EKONOMİK KATMA DEĞERDE FİNANSAL PERFORMANS ANALİZİ: BİST100’DE İŞLEM GÖREN SANAYİ SEKTÖRÜNDEKİ FİRMALAR ÜZERİNE BİR UYGULAMA
FINANCIAL PERFORMANCE ANALYSIS BASED ON ECONOMIC VALUE ADDED: AN APPLICATION ON INDUSTRIAL SECTOR FIRMS TRADED ON THE BIST100

Summary/Abstract: While traditional performance metrics are important indicators for determining a company’s profitability, they fail to fully reveal whether the company is truly creating value because they do not take the cost of capital into account. This situation has led to the growing importance of value-based performance measurement methods, and the Economic Value Added (EVA) method has come to be widely used in the evaluation of financial performance. The purpose of this study is to evaluate the financial performance of Ford Otosan, Ereğli Iron and Steel Works, Şişecam, Tüpraş, and ASELSAN—companies in the industrial sector listedon the Borsa İstanbul (BIST) 100 Index—for the years 2023, 2024, and 2025 using the Economic Value Added (EVA) method. The study first explains the concept of Economic Value Added and its calculation method; subsequently, using the financial statements of the companies included in the research, net operating profit after taxes (NOPAT), invested capital, and weighted average cost of capital (WACC) were calculated. Based on the data obtained, the annual EVA values for each company were determined, and the companies’ financial performances were analyzed comparatively. The study found that there may be differences between firms’ accounting profitability and their economic value added (EVA) performance, and that the cost of capital is a significant factor in evaluating financial performance.

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