Financial performance analysis of manufacturing industry companies publicly-traded at BIST by using TOPSIS method

Many businesses and people including company owners, managers, funding companies, and investors use various financial analysis methods to analyze companies performances. Ratio analysis is one of the mostly used analysis methods in the market. Ratio analysis is important analysis method that can provide meaningful information about various aspects of a company's operating and financial performance such as its efficiency, liquidity, profitability and solvency. In this study, four-year performances of industrial manufacturers publicly traded at BIST were analyzed by using Ratio analysis method and then, the manufacturers' performances were compared by using TOPSIS method, one of the multi-criteria decision-making models. In the study, the arithmetic mean of the manufacturing industry companies' financial ratios in 2013, 2014, 2015, and 2016 were calculated to perform an evaluation. Then, the companies were ranked on the basis of their performance according to their financial ratios compared with TOPSIS method. The analysis was conducted on each of nine subgroups of manufacturing and industry sector separately.