{"id":860,"date":"2026-10-03T17:37:49","date_gmt":"2026-10-03T16:37:49","guid":{"rendered":"https:\/\/wpcalc.com\/tr\/ekonomik-katma-deger\/"},"modified":"2026-10-03T17:37:49","modified_gmt":"2026-10-03T16:37:49","slug":"ekonomik-katma-deger","status":"publish","type":"post","link":"https:\/\/wpcalc.com\/tr\/finans\/ekonomik-katma-deger\/","title":{"rendered":"Ekonomik Katma De\u011fer (EVA) Hesaplama Arac\u0131"},"content":{"rendered":"<section class=\"not-prose calculator-box\" aria-labelledby=\"calculator-title\"><div class=\"flex items-baseline sm:items-center justify-between gap-2 sm:gap-3\"><div class=\"flex flex-col sm:flex-row sm:items-center gap-2\"><span class=\"icon icon-calculator text-primary-700! text-base! dark:text-primary-300!\" aria-hidden=\"true\"><\/span><h2 id=\"calculator-title\" class=\"text-lg font-display font-bold\">Faaliyet Geliri ve Sermaye Maliyetinden EVA (Ekonomik Katma De\u011fer) Hesaplama<\/h2><\/div><div class=\"calcdash-favorite group\">\n  <button type=\"button\" class=\"favorite\" id=\"favorite\" data-favorite-id=\"860\" data-favorite-title=\"Ekonomik Katma De\u011fer (EVA)\" data-favorite-url=\"https:\/\/wpcalc.com\/tr\/finans\/ekonomik-katma-deger\/\" data-favorite-excerpt=\"Faaliyet gelirinden, vergi oran\u0131ndan, sermaye yap\u0131s\u0131ndan ve sermaye maliyetlerinden Ekonomik Katma De\u011fer (EVA) hesaplay\u0131n. Rakamlar\u0131n\u0131z\u0131 girin; NOPAT, WACC ve i\u015fletmenizin sermaye maliyetinin \u00fczerinde yaratt\u0131\u011f\u0131 ger\u00e7ek ekonomik k\u00e2r\u0131 elde edin.\" aria-label=\"Favorilere ekle\" data-favorite-icon=\"icon icon-rate-up\">\n    <span class=\"icon icon-shape-star-empty\" aria-hidden=\"true\"><\/span>\n  <\/button>\n  <div class=\"calcdash-favorite__tip\" aria-hidden=\"true\">\n   <span class=\"favorite-tooltip\" id=\"favorite-tooltip\"><\/span>\n  <\/div>\n  <span class=\"sr-only\" role=\"status\" id=\"favorite-status\"><\/span>\n<\/div><\/div><form action=\"https:\/\/wpcalc.com\/tr\/finans\/ekonomik-katma-deger\/\" method=\"POST\" class=\"calculator\" id=\"calculator-860\" data-post=\"860\"><fieldset class=\"fieldset-input\"><legend class=\"sr-only\">Giri\u015f alanlar\u0131<\/legend><div class=\"field has-term\" id=\"input-1\"><label for=\"field-1\">Faaliyet Geliri<\/label><div class=\"term\">OI<\/div>  <div class=\"absolute bottom-0 left-16 top-8 w-2 h-0.5 bg-blue-500\"><\/div><input type=\"text\" name=\"faaliyet_geliri\" id=\"field-1\" aria-describedby=\"calc-unit-1 calc-info-1\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"50000\"\/><div class=\"unit\" id=\"calc-unit-1\">$<\/div><small id=\"calc-info-1\">Faaliyet gelirini girin (vergi \u00f6ncesi)<\/small><\/div><div class=\"field has-term\" id=\"input-2\"><label for=\"field-2\">Vergi Oran\u0131<\/label><div class=\"term\">TR<\/div>  <div class=\"absolute bottom-0 left-16 top-8 w-2 h-0.5 bg-blue-500\"><\/div><input type=\"text\" name=\"vergi_oran\" id=\"field-2\" aria-describedby=\"calc-unit-2 