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Marti Technologies

MRT on NYSEAmerican. Auto rental & leasing (no drivers). Market value $167m.

Watch this stockFree. We tell you when something changes.

Figures from the annual report for the year ended 31 December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Retail & consumer stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
-9.1%low

For every $100 of what the whole company costs, it produced $-9.05 of spare cash last year. A savings account pays about $4.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-195.3%five-year median

Each dollar kept in the business earns -195 cents a year. Above 10 is good.

Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$1.96 a share, 75% above its 1-year low

Over the past year the price has ranged from $1.12 to $2.75.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
-0.0
-0.0
2022202320242025
Revenue
$25m$20m$19m$39m
Operating margin
-59.6%-152.8%-350.0%-72.7%
Debt to equity
3.12n/an/an/a
Shares outstanding
0.04bn0.06bn0.06bn0.09bn

Health checks

  • Free cash flow positive0 of 4 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsStrong, 16.2% a year
  • Buying back its own sharesNo, 95% more shares since 2022

The quarter to December 2025

How the business did, compared with the same quarter a year earlier.

Profit by quarter
Profit by quarter
Quarter toAmount
March 2022-$824,761
June 2022-$310,525
September 2022-$630,938
December 2022$929,108
March 2023$1m
December 2023Not reported
December 2024Not reported
December 2025Not reported

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
13 April 2026
Next quarterly (estimated, 10-Q)
16 August 2023

Who owns it

None of the long-term investors we follow own it. 16 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Cankut Durgun
    Insider or founder
    at least 17.1%0.0 pts
    (filed with 1 related holder)
    Since 22 April 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented as follows: The purpose of filing this Amendment No. 2 is to report the contribution, on April 22, 2026, of the Contributed Shares to the Oktem Family Fund pursuant to the 2nd A&R LLCA. Pursuant to the terms of the…

    Read the filing
  • Oguz Alper Oktem
    16.6%+1.0 pts
    Since 22 April 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented as follows: The purpose of filing this Amendment No. 3 is to report the contribution, on April 22, 2026, of 10,800,000 Class A Ordinary Shares to the Oktem Family Fund by a newly admitted member, pursuant to the…

    Read the filing
  • Yousef Hammad
    Passive investor
    at least 10.5%+0.9 pts
    (filed with 4 related holders)
    Since 29 March 2025
    What they said

    The information in Item 6 of this Amendment is incorporated herein by reference. The Reporting Persons hold the Company securities reported herein for investment purposes, subject to the following: The Reporting Persons intend to review on a continuing basis their investments in…

    Read the filing
  • DLD Asset Management, LP
    Passive investor
    10.0%
    Since 30 September 2023

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 1 sold $3m.

  • Freifeld Daniel
    Director
    Sold
    Date
    9 September 2026
    Shares
    350,000
    Price
    $2.02
    Value
    $707,000
  • Freifeld Daniel
    Director
    Sold
    Date
    15 June 2026
    Shares
    500,000
    Price
    $1.70
    Value
    $850,000
  • Freifeld Daniel
    Director
    Sold
    Date
    18 May 2026
    Shares
    500,000
    Price
    $2.04
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Marti Technologies doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.