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HEPSD-Market Elektronik Hizmetler ve Ticaret A.S.
$2.80$888M
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HEPS logoD-Market Elektronik Hizmetler ve Ticaret A.S.(HEPS)Earnings, Financials & Key Ratios

HEPS•NASDAQ
Price updated Jun 14, 2026
SectorConsumer CyclicalIndustrySpecialty RetailSub-IndustryGeneral Online Marketplaces
AboutD-Market Elektronik Hizmetler ve Ticaret A.S. operates e-commerce platforms in Turkey. The company operates www.hepsiburada.com, a retail website that provides its retail customers a range of merchandise, including electronics and non-electronics, such as books, sports, toys, kids and baby products, cosmetics, furniture, etc. It also offers HepsiExpress, an app-in-app initiative and on-demand delivery service that delivers groceries, water, and flowers; HepsiJet that provides last- mile delivery services; HepsiLojistik, which offers storage and fulfillment services; HepsiMat, a pick-up and drop-off point; HepsiAd that provides advertising service and data driven insights; HepsiGlobal for discovering and purchasing products from international merchants online; Hepsipay, which offers an e-money and payment services; and HepsiFly for buying airline tickets online. The company was incorporated in 2000 and is headquartered in Istanbul, Turkey.Show more
  • Revenue$91.86B+61.0%
  • EBITDA$1.24B-40.0%
  • Net Income-$6.18B-285.4%
  • EPS (Diluted)-19.32-286.4%
  • Gross Margin21.7%-42.1%
  • EBITDA Margin1.35%-62.8%
  • Operating Margin-2.4%-8174.4%
  • Net Margin-6.73%-139.3%
  • ROE-231.99%-484.7%
  • Debt/Equity1.59+136.7%
  • Interest Coverage-0.17-138.5%

HEPS Key Insights

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 43.4%
  • ✓Efficient asset utilization: 2.5x turnover

✗Weaknesses

  • ✗Profits declining 45.9% over 5 years
  • ✗Expensive at 20.4x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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HEPS Price & Volume

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) stock price & volume — 10-year historical chart

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HEPS Growth Metrics

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years43.36%
3 Years33.94%
TTM28.26%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-219.65%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-275.26%

Return on Capital

10 Years-107.21%
5 Years-107.21%
3 Years-23.08%
Last Year-54.31%

HEPS Recent Earnings

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 0/12 qtrs (0%)●Beat Revenue 2/12 qtrs (33%)
Q2 2026Latest
May 7, 2026
EPS
$0.06
Revenue
$519M
Est $519M
+0.0%
Q1 2026
Feb 26, 2026
EPS
$0.24
Revenue
$15M
Est $650M
-97.8%
Q4 2025
Nov 5, 2025
EPS
$0.10
Revenue
$478M
Q3 2025
Jul 31, 2025
EPS
$0.06
Revenue
$420M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 7, 2026
$0.06
$519Mvs $519M+0.0%
Q1 2026Feb 26, 2026
$0.24
$15Mvs $650M-97.8%
Q4 2025Nov 5, 2025
$0.10
$478M
Q3 2025Jul 31, 2025
$0.06
$420M
Based on last 12 quarters of dataView full earnings history →

HEPS Peer Comparison

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) competitors in General Online Marketplaces — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MELI logoMELIMercadoLibre, Inc.Direct Competitor80.59B1589.6040.3639.06%6.04%29.58%13.37%1.69
SE logoSESea LimitedDirect Competitor50.8B82.9432.9136.38%6.92%15.18%8.89%0.26
GLBE logoGLBEGlobal-e Online Ltd.Direct Competitor5.55B32.7383.9227.82%11.37%12.64%5.06%0.03
CPNG logoCPNGCoupang, Inc.Direct Competitor30.19B16.82152.9114.09%-0.58%-3.67%1.73%1.00
AMZN logoAMZNAmazon.com, Inc.Product Competitor2.57T238.5533.2712.38%12.22%23.34%0.3%0.37
EBAY logoEBAYeBay Inc.Product Competitor49.63B108.6125.037.95%17.58%44.12%3.35%1.60
ETSY logoETSYEtsy, Inc.Product Competitor6.59B69.4849.992.68%9.94%9.69%
BABA logoBABAAlibaba Group Holding LimitedProduct Competitor263.29B112.8217.342.74%10.12%9.35%0.23

Compare HEPS vs Peers

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MELI

Most directly comparable listed peer for HEPS.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare HEPS against a more recognizable public peer.

