olivLaw · US equity research
D-MARKET Electronic Services & Trading HEPS
Retail-Catalog & Mail-Order Houses · SIC 5961 · Vertical: Retail-Catalog & Mail-Order Houses (SIC 5961)
D-MARKET, known by its Hepsiburada brand, is one of Türkiye's leading e-commerce platforms, combining first-party direct sales with a third-party marketplace. Revenue grew 13.4% to TRY 84.7 billion in fiscal 2025, yet the company still posted a net loss as it invested in growth, and its strategy has been refocused since the January 2025 change of control.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, D-MARKET Electronic Services & Trading (HEPS) stock was 2.80 USD (+1.08% on the day), with beta 0.80, 52-week range 2.18–3.29 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 61.6
- strong (55–70)
- Bollinger (20, 2)
- 2.66 – 2.83
- in the upper half of the band · %B 0.81 · band width 6.1%
- SMA 50 / 200
- 2.64 / 2.74
- mixed trend
- MACD (12, 26, 9)
- 0.05 / 0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.8% | −2.0% | +16.7 pp | — |
| 3 months | −2.1% | −2.2% | +0.1 pp | — |
| 6 months | +0.4% | +4.3% | −3.9 pp | — |
| Year to date | +12.9% | +10.6% | +2.3 pp | — |
| 1 year | +11.6% | +10.5% | +1.1 pp | −9.8% |
| 3 years | +135.3% | +73.7% | +61.6 pp | +3.9% |
| 5 years | −46.6% | +61.7% | −108.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 15.2 bn | 24.8 bn | 38.2 bn | 51.3 bn | 57.0 bn |
| Revenue YoY | unavailable | +482.7% | +63.4% | +54.2% | +34.3% | +11.1% |
| Net income | -131.6 m | -936.6 m | -3.3 bn | -6.9 bn | 109.1 m | -1.6 bn |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −1,571.7% |
| Diluted EPS | -0.46 | -3.29 | -10.93 | -21.20 | 0.30 | -4.90 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −1,733.3% |
| net % | -5.1% | -6.2% | -13.4% | -18.1% | 0.2% | -2.8% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 6.8 bn TRY
- Financial debt
- unavailable TRY
- Net debt
- unavailable TRY
- Equity
- 3.3 bn TRY
- Total assets
- 26.1 bn TRY
- Debt / equity
- unavailable
- Current ratio
- 0.97x
- ROE
- -39.7%
- ROA
- -6.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (TRY)
Margins
Income statement · TRY
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 15.2 bn | 24.8 bn | 38.2 bn | 51.3 bn | 57.0 bn | SEC (XBRL)· 30 Apr 2025verified |
| Operating income | 101.1 m | -827.7 m | -6.8 bn | -7.4 bn | -1.0 bn | 17.0 m | SEC (XBRL)· 30 Apr 2025verified |
| Depreciation & amortisation | 66.3 m | 301.6 m | 637.0 m | 1.2 bn | 1.7 bn | 2.0 bn | SEC (XBRL)· 30 Apr 2025verified |
| EBITDA | 167.4 m ≈ | -526.0 m ≈ | -6.1 bn ≈ | -6.2 bn ≈ | 648.5 m ≈ | 2.1 bn ≈ | SEC (XBRL)· 30 Apr 2025derived |
| Interest expense | 273.3 m | 957.1 m | 3.3 bn | 4.1 bn | 5.8 bn | 7.7 bn | SEC (XBRL)· 30 Apr 2025verified |
| Pre-tax income | -131.6 m | -936.6 m | -3.3 bn | -6.9 bn | 109.1 m | -1.6 bn | SEC (XBRL)· 30 Apr 2025verified |
| Income tax | — | — | — | 0 | 0 | 0 | SEC (XBRL)· 30 Apr 2025verified |
| Net income | -131.6 m | -936.6 m | -3.3 bn | -6.9 bn | 109.1 m | -1.6 bn | SEC (XBRL)· 30 Apr 2025verified |
