Marti Technologies Inc. Class A Ordinary Shares (MRT)

FairStock Score: 20/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses with durable moats, honest accounting, and a margin of safety. Marti runs an urban mobility app in Turkey—ride-hailing plus e-mopeds, e-bikes, and e-scooters. That is a competitive, capital-intensive field with low switching costs and heavy exposure to Turkish macro and regulation. The company employs 473 people, so it remains small and unproven at scale. The filed net income record is thin: fiscal Q1 2023, the quarter ended 2023-03-31, showed $1.2M of net income, while FY2022, the year ended 2022-12-31, lost $837,116. The latest-quarter data shows a -62.55% net margin, so today's economics are not self-funding. FairStock's calculations from the 2026-10-13 close of $1.81 show a negative P/E of -3.62, ROCE of -49.43%, an Altman Z-Score of -6.42, a Piotroski F-Score of 3/9, and a FairStock Score of 20/100. Those are not the marks of a fortress balance sheet. The calculated Lynch category is none because only one year of filed results is available and three are required. Market cap is $185.6M, which is speculative relative to current losses. Growth may be fast, but without profits, moat, or a long public record, I cannot estimate intrinsic value with confidence. This looks like a venture-style bet, not a Graham-style bargain.

In plain English: Marti Technologies runs an app in Turkey for ride-hailing and renting e-mopeds, e-bikes, and e-scooters. The business is growing sales but is still losing money and has a very short public record. At $1.81 a share, the price looks speculative rather than clearly cheap or fair based on its current losses.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2023 10-Q (period ended 2023-03-31) · fiscal Q2 2022 10-Q (period ended 2022-06-30) · fiscal Q1 2022 10-Q (period ended 2022-03-31) · fiscal Q3 2021 10-Q (period ended 2021-09-30) · FY2022 10-K (period ended 2022-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer