An Analysis of the Financial Performance of the Transportation and Storage Sector Using the DuPont Analysis Technique

Abstract

Purpose – The main objective of this study is to examine the financial performance of small, medium-sized, and large enterprises operating in the transportation and warehousing sector through DuPont analysis and to assess the financial performance of enterprises operating within the sector.

Design/methodology/approach – The dataset comprises annual financial statement data for firms included in the sectoral balance sheets published by the Central Bank of the Republic of Türkiye (CBRT). Accordingly, the annual financial data of firms operating in the transportation and storage sector were examined for the 2020–2024 period. Within the scope of the analysis, the enterprises included in the sector balance sheets were classified as micro, small, medium-sized, and large; and the financial performance of each size group was evaluated using the DuPont analysis technique. Thus, the effect of firm size on financial ratios was revealed comparatively.

Findings – Over the five-year period, the effect of firm size on financial performance was found to be limited, and medium-sized enterprises achieved more stable and stronger results compared to other groups. While large enterprises showed a recovery trend in profitability in the post-pandemic period (2022-2024), micro and small enterprises exhibited weak performance due to limited capital and high financing costs. Overall, medium-sized enterprises were determined to be more effective in cost control and resource utilization.

Discussion – The findings, consistent with the literature, reveal that profitability, efficiency, and leverage levels are determinants of firm performance. Moreover, by using recent data covering the pandemic period and its aftermath, this study reveals financial differences among firm size groups and thereby makes a significant contribution to the literature.