calc-info-2\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"30\"\/><div class=\"unit\" id=\"calc-unit-2\">%<\/div><small id=\"calc-info-2\">Vergi oran\u0131n\u0131 girin<\/small><\/div><div class=\"field has-term\" id=\"input-3\"><label for=\"field-3\">\u015eirket \u00d6zkayna\u011f\u0131n\u0131n Piyasa De\u011feri<\/label><div class=\"term\">MVEquity<\/div>  <div class=\"absolute bottom-0 left-16 top-8 w-2 h-0.5 bg-blue-500\"><\/div><input type=\"text\" name=\"irket_zkaynann_piyasa_deeri\" id=\"field-3\" aria-describedby=\"calc-unit-3 calc-info-3\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"150000\"\/><div class=\"unit\" id=\"calc-unit-3\">$<\/div><small id=\"calc-info-3\">\u015eirket \u00f6zkayna\u011f\u0131n\u0131n piyasa de\u011ferini girin<\/small><\/div><div class=\"field has-term\" id=\"input-4\"><label for=\"field-4\">\u015eirket Borcunun Piyasa De\u011feri<\/label><div class=\"term\">MVDebt<\/div>  <div class=\"absolute bottom-0 left-16 top-8 w-2 h-0.5 bg-blue-500\"><\/div><input type=\"text\" name=\"irket_borcunun_piyasa_deeri\" id=\"field-4\" aria-describedby=\"calc-unit-4 calc-info-4\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"50000\"\/><div class=\"unit\" id=\"calc-unit-4\">$<\/div><small id=\"calc-info-4\">\u015eirket borcunun piyasa de\u011ferini girin<\/small><\/div><div class=\"field has-term\" id=\"input-5\"><label for=\"field-5\">\u00d6zkaynak Maliyeti<\/label><div class=\"term\">COE<\/div>  <div class=\"absolute bottom-0 left-16 top-8 w-2 h-0.5 bg-blue-500\"><\/div><input type=\"text\" name=\"zkaynak_maliyeti\" id=\"field-5\" aria-describedby=\"calc-unit-5 calc-info-5\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"10\"\/><div class=\"unit\" id=\"calc-unit-5\">%<\/div><small id=\"calc-info-5\">\u00d6zkaynak maliyetini girin<\/small><\/div><div class=\"field has-term\" id=\"input-6\"><label for=\"field-6\">Bor\u00e7 Maliyeti<\/label><div class=\"term\">COD<\/div>  <div class=\"absolute bottom-0 left-16 top-8 w-2 h-0.5 bg-blue-500\"><\/div><input type=\"text\" name=\"bor_maliyeti\" id=\"field-6\" aria-describedby=\"calc-unit-6 calc-info-6\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"5\"\/><div class=\"unit\" id=\"calc-unit-6\">%<\/div><small id=\"calc-info-6\">Bor\u00e7 maliyetini girin<\/small><\/div><div class=\"field has-term\" id=\"input-7\"><label for=\"field-7\">Yat\u0131r\u0131lan Sermaye<\/label><div class=\"term\">CI<\/div>  <div class=\"absolute bottom-0 left-16 top-8 w-2 h-0.5 bg-blue-500\"><\/div><input type=\"text\" name=\"yatrlan_sermaye\" id=\"field-7\" aria-describedby=\"calc-unit-7 calc-info-7\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"200000\"\/><div class=\"unit\" id=\"calc-unit-7\">$<\/div><small id=\"calc-info-7\">\u0130\u015fletmeye yat\u0131r\u0131lan sermayeyi girin<\/small><\/div><\/fieldset><div class=\"buttons\"><button type=\"submit\" data-text=\"Yeniden hesapla\" id=\"calculate-button\" data-post=\"860\">Hesapla<\/button><button type=\"reset\">S\u0131f\u0131rla<\/button><\/div><div class=\"field is-checkbox hidden!