{"id":2057,"date":"2026-02-17T19:47:50","date_gmt":"2026-02-17T19:47:50","guid":{"rendered":"https:\/\/www.borsaoku.com\/?p=2057"},"modified":"2026-02-17T19:50:02","modified_gmt":"2026-02-17T19:50:02","slug":"net-borc-favok-analizi-nasil-yapilir","status":"publish","type":"post","link":"https:\/\/www.borsaoku.com\/index.php\/2026\/02\/17\/net-borc-favok-analizi-nasil-yapilir\/","title":{"rendered":"Net Bor\u00e7 \/ FAV\u00d6K Analizi Nas\u0131l Yap\u0131l\u0131r"},"content":{"rendered":"\t\t
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Finansal Dayan\u0131kl\u0131l\u0131\u011f\u0131n \u00d6l\u00e7\u00fct\u00fc: Net Bor\u00e7 \/ FAV\u00d6K Analizi<\/h1>\n\n\n\n

Yat\u0131r\u0131mc\u0131lar genellikle bir \u015firketin toplam borcuna bakarak pani\u011fe kap\u0131labilir veya bor\u00e7suz bir \u015firketi \u00e7ok g\u00fcvenli bulabilir. Ancak borcun mutlak de\u011feri, \u015firketin nakit yaratma g\u00fcc\u00fcyle k\u0131yaslanmad\u0131\u011f\u0131 s\u00fcrece yan\u0131lt\u0131c\u0131d\u0131r. Net Bor\u00e7 \/ FAV\u00d6K<\/strong> oran\u0131, borcun “ta\u015f\u0131nabilirli\u011fini” \u00f6l\u00e7en temel terazidir.<\/p>\n\n\n\n

1. Denklemin Par\u00e7alar\u0131n\u0131 Anlamak<\/h2>\n\n\n\n

Bu oran\u0131 analiz etmek i\u00e7in \u00f6nce pay ve paydadaki kavramlar\u0131 netle\u015ftirmek gerekir:<\/p>\n\n\n\n

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  • Net Bor\u00e7:<\/strong> \u015eirketin toplam finansal bor\u00e7lar\u0131ndan (k\u0131sa ve uzun vadeli banka kredileri, tahviller), kasas\u0131ndaki nakit ve nakit benzerlerinin \u00e7\u0131kar\u0131lmas\u0131yla elde edilir. Yani; “Bug\u00fcn t\u00fcm nakdimizle bor\u00e7lar\u0131 kapatsak geriye ne kadar y\u00fck kal\u0131r?” sorusunun cevab\u0131d\u0131r.<\/li>\n\n\n\n
  • FAV\u00d6K (EBITDA):<\/strong> Faiz, Amortisman ve Vergi \u00d6ncesi K\u00e2r demektir. \u015eirketin vergi oyunlar\u0131ndan veya muhasebesel y\u0131pranma paylar\u0131ndan ar\u0131nd\u0131r\u0131lm\u0131\u015f, sadece “as\u0131l i\u015finden” kazand\u0131\u011f\u0131 ham nakit g\u00fcc\u00fcn\u00fc temsil eder.<\/li>\n<\/ul>\n\n\n\n

    2. Oran Bize Ne S\u00f6yler?<\/h2>\n\n\n\n

    Bu rasyo, teorik olarak \u015firketin faaliyet k\u00e2r\u0131n\u0131 hi\u00e7 de\u011fi\u015ftirmeden t\u00fcm borcunu ka\u00e7 y\u0131lda s\u0131f\u0131rlayabilece\u011fini ifade eder.<\/p>\n\n\n\n

