{"id":2071,"date":"2026-02-18T07:53:55","date_gmt":"2026-02-18T07:53:55","guid":{"rendered":"https:\/\/www.borsaoku.com\/?p=2071"},"modified":"2026-02-18T07:59:02","modified_gmt":"2026-02-18T07:59:02","slug":"pd-dd-nedir","status":"publish","type":"post","link":"https:\/\/www.borsaoku.com\/index.php\/2026\/02\/18\/pd-dd-nedir\/","title":{"rendered":"PD\/DD Nedir?"},"content":{"rendered":"\t\t
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Piyasa de\u011feri analizi ve hisse senedi se\u00e7imi s\u00f6z konusu oldu\u011funda, yat\u0131r\u0131mc\u0131lar\u0131n en s\u0131k ba\u015fvurdu\u011fu temel analiz rasyolar\u0131ndan biri PD\/DD (Piyasa De\u011feri \/ Defter De\u011feri)<\/strong> oran\u0131d\u0131r. \u0130ngilizcede Price-to-Book Value (P\/B)<\/strong> olarak bilinen bu oran, bir \u015firketin borsadaki g\u00fcncel de\u011feri ile muhasebe de\u011feri aras\u0131ndaki ili\u015fkiyi \u00f6l\u00e7er.<\/p>\n\n\n\n

\u0130\u015fte PD\/DD oran\u0131n\u0131 anlamak ve do\u011fru yorumlamak i\u00e7in kapsaml\u0131 bir rehber:<\/p>\n\n\n\n

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1. PD\/DD Nedir? (Tan\u0131m ve Form\u00fcl)<\/h2>\n\n\n\n

PD\/DD oran\u0131, bir \u015firketin hisselerinin piyasada ne kadar “primli” veya “iskontolu” i\u015flem g\u00f6rd\u00fc\u011f\u00fcn\u00fc g\u00f6sterir.<\/p>\n\n\n\n

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  • Piyasa De\u011feri (PD):<\/strong> \u015eirketin toplam hisse say\u0131s\u0131n\u0131n g\u00fcncel borsa fiyat\u0131 ile \u00e7arp\u0131lmas\u0131yla bulunur. (Halk\u0131n \u015firkete bi\u00e7ti\u011fi de\u011fer).<\/li>\n\n\n\n
  • Defter De\u011feri (DD):<\/strong> \u015eirketin toplam varl\u0131klar\u0131ndan t\u00fcm bor\u00e7lar\u0131n\u0131n \u00e7\u0131kar\u0131lmas\u0131yla elde edilen “\u00d6zsermaye” tutar\u0131d\u0131r. (\u015eirketin ka\u011f\u0131t \u00fczerindeki net de\u011feri).<\/li>\n<\/ul>\n\n\n\n

    Form\u00fcl:<\/strong><\/p>\n\n\n\n

    PD\/DD=S\u00b8\u200birketin Toplam O\u00a8zsermayesiS\u00b8\u200birketin Piyasa Deg\u02d8\u200beri\u200b<\/p>\n\n\n\n

    Veya hisse ba\u015f\u0131na hesaplamak isterseniz:<\/p>\n\n\n\n

    PD\/DD=Hisse Bas\u00b8\u200b\u0131na Defter Deg\u02d8\u200beriHisse Fiyat\u0131\u200b<\/p>\n\n\n\n

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    2. PD\/DD Oran\u0131 Nas\u0131l Yorumlan\u0131r?<\/h2>\n\n\n\n

    Bu rasyo, yat\u0131r\u0131mc\u0131ya “\u015eirketin varl\u0131klar\u0131 i\u00e7in ne kadar fazladan \u00f6deme yap\u0131yorum?” sorusunun cevab\u0131n\u0131 verir.<\/p>\n\n\n\n

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    • PD\/DD = 1:<\/strong> \u015eirket, muhasebe de\u011ferine e\u015fit bir fiyattan i\u015flem g\u00f6r\u00fcyor demektir. Teorik olarak, \u015firket tasfiye edilse elinize ge\u00e7ecek rakamla hisseyi ald\u0131\u011f\u0131n\u0131z rakam ayn\u0131d\u0131r.<\/li>\n\n\n\n
    • PD\/DD < 1:<\/strong> \u015eirket, “defter de\u011ferinin alt\u0131nda” (iskontolu) i\u015flem g\u00f6r\u00fcyordur. Bu genellikle bir f\u0131rsat olarak g\u00f6r\u00fclse de; \u015firketin gelecekte zarar edece\u011fi beklentisi veya varl\u0131k kalitesinin d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc de buna sebep olabilir.<\/li>\n\n\n\n
    • PD\/DD > 1:<\/strong> \u015eirket, defter de\u011ferinden daha pahal\u0131ya sat\u0131l\u0131yor demektir. \u00d6zellikle teknoloji, yaz\u0131l\u0131m veya y\u00fcksek k\u00e2rl\u0131 hizmet \u015firketlerinde bu oran genellikle y\u00fcksektir (Marka de\u011feri, patentler ve b\u00fcy\u00fcme potansiyeli nedeniyle).<\/li>\n<\/ul>\n\n\n\n
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      3. Sekt\u00f6rel Farkl\u0131l\u0131klar (Neden Her \u015eirket Ayn\u0131 De\u011fildir?)<\/h2>\n\n\n\n