\" id=\"field-auto-calc\"><input type=\"checkbox\" id=\"auto-calc\"><label for=\"auto-calc\">Otomatik hesapla<\/label><small>Etkinle\u015ftirilirse, herhangi bir de\u011feri de\u011fi\u015ftirdi\u011finizde sonu\u00e7 otomatik olarak g\u00fcncellenir.<\/small><\/div><div class=\"fieldset-result is-hidden\" aria-labelledby=\"result-title\" aria-live=\"polite\" role=\"region\"> <h3 class=\"result-title bg-gradient-to-r from-primary-50 to-gray-50 dark:from-primary-900 dark:to-gray-800\" id=\"result-title\"><span class=\"icon icon-s-pulse\" aria-hidden=\"true\"><\/span> Sonu\u00e7lar\u0131n\u0131z<\/h3><div class=\"result-box\"><div class=\"field-result\" id=\"output-1\"><span class=\"field-title\"><span>\u015eirketin Toplam Piyasa De\u011feri<\/span><\/span><span class=\"field-value\" id=\"result-1\" data-unit=\"$\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Sonucu kopyala\" aria-label=\"Sonucu kopyala\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result\" id=\"output-2\"><span class=\"field-title\"><span>A\u011f\u0131rl\u0131kl\u0131 Ortalama Sermaye Maliyeti (WACC)<\/span><\/span><span class=\"field-value\" id=\"result-2\" data-unit=\"%\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Sonucu kopyala\" aria-label=\"Sonucu kopyala\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result\" id=\"output-3\"><span class=\"field-title\"><span>Vergi Sonras\u0131 Net Faaliyet K\u00e2r\u0131 (NOPAT)<\/span><\/span><span class=\"field-value\" id=\"result-3\" data-unit=\"$\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Sonucu kopyala\" aria-label=\"Sonucu kopyala\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result\" id=\"output-4\"><span class=\"field-title\"><span>Ekonomik Katma De\u011fer (EVA)<\/span><\/span><span class=\"field-value\" id=\"result-4\" data-unit=\"$\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Sonucu kopyala\" aria-label=\"Sonucu kopyala\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><\/div><div class=\"result-actions\"><button type=\"button\" class=\"copy-link\"><svg viewBox=\"0 0 20 20\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M12.232 4.232a2.5 2.5 0 0 1 3.536 3.536l-1.225 1.224a.75.75 0 0 0 1.061 1.06l1.224-1.224a4 4 0 0 0-5.656-5.656l-3 3a4 4 0 0 0 .225 5.865.75.75 0 0 0 .977-1.138 2.5 2.5 0 0 1-.142-3.667l3-3Z\"\/><path d=\"M11.603 7.963a.75.75 0 0 0-.977 1.138 2.5 2.5 0 0 1 .142 3.667l-3 3a2.5 2.5 0 0 1-3.536-3.536l1.225-1.224a.75.75 0 0 0-1.061-1.06l-1.224 1.224a4 4 0 1 0 5.656 5.656l3-3a4 4 0 0 0-.225-5.865Z\"\/><\/svg><span class=\"copy-link__text\">Bu hesaplaman\u0131n ba\u011flant\u0131s\u0131n\u0131 kopyala<\/span><\/button><span class=\"sr-only\" role=\"status\" id=\"copy-link-status\"><\/span><\/div><\/div><a href=\"#respond\" class=\"hidden transition-opacity duration-300 opacity-0 w-50 