This study analyses the micro and macro factors affecting the stock returns of manufacturing companies listed on BIST in Turkiye. While examining micro factors, the effects of variables such as operating cash flow, profitability and liquidity on stock returns are analysed. As a result of the findings of the study, it was determined that cash flow from operations and indebtedness ratios have a negative effect on stock returns, while current ratio and gross profit margin have a positive effect. In macro factors, variables such as exchange rate, interest rates, inflation expectation and finally industrial capacity ratios were used. As a result of the findings, consumer price index and interest rates have a negative effect on stock returns, while inflation expectation and exchange rate have a positive effect.
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