FINANCIAL ANALYSIS OF NON-METALLIC MINERAL PRODUCTS COMPANIES IN THE BIST SUSTAINABILITY INDEX USING PYTHAGOREAN FUZZY TOPSIS

Abstract

The aim of this study is to analyze the financial status of stocks from six companies within the non-metallic mineral products sector of the Borsa Istanbul (BIST) Sustainability Index. The study involved a total of 27 financial indicators for the years 2021 to 2024. The TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) algorithm, which is effective in handling multiple and potentially conflicting criteria, was selected for the investigation approach to rank companies. Furthermore, Pythagorean Fuzzy Sets (PFSs) established the number system as the research framework, as a tool to reflect the uncertainty. Hence, the approach enabled the process of highly ambiguous financial data from the sustainability index and addressed the uncertainty in sustainability performance evaluation via PFSs. As a result, it became possible to suggest a decision support model to the investors for a specific sector. For the sustainability-indexed companies from the chosen sector, the rankings and scores provided served as a demonstration of the persistence of NUHCM.IS stock and the high fluctuation in the stock of QUAGR.IS was shown.