text-sm justify-center items-center gap-2 px-4 py-2 rounded bg-gray-200 text-gray-700 hover:bg-gray-300\" id=\"leave-comment\"><span class=\"icon icon-comments\" aria-hidden=\"true\"><\/span>Yorum b\u0131rak<\/a><\/form><\/section><section id=\"calc-reactions\" class=\"not-prose hidden my-12 bg-gradient-to-r from-primary-50 to-gray-50 border border-indigo-100 rounded-xl px-6 py-4 shadow-sm\" data-post=\"860\" aria-live=\"polite\" aria-labelledby=\"calc-reactions-title\"><p id=\"calc-reactions-title\" class=\"text-sm text-gray-500 text-center mb-2\">Bu sonu\u00e7 hakk\u0131nda ne d\u00fc\u015f\u00fcn\u00fcyorsunuz?<\/p><div role=\"group\" aria-labelledby=\"calc-reactions-title\" class=\"grid grid-cols-3 sm:flex sm:flex-row sm:justify-around gap-4 sm:items-center sm:flex-wrap\"><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"like\"><span class=\"reaction-count\" data-reaction-count=\"like\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\ude00 <\/span><span class=\"reaction-description font-medium\">Be\u011fendim <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"helpful\"><span class=\"reaction-count\" data-reaction-count=\"helpful\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\udca1 <\/span><span class=\"reaction-description font-medium\">Faydal\u0131 <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"confused\"><span class=\"reaction-count\" data-reaction-count=\"confused\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\ude15 <\/span><span class=\"reaction-description font-medium\">Kafam kar\u0131\u015ft\u0131 <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"disappointed\"><span class=\"reaction-count\" data-reaction-count=\"disappointed\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\ude1e <\/span><span class=\"reaction-description font-medium\">Hayal k\u0131r\u0131kl\u0131\u011f\u0131 <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"inaccurate\"><span class=\"reaction-count\" data-reaction-count=\"inaccurate\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\u274c <\/span><span class=\"reaction-description font-medium\">Hatal\u0131 <\/span><\/button><\/div><div id=\"reaction-message\" class=\"hidden mt-8 rounded-md border border-primary-100 bg-white\/50 backdrop-blur-sm px-4 py-2 text-sm text-center shadow-sm\"><\/div><\/section><div class=\"calcdash-ad not-prose calcdash-ad--calc_result calcdash-ad--in-article\"><ins class=\"adsbygoogle\" style=\"display:block\" data-ad-client=\"ca-pub-1721569815777345\" data-ad-slot=\"6317458308\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\"><\/ins><script>(adsbygoogle = window.adsbygoogle || []).push({});<\/script><\/div>\n<style id=\"wpcoderpro-inline-1\">.formula-box {\r\n\tborder-bottom: none !important;\r\n}<\/style><section class=\"formula-box\" aria-labelledby=\"formula-title\">\r\n\t<div id=\"formula-title\" class=\"not-prose font-display mb-4\"><span class=\"icon icon-formula\" aria-hidden=\"true\"><\/span><h2>Ekonomik