Abstract This study aims to examine the effect of the Covid-19 pandemic period on financial risk and return rates of tourism businesses. In the study, financial risk and return rates of the businesses registered in the Borsa Istanbul Tourism Index between 2011-2020 were calculated in order to present the effects of the Covid-19 pandemic. After determining the trends of these variables during the pandemic period, the effect of financial risk levels on stock return rates was evaluated with panel data analysis. In the study, financial risks of the businesses were calculated with the Altman z-score model, and the return rates were calculated over the year-end closing prices of businesses' stocks, which were traded at stock exchange. The financial statement data of businesses published in the Public Disclosure Platform had been used in the calculations. Keywords: Covid-19, Tourism Sector, Financial Risk, Rate of Return