FINANCIAL PERFORMANCE ANALYSIS OF TURKISH DEFENSEINDUSTRY COMPANIES: EVIDENCE FROM CODAS AND TOPSIS METHODS

OpenAlex Türkçe

Heightened interest in the defense industry is driven by increasing geopolitical tensions and conflicts, with the industry becoming a critical area in terms of economic development and domestic and foreign policy strategies. Therefore, the development of defense industry companies is quite important for countries. The purpose of this study is to examine the financial performance of ASELS, OTKAR, PAPIL, SDTTR, ALTNY, ONRYT, and KATMR companies operating in Turkiye’s defense industry that are listed on BIST. Eight financial indicators are used as decision criteria: current ratio, cash ratio, leverage ratio, asset turnover ratio, inventory turnover ratio, receivables turnover ratio, net profit margin, and return on equity. In the empirical analysis, the LOPCOW method is used to determine the criterion weights, and the CODAS and TOPSIS methods are employed to rank the financial performances. The findings show that net profit margin is the most important criterion, while the cash ratio is the least. According to the CODAS method, KATMR is determined to be the most effective company. This is followed by ASELS, ALTNY, ONRYT, PAPIL, and OTKAR. The robustness of the results is tested using the TOPSIS method. The test outcomes indicate that the findings largely support each other. The minor differences between the two methods can be attributed to the sensitivity of the applied method and the reflection of the criterion weights within the methodology.