00fc S\u0131\u00e7rama<\/strong><\/p>\n<p><a href=\"https:\/\/datakapital.com\/blog\/froto-2025-ikinci-ceyrek-analizi\/\">Ge\u00e7ti\u011fimiz y\u0131l\u0131n ayn\u0131 d\u00f6nemine<\/a> (3\u00c7\u201924) k\u0131yasla yurt i\u00e7i sat\u0131\u015flar %25\u2019lik bir art\u0131\u015f g\u00f6sterirken yurt d\u0131\u015f\u0131 sat\u0131\u015flarda ise bu oran %30. Ge\u00e7ti\u011fimiz senenin 3.\u00e7eyre\u011finde toplam sat\u0131\u015flar 162.603\u2019ken bu \u00e7eyrekteki sat\u0131\u015flar 208.092\u2019ye ula\u015ft\u0131. Bu art\u0131\u015f sebebiyle de \u015firket y\u0131l sonu beklentilerinde ikinci kez revizyona giderek sat\u0131\u015f beklentilerini 1.050-1.150 bin ara\u00e7tan 1.300-1.400 bin araca \u00e7\u0131kard\u0131. \u00c7eyreklik bazda bakt\u0131\u011f\u0131m\u0131zda bir \u00f6nceki \u00e7eyre\u011fe k\u0131yasla hacimde %39\u2019luk bir art\u0131\u015f sa\u011flayan \u015firketin bunu hem i\u00e7 hem de d\u0131\u015f pazardaki g\u00fc\u00e7l\u00fc b\u00fcy\u00fcmeyle sa\u011flad\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-5619\" src=\"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-2025-3.ceyrek-satislar.jpg\" alt=\"Ford Otosan sat\u0131\u015f hacmi\" width=\"627\" height=\"336\" title=\"\" srcset=\"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-2025-3.ceyrek-satislar.jpg 627w, https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-2025-3.ceyrek-satislar-300x161.jpg 300w, https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-2025-3.ceyrek-satislar-150x80.jpg 150w, https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-2025-3.ceyrek-satislar-450x241.jpg 450w\" sizes=\"(max-width: 627px) 100vw, 627px\" \/><\/p>\n<ul>\n<li><strong>Yurt D\u0131\u015f\u0131 Sat\u0131\u015flar (\u0130hracat):<\/strong> 2. \u00e7eyrekteki yakla\u015f\u0131k 130 bin adetten, 176 bin adede y\u00fckselmi\u015f.<\/li>\n<li><strong>Yurt \u0130\u00e7i Sat\u0131\u015flar:<\/strong> 2. \u00c7eyre\u011fe ge\u00e7erken g\u00f6r\u00fclen 10 bin adetlik sert d\u00fc\u015f\u00fc\u015f\u00fcn ard\u0131ndan, 3. \u00e7eyrekte 32 bin adet seviyesine toparlanarak yurt i\u00e7i pazarda da bir canlanma sinyali vermi\u015f.<\/li>\n<\/ul>\n<p>Sat\u0131\u015f hacmindeki bu art\u0131\u015f enflasyon muhasebesi nedeniyle d\u00fczeltilmi\u015f olan tablolarda ciroya beklenen etkiyi vermemi\u015f g\u00f6z\u00fck\u00fcyor. 2\u00c7\u20192025 d\u00f6neminde 210 Milyar TL olan ciro %10 azalarak 190 Milyar TL\u2019ye gerilemi\u015f durumda. \u00dcretim adetleri ise 2.\u00e7eyrekte 185 bin adetken %13 azalarak 162 bine d\u00fc\u015fm\u00fc\u015f. S\u00f6z konusu d\u00fc\u015f\u00fc\u015fte, \u015firketin Temmuz ay\u0131n\u0131n son haftas\u0131nda \u00fcretim tesislerinde ger\u00e7ekle\u015ftirdi\u011fi iki hafta s\u00fcren periyodik bak\u0131m\u0131n \u00f6nemli bir pay\u0131 bulunmakta. Fakat bu d\u00fc\u015f\u00fc\u015f y\u0131l\u0131n ba\u015f\u0131ndan beri art\u0131\u015f trendinde olan stoklar\u0131 eritmek i\u00e7in \u015firkete g\u00fczel bir f\u0131rsat yaratm\u0131\u015f ve 5 Milyar TL\u2019yi bulan stoklar 3.