{"id":2078,"date":"2026-02-18T10:35:00","date_gmt":"2026-02-18T10:35:00","guid":{"rendered":"https:\/\/www.borsaoku.com\/?p=2078"},"modified":"2026-02-18T10:36:19","modified_gmt":"2026-02-18T10:36:19","slug":"bilancoda-5-dakikada-nelere-bakilmali","status":"publish","type":"post","link":"https:\/\/www.borsaoku.com\/index.php\/2026\/02\/18\/bilancoda-5-dakikada-nelere-bakilmali\/","title":{"rendered":"Bilan\u00e7oda 5 dakikada nelere bak\u0131lmal\u0131?"},"content":{"rendered":"\t\t
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Borsa \u0130stanbul’da bilan\u00e7o d\u00f6nemi geldi\u011finde, y\u00fczlerce sayfal\u0131k raporlar aras\u0131nda bo\u011fulmadan, bir “profesyonel” gibi ilk 5 dakikada resmi okuyabilmen i\u00e7in bu check-list’i borsaoku.com okurlar\u0131na sunabilirsin.<\/p>\n\n\n\n

\u0130\u015fte h\u0131zl\u0131 analiz rehberi:<\/p>\n\n\n\n

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\ud83d\udd52 0-60. Saniyeler: Net K\u00e2r ve Beklenti K\u0131yaslamas\u0131<\/h2>\n\n\n\n

\u0130lk durak her zaman man\u015fettir. Ancak k\u00e2r\u0131n miktar\u0131 kadar, beklentiyi a\u015f\u0131p a\u015fmad\u0131\u011f\u0131 \u00f6nemlidir.<\/p>\n\n\n\n

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  • Beklenti Analizi:<\/strong> \u015eirket k\u00e2r a\u00e7\u0131klad\u0131 ama piyasa beklentisinin (konsens\u00fcs) alt\u0131nda m\u0131 kald\u0131? E\u011fer k\u00e2r y\u00fcksek gelmesine ra\u011fmen beklentinin alt\u0131ndaysa, hisse ertesi g\u00fcn sat\u0131\u015f yiyebilir.<\/li>\n\n\n\n
  • Y\u0131ll\u0131k ve \u00c7eyreklik De\u011fi\u015fim:<\/strong> Net k\u00e2r, ge\u00e7en y\u0131l\u0131n ayn\u0131 \u00e7eyre\u011fine g\u00f6re ve bir \u00f6nceki \u00e7eyre\u011fe (\u00e7\/\u00e7) g\u00f6re y\u00fczde ka\u00e7 artt\u0131? Enflasyonun alt\u0131ndaki art\u0131\u015flar reel k\u00fc\u00e7\u00fclme demektir.<\/li>\n<\/ul>\n\n\n\n

    \ud83d\udd52 1-2. Dakikalar: Sat\u0131\u015flar ve Br\u00fct K\u00e2r (Operasyonel G\u00fc\u00e7)<\/h2>\n\n\n\n

    Net k\u00e2r makyajlanabilir (tek seferlik varl\u0131k sat\u0131\u015flar\u0131 vb.), ama “Net Sat\u0131\u015flar” yalan s\u00f6ylemez.<\/p>\n\n\n\n

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    • Sat\u0131\u015f Hacmi:<\/strong> \u015eirket mal satabiliyor mu? Cirodaki art\u0131\u015f, maliyet art\u0131\u015f\u0131n\u0131n \u00fczerindeyse \u015firket pazar pay\u0131 kazan\u0131yordur.<\/li>\n\n\n\n
    • Br\u00fct K\u00e2r Marj\u0131:<\/strong> \u015eirket maliyetlerini fiyatlar\u0131na yans\u0131tabiliyor mu?\n
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      • Form\u00fcl:<\/em> Bru\u00a8tKa^rMarj\u0131=(Bru\u00a8tKa^r\/NetSat\u0131s\\c\u200blar)\u00d7100<\/li>\n\n\n\n
      • Marjda daralma varsa, ham madde veya enerji maliyetleri \u015firketi s\u0131k\u0131\u015ft\u0131r\u0131yor demektir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n

        \ud83d\udd52 2-3. Dakikalar: FAV\u00d6K (EBITDA) – \u0130\u015fin Kalbi<\/h2>\n\n\n\n

