Financial performance of Turkish defense firms: a comparative analysis

The importance of the Turkish defense firms that sell various products to the Turkish Armed Forces has been gradually increasing in the last decade. Furthermore, companies in defense industry have an important role in economy. Sales to the Turkish Armed Forces make up about 40% of their total revenues on average. However, the Turkish defense industry has not been examined financially yet, so the main objective of this study is to determine the financial performance of the Turkish defense industry firms by using financial ratios, and compare it with the manufacturing sector. The study period covers from 1994 to 1998, and .seventeen ratios are used in four main categories for 30 firms in category.