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Koç Holding (KCHOL) fair value: what the stock is really worth

As of Oct 22, 2026: fair value (intrinsic value) of Koç Holding stock TRY 182, price TRY 196, upside -7.1%, quality 28 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Industrials · TR · ISIN TRAKCHOL91Q8

KH Koç Holding logo Some data Oct 22, 2026

Koç Holding

KCHOL · IS

Low PriorityFair Value upside is limited and quality is weak.

The stock costs about what our calculation considers fair.

Fair value 182.26 TRY · Fairly valued (−7.1%)
Expensive Growth (revenue 5y +71.9 %/yr in TRY)
Thin margins · 1.9% net margin (TTM)
Moderate debt
Mixed vs. peers (6/14)
Some data
Quality 28/100
Negative free cash flow
Narrow moat 29/100 · thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

242.91 TRY 16.93 TRY Fair Value 182.26 TRY Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.

How to read this chart

60‑month range 16.93 TRY – 242.91 TRY · fair‑value band 136.69 TRY – 227.82 TRY · the 196.10 TRY price screens above the 182.26 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 22, 2026.

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Company profile

Koç Holding A.S., through its subsidiaries, engages in the energy, automotive, consumer durables, finance, and other businesses in Turkey and internationally.

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The company's energy business produces and trades in petroleum products; operates petroleum refineries; cylinder gas, auto gas, and distributes fuel and liquefied petroleum gases, as well as water products; ships petroleum; generates electricity through hydroelectric, natural gas, coal, wind, thermal, solar power and other renewable plants; air, sea, road, and railway transportation; mooring and tug services; and technology and venture investments.

Its automotive business provides light commercial vehicles, passenger cars, tractors, buses, and trucks, as well as automotive retailing, car rental and trading, and insurance services.

The company's consumer durables business offers white goods, televisions, and air conditioners; and distributes information and communication technologies, as well as treasury services.

Its finance business provides various banking and financial products and services that include private banking, leasing, factoring, investment, asset and portfolio management, corporate and commercial loans, and credit cards; and consumer finance, custody, special purpose, brokerage, and financial consulting services.

The company's other business offers fast moving consumer goods, purchasing and supply chain management services, technology integrated solutions and services, home improvement retailing, electric vehicle charging station solutions, food, retail, tourism, ship construction, healthcare, trading, technology, marina operation, digital marketing, duty free store management, payment services, and information technologies, as well as operates hotels, restaurants, pubs, cafeterias, patisseries, banquet units, bakeries, stadiums, residences, and production facilities; and manufactures and exports electric motors.

Koç Holding A.S. was founded in 1926 and is headquartered in Istanbul, Turkey.

Stock analysis

Koç Holding (KCHOL) currently trades at 196.10 TRY, while our model-based Fair Value estimate is 182.26 TRY, so the stock looks roughly fairly valued today (gap 7.6%).

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Valuation

Bull case: the Multiples group reads highest at a median of 182.26 TRY per share, and 1 of the 5 models we run sit above the 196.10 TRY price.

Bear case: the Earnings-Based group reads lowest at 72.13 TRY, and 4 of the 5 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 136.69 TRY (bear) to 227.82 TRY (bull), the price of 196.10 TRY sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 28/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Koç Holding reported revenue of 2.8T TRL in FY2025 versus 347B TRL in FY2021, a compound +67.9%/yr. Reported net income was 22.0B TRL in FY2025, compounding +9.7%/yr from FY2021.

Key figures

Market cap 497B TRY (≈ $10.0B) Large · P/E ratio 28.7 · P/S ratio 0.17 · EPS (TTM) 6.84 TRY · Net margin 1.9% · Return on equity 6.1% · Return on assets (EBIT) 5.6% · Operating margin 6.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 29 out of 100 (low confidence).

What moves the price

The share trades about 13% below its 52-week high and 27% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at −7%, KCHOL screens richer than that median.