      PD\/DD oran\u0131n\u0131 tek ba\u015f\u0131na bir “ucuzluk” g\u00f6stergesi olarak kullanmak yan\u0131lt\u0131c\u0131 olabilir. Sekt\u00f6rel dinamikler bu rasyoyu do\u011frudan etkiler:<\/p>\n\n\n\n

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      • Bankalar ve Sanayi \u015eirketleri:<\/strong> Varl\u0131klar\u0131 (nakit, makine, arsa) \u00e7ok belirgin oldu\u011fu i\u00e7in PD\/DD oran\u0131 bu sekt\u00f6rlerde \u00e7ok kritik bir g\u00f6stergedir. Genellikle 0.50 ile 2.00 aras\u0131nda seyretmesi beklenir.<\/li>\n\n\n\n
      • Teknoloji ve Yaz\u0131l\u0131m \u015eirketleri:<\/strong> Bu \u015firketlerin en b\u00fcy\u00fck varl\u0131\u011f\u0131 “insan kayna\u011f\u0131” ve “yaz\u0131l\u0131m”d\u0131r; bunlar bilan\u00e7oda tam kar\u015f\u0131l\u0131k bulmaz. Bu y\u00fczden bir teknoloji \u015firketinin PD\/DD oran\u0131n\u0131n 10 veya 20 olmas\u0131 normal kar\u015f\u0131lanabilir.<\/li>\n<\/ul>\n\n\n\n
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        4. PD\/DD ve \u00d6zsermaye K\u00e2rl\u0131l\u0131\u011f\u0131 \u0130li\u015fkisi<\/h2>\n\n\n\n

        Bir \u015firketin PD\/DD oran\u0131n\u0131n y\u00fcksek olmas\u0131 her zaman “pahal\u0131” oldu\u011fu anlam\u0131na gelmez. E\u011fer \u015firket, sahip oldu\u011fu \u00f6zsermaye ile \u00e7ok y\u00fcksek k\u00e2r elde ediyorsa (\u00d6zsermaye K\u00e2rl\u0131l\u0131\u011f\u0131 – ROE<\/strong>), piyasa bu verimlili\u011fi \u00f6d\u00fcllendirir ve PD\/DD oran\u0131n\u0131 yukar\u0131 \u00e7eker.<\/p>\n\n\n\n

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        Alt\u0131n Kural:<\/strong> Y\u00fcksek \u00f6zsermaye k\u00e2rl\u0131l\u0131\u011f\u0131na sahip bir \u015firketin PD\/DD oran\u0131n\u0131n da y\u00fcksek olmas\u0131 do\u011fald\u0131r. Ancak \u00f6zsermaye k\u00e2rl\u0131l\u0131\u011f\u0131 d\u00fc\u015f\u00fck olup PD\/DD oran\u0131 y\u00fcksekse, o hisse senedi “a\u015f\u0131r\u0131 pahal\u0131” olabilir.<\/p>\n<\/blockquote>\n\n\n\n

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        5. PD\/DD Kullan\u0131rken Dikkat Edilmesi Gerekenler<\/h2>\n\n\n\n
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        1. Enflasyon Muhasebesi:<\/strong> Enflasyonist ortamlarda \u015firketlerin varl\u0131klar\u0131 (arsa, bina vb.) eski de\u011ferle kalm\u0131\u015f olabilir. Bu durum \u00f6zsermayeyi d\u00fc\u015f\u00fck, dolay\u0131s\u0131yla PD\/DD oran\u0131n\u0131 yan\u0131lt\u0131c\u0131 \u015fekilde y\u00fcksek g\u00f6sterir. Yeniden de\u011ferleme yap\u0131lmas\u0131 rasyoyu normalize eder.<\/li>\n\n\n\n
        2. K\u0131yaslama Yap\u0131n:<\/strong> Bir \u015firketin PD\/DD oran\u0131n\u0131, o \u015firketin son 5 y\u0131ll\u0131k ortalamas\u0131yla ve sekt\u00f6rdeki rakiplerinin ortalamas\u0131yla k\u0131yaslay\u0131n.<\/li>\n\n\n\n
        3. Tek Ba\u015f\u0131na Kullanmay\u0131n:<\/strong> PD\/DD’yi mutlaka F\/K (Fiyat\/Kazan\u00e7)<\/strong> ve FD\/FAV\u00d6K<\/strong> gibi di\u011fer rasyolarla destekleyin.<\/li>\n<\/ol>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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          Hisse Analiz Hesaplay\u0131c\u0131<\/h3>\n

          Temel analiz rasyolar\u0131n\u0131 an\u0131nda hesaplay\u0131n.<\/p>\n\n

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