D-Market Elektronik Hizmetler ve Ticaret A.S. logo

D-Market Elektronik Hizmetler ve Ticaret A.S.

HEPS

NASDAQConsumer CyclicalSpecialty Retail

Previous close

$2.71

+$0.04 · +1.50%

Aug 21, 4:00 PM ET

HEPS company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Sell

Trim exposure — unfavorable risk-reward

Valuation

20

Overpriced

Momentum

48

Neutral

Sentiment

48

Mixed

Risk resilience

54

Elevated Risk

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Company profile

Company website

D-Market Elektronik Hizmetler ve Ticaret A.S., founded in 2000 and headquartered in Istanbul, Turkey, is a prominent enterprise focused on managing a diverse portfolio of e-commerce platforms throughout Turkey. The company's flagship online retail destination, www.hepsiburada.com, offers an extensive selection of products to its customers. This includes a wide array of electronic devices alongside various non-electronic merchandise such as books, sporting goods, toys, baby and children's essentials, cosmetics, and home furniture. Complementing its core retail operations, D-Market has developed a comprehensive suite of specialized services. These encompass HepsiExpress, an in-app on-demand delivery platform for items like groceries, beverages, and flowers; HepsiJet, which handles final-mile parcel deliveries; HepsiLojistik, providing warehousing and order fulfillment solutions; HepsiMat, a network of designated points for package collection and drop-off; HepsiAd, offering advertising services and leveraging data analytics for insights; HepsiGlobal, enabling consumers to explore and purchase goods from international sellers; Hepsipay, a digital payment and e-money service; and HepsiFly, facilitating online airline ticket bookings.

Industry
Specialty Retail
Sector
Consumer Cyclical
Headquarters
TR
CEO
Ender Özgün
Listed since
Jul 1, 2021
Employees
3,611

Market position

Day range

Current $2.71

52-week range

Current $2.71

Open
$2.70
Previous close
$2.67
Volume
188.89K
0.73× average
Average volume
257.13K
Average daily volume
Market cap
859.68M USD
Beta
2.15
Market reference 1
50-day average
$2.8537
-5.04% below average
200-day average
$2.6956
+0.53% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
24.84B TRY
P/E (TTM)
-5.87×
P/B (TTM)
-82.89×
P/S (TTM)
0.43×
EV / EBITDA
15.19×
Earnings yield
-16.90%
Free cash flow yield
6.48%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
36.29%
Operating margin
-1.48%
Net margin
-7.69%
Return on equity
-283.32%
Return on assets
-15.43%
Return on invested capital
-17.20%

Financial health

Debt / equity
-4.07×
Current ratio
0.89×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends44%18%-8%-34%Gross margin, FY2021: 21.60%Gross margin, FY2022: 21.73%Gross margin, FY2023: 20.38%Gross margin, FY2024: 37.49%Gross margin, FY2025: 36.23%Operating margin, FY2021: -27.33%Operating margin, FY2022: -19.31%Operating margin, FY2023: -2.04%Operating margin, FY2024: 0.03%Operating margin, FY2025: -1.07%Net margin, FY2021: -13.43%Net margin, FY2022: -18.09%Net margin, FY2023: 0.21%Net margin, FY2024: -2.81%Net margin, FY2025: -6.73%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 21.60%. Gross margin FY2022 21.73%. Gross margin FY2023 20.38%. Gross margin FY2024 37.49%. Gross margin FY2025 36.23%. Operating margin FY2021 -27.33%. Operating margin FY2022 -19.31%. Operating margin FY2023 -2.04%. Operating margin FY2024 0.03%. Operating margin FY2025 -1.07%. Net margin FY2021 -13.43%. Net margin FY2022 -18.09%. Net margin FY2023 0.21%. Net margin FY2024 -2.81%. Net margin FY2025 -6.73%.