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    • D\u00fc\u015f\u00fck Oran (0 – 2 aras\u0131):<\/strong> \u015eirketin bor\u00e7 y\u00fck\u00fcn\u00fcn y\u00f6netilebilir oldu\u011funu, finansal sa\u011fl\u0131\u011f\u0131n\u0131n g\u00fc\u00e7l\u00fc oldu\u011funu ve olas\u0131 bir krizde bor\u00e7lar\u0131n\u0131 \u00f6deme kapasitesinin y\u00fcksek oldu\u011funu g\u00f6sterir.<\/li>\n\n\n\n
    • \u0130deal S\u0131n\u0131r (2 – 3 aras\u0131):<\/strong> Genellikle kabul edilebilir “g\u00fcvenli b\u00f6lge” s\u0131n\u0131r\u0131d\u0131r.<\/li>\n\n\n\n
    • Riskli B\u00f6lge (3 ve \u00fczeri):<\/strong> \u015eirketin bor\u00e7 bata\u011f\u0131na girmeye ba\u015flad\u0131\u011f\u0131 veya kazanc\u0131n\u0131n b\u00fcy\u00fck k\u0131sm\u0131n\u0131 faiz \u00f6demelerine ay\u0131rmak zorunda kalaca\u011f\u0131 sinyalini verir. 4 ve \u00fczeri seviyeler, bankalar i\u00e7in kredi yenileme s\u00fcre\u00e7lerinde “k\u0131rm\u0131z\u0131 bayrak” anlam\u0131na gelir.<\/li>\n<\/ul>\n\n\n\n

      3. Sekt\u00f6rel Farkl\u0131l\u0131klar: Elma ile Armut<\/h2>\n\n\n\n

      Net Bor\u00e7 \/ FAV\u00d6K oran\u0131n\u0131 yorumlarken sekt\u00f6rel dinamikler hayati \u00f6nem ta\u015f\u0131r:<\/p>\n\n\n\n

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      • Sanayi ve Enerji:<\/strong> B\u00fcy\u00fck makine yat\u0131r\u0131mlar\u0131 (CAPEX) gerektirdi\u011fi i\u00e7in bu sekt\u00f6rlerde 3 seviyesine kadar olan oranlar normal kar\u015f\u0131lanabilir.<\/li>\n\n\n\n
      • Hizmet ve Yaz\u0131l\u0131m:<\/strong> \u00c7ok fazla fiziksel yat\u0131r\u0131m gerektirmeyen bu alanlarda y\u00fcksek bir bor\u00e7 oran\u0131, k\u00f6t\u00fc y\u00f6netim veya nakit ak\u0131\u015f bozuklu\u011fu i\u015fareti olabilir.<\/li>\n<\/ul>\n\n\n\n
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        4. Yat\u0131r\u0131mc\u0131 Neden Bu Orana Bakmal\u0131?<\/h2>\n\n\n\n
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        1. \u0130flas Riski Analizi:<\/strong> Faiz oranlar\u0131n\u0131n y\u00fckseldi\u011fi bir ortamda, y\u00fcksek Net Bor\u00e7 \/ FAV\u00d6K oran\u0131na sahip \u015firketler, bor\u00e7 maliyetleri artt\u0131\u011f\u0131 i\u00e7in k\u00e2rl\u0131l\u0131klar\u0131n\u0131 h\u0131zla kaybederler.<\/li>\n\n\n\n
        2. Temett\u00fc Kapasitesi:<\/strong> Borcu y\u00fcksek olan (oran\u0131 3’\u00fcn \u00fczerinde olan) bir \u015firketin temett\u00fc da\u011f\u0131tma ihtimali d\u00fc\u015f\u00fckt\u00fcr; \u00e7\u00fcnk\u00fc kazand\u0131\u011f\u0131 nakdi bor\u00e7 ana para ve faiz \u00f6demesine y\u00f6nlendirmek zorundad\u0131r.<\/li>\n\n\n\n
        3. Sat\u0131n Alma ve B\u00fcy\u00fcme:<\/strong> D\u00fc\u015f\u00fck orana sahip \u015firketlerin “bor\u00e7lanma kapasitesi” hala vard\u0131r. Bu da onlar\u0131n yeni yat\u0131r\u0131mlar veya sat\u0131n almalar i\u00e7in manevra alan\u0131na sahip oldu\u011funu g\u00f6sterir.<\/li>\n<\/ol>\n\n\n\n

          Sonu\u00e7<\/h3>\n\n\n\n

          Net Bor\u00e7 \/ FAV\u00d6K, bir \u015firketin bor\u00e7lu olup olmamas\u0131ndan ziyade, borcunun k\u00f6lesi olup olmad\u0131\u011f\u0131n\u0131<\/strong> g\u00f6sterir. Tek ba\u015f\u0131na k\u00e2r rakamlar\u0131 parlayabilir, ancak bu oran size o k\u00e2r\u0131n ne kadar\u0131n\u0131n alacakl\u0131lara gidece\u011fini f\u0131s\u0131ldar.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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