Ülker Bisküvi Sanayi A.S. (ULKER.IS) Stock Analysis & Winston Score

Ülker Bisküvi Sanayi A.Ş. is a Turkish food company that makes biscuits, chocolate, and other snacks. Its well-known brands include Ülker, Godiva (which it owns through its parent group), and a wide range of cookies, wafers, and candy bars. The company sells to everyday consumers across Turkey and many other countries, making it one of the largest confectionery producers in the Middle East and Central Asia.

Ülker earns money by manufacturing and selling packaged food products through supermarkets, small shops, and food service channels. It operates mainly in Turkey but also exports to dozens of countries across Europe, the Middle East, and Africa. Its strong brand recognition and wide distribution network give it a competitive edge in its home market. The biggest risk the company faces is Turkey's high inflation environment, which raises ingredient and production costs and can squeeze profit margins even as it pushes prices higher.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.8% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-34.4% YoY

YoY Growth Rate

Earnings declining

Insider Activity

47.2%ownership

Insiders own a meaningful stake in the company

Cash Runway

~13 months

$22.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Strong grower

Ülker Bisküvi Sanayi A.S. is growing revenue at 26% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

27.7%

Modest — 27.7% gross margin

Operating Margin

12.5%

Healthy — 12.5% operating margin

ROCE

4.0%

Weak — 4.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+31.0%

Fast-growing sales (31.0% YoY)

EPS YoY

-48.8%

Earnings shrinking (-48.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

152%

Turns 152% of profit into real cash

FCF Margin

3.4%

Thin free cash flow (3.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.19

Elevated debt (1.19)

Interest Cover

1.96x

Dangerous — barely covers interest (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

9.9x

no trend

Attractive valuation — P/E 9.9

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+6.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (9.9 → 3.6)

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Dividends

Dividend Yield

5.91%

no trend

Healthy income — 5.91% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

N/A

no trend

Data not available

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