Peer Set

Compare Top 5

vs MELI, SE, GLBE, CPNG

HEPS Income Statement

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue
1.96B2.6B15.17B24.79B38.23B35.56B57.05B91.86B
Revenue Growth %
-33.16%482.69%63.41%54.2%-6.98%60.43%61.04%
Cost of Goods Sold
1.52B1.85B11.85B19.44B29.92B28.31B35.66B71.93B
COGS % of Revenue
77.7%70.94%78.12%78.4%78.27%79.62%62.51%78.3%
Gross Profit
436.09M▲ 0%
756.63M▲ 73.5%
3.32B▲ 338.7%
5.35B▲ 61.3%
8.31B▲ 55.1%
7.25B▼ 12.8%
21.39B▲ 195.2%
19.93B▼ 6.8%
Gross Margin %
22.3%29.06%21.88%21.6%21.73%20.38%37.49%21.7%
Gross Profit Growth %
-73.5%338.69%61.32%55.15%-12.78%195.2%-6.81%
Operating Expenses
487.62M655.51M4.15B12.13B15.69B7.97B21.37B22.14B
OpEx % of Revenue
24.94%25.18%27.33%48.93%41.04%22.42%37.46%24.1%
Selling, General & Admin
259.89M340.67M2.37B10.88B12.79B6.36B10.51B22.69B
SG&A % of Revenue
13.29%13.08%15.61%43.89%33.47%17.9%18.43%24.7%
Research & Development
20.58M0000926.66M740.63M0
R&D % of Revenue
1.05%----2.61%1.3%-
Other Operating Expenses
0314.84M1.78B1.25B2.89B679.67M10.12B-554.82M
Operating Income
-51.53M▲ 0%
101.11M▲ 296.2%
-827.66M▼ 918.5%
-6.78B▼ 718.8%
-7.38B▼ 8.9%
-724.98M▲ 90.2%
16.96M▲ 102.3%
-2.2B▼ 13090.3%
Operating Margin %
-2.64%3.88%-5.46%-27.33%-19.31%-2.04%0.03%-2.4%
Operating Income Growth %
-296.22%-918.54%-718.77%-8.93%90.18%102.34%-13090.31%
EBITDA
26.74M167.4M-526.05M-6.14B-6.16B449.16M2.07B1.24B
EBITDA Margin %
1.37%6.43%-3.47%-24.76%-16.12%1.26%3.62%1.35%
EBITDA Growth %
-526.01%-414.24%-1067.12%-0.36%107.29%359.77%-40.02%
D&A (Non-Cash Add-back)
78.27M66.29M301.62M637.01M1.22B1.17B2.05B3.44B
EBIT
-114.22M-62.97M-596.85M-2.75B-6.11B1.45B1.26B-2.2B
Net Interest Income
-127.12M-38.41M-277.75M-330.65M-32M-500.17M238.19M-7.67B
Interest Income
19.24M2.14M23.76M248.54M777.26M877.53M3.1B5.35B
Interest Expense
47.1M40.55M301.51M579.19M809.26M1.38B2.87B13.02B
Other Income/Expense
-109.79M-232.76M-108.92M3.45B464.99M800.51M-1.62B-4.03B
Pretax Income
-161.32M▲ 0%
-131.65M▲ 18.4%
-936.59M▼ 611.4%
-3.33B▼ 255.6%
-6.92B▼ 107.7%
75.53M▲ 101.1%
-1.6B▼ 2224.7%
-6.23B▼ 288.3%
Pretax Margin %
-8.25%-5.06%-6.17%-13.43%-18.09%0.21%-2.81%-6.78%
Income Tax
0000000-46.82M
Effective Tax Rate %
0%0%0%0%0%0%0%0.75%
Net Income
-161.32M▲ 0%
-131.65M▲ 18.4%
-936.59M▼ 611.4%
-3.33B▼ 255.6%
-6.92B▼ 107.7%
75.53M▲ 101.1%
-1.6B▼ 2224.7%
-6.18B▼ 285.4%
Net Margin %
-8.25%-5.06%-6.17%-13.43%-18.09%0.21%-2.81%-6.73%
Net Income Growth %
-18.4%-611.44%-255.56%-107.7%101.09%-2224.75%-285.37%
Net Income (Continuing)
-161.32M-131.65M-936.59M-3.33B-6.92B75.53M-1.6B-6.18B
Discontinued Operations
00000000
Minority Interest
00000000
EPS (Diluted)
-0.49▲ 0%
-0.61▼ 24.5%
-2.87▼ 370.5%
-10.93▼ 280.8%
-8.92▲ 18.4%
0.23▲ 102.6%
-5.00▼ 2273.9%
-19.32▼ 286.4%
EPS Growth %
--24.49%-370.49%-280.84%18.39%102.58%-2273.91%-286.4%
EPS (Basic)
-0.49-0.61-2.87-10.93-8.920.23-5.00-19.32
Diluted Shares Outstanding
326M326M326M304.76M326M324.81M320.98M316.61M
Basic Shares Outstanding
326M326M326M304.76M326M324.81M320.98M316.61M
Dividend Payout Ratio
--------