Fair Value models

Bear 136.69 TRY Fair Value 182.26 TRY Bull 227.82 TRY
Price 196.10 TRY · Upside -7.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (5.53 TRY per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income 180.29 TRY 175.44 TRY 174.81 TRY 76
Graham-Dodd 59.02 TRY 72.13 TRY 81.15 TRY 67
P/E Multiple 136.69 TRY 182.26 TRY 227.82 TRY 63
All 5 models by family
Earnings-Based
Graham-Dodd 59.02 TRY 72.13 TRY 81.15 TRY 67
Multiples
P/E Multiple 136.69 TRY 182.26 TRY 227.82 TRY 63
P/B Multiple 590.50 TRY 787.33 TRY 984.16 TRY 55
Asset-Based
NCAV (Graham) 87.48 TRY 117.22 TRY 174.96 TRY 53
Economic Profit
Residual Income 180.29 TRY 175.44 TRY 174.81 TRY 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 28/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 22
How much profit the company makes from its sales and capital
Quality Growth 41
Are margins and returns getting better?
Cashflow 2
Do the profits arrive as real cash?
Financial strength 7
Debt, balance sheet and risk of trouble
Investment 30
Does it invest with discipline instead of growing at any price?
Low Volatility 82
How calm the share price moves, does not count
Momentum 51
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 57
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−9.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+71.9%
Start year 2020 (pandemic). Over 10 years: +44.5% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−25.6%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+49.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+49.4%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 4%

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Conglomerates · 355 stocks

Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 28 · Bottom 25%
Fair Value upside −10.3% · Below median
Profitability
Return on equity (12 months) 6.1% · Above median
Return on assets 0.7% · Below median
Net margin (12 months) 3.1% · Below median
Operating margin (12 months) 6.4% · Below median
Growth and dividend
Revenue growth (quarter YoY) 12.8% · Above median
Dividend yield (12 months) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.87× · Highest 25%

Valuation Multiplesvs Conglomerates median · lower = cheaper

P/E (12 months) 28.7× · Priciest 25%
P/B 0.76× · Cheaper than median
P/S (12 months) 0.28× · Cheapest 25%
EV/EBITDA 5.8× · Cheaper than median
PEG 0.52× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)24 · sector 49
FUTURE (revenue growth)64 · sector 36
PAST (return on equity)24 · sector 21
HEALTH (low debt)57 · sector 90
DIVIDEND (yield)0 · sector 44

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Conglomerates stocks, each showing price versus our Fair Value estimate.

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PT Astra International Tbk, ASII 4,560 IDR 9,120 IDR +100% vs KCHOL
SGH Limited SGH A$40.04 A$56.23 +40% vs KCHOL
Jardine Matheson Holdings J36 $57.41 $78.34 +36% vs KCHOL
Honeywell International Inc HON $213.32 $245.42 +15% vs KCHOL
thyssenkrupp AG TKA €14.24 €15.69 +10% vs KCHOL
Kingdom Holding 4280 12.69 SAR 13.40 SAR +6% vs KCHOL
SK Inc 034730 482,000 KRW 348,189 KRW −28% vs KCHOL
3M Company MMM $174.74 $73.02 −58% vs KCHOL
Keppel Ltd BN4 10.11 SGD 3.88 SGD −62% vs KCHOL
Swire Pacific Limited 0019 HK$105.50 HK$28.48 −73% vs KCHOL

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Koç Holding · Fair Value
182.26 TRY −7%Fair Value
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Cite: Fair Value Calculator (2026). "Koç Holding Fair Value". https://www.fairvalue-calculator.com/stock/KCHOL

