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D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) 10-Year Financial Performance & Capital Metrics

HEPS • • Industrial / General
Consumer CyclicalSpecialty RetailE-commerce MarketplacesRegional E-commerce Leaders
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 $57.05B +60.4%
  • EBITDA $2.07B +359.8%
  • Net Income -$1.6B -2224.7%
  • EPS (Diluted) -5.00 -2273.9%
  • Gross Margin 37.49% +84.0%
  • EBITDA Margin 3.62% +186.6%
  • Operating Margin 0.03% +101.5%
  • Net Margin -2.81% -1424.5%
  • ROE -39.68% -2236.4%
  • ROIC -
  • Debt/Equity 0.67 +380.3%
  • Interest Coverage 0.01 +101.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 85.4%
  • ✓Trading at only 0.3x book value
  • ✓Efficient asset utilization: 2.2x turnover

✗Weaknesses

  • ✗Negative free cash flow

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

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y85.41%
3Y32.02%
TTM28.85%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-97.21%

EPS CAGR

10Y-
5Y-
3Y-
TTM-111.67%

ROCE

10Y Avg-120.43%
5Y Avg-120.43%
3Y Avg-59.69%
Latest0.33%

Peer Comparison

Regional E-commerce Leaders
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
CPNGCoupang, Inc.35.46B21.25252.0824.14%1.16%8.23%2.84%0.91
MELIMercadoLibre, Inc.106.41B2098.8555.6937.53%7.93%33.4%6.63%1.58
BABAAlibaba Group Holding Limited408.07B170.933.195.86%12.19%11.1%19%0.23
JDJD.com, Inc.41.73B29.411.096.84%2.47%10.58%100%0.29
HEPSD-Market Elektronik Hizmetler ve Ticaret A.S.795.08M2.78-0.5660.43%-4.38%-362.8%0.67
JMIAJumia Technologies AG1.57B12.78-7.89-10.15%-40.86%-202.57%0.13

Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+1.96B2.6B15.17B24.79B38.23B35.56B57.05B
Revenue Growth %-0.33%4.83%0.63%0.54%-0.07%0.6%
Cost of Goods Sold+1.52B1.85B11.85B19.44B29.92B28.31B35.66B
COGS % of Revenue0.78%0.71%0.78%0.78%0.78%0.8%0.63%
Gross Profit+436.09M756.63M3.32B5.35B8.31B7.25B21.39B
Gross Margin %0.22%0.29%0.22%0.22%0.22%0.2%0.37%
Gross Profit Growth %-0.74%3.39%0.61%0.55%-0.13%1.95%
Operating Expenses+487.62M655.51M4.15B12.13B15.69B7.97B21.37B
OpEx % of Revenue0.25%0.25%0.27%0.49%0.41%0.22%0.37%
Selling, General & Admin259.89M340.67M2.37B10.88B12.79B6.36B10.51B
SG&A % of Revenue0.13%0.13%0.16%0.44%0.33%0.18%0.18%
Research & Development20.58M0000926.66M740.63M
R&D % of Revenue0.01%----0.03%0.01%
Other Operating Expenses0314.84M1.78B1.25B2.89B679.67M10.12B
Operating Income+-51.53M101.11M-827.66M-6.78B-7.38B-724.98M16.96M
Operating Margin %-0.03%0.04%-0.05%-0.27%-0.19%-0.02%0%
Operating Income Growth %-2.96%-9.19%-7.19%-0.09%0.9%1.02%
EBITDA+26.74M167.4M-526.05M-6.14B-6.16B449.16M2.07B
EBITDA Margin %0.01%0.06%-0.03%-0.25%-0.16%0.01%0.04%
EBITDA Growth %-5.26%-4.14%-10.67%-0%1.07%3.6%
D&A (Non-Cash Add-back)78.27M66.29M301.62M637.01M1.22B1.17B2.05B
EBIT-114.22M-62.97M-596.85M-2.75B-6.11B1.45B1.26B
Net Interest Income+-127.12M-38.41M-277.75M-330.65M-32M-500.17M238.19M
Interest Income19.24M2.14M23.76M248.54M777.26M877.53M3.1B
Interest Expense47.1M40.55M301.51M579.19M809.26M1.38B2.87B
Other Income/Expense-109.79M-232.76M-108.92M3.45B464.99M800.51M-1.62B
Pretax Income+-161.32M-131.65M-936.59M-3.33B-6.92B75.53M-1.6B
Pretax Margin %-0.08%-0.05%-0.06%-0.13%-0.18%0%-0.03%
Income Tax+0000000
Effective Tax Rate %1%1%1%1%1%1%1%
Net Income+-161.32M-131.65M-936.59M-3.33B-6.92B75.53M-1.6B
Net Margin %-0.08%-0.05%-0.06%-0.13%-0.18%0%-0.03%
Net Income Growth %-0.18%-6.11%-2.56%-1.08%1.01%-22.25%
Net Income (Continuing)-161.32M-131.65M-936.59M-3.33B-6.92B75.53M-1.6B
Discontinued Operations0000000
Minority Interest0000000
EPS (Diluted)+-0.49-0.61-2.87-10.93-8.920.23-5.00
EPS Growth %--0.24%-3.7%-2.81%0.18%1.03%-22.74%
EPS (Basic)-0.49-0.61-2.87-10.93-8.920.23-5.00
Diluted Shares Outstanding326M326M326M304.76M326M324.81M320.98M
Basic Shares Outstanding326M326M326M304.76M326M324.81M320.98M
Dividend Payout Ratio-------