\u00e7eyrekte 2.4 Milyar TL azalarak likiditeyi kuvvetlendirmi\u015f. Ge\u00e7ti\u011fimiz y\u0131llara bakt\u0131\u011f\u0131m\u0131zda da ilk iki \u00e7eyrekte stoklara giren ara\u00e7lar son iki \u00e7eyrekte azalarak \u015firkete nakit giri\u015fi sa\u011flam\u0131\u015f.<\/p>\n<p><strong>Esas Faaliyet K\u00e2r Marj\u0131 A\u015fa\u011f\u0131 &#8211; Net K\u00e2r Marj\u0131 Yuk\u00e2r\u0131 <\/strong><\/p>\n<p><a href=\"https:\/\/www.fordotosan.com.tr\/tr\/yatirimcilar\/sunumlar\/yatirimci-sunumlari\" target=\"_blank\" rel=\"noopener\">Raporda<\/a> g\u00f6z\u00fcm\u00fcze \u00e7arpan en \u00f6nemli problem biraz \u00f6nce bahsedilen hacim art\u0131\u015f\u0131n\u0131n k\u00e2rda g\u00f6r\u00fclmemesidir. \u00c7eyreklik sat\u0131\u015f adetlerinin artmas\u0131na ra\u011fmen br\u00fct k\u00e2r 17.3 Milyar TL\u2019den 15.6 Milyar TL\u2019ye gerilemi\u015f. Br\u00fct k\u00e2r marj\u0131 ise %12\u2019den %8\u2019e belirgin bir d\u00fc\u015f\u00fc\u015f kaydetmi\u015f. Bu d\u00fc\u015f\u00fc\u015f\u00fcn nedeni olarak \u015firket raporunda \u201crekabet\u00e7i fiyatlarla artan kampanyalar, ihracat gelirlerindeki pay\u0131n art\u0131\u015f\u0131 ve enflasyonist ortam\u0131n yaratt\u0131\u011f\u0131 ithal girdi maliyetleri\u201d g\u00f6sterilmi\u015f.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-5620\" src=\"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-Arac-Basina-Dusen-Gelir.jpg\" alt=\"FROTO ara\u00e7 ba\u015f\u0131na gelirler\" width=\"671\" height=\"322\" title=\"\" srcset=\"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-Arac-Basina-Dusen-Gelir.jpg 671w, https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-Arac-Basina-Dusen-Gelir-300x144.jpg 300w, https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-Arac-Basina-Dusen-Gelir-150x72.jpg 150w, https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-Arac-Basina-Dusen-Gelir-450x216.jpg 450w\" sizes=\"(max-width: 671px) 100vw, 671px\" \/><\/p>\n<p>Yuk\u00e2r\u0131daki grafikten de g\u00f6r\u00fclece\u011fi \u00fczere \u015firketin yurt i\u00e7inde yapt\u0131\u011f\u0131 sat\u0131\u015flardan elde etti\u011fi gelir bariz \u015fekilde yurt d\u0131\u015f\u0131ndaki sat\u0131\u015flardan y\u00fcksek. Fakat ilk grafikte de g\u00f6rd\u00fc\u011f\u00fcm\u00fcz \u00fczere \u015firket ihracattan elde etti\u011fi sat\u0131\u015f adetlerini artt\u0131rma e\u011filiminde. Bir \u00f6nceki \u00e7eyrekle k\u0131yaslad\u0131\u011f\u0131m\u0131zda yurt d\u0131\u015f\u0131 sat\u0131\u015flardan elde edilen toplam gelir -sat\u0131\u015f adetleri artmas\u0131na ra\u011fmen- \u00f6nemli \u00f6l\u00e7\u00fcde azalm\u0131\u015f. 2\u00c7\u201925 d\u00f6nemindeki 182 Milyar TL olan yurt d\u0131\u015f\u0131 sat\u0131\u015f geliri bu d\u00f6nem 150 Milyar TL\u2019ye gerilemi\u015f.