Katma De\u011fer (EVA) Form\u00fcl\u00fc<\/h2><\/div>\r\n\t<figure class=\"not-prose formula\">\r\n\t\t<figcaption class=\"formula-title\">Form\u00fcl<\/figcaption>\r\n\t\t<div class=\"text-base text-gray-800\" id=\"formula\">\n\\[ EVA = NOPAT - (Capital\\ Invested \\times WACC) \\\\ NOPAT = Operating\\ Income \\times (1 - Tax\\ Rate) \\\\ WACC = \\frac{MV_{Equity}}{MV_{Equity} + MV_{Debt}} \\times Cost\\ of\\ Equity + \\frac{MV_{Debt}}{MV_{Equity} + MV_{Debt}} \\times Cost\\ of\\ Debt \\]\n<\/div>\r\n\t<\/figure>\r\n\t<\/p>\n<p><strong>Burada:<\/strong><\/p>\n<ul>\n<li>\\(EVA\\) \u2014 Ekonomik Katma De\u011fer ($)<\/li>\n<li>\\(NOPAT\\) \u2014 Vergi Sonras\u0131 Net \u0130\u015fletme K\u00e2r\u0131 ($)<\/li>\n<li>\\(Operating\\ Income\\) \u2014 vergi \u00f6ncesi faaliyet k\u00e2r\u0131 ($)<\/li>\n<li>\\(Tax\\ Rate\\) \u2014 kurumlar vergisi oran\u0131, ondal\u0131k say\u0131 olarak<\/li>\n<li>\\(MV_{Equity}\\), \\(MV_{Debt}\\) \u2014 \u015firketin \u00f6zkayna\u011f\u0131n\u0131n ve borcunun piyasa de\u011ferleri ($)<\/li>\n<li>\\(Capital\\ Invested\\) \u2014 i\u015fletmede ba\u011fl\u0131 toplam sermaye ($)<\/li>\n<li>\\(WACC\\) \u2014 A\u011f\u0131rl\u0131kland\u0131r\u0131lm\u0131\u015f Ortalama Sermaye Maliyeti, ondal\u0131k say\u0131 olarak<\/li>\n<\/ul>\n<p>EVA, bir \u015firketin bu k\u00e2r\u0131 elde etmek i\u00e7in kulland\u0131\u011f\u0131 sermayenin t\u00fcm maliyetinin \u00fczerinde kazand\u0131\u011f\u0131 k\u00e2r\u0131 \u00f6l\u00e7er. Sermaye y\u00fck\u00fc, yat\u0131r\u0131lan sermayenin WACC ile \u00e7arp\u0131lmas\u0131yla bulunur; WACC ise \u00f6zkaynak ve bor\u00e7 maliyetini, bunlar\u0131n \u015firketin toplam piyasa de\u011ferindeki paylar\u0131na g\u00f6re a\u011f\u0131rl\u0131kland\u0131rarak birle\u015ftirir.<\/p>\n<p>\r\n<\/section>\n<style id=\"wpcoderpro-inline-2\">.calculation-box {\r\n\tborder-bottom: none !important;\r\n}<\/style><section id=\"calculation\" class=\"calculation-box\" aria-labelledby=\"calculation-title\">\r\n\t<div id=\"calculation-title\" class=\"not-prose font-display\"><span class=\"icon icon-unordered-list\" aria-hidden=\"true\"><\/span><h2>Ekonomik Katma De\u011fer (EVA) \u2013 Hesaplama \u00d6rne\u011fi<\/h2><\/div>\r\n\r\n<\/p>\n<p><strong>\u00d6rnek:<\/strong> bir \u015firketin faaliyet geliri 50.000 $ olup vergisini %30 oran\u0131nda \u00f6demektedir. \u00d6zkayna\u011f\u0131n\u0131n piyasa de\u011feri 150.000 $, borcunun piyasa de\u011feri ise 50.000 $'d\u0131r; \u00f6zkaynak maliyeti %10, bor\u00e7 maliyeti %5'tir. \u0130\u015fletmeye yat\u0131r\u0131lan sermaye 200.000 $'d\u0131r.<\/p>\n<p>\\[ Total\\ Market\\ Value = 150{,}000 + 50{,}000 = 200{,}000 \\]<\/p>\n<p>\\[ WACC = \\frac{150{,}000}{200{,}000} \\times 0.10 + \\frac{50{,}000}{200{,}000} \\times 0.05 = 0.0875 \\; (8.75\\%) \\]<\/p>\n<p>\\[ NOPAT = 50{,}000 \\times (1 - 0.30) = 35{,}000 \\]<\/p>\n<p>\\[ EVA = 35{,}000 - (200{,}000 \\times 0.0875) = 35{,}000 - 17{,}500 \\]<\/p>\n<p><strong>Sonu\u00e7:<\/strong> Ekonomik Katma De\u011fer = <strong>17.500 $<\/strong>. \u015eirket, hem vergileri hem de sermayesinin t\u00fcm maliyetini kar\u015f\u0131lad\u0131ktan sonra 17.500 $ k\u00e2r elde etmi\u015ftir.