Turkish Airlines (THY), which had long held the title of Türkiye’s most valuable company, has now been overtaken by defense industry giant ASELSAN. With a 112% increase in value, ASELSAN has reached a market capitalization of TRY 687 billion.
The latest rankings of Türkiye’s largest publicly traded companies have been reshaped based on current market data. According to the list released by CNBC-e, ASELSAN has claimed the top position following a strong surge.
Record-Breaking Rise from ASELSAN
Fueled by investments in the defense sector and a rise in global defense exports, ASELSAN gained 112% in value within 2025 alone. The company’s market capitalization now stands at TRY 687 billion.
This achievement is seen as a reflection of the growth in Türkiye’s strategic industries.
Turkish Airlines Drops to Fourth Place
After a long reign at the top, Turkish Airlines experienced an 8% decline in value due to recent global aviation fluctuations and sectoral risks. As a result, it slipped to fourth place with a market value of TRY 391 billion.
Surprises in the Top 10
Garanti BBVA ranked second. Although the bank saw a 16% drop in value this year, it maintained its position with a market cap of TRY 567 billion.
In third place is ENKA, the construction and energy giant, which saw a 58% increase to reach TRY 398 billion.
Here are Türkiye’s top 10 most valuable companies and their current market capitalizations:
| Rank | Company | Market Cap (TRY) | Annual Change |
|---|---|---|---|
| 1 | ASELSAN | 687 billion | +112% |
| 2 | Garanti BBVA | 567 billion | –16% |
| 3 | ENKA | 398 billion | +58% |
| 4 | Turkish Airlines | 391 billion | –8% |
| 5 | Koç Holding | 390 billion | –38% |
| 6 | Akbank | 354 billion | +6% |
| 7 | Türkiye İş Bankası | 352 billion | –26% |
| 8 | Ford Otosan | 313 billion | –25% |
| 9 | BİM | 296 billion | –18% |
| 10 | Tüpraş | 269 billion | –16% |
What Do the Market Figures Reveal?
ASELSAN’s rise to the top underscores the strategic interest in the defense sector and the impact of state-backed growth on the stock exchange.
Despite a general downtrend, the banking sector managed to hold its ground with institutions like Garanti and Akbank.
Meanwhile, industrial and production-focused firms such as Ford and Tüpraş suffered losses due to rising costs and exchange rate pressures.