| Diluted EPS | -0.46 | -3.29 | -10.93 | -21.20 | 0.30 | -4.90 | SEC (XBRL)· 30 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · TRY
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 282.3 m | 1.3 bn | 10.3 bn | 12.5 bn | 7.9 bn | 6.8 bn | SEC (XBRL)· 30 Apr 2025verified |
| Inventories | — | 770.1 m | 2.9 bn | 2.9 bn | 5.7 bn | 6.0 bn | SEC (XBRL)· 30 Apr 2025verified |
| Current assets | — | 1.7 bn | 11.8 bn | 13.8 bn | 21.1 bn | 20.9 bn | SEC (XBRL)· 30 Apr 2025verified |
| Property, plant & equipment, net | 41.7 m | 173.2 m | 369.0 m | 804.1 m | 725.9 m | 831.4 m | SEC (XBRL)· 30 Apr 2025verified |
| Intangibles (excl. goodwill) | 63.3 m | 89.4 m | 202.8 m | — | — | — | SEC (XBRL)· 02 May 2022verified |
| Total assets | — | 2.0 bn | 13.4 bn | 16.6 bn | 25.4 bn | 26.1 bn | SEC (XBRL)· 30 Apr 2025verified |
| Long-term debt | — | — | — | 18.0 m | 4.1 m | — | SEC (XBRL)· 30 Apr 2025verified |
| Current liabilities | — | 2.7 bn | 8.2 bn | 12.8 bn | 19.7 bn | 21.6 bn | SEC (XBRL)· 30 Apr 2025verified |
| Equity | -654.5 m † | -787.3 m | 4.8 bn | 3.4 bn | 4.8 bn | 3.3 bn | SEC (XBRL)· 30 Apr 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · TRY
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 363.8 m | 1.1 bn | -47.4 m | 1.0 bn | 7.2 bn | 5.7 bn | SEC (XBRL)· 30 Apr 2025verified |
| Investing cash flow | -53.3 m | -149.5 m | -3.1 bn | 2.6 bn | -2.4 bn | 894.7 m | SEC (XBRL)· 30 Apr 2025verified |
| Financing cash flow | -170.7 m | -225.6 m | 10.8 bn | -3.5 bn | -4.8 bn | -5.9 bn | SEC (XBRL)· 30 Apr 2025verified |
| Share repurchases | — | — | — | — | 69.3 m | — | SEC (XBRL)· 30 Apr 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -2.8% | 39 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 32.0% | 100 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.0x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.0x | 14 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet6/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial39/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
D-MARKET Electronic Services & Trading (HEPS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 57.0 bn TRY in 2024; YoY growth 11.1%; net margin -2.8%; ROE -39.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 32.0%
What contradicts it
- Interest coverage: 0.0x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Catalog & Mail-Order Houses (SIC 5961) · same industry (4-digit SIC) · compared with 28 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMZNAmazon.com, Inc. | 2,710.7 bn | 20.3 | 27.4% | 16.9% | +12.4% | +7% / +72% |
| CDWCdw Corp | 18.7 bn | 18.0 | 44.0% | 4.6% | +6.8% | +4% / −29% |
| NSITInsight Enterprises, Inc. | 4.9 bn | 24.5 | 13.1% | 2.5% | −5.2% | +93% / +11% |
| JMIAJumia Technologies AG | 1.3 bn | — | -108.9% | -32.6% | +12.8% | −59% / +52% |
| LITBLightInTheBox Holding Co., Ltd. | 590.4 m | 68.0 | — | 3.7% | −12.1% | +42% / −63% |
| BZUNBaozun Inc. | 555.6 m | — | -6.6% | -2.4% | +10.2% | +13% / +8% |
| GCTGigacloud Technology Inc | 510.4 m | 12.9 | 32.3% | 10.6% | +11.1% | +47% / +463% |
