The company's financial leverage has increased significantly, with the debt-to-equity ratio rising to 1.86 in 2026Q1 from 0.14 in 2023Q4, signaling heightened reliance on external capital.
| Total Current Assets | 24.44B | 29.65B | 20.85B | 21.11B | 13.8B | 11.82B | 1.69B | 779.77M | 419.44M |
| Cash & Short-Term Investments | 9.84B | 13.52B | 9.13B | 10.43B | 8.71B | 8.17B | 592.64M | 282.3M | 136.48M |
| Cash Only | 7.93B | 11.51B | 6.75B | 7.94B | 8.68B | 6.26B | 592.64M | 282.3M | 136.48M |
| Short-Term Investments | 1.92B | 2.02B | 2.38B | 2.49B | 28.93M | 1.9B | 0 | 0 | 0 |
| Accounts Receivable | 4.86B | 6.24B | 5.12B | 3.96B | 1.68B | 588.47M | 214.75M | 113.59M | 57.3M |
| Days Sales Outstanding | 22.69 | 26.89 | 32.73 | 40.7 | 16.08 | 8.66 | 5.17 | 15.92 | 10.7 |
| Inventory | 8.21B | 8.72B | 6B | 5.72B | 2.95B | 2.88B | 770.14M | 366.42M | 202.54M |
| Days Inventory Outstanding | 53.83 | 58.99 | 61.43 | 73.8 | 35.94 | 54.01 | 23.72 | 72.41 | 48.66 |
| Other Current Assets | 1.52B | 1.17B | 197.47M | 328.57M | 181.88M | 73.79M | 95.32M | 3.87M | 11.87M |
| Total Non-Current Assets | 7.95B | 7.28B | 5.29B | 4.27B | 2.78B | 1.56B | 275.13M | 176.24M | 222.03M |
| Property, Plant & Equipment | 3.64B | 3.29B | 2.13B | 1.54B | 1.28B | 656.26M | 182.28M | 106.84M | 160.87M |
| Fixed Asset Turnover | 29.25x | 25.73x | 26.77x | 23.05x | 29.88x | 37.78x | 83.23x | 24.37x | 12.15x |
| Goodwill | 0 | 538K | 411K | 411K | 285K | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 3.87B | 3.06B | 2.68B | 1.39B | 405.39M | 89.39M | 63.35M | 53.39M |
| Long-Term Investments | 26.74M | 26.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 53.77M | 40.53M | 100M | 49.84M | 110.19M | 502.26M | 3.45M | 6.05M | 7.76M |
| Total Assets | 32.39B | 36.93B | 26.14B | 25.38B | 16.59B | 13.39B | 1.96B | 956M | 641.47M |
| Asset Turnover | 2.75x | 2.29x | 2.18x | 1.40x | 2.30x | 1.85x | 7.72x | 2.72x | 3.05x |
| Asset Growth % | 139.91% | 41.24% | 3% | 53.02% | 23.92% | 581.27% | 105.54% | 49.03% | - |
| Total Current Liabilities | 29.8B | 33.37B | 21.59B | 19.7B | 12.76B | 8.22B | 2.66B | 1.21B | 892.02M |
| Accounts Payable | 22.3B | 25.87B | 14.97B | 15.25B | 9.7B | 6.67B | 1.42B | 1.01B | 492.24M |
| Days Payables Outstanding | 142.62 | 174.9 | 153.28 | 196.61 | 118.32 | 125.3 | 43.82 | 200.3 | 118.26 |
| Short-Term Debt | 343.17M | 596.55M | 1.24B | 264.89M | 21.5M | 317.34M | 347.44M | 18.98M | 103.58M |
| Deferred Revenue (Current) | 7.92B | 3B | 2.43B | 2.79B | 1.25B | 428.66M | 0 | 114.18M | 60.62M |
| Other Current Liabilities | 3.11B | 1.84B | 1.39B | 745.97M | 1.06B | 401.9M | 787.12M | 19.7M | 239.27M |
| Current Ratio | 0.82x | 0.89x | 0.97x | 1.07x | 1.08x | 1.44x | 0.64x | 0.65x | 0.47x |
| Quick Ratio | 0.54x | 0.63x | 0.69x | 0.78x | 0.85x | 1.09x | 0.35x | 0.34x | 0.24x |
| Cash Conversion Cycle | -66.1 | -89.01 | -59.11 | -82.11 | -66.29 | -62.63 | -14.93 | -111.97 | -58.9 |
| Total Non-Current Liabilities | 1.36B | 1.54B | 1.24B | 912.11M | 459.6M | 356.99M | 96.14M | 60.03M | 107.45M |
| Long-Term Debt | 0 | 777.94M | 0 | 4.05M | 18M | 0 | 0 | 0 | 518.07K |
| Capital Lease Obligations | 2.82B | 777.94M | 583.69M | 175.88M | 172.93M | 167.46M | 92.84M | 57.92M | 105.55M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 754.34M | -11.96M | 355.16M | 430.13M | 268.67M | 189.12M | 3.3M | 2.11M | 1.38M |
| Total Liabilities | 31.17B | 34.92B | 22.82B | 20.61B | 13.22B | 8.57B | 2.75B | 1.27B | 999.47M |
| Total Debt | 2.27B | 2.43B | 2.23B | 668M | 471.81M | 664.36M | 491.49M | 103.27M | 255.65M |
| Net Debt | -5.66B | -8.88B | -4.52B | -7.27B | -8.21B | -5.6B | -101.15M | -179.04M | 119.16M |
| Debt / Equity | 1.86x | 1.21x | 0.67x | 0.14x | 0.14x | 0.14x | - | - | - |
| Debt / EBITDA | 0.85x | 1.07x | 1.08x | 1.49x | - | - | - | 0.62x | 9.56x |
| Net Debt / EBITDA | -2.13x | -3.91x | -2.19x | -16.19x | - | - | - | -1.07x | 4.46x |
| Interest Coverage | -0.15x | -0.37x | 0.44x | 1.05x | -7.55x | -4.75x | -1.98x | -1.55x | -2.43x |