<\/p>\n<p>\u015eirketin ana i\u015finden elde etti\u011fi k\u00e2rdaki azalmay\u0131 yine <strong>esas faaliyet k\u00e2r\u0131nda<\/strong> g\u00f6zlemliyoruz. Bir \u00f6nceki \u00e7eyrekte <strong>12.89 Milyar TL<\/strong> olan EFK, 3. \u00e7eyrekte %36&#8217;l\u0131k sert bir d\u00fc\u015f\u00fc\u015fle <strong>8.3 Milyar TL<\/strong>&#8216;ye gerilemi\u015f. Bu noktada \u015firket bir \u00f6nceki \u00e7eyrekten itibaren g\u00fc\u00e7l\u00fc tuttu\u011fu nakit pozisyonunu etkin kullanarak net k\u00e2ra 4.6 Milyar TL\u2019lik bir katk\u0131yla operasyon taraf\u0131ndaki olumsuz etkiyi zay\u0131flatmaya \u00e7al\u0131\u015fm\u0131\u015f. 11 Milyar TL\u2019lik faiz gelirinin yan\u0131 s\u0131ra kur fark\u0131ndan da 2.5 Milyar TL gelir elde etmi\u015f. T\u00fcm bunlardan 9.8 Milyar TL\u2019lik faiz ve kur fark\u0131 giderlerini \u00e7\u0131k\u00e2rd\u0131\u011f\u0131m\u0131zda \u015firketin net finansman geliri 4.6 Milyar TL.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-5621\" src=\"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-Gelir-Tablosu-Dagilimi.jpg\" alt=\"FROTO Gelir tablosu 2025 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek\" width=\"694\" height=\"503\" title=\"\" srcset=\"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-Gelir-Tablosu-Dagilimi.jpg 694w, https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-Gelir-Tablosu-Dagilimi-300x217.jpg 300w, https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-Gelir-Tablosu-Dagilimi-150x109.jpg 150w, https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-Gelir-Tablosu-Dagilimi-450x326.jpg 450w\" sizes=\"(max-width: 694px) 100vw, 694px\" \/><\/p>\n<p>Son olarak d\u00f6nem k\u00e2r\u0131na bakt\u0131\u011f\u0131m\u0131zda ise bir \u00f6nceki \u00e7eyrek 6.57 Milyar TL olan net k\u00e2r %28 artarak 8.4 Milyar TL seviyesine gelmi\u015f. \u00c7eyreklik bazda net k\u00e2r marj\u0131nda %41\u2019lik bir art\u0131\u015f g\u00f6rmemize ra\u011fmen ge\u00e7en sene ayn\u0131 d\u00f6neme (%6,04) k\u0131yasla %27\u2019lik bir d\u00fc\u015f\u00fc\u015f g\u00f6ze \u00e7arp\u0131yor. T\u00fcm bu veriler \u0131\u015f\u0131\u011f\u0131nda \u015firketin 3.\u00e7eyrekte operasyonel anlamda verimsiz bir b\u00fcy\u00fcme ve finansal anlamda etkin bir y\u00f6netim sergiledi\u011fini g\u00f6r\u00fcyoruz. \u015eirketin FAV\u00d6K marjlar\u0131n\u0131n y\u0131l\u0131n ba\u015f\u0131ndan beri %6 civar\u0131nda seyretmesine ra\u011fmen beklentilerinde %7-%8\u2019lik aral\u0131\u011f\u0131n\u0131 korudu\u011funu da belirtelim.<\/p>\n<p>Y\u0131l sonuna kadar g\u00f6rece\u011fimiz son bilan\u00e7onun ard\u0131ndan ileriye d\u00f6n\u00fck olarak takip edilecekler listemiz iki temel unsurdan olu\u015fuyor: \u015firketin k\u00e2rl\u0131l\u0131k oranlar\u0131 ve finansman gelirlerinin s\u00fcrd\u00fcr\u00fclebilirli\u011fi. T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131\u2019n\u0131n faiz indirimlerine devam edece\u011fini g\u00f6z \u00f6n\u00fcnde bulundurursak faiz gelirlerinin s\u00fcrd\u00fcr\u00fclmesi zor g\u00f6r\u00fcn\u00fcyor. \u00d6te yandan kredi hacimlerinin \u00f6n\u00fcm\u00fczdeki d\u00f6nemde yine TCMB taraf\u0131ndan art\u0131r\u0131lmas\u0131 \u015firketin hem sat\u0131\u015flar\u0131na hem de s\u0131k\u0131nt\u0131 \u00e7ekti\u011fi k\u00e2rl\u0131l\u0131k sorununu \u00e7\u00f6zebilir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ford Otosan 2025 