Strong Orders and Investment-Driven Growth Carry ASELSAN Into the Future
The latest ASELSAN results are the kind that make even seasoned defence watchers take a second look. In the first nine months of 2026, Türkiye’s most valuable company posted revenue of TL 151.5 billion, up 28% in real terms from the same period a year earlier. The bigger story sits underneath that headline: a backlog that has crossed USD 30 billion for the first time, and a spending push that would have been hard to imagine a few years ago.
Orders Are Doing the Heavy Lifting
Order intake is where this story really starts. New export contracts climbed 34% to USD 1.9 billion, which suggests foreign buyers are not just browsing. The backlog grew by USD 7.5 billion over the previous quarter and now stands at USD 30.7 billion, an all-time high. The book-to-bill ratio sits at 4.4, meaning ASELSAN booked roughly four and a half dollars in new orders for every dollar of sales it recognised. For a company this size, that kind of cover stretches well into the coming years.
Profits Are Keeping Pace
Sales growth would mean little if margins slipped, so the profit side matters just as much. Revenue came from a broad mix of product lines, including air defence, radar and electronic warfare systems, underwater systems, AI-powered urban security, guided munitions, electro-optics and communications technology. EBITDA rose 38% to TL 40.6 billion, and the margin widened by 190 basis points to 26.8%. The company credits better use of artificial intelligence inside its processes and a growing share of higher value-added products. Revenue per employee also edged up 4% in dollar terms, which points to a workforce getting more done per head rather than simply getting bigger.
Betting Heavily on Capacity
Strong orders need factories, test facilities and engineers to match them, and ASELSAN is spending accordingly. Investment in infrastructure and facilities jumped 228% to USD 684 million over the nine months. The first phase of the Oğulbey Technology Base is now operational, and the company describes it as the largest single defence industry investment in the history of the Turkish Republic. A guided ammunition systems production centre was also commissioned during the period, while robotics and automation across air, naval and land defence production received a serious upgrade.
Research and development spending rose 36% to USD 1.3 billion. ASELSAN says it leads Türkiye in both the number of R&D projects and engineer employment, which is a claim worth watching as the company’s technology pipeline matures.
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Looking Beyond Today’s Products
The investment push is not limited to current hardware. ASELSAN is directing its R&D toward areas with high barriers to entry, including low Earth orbit satellites, quantum computing, underwater technologies, high-power microwave systems, microelectronics and smart ammunition and propulsion. The company recently unveiled a low orbit satellite concept at the International Space Congress in Antalya. The project, called ASTRALINK, has already drawn considerable international attention.
A Balance Sheet That Can Carry the Load
Spending this fast usually strains a balance sheet, yet the numbers here look comfortable. Operating cash flow reached TL 23 billion over the nine months. Financial liabilities make up 14% of total assets, and the equity ratio stands at 55%, comfortably above sector averages. Financing costs fell 10.3% despite the investment surge. Return on equity climbed 400 basis points to 16.6% while return on assets reached 9%. Trade receivables also dropped 11% compared with the end of 2025.
What the Chief Executive Says
ASELSAN chief executive Ahmet Akyol framed the results as more than a good year. He argued that 2026 is the year the company redefined the scale of its growth. Looking at third-quarter figures in dollar terms, he pointed to growth of 18% in 2024, 29% in 2025 and 42% so far this year. The company also moved up three places to 40th on Defense News’ Top 100 list and became the first Turkish defence firm included in the Forbes Global 2000.
The Real Test Ahead
Strong orders are good news, but they only matter if ASELSAN can turn them into deliveries on time. That is the question investors and export partners will watch over the coming quarters. If the Oğulbey facilities and new production centres ramp up as planned, the company has a clear path to sustaining this momentum. If deliveries start slipping, even a USD 30 billion backlog can begin to look like a very long waiting list.
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