This study aimed to examine the profitability of companies traded on BIST and operating in the manufacturing sector with DuPont financial analysis technique. In order to achieve this goal, the financial statements of 140 companies operating in the manufacturing sector for 2017, 2018 and 2019 were obtained from the official website of the Public Disclosure Platform. The rates calculated with the DuPont financial analysis technique were subjected to ANOVA test in SPSS, assuming years and sub-sectors as independent variables. As a result of the research, while the return on sales (ROS) and return on equity (ROE) ratios of the enterprises tended to decrease in 2017 and 2018, it was determined that these ratios were negative in 2019. Return on assets (ROA) ratio showed a decreasing trend between the period from 2017 to 2019, but no negative values were detected in these years. In addition, in the ANOVA analysis results, it was determined that there is a significant difference in sub-sectors of chemical, petroleum, rubber and plastic products, textiles, apparel and leather, food, drink and tobacco, metal goods, machinery and equipment manufacturing, stone and soil based sub-sectors in terms of return on assets (ROA), return on equity (ROE), asset turn over and capital multiplier ratios.

Structured Abstract: Nowadays, the final aim of the organizations is to maximize the welfare of stakeholders and to maintain these values in parallel with the principle of sustainability. In order to achieve this objective, the organizations should make decisions on investment, funding, and dividend distribution effectively. In order for an investment to be considered acceptable in organizations, that investment must increase the equity capital’s value from the perspective of equity capital owners. The stakeholders expect an economic return on the capital, which they have invested, in form of capital return and/or dividend return. Besides the stakeholders, also the external sources providing a fund to the organization have expectations regarding that investment. These expectations are explained as collecting the capital together with the interest. Thus, in order to achieve the maximization of value, which is the final objective, the organizations must have profit, ensure the sustainability of profit, and manage the risk to be borne while achieving the targeted profitability.