Analysis of the Return on Equity of the Travel Agency and Tour Operator Sector and Comparison with Service Sub-Sectors
DOI:
https://doi.org/10.63556/tisej.2026.1985Keywords:
DuPond Analysis, Financial Performance, Travel Agencies, Tour Operator, Service IndustryAbstract
This study aims to evaluate the financial performance of the Travel Agencies and Tour Operators sector in Türkiye during the 2015–2024 period using the DuPont analysis framework and to compare the findings with other service subsectors, the overall services sector, and all sectors of the economy. The research utilizes data derived from sectoral balance sheets published by the Central Bank of the Republic of Türkiye (CBRT). Net profit margin, asset turnover, return on assets, equity multiplier, and return on equity ratios were calculated, and a comparative analysis across sectors was conducted. The findings reveal that the Travel Agencies and Tour Operators sector has the highest average asset turnover among service subsectors; however, due to its low net profit margin, this advantage could not be translated into higher returns on assets and equity. Moreover, the sector's high equity multiplier indicates a high level of financial leverage and reliance on external financing rather than strong financial performance. Among the service subsectors, the Information and Communication sector exhibited the strongest financial performance, whereas the Real Estate Activities, Transportation and Storage, and Accommodation and Food Service Activities sectors were identified as the lowest performers. In conclusion, the primary financial challenge of the Travel Agencies and Tour Operators sector is not insufficient sales volume but the inability to convert sales into sustainable profitability.
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