What Does the Istanbul Chamber of Industry's Top 500 List Measure—and What Does It Miss?

Every year, the ISO 500 list is published with the claim of taking the pulse of Turkey’s industrial sector. This ranking of the country’s largest 500 industrial companies often attracts public attention under the headline: “The biggest companies in Turkey.” But one critical question still remains under-asked:

Can the size of a company be measured solely by its revenue?

The list ranks firms based only on their revenue. However, in today’s business landscape, we need more holistic approaches and multi-layered evaluation models.

At NT Finans Partners, our co-founder Nezih Tunalı puts it plainly:

“The ISO 500 has become a meaningless data set. I don’t find it useful that this list—based solely on revenue—is still considered a credible benchmark in the business world.”

This critique is grounded in two major reasons:

1. Misleading Data Paints an Incomplete Picture

One key issue is that the list can make some companies appear "larger" than they really are.For example, intercompany sales within holding groups can artificially inflate revenue figures. This may falsely suggest stronger market performance and an unfair competitive advantage.

Another example: Some companies work with high-unit-price or high-tonnage products. Their revenue may seem impressive—but that doesn’t necessarily mean they are more profitable, efficient, or value-generating than others.

In short: high revenue ≠ high performance.

2. A Company’s Value Is More Than Its Revenue

Measuring a company’s true strength and strategic capability requires more than looking at how much it earns. We also need to examine how it earns, how sustainable its operations are, and where it invests.

The following indicators reveal far more than gross revenue:

ProfitabilityGross profit margin reflects operational efficiency, pricing power, and cost management skills.

EBITDA MarginA key metric for determining how much cash a company generates from its operations, and how many years it would take to pay off its debts. It’s crucial for company valuation.

Wage-to-Revenue RatioShows how much a company invests in people. This ratio reflects corporate culture, long-term resilience, and a commitment to human capital.

R&D Spending as a Percentage of RevenueA powerful indicator of innovation capacity and competitiveness. It reveals whether a company is building for the future—not just surviving the present.

The Bigger Question:

When we say “the largest 500 companies,” what exactly are we measuring?

A ranking based purely on revenue does not align with the complexities of today’s business environment. While the list grabs headlines, it often fails to provide meaningful insight to executives, investors, or policymakers.

It’s Time for New Metrics

The companies that disrupt the status quo are often those that focus on hidden value, data-driven decision-making, and long-term investments.

At NT Finans Partners, that’s where we step in.With our Financial Check-up® model, we uncover hidden risks and potential.Through ERP implementations, we streamline operations and enhance visibility.Our decision-support systems empower leaders to make strategic moves backed by meaningful data—not just gut instinct.

In Conclusion:

Lists like ISO 500 are no longer sufficient on their own.To measure a company’s size and quality, we need multi-dimensional, strategic data sets.And perhaps more importantly, we should stop asking, “Who’s the biggest?” and instead ask:

“Who’s the most resilient, most innovative, and best prepared for the future?”