<\/p>\n<p>\n\r\n<\/section>\n<h2>EVA Hesaplama Arac\u0131 Nas\u0131l Kullan\u0131l\u0131r?<\/h2>\n<ol>\n<li><strong>Faaliyet Gelirinizi<\/strong> girin \u2014 \u015firketin vergi ve faiz \u00f6ncesi faaliyet k\u00e2r\u0131.<\/li>\n<li><strong>Vergi Oran\u0131n\u0131<\/strong> y\u00fczde olarak girin (\u00f6rne\u011fin %30 i\u00e7in 30).<\/li>\n<li><strong>\u015eirket \u00d6zkayna\u011f\u0131n\u0131n Piyasa De\u011ferini<\/strong> doldurun \u2014 g\u00fcncel piyasa de\u011feri veya piyasa verisi yoksa defter de\u011feri.<\/li>\n<li><strong>\u015eirket Borcunun Piyasa De\u011ferini<\/strong> doldurun \u2014 t\u00fcm faiz y\u00fck\u00fcml\u00fc bor\u00e7lar\u0131n toplam de\u011feri.<\/li>\n<li><strong>\u00d6zkaynak Maliyetini<\/strong> y\u00fczde olarak girin. Bu genellikle CAPM modeli ile tahmin edilir.<\/li>\n<li><strong>Bor\u00e7 Maliyetini<\/strong> y\u00fczde olarak girin. \u015eirketin bor\u00e7lar\u0131 \u00fczerinde \u00f6dedi\u011fi etkin faiz oran\u0131n\u0131 kullan\u0131n.<\/li>\n<li><strong>Yat\u0131r\u0131lan Sermayeyi<\/strong> girin \u2014 i\u015fletmede kullan\u0131lan toplam sermaye.<\/li>\n<li>Sonu\u00e7lar\u0131 okuyun: Toplam Piyasa De\u011feri, WACC, NOPAT ve nihayetinde <strong>Ekonomik Katma De\u011fer (EVA)<\/strong>.<\/li>\n<\/ol>\n<h2>Ekonomik Katma De\u011fer Nedir?<\/h2>\n<p>Ekonomik Katma De\u011fer (EVA), bir \u015firketin ger\u00e7ek ekonomik k\u00e2r\u0131n\u0131n bir \u00f6l\u00e7\u00fcs\u00fcd\u00fcr \u2014 i\u015fletmeye yat\u0131r\u0131lan sermayenin maliyeti dahil t\u00fcm maliyetler d\u00fc\u015f\u00fcld\u00fckten sonra kalan k\u00e2r. Geleneksel muhasebe k\u00e2r\u0131 yaln\u0131zca \u00fccretler, malzeme ve bor\u00e7 faizi gibi a\u00e7\u0131k maliyetleri sayar. EVA bunun \u00f6tesine ge\u00e7erek hissedarlar\u0131n ve bor\u00e7 verenlerin koydu\u011fu sermaye i\u00e7in de \u015firkete bir y\u00fck tahakkuk ettirir; bu sermaye, gelir tablosunda hi\u00e7 g\u00f6r\u00fcnmese bile f\u0131rsat maliyeti ta\u015f\u0131r.<\/p>\n<p>Bu metrik, Stern Stewart &amp; Co. dan\u0131\u015fmanl\u0131k firmas\u0131 taraf\u0131ndan 1980'lerde yayg\u0131nla\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r ve bug\u00fcn kurumsal performans \u00f6l\u00e7\u00fcm\u00fcnde, te\u015fvik bazl\u0131 \u00fccretlendirmede ve de\u011fer temelli y\u00f6netimde geni\u015f bi\u00e7imde kullan\u0131lmaktad\u0131r. <strong>Pozitif EVA<\/strong>, \u015firketin yat\u0131r\u0131mc\u0131lar\u0131n\u0131n talep etti\u011finden fazla kazand\u0131\u011f\u0131 \u2014 ger\u00e7ekten hissedar de\u011feri yaratt\u0131\u011f\u0131 anlam\u0131na gelir. <strong>Negatif EVA<\/strong> ise i\u015fletmenin de\u011fer yok etti\u011fi anlam\u0131na gelir: muhasebe k\u00e2r\u0131 raporlasa bile getiriler, faaliyetlerde ba\u011fl\u0131 sermayeyi hakl\u0131 \u00e7\u0131karacak kadar b\u00fcy\u00fck de\u011fildir.