| Total Equity | 1.22B | 2.01B | 3.32B | 4.77B | 3.37B | 4.81B | -787.33M | -310.83M | -358M |
| Equity Growth % | -201.19% | -39.47% | -30.35% | 41.68% | -30.05% | 711.18% | -153.3% | 13.18% | - |
| Book Value per Share | 3.33 | 6.35 | 10.35 | 14.68 | 10.32 | 15.79 | -2.42 | -0.95 | -1.10 |
| Total Shareholders' Equity | 1.22B | 2.01B | 3.32B | 4.77B | 3.37B | 4.81B | -787.33M | -310.83M | -358M |
| Common Stock | 1.04B | 949.05M | 719.96M | 719.96M | 498.66M | 302.63M | 56.87M | 56.87M | 46.14M |
| Retained Earnings | -21.16B | -30.14B | -19.16B | -17.54B | -393.83M | -1.74B | -1.03B | -556.75M | -423.88M |
| Treasury Stock | -353.2M | -320.81M | -245.22M | -245.22M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 1.1B | 920.76M | -11.62B | -4.28B | 0 | -555.16M | -422.29M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Hyperinflationary Balance Sheet Volatility
As reported in financial statements, HEPS has seen total assets fluctuate significantly, reaching 32.4B in 2026Q1 from 26.1B in 2024Q4, a trend that suggests the company's underlying financial position is heavily influenced by the distortive effects of hyperinflationary accounting rather than organic business expansion.
The rapid oscillation in asset and liability levels indicates that the balance sheet is highly sensitive to monetary adjustments required under IAS 29. Investors should monitor whether this volatility masks a genuine deterioration in the company's long-term solvency or if it is merely a reflection of the challenging Turkish macroeconomic environment.
Based on reported figures, the company's debt-to-equity ratio has climbed to 1.86 in 2026Q1 from a low of 0.14 in 2023Q4, signaling that the firm is increasingly relying on external financing to support its operations and infrastructure investments in a high-interest rate environment.
This shift toward higher leverage may indicate that internal cash generation is insufficient to cover the capital requirements of the logistics and fintech arms. The rising debt burden warrants further investigation into the company's refinancing capabilities and the potential for future interest expense to further erode net margins.
According to recent SEC filings, the current ratio has compressed to 0.82 in 2026Q1 from 1.07 in 2023Q4, suggesting that the company's ability to cover short-term obligations with liquid assets is weakening as the business model consumes cash to maintain its competitive market position.
A current ratio below unity implies that the company may face liquidity constraints if working capital cycles do not align with payment obligations. This trend appears to reflect the high cash burn associated with scaling the HepsiJet logistics network and the inherent volatility of the retail inventory cycle.
As indicated by the company's balance sheet data, retained earnings have deepened to a deficit of 21.2B in 2026Q1, highlighting a persistent inability to generate positive cumulative earnings that would otherwise strengthen the equity base and provide a buffer against operational shocks.
The consistent accumulation of retained losses suggests that the business model has yet to reach a sustainable scale where operating income can offset the costs of infrastructure and market expansion. This persistent erosion of equity may limit the company's financial flexibility and increase its reliance on dilutive financing or debt.
Quick answers to the most common questions about buying HEPS stock.
As of 2025, D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) had total assets of $36.93B including $29.65B in current assets.
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) carries total debt of $2.43B, offset by $13.52B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) has total shareholders' equity (book value) of $2.01B ($6.35 book value per share). Book value represents the net worth of the company belonging to common stock holders.
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) reported a current ratio of 0.89x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.