{"id":2084,"date":"2026-02-18T10:48:13","date_gmt":"2026-02-18T10:48:13","guid":{"rendered":"https:\/\/www.borsaoku.com\/?p=2084"},"modified":"2026-02-18T10:59:13","modified_gmt":"2026-02-18T10:59:13","slug":"peg-orani-nedir","status":"publish","type":"post","link":"https:\/\/www.borsaoku.com\/index.php\/2026\/02\/18\/peg-orani-nedir\/","title":{"rendered":"PEG Oran\u0131 Nedir?"},"content":{"rendered":"\t\t
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PEG Oran\u0131 Nedir? <\/h1>\n\n\n\n

Hisse senedi analizinde en \u00e7ok kullan\u0131lan g\u00f6sterge \u015f\u00fcphesiz F\/K (Fiyat\/Kazan\u00e7) oran\u0131d\u0131r. Ancak F\/K oran\u0131 bize sadece “bug\u00fcn\u00fc” anlat\u0131r. Bir teknoloji \u015firketinin F\/K’s\u0131 40 iken, bir sanayi \u015firketinin 10 olabilir. Bu, teknoloji \u015firketinin pahal\u0131 oldu\u011fu anlam\u0131na m\u0131 gelir? \u0130\u015fte bu noktada devreye PEG Oran\u0131<\/strong> girer.<\/p>\n\n\n\n

1. PEG Oran\u0131 Nedir?<\/h2>\n\n\n\n

PEG Oran\u0131 (Price\/Earnings to Growth), bir \u015firketin F\/K oran\u0131n\u0131n, o \u015firketin beklenen k\u00e2r b\u00fcy\u00fcme oran\u0131na b\u00f6l\u00fcnmesiyle elde edilir. Basit\u00e7e ifade etmek gerekirse; bir \u015firketin b\u00fcy\u00fcmesi i\u00e7in ne kadar \u00f6dedi\u011finizi g\u00f6sterir.<\/p>\n\n\n\n

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  • F\/K:<\/strong> \u015eirketin \u015fu anki de\u011ferlemesi.<\/li>\n\n\n\n
  • B\u00fcy\u00fcme:<\/strong> \u015eirketin gelecekteki potansiyeli.<\/li>\n\n\n\n
  • PEG:<\/strong> De\u011ferleme ile b\u00fcy\u00fcme aras\u0131ndaki k\u00f6pr\u00fc.<\/li>\n<\/ul>\n\n\n\n

    2. PEG Oran\u0131 Nas\u0131l Hesaplan\u0131r?<\/h2>\n\n\n\n

    PEG oran\u0131n\u0131 hesaplamak i\u00e7in iki temel veriye ihtiyac\u0131n\u0131z vard\u0131r:<\/p>\n\n\n\n

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    1. Fiyat\/Kazan\u00e7 (F\/K) Oran\u0131<\/strong><\/li>\n\n\n\n
    2. Y\u0131ll\u0131k K\u00e2r B\u00fcy\u00fcme Oran\u0131 (%)<\/strong><\/li>\n<\/ol>\n\n\n\n

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

      PEG Oran\u0131=Y\u0131ll\u0131k Ka\u02c6r Bu\u00a8yu\u00a8me Oran\u0131F\/K Oran\u0131\u200b<\/p>\n\n\n\n

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      \u00d6rnek Hesaplama:<\/strong> A \u015eirketinin F\/K oran\u0131 20<\/strong> olsun. Bu \u015firketin \u00f6n\u00fcm\u00fczdeki y\u0131l k\u00e2r\u0131n\u0131 %40<\/strong> art\u0131rmas\u0131 bekleniyorsa:<\/p>\n\n\n\n

      PEG=20\/40=0,50<\/p>\n\n\n\n

      B \u015eirketinin F\/K oran\u0131 10<\/strong> olsun. Ancak bu \u015firketin k\u00e2r b\u00fcy\u00fcme beklentisi sadece %5<\/strong> ise:<\/p>\n\n\n\n

      PEG=10\/5=2,0<\/p>\n\n\n\n

      Sonu\u00e7:<\/strong> F\/K’s\u0131 20 olan A \u015firketi, b\u00fcy\u00fcme potansiyeline g\u00f6re F\/K’s\u0131 10 olan B \u015firketinden \u00e7ok daha “ucuz”dur.<\/p>\n<\/blockquote>\n\n\n\n