Frequently asked questions

Is Koç Holding (KCHOL) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of 182.26 TRY versus a price of 196.10 TRY, about −7% upside (fairly valued).
What is the fair value of KCHOL?
Our model-based fair value for Koç Holding is 182.26 TRY (as of Oct 22, 2026), built from audited fundamentals. The current price: 196.10 TRY.
What is the quality score of KCHOL?
Koç Holding has a Quality Score of 28/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Koç Holding (KCHOL)?
Our model-based price target is the fair value of 182.26 TRY (as of Oct 22, 2026) from 5 valuation models. Cautious scenario 136.69 TRY, optimistic scenario 227.82 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Koç Holding stock forecast for 2026?
Our models put fair value at 182.26 TRY, about −7% upside versus a price of 196.10 TRY (fairly valued). Cautious scenario 136.69 TRY, optimistic scenario 227.82 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Koç Holding (KCHOL)?
Koç Holding reported trailing-twelve-month revenue of about 2.9T TRY (latest available figure, as of Oct 22, 2026).
What is the intrinsic value of Koç Holding (KCHOL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Koç Holding it is 182.26 TRY per share (as of Oct 22, 2026), against a price of 196.10 TRY. It is the blended result of 5 valuation models (cash flow, earnings, asset, dividend).
Is Koç Holding stock overvalued or undervalued in 2026?
As of Oct 22, 2026, KCHOL trades above its calculated fair value: price 196.10 TRY, fair value 182.26 TRY, a gap of about −7% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KCHOL?
No. The price is what the market pays today (196.10 TRY); the fair value is what the company's own numbers justify (182.26 TRY). For Koç Holding the two are 13.84 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Koç Holding worth?
The market values Koç Holding at about 497B TRY (market capitalisation, as of Oct 22, 2026). Per share that is 196.10 TRY; our models calculate a fair value of 182.26 TRY per share.
What do the bullish and bearish scenarios say about KCHOL?
Our models span a range for Koç Holding: cautious scenario 136.69 TRY, base 182.26 TRY, optimistic 227.82 TRY per share (as of Oct 22, 2026, price 196.10 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KCHOL?
Koç Holding trades at a price-to-earnings ratio of 28.7 (as of Oct 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 182.26 TRY is built from several models across several years. Other multiples: PEG 0.5, P/B 0.8, P/S 0.3, EV/EBITDA 5.8.
What is the PEG ratio of KCHOL?
The PEG ratio of Koç Holding is 0.52 (P/E divided by earnings growth, as of Oct 22, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Koç Holding (KCHOL)?
Balance-sheet figures for Koç Holding (as of Oct 22, 2026): return on equity 6.1%, debt of 0.87 per unit of equity. They feed the Quality Score of 28/100, which measures business quality independently of the share price.
How far is KCHOL from its 52-week high?
Koç Holding trades at 196.10 TRY, about 13% below its 52-week high of 225.50 TRY and 27% above the low of 154.62 TRY (as of Oct 22, 2026). Distance from the high says nothing about value: that is what the fair value of 182.26 TRY is for.
Which stocks are comparable to Koç Holding?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, SGH Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Koç Holding stock attractive at the current price?
The data as of Oct 22, 2026: price 196.10 TRY, calculated fair value 182.26 TRY (−7%), Quality Score 28/100, from 5 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KCHOL calculated?
We run Koç Holding through 5 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 182.26 TRY, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.6 % above its aggregate fair value. Koç Holding itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Koç Holding (KCHOL)?
The closing price on Oct 22, 2026 was 196.10 TRY. Our model-based fair value is 182.26 TRY, about −7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Koç Holding right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of Koç Holding

How large is the market capitalisation of Koç Holding (KCHOL)?
The market capitalisation of Koç Holding is 497B TRY (≈ $10.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Koç Holding (KCHOL)?
The price-to-sales ratio of Koç Holding is 0.17 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Koç Holding (KCHOL)?
Earnings per share at Koç Holding are 6.84 TRY (price ÷ EPS = P/E 28.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Koç Holding (KCHOL)?
The net margin of Koç Holding is 1.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Koç Holding (KCHOL)?
The return on equity (ROE) of Koç Holding is 6.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Koç Holding (KCHOL)?
On an EBIT basis the return on assets of Koç Holding is 5.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Koç Holding (KCHOL)?
The operating margin of Koç Holding is 6.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Koç Holding (KCHOL)?
Revenue at Koç Holding is growing +12.8% versus a year earlier (3y avg +45.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Koç Holding (KCHOL)?
Earnings per share at Koç Holding are growing +166% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Koç Holding (KCHOL) generate?
The free cash flow of Koç Holding is −205B TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Koç Holding (KCHOL) carry?
The net debt of Koç Holding is 1.1T TRY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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