        Bir temel analizcinin en sevdi\u011fi kalem budur. FAV\u00d6K, \u015firketin ana i\u015finden kazand\u0131\u011f\u0131 “saf” parad\u0131r.<\/p>\n\n\n\n

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        • FAV\u00d6K B\u00fcy\u00fcmesi:<\/strong> Amortisman, vergi ve faiz \u00f6ncesi k\u00e2r art\u0131yor mu? E\u011fer net k\u00e2r art\u0131yor ama FAV\u00d6K d\u00fc\u015f\u00fcyorsa, o k\u00e2r kal\u0131c\u0131 de\u011fildir (gayrimenkul sat\u0131\u015f\u0131 veya vergi avantaj\u0131 gibi tek seferlik bir durum olabilir).<\/li>\n\n\n\n
        • FAV\u00d6K Marj\u0131:<\/strong> Operasyonel verimlili\u011fin en net g\u00f6stergesidir.<\/li>\n<\/ul>\n\n\n\n

          \ud83d\udd52 3-4. Dakikalar: Bor\u00e7luluk ve Finansal Sa\u011fl\u0131k<\/h2>\n\n\n\n

          \u00d6zellikle faizlerin y\u00fcksek oldu\u011fu d\u00f6nemlerde \u015firketin bor\u00e7 y\u00fck\u00fc hayati \u00f6nem ta\u015f\u0131r.<\/p>\n\n\n\n

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          • Net Bor\u00e7 \/ FAV\u00d6K:<\/strong> Bu oran 3\u2019\u00fcn \u00fczerindeyse tehlike \u00e7anlar\u0131 \u00e7almaya ba\u015flar. \u015eirket kazand\u0131\u011f\u0131 paray\u0131 bor\u00e7 faizine mi harc\u0131yor?<\/li>\n\n\n\n
          • Finansman Giderleri:<\/strong> Faaliyet k\u00e2r\u0131n\u0131n ne kadar\u0131 banka faizlerine gidiyor?<\/li>\n\n\n\n
          • D\u00f6viz Pozisyonu:<\/strong> \u015eirketin net d\u00f6viz pozisyonu art\u0131da m\u0131 ekside mi? Kur y\u00fckseldi\u011finde \u015firket k\u00e2r m\u0131 edecek zarar m\u0131?<\/li>\n<\/ul>\n\n\n\n

            \ud83d\udd52 4-5. Dakikalar: \u00d6zsermaye ve Nakit Ak\u0131\u015f\u0131<\/h2>\n\n\n\n

            Son dakikada “\u015firketin de\u011feri ger\u00e7ekten art\u0131yor mu?” sorusuna yan\u0131t arar\u0131z.<\/p>\n\n\n\n

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            • \u00d6zsermaye B\u00fcy\u00fcmesi:<\/strong> \u015eirketin \u00f6zvarl\u0131klar\u0131 istikrarl\u0131 \u015fekilde art\u0131yor mu?<\/li>\n\n\n\n
            • \u0130\u015fletme Nakit Ak\u0131\u015f\u0131:<\/strong> \u015eirket k\u00e2\u011f\u0131t \u00fczerinde k\u00e2r ediyor ama bu k\u00e2r kasaya nakit olarak giriyor mu? “Nakit ak\u0131\u015f\u0131 yaratamayan k\u00e2r, sadece muhasebe ill\u00fczyonudur.”<\/li>\n<\/ul>\n\n\n\n
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              \ud83d\udca1 BorsaOku Edit\u00f6r Notu: “Dipnotlara \u0130nmek”<\/h3>\n\n\n\n

              \u0130lk 5 dakika size y\u00f6n\u00fc s\u00f6yler. Ancak Yat\u0131r\u0131m Faaliyetlerinden Gelirler<\/strong> kalemine dikkat edin. E\u011fer devasa bir k\u00e2r varsa ve bu k\u00e2r\u0131n kayna\u011f\u0131 esas i\u015fi de\u011fil de elindeki bir fabrikay\u0131 satmaksa, bu k\u00e2r\u0131n s\u00fcrd\u00fcr\u00fclebilirli\u011fi yoktur.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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              H\u0131zl\u0131 Bilan\u00e7o Check-list<\/h3>\n \n
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