Evaluation of the finansial performance of food companies through Ratio Analysis, Grey Relational Analysis and Altman Z score

Food companies hold significant importance as they operate within a fundamental needs sector, exhibit continuous growth potential, secure a substantial position in global markets, and demonstrate dynamism through product diversity. The financial performance of food companies provides valuable insights for firms, investors, potential investors, and public institutions. The aim of this study is to assess the financial performance of food companies over time using Ratio Analysis and the Grey Relational Analysis (GRA) technique one of the multi-criteria decision-making methods—and to evaluate bankruptcy risk by identifying their Z-score regions through the Altman Z-Score Analysis. Given the increased relevance of the food sector amid the economic crisis triggered by the Covid-19 pandemic, this study aims to evaluate the financial performance of companies operating in the sector and to identify potential future challenges while proposing solutions. From this perspective, the financial statements of 15 food companies listed on BIST-TÜM, whose balance sheet sizes place them between SMEs and large enterprises, were analyzed using the Ratio Analysis technique for the period 2019–2023. Although the results reveal some periodic fluctuations in the financial structures of these companies, no significant financial issues were identified overall Keywords : Food sector; BIST – ALL; Financial analysis; Gray relational analysis.