Paksoy, Omer BurakSahın, Osman Nurı2026-01-242026-01-2420232548-0499https://search.trdizin.gov.tr/tr/yayin/detay/1221435https://doi.org/10.30927/ijpf.1329185https://hdl.handle.net/20.500.12868/4074This study aims to examine the financial effects of Covid-19 on tourism businesses in Turkey within the scope of financial distress. For this purpose, Altman Z-Score, and Springate S-Score were used. The sample of the study consists of 8 tourism companies traded in Borsa Istanbul (BIST) between the years 2019-2021 when Covid-19 is in question. According to the results of the analysis, Altman Z-Score and Springate S-Score models indicate similar results for the tourism companies included in the analysis. According to the Altman Z-Score model, before the Covid-19 period, in 2019, 2 companies were in the risky region in terms of financial distress; in 2020, which is the Covid-19 period, 1 company is risky and 1 company is in an uncertain area; in 2021, the period after the Covid-19, we saw that 2 companies are located in the risky area. According to the Springate S-Score model, it has been determined that 4 companies in 2019, 5 companies in 2020, and 4 companies in 2021 are located in the risky area. While we expect that the negative situations caused by the Covid-19 pandemic will negatively affect tourism businesses financially, the findings obtained in the study do not support this expectation much.eninfo:eu-repo/semantics/openAccessOtelcilikKonaklamaSpor ve Turizm,İşletme,İktisatArticle10.30927/ijpf.1329185822512681221435