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+419.44M779.77M1.69B11.82B13.8B21.11B20.85B
Cash & Short-Term Investments136.48M282.3M592.64M8.17B8.71B10.43B9.13B
Cash Only136.48M282.3M592.64M6.26B8.68B7.94B6.75B
Short-Term Investments0001.9B28.93M2.49B2.38B
Accounts Receivable57.3M113.59M214.75M588.47M1.68B3.96B5.12B
Days Sales Outstanding10.715.925.178.6616.0840.732.73
Inventory202.54M366.42M770.14M2.88B2.95B5.72B6B
Days Inventory Outstanding48.6672.4123.7254.0135.9473.861.43
Other Current Assets11.87M3.87M95.32M73.79M181.88M328.57M197.47M
Total Non-Current Assets+222.03M176.24M275.13M1.56B2.78B4.27B5.29B
Property, Plant & Equipment160.87M106.84M182.28M656.26M1.28B1.54B2.13B
Fixed Asset Turnover12.15x24.37x83.23x37.78x29.88x23.05x26.77x
Goodwill0000285K411K411K
Intangible Assets53.39M63.35M89.39M405.39M1.39B2.68B3.06B
Long-Term Investments0000000
Other Non-Current Assets7.76M6.05M3.45M502.26M110.19M49.84M100M
Total Assets+641.47M956M1.96B13.39B16.59B25.38B26.14B
Asset Turnover3.05x2.72x7.72x1.85x2.30x1.40x2.18x
Asset Growth %-0.49%1.06%5.81%0.24%0.53%0.03%
Total Current Liabilities+892.02M1.21B2.66B8.22B12.76B19.7B21.59B
Accounts Payable492.24M1.01B1.42B6.67B9.7B15.25B14.97B
Days Payables Outstanding118.26200.343.82125.3118.32196.61153.28
Short-Term Debt103.58M18.98M347.44M317.34M21.5M264.89M1.24B
Deferred Revenue (Current)1000K1000K01000K1000K1000K1000K
Other Current Liabilities239.27M19.7M787.12M401.9M1.06B745.97M1.39B
Current Ratio0.47x0.65x0.64x1.44x1.08x1.07x0.97x
Quick Ratio0.24x0.34x0.35x1.09x0.85x0.78x0.69x
Cash Conversion Cycle-58.9-111.97-14.93-62.63-66.29-82.11-59.11
Total Non-Current Liabilities+107.45M60.03M96.14M356.99M459.6M912.11M1.24B
Long-Term Debt518.07K00018M4.05M0
Capital Lease Obligations105.55M57.92M92.84M167.46M172.93M175.88M583.69M
Deferred Tax Liabilities0000000
Other Non-Current Liabilities1.38M2.11M3.3M189.12M268.67M430.13M355.16M
Total Liabilities999.47M1.27B2.75B8.57B13.22B20.61B22.82B
Total Debt+255.65M103.27M491.49M664.36M471.81M668M2.23B
Net Debt119.16M-179.04M-101.15M-5.6B-8.21B-7.27B-4.52B
Debt / Equity---0.14x0.14x0.14x0.67x
Debt / EBITDA9.56x0.62x---1.49x1.08x
Net Debt / EBITDA4.46x-1.07x----16.19x-2.19x
Interest Coverage-1.09x2.49x-2.75x-11.70x-9.12x-0.53x0.01x
Total Equity+-358M-310.83M-787.33M4.81B3.37B4.77B3.32B
Equity Growth %-0.13%-1.53%7.11%-0.3%0.42%-0.3%
Book Value per Share-1.10-0.95-2.4215.7910.3214.6810.35
Total Shareholders' Equity-358M-310.83M-787.33M4.81B3.37B4.77B3.32B
Common Stock46.14M56.87M56.87M302.63M498.66M719.96M719.96M
Retained Earnings-423.88M-556.75M-1.03B-1.74B0-17.54B-19.16B
Treasury Stock00000-245.22M-245.22M
Accumulated OCI-422.29M-555.16M0-4.28B-11.62B920.76M1.1B
Minority Interest0000000