<\/p>\n<p>EVA, WACC'ye ba\u011fl\u0131 oldu\u011fundan faaliyet performans\u0131n\u0131 sermaye yap\u0131s\u0131yla ili\u015fkilendirir. Bir \u015firket EVA'y\u0131 \u00fc\u00e7 yoldan iyile\u015ftirebilir: faaliyet k\u00e2r\u0131n\u0131 art\u0131rarak (daha iyi marjlar veya sat\u0131\u015flarla), yat\u0131r\u0131lan sermaye miktar\u0131n\u0131 azaltarak (varl\u0131klar\u0131 daha verimli kullanarak) veya a\u011f\u0131rl\u0131kland\u0131r\u0131lm\u0131\u015f ortalama sermaye maliyetini d\u00fc\u015f\u00fcrerek. Faaliyet k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 ayr\u0131ca incelemek isterseniz <a href=\"https:\/\/wpcalc.com\/tr\/finans\/faiz-vergi-oncesi-kar-faok\/\">EBIT hesaplama arac\u0131m\u0131z<\/a> ve <a href=\"https:\/\/wpcalc.com\/tr\/finans\/ebit-marji\/\">EBIT marj\u0131 hesaplama arac\u0131m\u0131z<\/a> iyi bir ba\u015flang\u0131\u00e7 noktas\u0131d\u0131r.<\/p>\n<p>Sonucun yorumlanmas\u0131 kolayd\u0131r: pozitif EVA ne kadar b\u00fcy\u00fck ve kal\u0131c\u0131 olursa, \u015firket y\u0131lda o kadar fazla de\u011fer yarat\u0131r. Mutlak de\u011fer \u015firket b\u00fcy\u00fckl\u00fc\u011f\u00fcne ba\u011fl\u0131 oldu\u011fundan, EVA'y\u0131 y\u0131llar aras\u0131nda veya benzer \u015firketlerle kar\u015f\u0131la\u015ft\u0131rmak, tek bir rakama tek ba\u015f\u0131na bakmaktan daha anlaml\u0131d\u0131r.<\/p>\n<h2>Varsay\u0131mlar, S\u0131n\u0131rlamalar ve Pratik \u0130pu\u00e7lar\u0131<\/h2>\n<ul>\n<li><strong>WACC piyasa de\u011ferlerine dayan\u0131r.<\/strong> Bu hesaplama arac\u0131, sermaye maliyetlerini a\u011f\u0131rl\u0131kland\u0131rmak i\u00e7in \u00f6zkayna\u011f\u0131n ve borcun piyasa de\u011ferlerini kullan\u0131r. Piyasa de\u011ferlerini elde etmek zor ise defter de\u011ferleri yayg\u0131n bir alternatiftir, ancak elde edilen WACC farkl\u0131 olabilir.<\/li>\n<li><strong>\u00d6zkaynak maliyetinin tahmin edilmesi gerekir.<\/strong> Bor\u00e7 maliyetinin aksine \u00f6zkaynak maliyeti do\u011frudan g\u00f6zlemlenmez. \u00c7o\u011fu analist Sermaye Varl\u0131klar\u0131n\u0131 Fiyatland\u0131rma Modeli'ni (CAPM) kullan\u0131r; burada gereken getiri, risksiz faiz oran\u0131, hisse senedi risk primi ve \u015firketin betas\u0131na ba\u011fl\u0131d\u0131r.<\/li>\n<li><strong>Yat\u0131r\u0131lan sermayenin tan\u0131m\u0131 \u00f6nemlidir.<\/strong> Analistler yat\u0131r\u0131lan sermayenin neleri kapsad\u0131\u011f\u0131 konusunda farkl\u0131 d\u00fc\u015f\u00fcn\u00fcr \u2014 kimisi kira y\u00fck\u00fcml\u00fcl\u00fcklerini ve faizsiz y\u00fck\u00fcml\u00fcl\u00fckleri dahil eder. EVA'y\u0131 zaman i\u00e7inde veya \u015firketler aras\u0131nda kar\u015f\u0131la\u015ft\u0131r\u0131rken tutarl\u0131 olun.<\/li>\n<li><strong>Vergi oran\u0131 d\u00fcz (tek oran) kabul edilir.