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      3. PEG Oran\u0131 Nas\u0131l Yorumlan\u0131r?<\/h2>\n\n\n\n

      Yat\u0131r\u0131m d\u00fcnyas\u0131n\u0131n efsane ismi Peter Lynch<\/strong> taraf\u0131ndan pop\u00fclerle\u015fen bu oranda “1” rakam\u0131 sihirli s\u0131n\u0131rd\u0131r:<\/p>\n\n\n\n

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      • PEG < 1:<\/strong> \u015eirket, beklenen b\u00fcy\u00fcmesine g\u00f6re iskontolu (ucuz)<\/strong> kabul edilir. Yat\u0131r\u0131mc\u0131lar b\u00fcy\u00fcme potansiyelini hen\u00fcz tam fiyatlamam\u0131\u015f olabilir.<\/li>\n\n\n\n
      • PEG = 1:<\/strong> \u015eirket adil de\u011ferinde<\/strong> kabul edilir. B\u00fcy\u00fcme h\u0131z\u0131 ile de\u011ferlemesi dengelidir.<\/li>\n\n\n\n
      • PEG > 1:<\/strong> \u015eirket, b\u00fcy\u00fcme h\u0131z\u0131na g\u00f6re primli (pahal\u0131)<\/strong> kabul edilir.<\/li>\n<\/ul>\n\n\n\n
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        4. Neden Sadece F\/K Yetmez?<\/h2>\n\n\n\n

        F\/K oran\u0131, h\u0131zl\u0131 b\u00fcy\u00fcyen \u015firketleri (teknoloji, yaz\u0131l\u0131m, yenilenebilir enerji) her zaman “pahal\u0131” g\u00f6sterir. Ancak bu \u015firketler k\u00e2rlar\u0131n\u0131 her y\u0131l katlayarak art\u0131r\u0131yorsa, y\u00fcksek F\/K \u00f6demek mant\u0131kl\u0131 olabilir.<\/p>\n\n\n\n

        PEG oran\u0131, b\u00fcy\u00fcme h\u0131z\u0131n\u0131 denkleme katarak “Elma ile armudu”<\/strong> k\u0131yaslaman\u0131z\u0131 sa\u011flar. D\u00fc\u015f\u00fck b\u00fcy\u00fcmeli bir sanayi devi ile y\u00fcksek b\u00fcy\u00fcmeli bir teknoloji start-up’\u0131n\u0131 ayn\u0131 teraziye koyabiliriz.<\/p>\n\n\n\n

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        5. PEG Oran\u0131 Kullan\u0131rken Dikkat Edilmesi Gerekenler<\/h2>\n\n\n\n
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        1. B\u00fcy\u00fcme Tahminleri:<\/strong> Form\u00fcldeki “b\u00fcy\u00fcme” k\u0131sm\u0131 bir tahmindir. Analist tahminleri veya \u015firketin ge\u00e7mi\u015f b\u00fcy\u00fcme performans\u0131 kullan\u0131l\u0131r. Yanl\u0131\u015f bir b\u00fcy\u00fcme tahmini, yanl\u0131\u015f bir PEG oran\u0131 verir.<\/li>\n\n\n\n
        2. Sekt\u00f6rel Farkl\u0131l\u0131klar:<\/strong> Teknoloji sekt\u00f6r\u00fcnde 1,5 PEG normal kar\u015f\u0131lan\u0131rken, olgunla\u015fm\u0131\u015f enerji sekt\u00f6r\u00fcnde 0,8 PEG aranabilir.<\/li>\n\n\n\n
        3. Tek Ba\u015f\u0131na Kullanmay\u0131n:<\/strong> PEG oran\u0131 m\u00fckemmel bir ara\u00e7t\u0131r ancak bor\u00e7luluk durumu (Net Bor\u00e7\/FAV\u00d6K) ve nakit ak\u0131\u015f\u0131 ile desteklenmelidir.<\/li>\n<\/ol>\n\n\n\n
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          <\/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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          PEG Oran\u0131 Hesaplay\u0131c\u0131<\/h3>\n

          Hissenin b\u00fcy\u00fcme h\u0131z\u0131na g\u00f6re ucuzlu\u011funu \u00f6l\u00e7\u00fcn.<\/p>\n\n

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