ASELSAN Revenue by Year
ASELSAN revenue reached TL 180.4 billion in 2025, marking real growth of 15 percent and dollar-denominated growth of 27 percent. A year earlier, in 2024, revenue stood at TL 120 billion (reported as TL 157.3 billion in some inflation-adjusted statements). As Turkey’s largest defense electronics company, ASELSAN keeps expanding its top line while its export share rises quickly.
How has ASELSAN revenue changed year over year?
Founded in Ankara in 1975 by the Turkish Armed Forces Foundation (TSKGV), ASELSAN emerged after the post-Cyprus US arms embargo as a way to reduce dependence on foreign suppliers. Today it is the most valuable listed company on Borsa Istanbul. The table below brings together the verified financials of the last two years.
| Metric | 2024 | 2025 |
|---|---|---|
| Revenue | TL 120 billion | TL 180.4 billion |
| Net profit | TL 15.2 billion | — |
| Order backlog | $14 billion | $20.4 billion |
| Export deliveries | $508 million | $958 million |
| Employees | ~12,014 | ~14,000 |
Why inflation accounting matters
During Turkey’s high-inflation periods, companies must restate financial statements under IAS 29. That is why ASELSAN’s lira revenue can look different across sources. The 2024 figure is TL 120 billion under the conventional method but TL 157.3 billion once inflation-adjusted. When comparing years, it helps to check which method was used. Dollar-based growth rates strip out currency effects and offer a cleaner comparison.
What is driving the growth
Three engines stand out. First, the order backlog: at $20.4 billion by end-2025, it underwrites revenue for years to come. Second, exports: 2025 deliveries hit $958 million while newly signed export contracts climbed to $2.07 billion. Third, R&D intensity; the company spent $1.36 billion on research in the year and employs more than 5,000 R&D staff.
Profitability and market value
ASELSAN’s 2025 EBITDA margin was 26.2 percent. Its market capitalization surpassed $30 billion, making it the most valuable listed firm on Borsa Istanbul. In terms of ownership, TSKGV holds 74.2 percent while roughly 25.8 percent is publicly floated.
Frequently Asked Questions
What was ASELSAN’s revenue in 2025?
ASELSAN reported TL 180.4 billion in revenue for 2025, equal to 15 percent real growth and 27 percent growth in dollar terms.
How large is ASELSAN’s order backlog?
The backlog reached $20.4 billion at the end of 2025, a 46 percent increase over the prior year.
Is ASELSAN a state-owned company?
No. It is not a direct government body; its main shareholder is the TSKGV foundation, and its shares trade on Borsa Istanbul under the ticker ASELS.
How much of ASELSAN’s revenue comes from exports?
Export deliveries reached $958 million in 2025, and the company signed $2.07 billion in new export contracts, with the export share rising fast.
Sources
- ASELSAN full-year 2025 financial results
- ASELSAN 2024 annual report
- Borsa Istanbul corporate disclosures