HEPS Balance Sheet

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) balance sheet — assets, liabilities & shareholders' equity

MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets
419.44M779.77M1.69B11.82B13.8B21.11B20.85B29.65B
Cash & Short-Term Investments
136.48M282.3M592.64M8.17B8.71B10.43B9.13B13.52B
Cash Only
136.48M282.3M592.64M6.26B8.68B7.94B6.75B11.51B
Short-Term Investments
0001.9B28.93M2.49B2.38B2.02B
Accounts Receivable
57.3M113.59M214.75M588.47M1.68B3.96B5.12B6.24B
Days Sales Outstanding
10.715.925.178.6616.0840.732.7324.78
Inventory
202.54M366.42M770.14M2.88B2.95B5.72B6B8.72B
Days Inventory Outstanding
48.6672.4123.7254.0135.9473.861.4344.27
Other Current Assets
11.87M3.87M95.32M73.79M181.88M328.57M197.47M1.17B
Total Non-Current Assets
222.03M176.24M275.13M1.56B2.78B4.27B5.29B7.28B
Property, Plant & Equipment
160.87M106.84M182.28M656.26M1.28B1.54B2.13B3.29B
Fixed Asset Turnover
12.15x24.37x83.23x37.78x29.88x23.05x26.77x27.92x
Goodwill
0000285K411K411K0
Intangible Assets
53.39M63.35M89.39M405.39M1.39B2.68B3.06B3.87B
Long-Term Investments
000000026.74M
Other Non-Current Assets
7.76M6.05M3.45M502.26M110.19M49.84M100M40.53M
Total Assets
641.47M▲ 0%
956M▲ 49.0%
1.96B▲ 105.5%
13.39B▲ 581.3%
16.59B▲ 23.9%
25.38B▲ 53.0%
26.14B▲ 3.0%
36.93B▲ 41.2%
Asset Turnover
3.05x2.72x7.72x1.85x2.30x1.40x2.18x2.49x
Asset Growth %
-49.03%105.54%581.27%23.92%53.02%3%41.24%
Total Current Liabilities
892.02M1.21B2.66B8.22B12.76B19.7B21.59B33.37B
Accounts Payable
492.24M1.01B1.42B6.67B9.7B15.25B14.97B25.87B
Days Payables Outstanding
118.26200.343.82125.3118.32196.61153.28131.25
Short-Term Debt
103.58M18.98M347.44M317.34M21.5M264.89M1.24B1.65B
Deferred Revenue (Current)