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+168.21M363.78M23.76M-48.58M-25.6M99.09M18.25M
Operating CF Margin %0.09%0.14%0%-0%-0%0%0%
Operating CF Growth %-1.16%-0.93%-3.04%0.47%4.87%-0.82%
Net Income-161.32M-131.65M-67.51M-78.43M-175.21M3.17M-48.83M
Depreciation & Amortization78.27M66.29M13.26M15.79M30.9M49.29M62.31M
Stock-Based Compensation0000000
Deferred Taxes0000000
Other Non-Cash Items118.99M231.21M12.39M-102.23M88.36M111.11M63.46M
Working Capital Changes132.27M197.93M65.63M116.29M30.34M-64.48M-58.7M
Change in Receivables-29.88M-53.3M-15.62M-50.27M-4.8M-57.86M-37.92M
Change in Inventory-91.57M-163.86M-59.51M-96.86M66.2M-49.31M-10.78M
Change in Payables256.05M353.74M143.83M228.27M-47.43M43.83M-6.89M
Cash from Investing+-49.22M-53.34M-14.22M-122.76M54.22M-92.01M-25.38M
Capital Expenditures-49.34M-53.56M-14.24M-24.06M-50.95M-48.43M-61.17M
CapEx % of Revenue0.03%0.02%0%0%0%0%0%
Acquisitions-------
Investments-------
Other Investing124.19K218K020.61K7.57M25.15M43.89M
Cash from Financing+-188.35M-170.72M36.34M427.31M-25.58M-6.63M29.23M
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid0000000
Share Repurchases-------
Other Financing-123.61M-210.82M-8.3M-11.74M-12.1M-12.91M-14.34M
Net Change in Cash-------
Free Cash Flow+118.87M310.22M19.82M-54.58M-76.55M50.66M-42.92M
FCF Margin %0.06%0.12%0%-0%-0%0%-0%
FCF Growth %-1.61%-0.94%-3.75%-0.4%1.66%-1.85%
FCF per Share0.360.950.06-0.18-0.230.16-0.13
FCF Conversion (FCF/Net Income)-1.04x-2.76x-0.03x0.01x0.00x1.31x-0.01x
Interest Paid0000000
Taxes Paid0000000

Key Ratios

Metric2018201920202021202220232024
Return on Equity (ROE)----165.48%-169.16%1.86%-39.68%
Gross Margin22.3%29.06%21.88%21.6%21.73%20.38%37.49%
Net Margin-8.25%-5.06%-6.17%-13.43%-18.09%0.21%-2.81%
Debt / Equity---0.14x0.14x0.14x0.67x
Interest Coverage-1.09x2.49x-2.75x-11.70x-9.12x-0.53x0.01x
FCF Conversion-1.04x-2.76x-0.03x0.01x0.00x1.31x-0.01x
Revenue Growth-33.16%482.69%63.41%54.2%-6.98%60.43%

Revenue by Segment

2021202220232024
Sales of goods6.13B12.58B26.35B38.58B
Sales of goods Growth-105.14%109.42%46.38%
Delivery service revenues740.18M1.49B3.62B7.87B
Delivery service revenues Growth-100.91%143.59%117.14%
Marketplace revenues601.32M1.7B4.49B7.25B
Marketplace revenues Growth-183.09%163.55%61.63%
Other82.15M295.73M1.1B3.35B
Other Growth-259.98%270.67%205.81%
Advertising---1.35B
Advertising Growth----
Subscription service---1B
Subscription service Growth----

Frequently Asked Questions

Growth & Financials

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) reported $71.49B in revenue for fiscal year 2024. This represents a 3556% increase from $1.96B in 2018.

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) grew revenue by 60.4% over the past year. This is strong growth.

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) reported a net loss of $3.13B for fiscal year 2024.

Dividend & Returns

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) has a return on equity (ROE) of -39.7%. Negative ROE indicates the company is unprofitable.

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) generated $3.29B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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