An Investigation of Financial Performance of Top 20 Companies in Terms of Net Sales Revenue in Turkey By Grey Relational Analysis Method

The main purpose of this study is to examine the financial performances of the top 20 companies with the highest net sales revenue in Turkey by means of grey relational analysis method. In this context top 20 companies listed on the Fortune-500 2016 list, which have the highest sales revenue in 2015 and data can be reached were examined. Companies, which were examined, 14 financial ratios within the scope of the liquidity, turnover, leverage and profitability indicators analysed and compared with the average ratios for the period 2010-2015 and the ratios for the year 2015 by the grey relational analysis method. According to the analyse result of the 6-year average ratios of the companies surveyed in the study, the indicators that have the greatest effect on the overall financial performance respectively, leverage, profitability, liquidity and turnover ratio. In 2015, the indicators that affect the financial performance rankings of the surveyed companies are profitability, leverage, liquidity and turnover ratios respectively. Among the companies surveyed, Turkcell Communication Service was the most successful company according to six-year financial performance and Vestel Electronic was the lowest performance. Türkiye Electrical Transmission was the most successful company in terms of 2015 performance. In 2015, it was determined that the lowest performed company was the Sel？uk Pharmaceutical Warehouse