60.62M114.18M0428.66M1.25B2.79B2.43B2.78B
Other Current Liabilities
239.27M19.7M787.12M401.9M1.06B745.97M1.39B2.06B
Current Ratio
0.47x0.65x0.64x1.44x1.08x1.07x0.97x0.89x
Quick Ratio
0.24x0.34x0.35x1.09x0.85x0.78x0.69x0.63x
Cash Conversion Cycle
-58.9-111.97-14.93-62.63-66.29-82.11-59.11-62.2
Total Non-Current Liabilities
107.45M60.03M96.14M356.99M459.6M912.11M1.24B1.54B
Long-Term Debt
518.07K00018M4.05M0777.94M
Capital Lease Obligations
105.55M57.92M92.84M167.46M172.93M175.88M583.69M777.94M
Deferred Tax Liabilities
00000000
Other Non-Current Liabilities
1.38M2.11M3.3M189.12M268.67M430.13M355.16M-11.96M
Total Liabilities
999.47M1.27B2.75B8.57B13.22B20.61B22.82B34.92B
Total Debt
255.65M103.27M491.49M664.36M471.81M668M2.23B3.2B
Net Debt
119.16M-179.04M-101.15M-5.6B-8.21B-7.27B-4.52B-8.3B
Debt / Equity
---0.14x0.14x0.14x0.67x1.59x
Debt / EBITDA
9.56x0.62x---1.49x1.08x2.59x
Net Debt / EBITDA
4.46x-1.07x----16.19x-2.19x-6.70x
Interest Coverage
-2.43x-1.55x-1.98x-4.75x-7.55x1.05x0.44x-0.17x
Total Equity
-358M▲ 0%
-310.83M▲ 13.2%
-787.33M▼ 153.3%
4.81B▲ 711.2%
3.37B▼ 30.1%
4.77B▲ 41.7%
3.32B▼ 30.3%
2.01B▼ 39.5%
Equity Growth %
-13.18%-153.3%711.18%-30.05%41.68%-30.35%-39.47%
Book Value per Share
-1.10-0.95-2.4215.7910.3214.6810.356.35
Total Shareholders' Equity
-358M-310.83M-787.33M4.81B3.37B4.77B3.32B2.01B
Common Stock
46.14M56.87M56.87M302.63M498.66M719.96M719.96M949.05M
Retained Earnings
-423.88M-556.75M-1.03B-1.74B0-17.54B-19.16B-30.14B
Treasury Stock
00000-245.22M-245.22M-320.81M
Accumulated OCI
-422.29M-555.16M0-4.28B-11.62B920.76M1.1B0
Minority Interest
00000000

HEPS Cash Flow Statement

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) cash flow — operating, investing & free cash flow history

MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations
168.21M363.78M23.76M-48.58M-25.6M99.09M18.25M4.81B
Operating CF Margin %
8.6%13.97%0.16%-0.2%-0.07%0.28%0.03%5.23%
Operating CF Growth %
-116.26%-93.47%-304.43%47.3%487.04%-81.59%26244.1%
Net Income
-161.32M-131.65M-67.51M-78.43M-175.21M3.17M-48.83M-6.18B
Depreciation & Amortization
78.27M66.29M13.26M15.79M30.9M49.29M62.31M3.44B
Stock-Based Compensation
00000000
Deferred Taxes
00000000
Other Non-Cash Items
118.99M231.21M12.39M-102.23M88.36M111.11M63.46M4.59B
Working Capital Changes
132.27M197.93M65.63M116.29M30.34M-64.48M-58.7M2.96B
Change in Receivables
-29.88M-53.3M-15.62M-50.27M-4.8M-57.86M-37.92M-643.23M
Change in Inventory
-91.57M-163.86M-59.51M-96.86M66.2M-49.31M-10.78M-1.26B
Change in Payables
256.05M353.74M143.83M228.27M-47.43M43.83M-6.89M7.13B
Cash from Investing
-49.22M-53.34M-14.22M-122.76M54.22M-92.01M-25.38M-1.52B
Capital Expenditures
-49.34M-53.56M-14.24M-24.06M-50.95M-48.43M-61.17M-2.62B
CapEx % of Revenue
2.52%2.06%0.09%0.1%0.13%0.14%0.11%2.85%
Acquisitions
0022.82K115.17K-247.07K317.32K449.9K7.98M
Investments
--------
Other Investing
124.19K218K020.61K7.57M25.15M43.89M0
Cash from Financing
-188.35M-170.72M36.34M427.31M-25.58M-6.63M29.23M1.71B
Debt Issued (Net)
-64.74M-139.9M44.65M-18.2M-13.48M8.29M43.57M-1.59B
Equity Issued (Net)
0180M0457.26M0-2.02M04.53B
Dividends Paid
00000000
Share Repurchases
00000-2.02M00
Other Financing
-123.61M-210.82M-8.3M-11.74M-12.1M-12.91M-14.34M-1.22B
Net Change in Cash
-70.53M▲ 0%
145.76M▲ 306.7%
32.3M▼ 77.8%
210.44M▲ 551.5%
-3.13M▼ 101.5%
-95.16M▼ 2944.7%
2.83M▲ 103.0%
3.14B▲ 110862.9%
Free Cash Flow
118.87M▲ 0%
310.22M▲ 161.0%
19.82M▼ 93.6%
-54.58M▼ 375.4%
-76.55M▼ 40.2%
50.66M▲ 166.2%
-42.92M▼ 184.7%
2.19B▲ 5193.8%
FCF Margin %
6.08%11.91%0.13%-0.22%-0.2%0.14%-0.08%2.38%
FCF Growth %
-160.98%-93.61%-375.43%-40.24%166.18%-184.73%5193.85%
FCF per Share
0.360.950.06-0.18-0.230.16-0.136.91
FCF Conversion (FCF/Net Income)
-1.04x-2.76x-0.03x0.01x0.00x1.31x-0.01x-0.78x
Interest Paid
00000000
Taxes Paid
00000000

HEPS Key Ratios

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric20182019202020212022202320242025
Return on Equity (ROE)----165.48%-169.16%1.86%-39.68%-231.99%
Gross Margin22.3%29.06%21.88%21.6%21.73%20.38%37.49%21.7%
Net Margin-8.25%-5.06%-6.17%-13.43%-18.09%0.21%-2.81%-6.73%
Debt / Equity---0.14x0.14x0.14x0.67x1.59x
Interest Coverage-2.43x-1.55x-1.98x-4.75x-7.55x1.05x0.44x-0.17x
FCF Conversion-1.04x-2.76x-0.03x0.01x0.00x1.31x-0.01x-0.78x
Revenue Growth-33.16%482.69%63.41%54.2%-6.98%60.43%61.04%
Related:HEPS Dividend History·HEPS Revenue History·HEPS Price History·HEPS P/E History·HEPS Financial Ratios·HEPS Institutional Holders

HEPS Frequently Asked Questions

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) reported $79.46B in revenue for fiscal year 2025. This represents a 3964% increase from $1.96B in 2018.

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) grew revenue by 61.0% over the past year. This is strong growth.

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) reported a net loss of $5.53B for fiscal year 2025.

Dividend & Returns

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) has a return on equity (ROE) of -232.0%. Negative ROE indicates the company is unprofitable.

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) generated $4.07B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in HEPS back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

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How much would $100/month in HEPS be worth today?

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