<\/strong> Hesaplama arac\u0131 t\u00fcm faaliyet gelirine tek bir vergi oran\u0131 uygular; bu, kademeli vergi sistemleriyle tam olarak \u00f6rt\u00fc\u015fmeyebilir.<\/li>\n<li><strong>EVA mutlak bir \u00f6l\u00e7\u00fcd\u00fcr.<\/strong> B\u00fcy\u00fck bir \u015firket neredeyse her zaman k\u00fc\u00e7\u00fck bir \u015firketten daha b\u00fcy\u00fck EVA g\u00f6sterir. Farkl\u0131 b\u00fcy\u00fckl\u00fckteki i\u015fletmeler aras\u0131nda verimlili\u011fi kar\u015f\u0131la\u015ft\u0131rmak i\u00e7in EVA'y\u0131 yat\u0131r\u0131lan sermayeye b\u00f6lerek bir getiri fark\u0131 y\u00fczdesi elde edin.<\/li>\n<li><strong>Sermaye yap\u0131s\u0131 etkileri.<\/strong> WACC, bor\u00e7-\u00f6zkaynak bile\u015fimine ba\u011fl\u0131 oldu\u011fundan, faaliyetler ayn\u0131 kalsa bile finansmandaki de\u011fi\u015fiklikler EVA'y\u0131 etkiler. WACC'nin arkas\u0131ndaki sermaye yap\u0131s\u0131n\u0131n s\u00fcrd\u00fcr\u00fclebilir olup olmad\u0131\u011f\u0131n\u0131 anlamak i\u00e7in <a href=\"https:\/\/wpcalc.com\/tr\/finans\/borc-ozkaynak-orani\/\">bor\u00e7\/\u00f6zkaynak oran\u0131n\u0131<\/a> ve <a href=\"https:\/\/wpcalc.com\/tr\/finans\/faiz-karsilama-orani\/\">faiz kar\u015f\u0131lama oran\u0131n\u0131<\/a> kontrol edin.<\/li>\n<\/ul>\n<p>EVA'n\u0131n en iyi kullan\u0131m\u0131 di\u011fer \u00f6l\u00e7\u00fcmlerle birlikte oland\u0131r. Uzun vadeli yat\u0131r\u0131m kararlar\u0131 i\u00e7in, ayn\u0131 fikri \u2014 sermaye maliyeti \u00fczerindeki getiriyi \u2014 bir projenin \u00f6mr\u00fc boyunca yakalayan <a href=\"https:\/\/wpcalc.com\/tr\/finans\/net-bugunku-deger\/\">Net Bug\u00fcnk\u00fc De\u011fer (NBD)<\/a> analiziyle birle\u015ftirin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Faaliyet gelirinden, vergi oran\u0131ndan, sermaye yap\u0131s\u0131ndan ve sermaye maliyetlerinden Ekonomik Katma De\u011fer (EVA) hesaplay\u0131n. Rakamlar\u0131n\u0131z\u0131 girin; NOPAT, WACC ve i\u015fletmenizin sermaye maliyetinin \u00fczerinde yaratt\u0131\u011f\u0131 ger\u00e7ek ekonomik k\u00e2r\u0131 elde edin.<\/p>\n","protected":false},"author":3168,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[48],"class_list":["post-860","post","type-post","status-publish","format-standard","hentry","category-finans","tag-faiz"],"acf":[],"_links":{"self":[{"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/posts\/860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/users\/3168"}],"replies":[{"embeddable":true,"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/comments?post=860"}],"version-history":[{"count":3,"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/posts\/860\/revisions"}],"predecessor-version":[{"id":3407,"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/posts\/860\/revisions\/3407"}],"wp:attachment":[{"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/media?parent=860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/categories?post=860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/tags?post=860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}