Income trends

Revenue

84.65B TRY+48.39%

Operating income

−901.62M TRY−918.58M TRY

Net income

−5.7B TRY-255.11%
Income trends across reported periods93.86B TRY57.04B TRY20.23B TRY−16.59B TRYRevenue, FY2021: 24.79B TRYRevenue, FY2022: 38.23B TRYRevenue, FY2023: 35.56B TRYRevenue, FY2024: 57.05B TRYRevenue, FY2025: 84.65B TRYOperating income, FY2021: −6.78B TRYOperating income, FY2022: −7.38B TRYOperating income, FY2023: −724.98M TRYOperating income, FY2024: 16.96M TRYOperating income, FY2025: −901.62M TRYNet income, FY2021: −3.33B TRYNet income, FY2022: −6.92B TRYNet income, FY2023: 75.53M TRYNet income, FY2024: −1.6B TRYNet income, FY2025: −5.7B TRYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 24.79B TRY. Revenue FY2022 38.23B TRY. Revenue FY2023 35.56B TRY. Revenue FY2024 57.05B TRY. Revenue FY2025 84.65B TRY. Operating income FY2021 −6.78B TRY. Operating income FY2022 −7.38B TRY. Operating income FY2023 −724.98M TRY. Operating income FY2024 16.96M TRY. Operating income FY2025 −901.62M TRY. Net income FY2021 −3.33B TRY. Net income FY2022 −6.92B TRY. Net income FY2023 75.53M TRY. Net income FY2024 −1.6B TRY. Net income FY2025 −5.7B TRY.
Metric (TRY)FY2025FY2024FY2023FY2022FY2021
Revenue84.65B TRY57.05B TRY35.56B TRY38.23B TRY24.79B TRY
Cost of goods sold53.98B TRY35.66B TRY28.31B TRY29.92B TRY19.44B TRY
Gross profit30.67B TRY21.39B TRY7.25B TRY8.31B TRY5.35B TRY
Research and development740.63M TRY926.66M TRY
Selling, general, and administrative26.46B TRY10.51B TRY6.36B TRY12.79B TRY10.88B TRY
Operating expenses31.57B TRY21.37B TRY7.97B TRY15.69B TRY12.13B TRY
Interest income4.14B TRY3.1B TRY877.53M TRY777.26M TRY248.54M TRY
Interest expense4.21B TRY2.87B TRY1.38B TRY809.26M TRY579.19M TRY
Depreciation and amortization3.17B TRY2.05B TRY1.17B TRY1.22B TRY637.01M TRY
Operating income−901.62M TRY16.96M TRY−724.98M TRY−7.38B TRY−6.78B TRY
Net income−5.7B TRY−1.6B TRY75.53M TRY−6.92B TRY−3.33B TRY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
0%
0 beats, 2 misses, 0 met estimates
Average EPS surprise
-101.65%
2 comparable reports
Latest EPS result
-0

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.6910.31-0.38Q4 '24MissQ1 '25No estimateQ2 '25No estimateQ3 '25No estimateQ4 '25No estimateQ1 '26No estimateQ2 '26No estimateQ3 '26No estimate
Q4 2024, reported Dec 10, 2024: actual -0.028, estimate 1.55, surprise -101.81%, Miss. Q1 2025, reported Mar 31, 2025: actual -0.04, estimate —, surprise —, Comparison unavailable. Q2 2025, reported May 8, 2025: actual -0.001, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Jul 31, 2025: actual -0.06, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Nov 5, 2025: actual -0.1, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Feb 26, 2026: actual -0.24, estimate —, surprise —, Comparison unavailable. Q2 2026, reported May 7, 2026: actual -0.061, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Aug 6, 2026: actual -0.002, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates701.36M470.3M239.25M8.19MQ4 '24MissQ2 '25No estimateQ3 '25No estimateQ4 '25MissQ1 '26MissQ2 '26MetQ3 '26MetQ4 '26Estimate
Q4 2024, reported Dec 10, 2024: actual 10.12M USD, estimate 384.4M USD, surprise -97.37%, Miss. Q2 2025, reported May 8, 2025: actual 9.64M USD, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Jul 31, 2025: actual 10.17M USD, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Nov 5, 2025: actual 11.15M USD, estimate 478.02M USD, surprise -97.67%, Miss. Q1 2026, reported Feb 26, 2026: actual 14.56M USD, estimate 650.12M USD, surprise -97.76%, Miss. Q2 2026, reported May 7, 2026: actual 518.94M USD, estimate 518.94M USD, surprise 0.00%, Met estimate. Q3 2026, reported Aug 6, 2026: actual 487.28M USD, estimate 487.28M USD, surprise 0.00%, Met estimate. Q4 2026, reported Dec 8, 2026: actual —, estimate 529.11M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Recent analyst actions

1 institution
JP MorgandowngradeOverweightNeutral

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