Financial performance analysis of main metal industry companies traded on Borsa Istanbul (BIST): TOPSIS method

This study aims to evaluate and compare the financial performance of basic metal industry companies listed on Borsa Istanbul (BIST). The evaluation was carried out using the TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) method, which is one of the multi-criteria decision-making techniques. The study covers the five-year period from 2019 to 2023, and considers a range of financial criteria including liquidity, activity, financial structure, profitability, market, and growth ratios. Initially, the structure of the basic metal industry, its historical development in Turkey, production capacity, and export performance were examined. Subsequently, the financial indicators of BIST-listed basic metal companies were analyzed. Decision matrices constructed based on financial ratios were normalized according to the TOPSIS method, and ideal as well as negative ideal solutions were identified to rank the companies based on their financial performance. The findings reveal that financial performance varies across companies over the years, with certain firms standing out in specific periods. These results demonstrate the influence of sectoral dynamics, economic conditions, and company-specific strategies on financial outcomes. The study aims to provide insights for investors, managers, and policymakers in the context of sectoral analysis. In this respect, the study contributes to the financial performance analysis literature and offers a practical application of the TOPSIS method, serving as a reference for similar future research.