Cash flow generation remains highly unstable, evidenced by a 2.4B operating cash outflow in 2026Q1 and a free cash flow margin that plummeted to -13.4%.
| Cash from Operations | 3B | 4.81B | 18.25M | 99.09M | -25.6M | -48.58M | 23.76M | 363.78M | 168.21M |
| Operating CF Margin % | - | 5.68% | 0.03% | 0.28% | -0.07% | -0.2% | 0.16% | 13.97% | 8.6% |
| Operating CF Growth % | 21762.54% | 26244.1% | -81.59% | 487.04% | 47.3% | -304.43% | -93.47% | 116.26% | - |
| Net Income | -6.23B | -6.18B | -48.83M | 3.17M | -175.21M | -78.43M | -67.51M | -131.65M | -161.32M |
| Depreciation & Amortization | 2.44B | 3.44B | 62.31M | 49.29M | 30.9M | 15.79M | 13.26M | 66.29M | 78.27M |
| Stock-Based Compensation | 68.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 30.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.46B | 4.59B | 63.46M | 111.11M | 88.36M | -102.23M | 12.39M | 231.21M | 118.99M |
| Working Capital Changes | -93.74M | 2.96B | -58.7M | -64.48M | 30.34M | 116.29M | 65.63M | 197.93M | 132.27M |
| Change in Receivables | 311.88M | -643.23M | -37.92M | -57.86M | -4.8M | -50.27M | -15.62M | -53.3M | -29.88M |
| Change in Inventory | 2.72B | -1.26B | -10.78M | -49.31M | 66.2M | -96.86M | -59.51M | -163.86M | -91.57M |
| Change in Payables | -2.01B | 7.13B | -6.89M | 43.83M | -47.43M | 228.27M | 143.83M | 353.74M | 256.05M |
| Cash from Investing | -1.91B | -1.52B | -25.38M | -92.01M | 54.22M | -122.76M | -14.22M | -53.34M | -49.22M |
| Capital Expenditures | -1.97B | -2.62B | -61.17M | -48.43M | -50.95M | -24.06M | -14.24M | -53.56M | -49.34M |
| CapEx % of Revenue | 2.18% | 3.1% | 0.11% | 0.14% | 0.13% | 0.1% | 0.09% | 2.06% | 2.52% |
| Acquisitions | -1.76M | 7.98M | 449.9K | 317.32K | -247.07K | 115.17K | 22.82K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.02B | 0 | 43.89M | 25.15M | 7.57M | 20.61K | 0 | 218K | 124.19K |
| Cash from Financing | 58.6M | 1.71B | 29.23M | -6.63M | -25.58M | 427.31M | 36.34M | -170.72M | -188.35M |
| Debt Issued (Net) | -1.23B | -1.59B | 43.57M | 8.29M | -13.48M | -18.2M | 44.65M | -139.9M | -64.74M |
| Equity Issued (Net) | 4.53B | 4.53B | 0 | -2.02M | 0 | 457.26M | 0 | 180M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -2.02M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.25B | -1.22B | -14.34M | -12.91M | -12.1M | -11.74M | -8.3M | -210.82M | -123.61M |
| Net Change in Cash | 323.91M | 3.14B | 2.83M | -95.16M | -3.13M | 210.44M | 32.3M | 145.76M | -70.53M |
| Free Cash Flow | 1.02B | 2.19B | -42.92M | 50.66M | -76.55M | -54.58M | 19.82M | 310.22M | 118.87M |
| FCF Margin % | 1.13% | 2.58% | -0.08% | 0.14% | -0.2% | -0.22% | 0.13% | 11.91% | 6.08% |
| FCF Growth % | 1113.48% | 5193.85% | -184.73% | 166.18% | -40.24% | -375.43% | -93.61% | 160.98% | - |
| FCF per Share | 2.78 | 6.91 | -0.13 | 0.16 | -0.23 | -0.18 | 0.06 | 0.95 | 0.36 |
| FCF Conversion (FCF/Net Income) | -0.16x | -0.84x | -0.01x | 1.31x | 0.00x | 0.01x | -0.03x | -2.76x | -1.04x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Hyperinflationary Cash Flow Volatility
As reported in recent financial filings, HEPS exhibits a significant divergence between net income and operating cash flow, evidenced by a 2026Q1 operating cash outflow of 2.4B Lira against a net loss of 992M Lira, suggesting substantial non-cash adjustments and working capital volatility.
The wide gap between accounting losses and cash outflows indicates that the company's reported earnings are heavily influenced by non-cash items, likely exacerbated by hyperinflationary accounting adjustments. Investors should monitor whether this disconnect reflects genuine operational cash burn or merely the accounting friction of restating monetary assets in a high-inflation environment.
Based on the provided quarterly data, HEPS's free cash flow trajectory remains highly erratic, swinging from a 3.3B Lira inflow in 2025Q2 to a 3.1B Lira outflow in 2026Q1, which highlights the difficulty in achieving sustainable cash generation within the current retail model.
The extreme variance in free cash flow suggests that the business is highly sensitive to seasonal working capital swings and periodic capital expenditure spikes. This lack of consistency makes it difficult to project long-term cash self-sufficiency, as the company appears to oscillate between periods of cash accumulation and significant liquidity consumption.
According to recent SEC filings, HEPS's capital expenditure reached 726.2M Lira in 2026Q1, representing a notable increase in capital intensity relative to revenue compared to the 0.1% levels observed in previous quarters, signaling a potential shift toward aggressive infrastructure expansion or maintenance.
The recent surge in capital spending suggests that management is prioritizing the scaling of its proprietary logistics network, HepsiJet, despite the current profitability headwinds. Analysts should investigate whether this capital intensity is a necessary investment for long-term competitive positioning or an inefficient use of resources in a constrained macro environment.
Data from financial statements indicates that working capital changes are the primary driver of cash flow volatility, with a massive 3.7B Lira outflow in 2026Q1 following a 2.1B Lira inflow in 2025Q4, reflecting the company's reliance on inventory and payable management cycles.
The dramatic swings in working capital suggest that the company's cash position is highly vulnerable to shifts in supplier terms and inventory turnover rates. This dependency implies that any disruption in the supply chain or a slowdown in consumer demand could rapidly deplete available liquidity, warranting close scrutiny of the cash conversion cycle.
Quick answers to the most common questions about buying HEPS stock.
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) generated $4.81B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) generated $2.19B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) spent $2.62B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.