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek bilan\u00e7osu ge\u00e7ti\u011fimiz haftalarda a\u00e7\u0131klad\u0131. Dikkat \u00e7eken noktalar: g\u00fc\u00e7l\u00fc hacim art\u0131\u015f\u0131 ve k\u00e2r marjlar\u0131nda daralma oldu. \u015eirket, sat\u0131\u015f hacmini \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015f g\u00f6r\u00fcn\u00fcyor. \u00d6te yandan k\u00e2rl\u0131l\u0131k konusunda belirgin s\u0131k\u0131nt\u0131lar g\u00f6ze \u00e7arparken FAV\u00d6K marj\u0131, yatay seyrini \u015firketin beklentilerinden uzakta s\u00fcrd\u00fcrmeye devam ediyor. Bu noktada \u015firketin esas faaliyetlerinden elde etti\u011fi k\u00e2r bu trende<\/p>\n","protected":false},"author":17,"featured_media":5619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,522],"tags":[504,526,525],"class_list":{"0":"post-5618","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-alternatif-veri-ve-hisse-analizi","8":"category-temel-teknik-analiz","9":"tag-bist-100","10":"tag-ford-otosan","11":"tag-froto"},"better_featured_image":{"id":5619,"alt_text":"Ford Otosan sat\u0131\u015f hacmi","caption":"","description":"","media_type":"image","media_details":{"width":627,"height":336,"file":"2025\/11\/Ford-Otosan-2025-3.ceyrek-satislar.jpg","filesize":38705,"sizes":{"medium":{"file":"Ford-Otosan-2025-3.ceyrek-satislar-300x161.jpg","width":300,"height":161,"mime-type":"image\/jpeg","filesize":8392,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-2025-3.ceyrek-satislar-300x161.jpg"},"thumbnail":{"file":"Ford-Otosan-2025-3.ceyrek-satislar-150x150.jpg","width":150,"height":150,"mime-type":"image\/jpeg","filesize":4639,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-2025-3.ceyrek-satislar-150x150.jpg"},"bunyad-small":{"file":"Ford-Otosan-2025-3.ceyrek-satislar-150x80.jpg","width":150,"height":80,"mime-type":"image\/jpeg","filesize":3096,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-2025-3.ceyrek-satislar-150x80.jpg"},"bunyad-medium":{"file":"Ford-Otosan-2025-3.ceyrek-satislar-450x241.jpg","width":450,"height":241,"mime-type":"image\/jpeg","filesize":13935,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-2025-3.ceyrek-satislar-450x241.jpg"}},"image_meta":{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0","keywords":[]}},"post":5618,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/11\/Ford-Otosan-2025-3.ceyrek-satislar.jpg"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/5618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/comments?post=5618"}],"version-history":[{"count":2,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/5618\/revisions"}],"predecessor-version":[{"id":5623,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/5618\/revisions\/5623"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media\/5619"}],"wp:attachment":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media?parent=5618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/categories?post=5618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/tags?post=5618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}