| HNSTThe Honest Company, Inc. | 466.7 m | — | -6.9% | -3.6% | −1.9% | +62% / +82% |
| TDUPThredUp Inc. | 262.6 m | — | -36.8% | -6.6% | +19.5% | −73% / +3% |
| DIBS1stdibs.com, Inc. | 173.1 m | — | -9.2% | -8.5% | +1.5% | −10% / +21% |
| NXHNeighborhood Intelligence, Inc. | 161.1 m | — | -47.0% | -7.1% | −25.1% | −72% / −91% |
| AKAa.k.a. Brands Holding Corp. | 110.4 m | — | -25.5% | -4.4% | +4.4% | −29% / +4% |
| SFIXStitch Fix, Inc. | 74.1 m | — | -6.3% | -0.9% | +6.4% | −36% / −27% |
| HOURHour Loop, Inc. | 52.8 m | 36.3 | 21.8% | 1.1% | +3.0% | −29% / +1% |
| GROVGrove Collaborative Holdings, Inc. | 47.4 m | — | — | -4.1% | −14.6% | −19% / −44% |
| LVLULulu’s Fashion Lounge Holdings, Inc. | 32.2 m | — | -602.9% | -3.2% | −10.6% | +114% / −73% |
| UZXLinkage Global Inc | 22.1 m | — | -63.1% | -144.5% | −50.5% | −98% / unavailable |
| GIFTGiftify, Inc. | 19.7 m | — | -36.2% | -8.8% | −6.5% | −50% / −86% |
| CHWYChewy, Inc. | 2.2 k | 33.3 | 72.0% | 2.1% | +6.2% | −37% / +27% |
| QVCGQVC Group, Inc. | 8 | — | -6.3% | -0.2% | −7.8% | unavailable / unavailable |
| BWMXBetterware De Mexico, S.a.p.i. De C.v | — | — | 54.1% | 5.0% | +8.4% | +20% / +23% |
| HEPSD-MARKET Electronic Services & Trading | — | — | -39.7% | -2.8% | +11.1% | +12% / +135% |
| DDLDingdong (Cayman) Limited | — | — | 25.7% | 1.0% | +10.2% | +9% / −12% |
| RVLVRevolve Group, Inc. | — | 23.5 | 12.6% | 4.8% | +8.5% | −11% / +62% |
| LUXELuxExperience B.V. | — | — | 63.3% | 45.2% | +50.1% | +6% / +223% |
1- and 3-year price returns: for HEPS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (27 Oct 2026), 6-K (30 Sept 2026), 6-K (09 Sept 2026), 6-K (20 Aug 2026), 6-K (06 Aug 2026), 6-K (23 Jul 2026).
In brief
D-MARKET, known by its Hepsiburada brand, is one of Türkiye's leading e-commerce platforms, combining first-party direct sales with a third-party marketplace. Revenue grew 13.4% to TRY 84.7 billion in fiscal 2025 1, yet the company still posted a net loss as it invested in growth, and its strategy has been refocused since the January 2025 change of control.
SWOT
Strengths
- Strong brand in Türkiye with over two decades of experience and a hybrid 1P and 3P model that supports network effects.
- Proprietary logistics and delivery infrastructure, including Hepsijet and the Gebze fulfillment center, supports fast delivery.
- Order frequency has risen steadily, pointing to closer engagement with customers.
Weaknesses
- The company has posted net losses in recent years and invests heavily in growth, which makes operating profitability hard to reach.
- Direct Sales carry inventory risk and make up most of revenue, which limits margins.
- The company has reported material weaknesses in internal control over financial reporting, which could weigh on investor confidence.
Opportunities
- Expanding financial and credit services through Hepsi Finansman could add new revenue.
- If inflation and rates keep falling, demand for non-essential products could recover.
- Advertising and logistics services for merchants could raise the share of higher-margin revenue.
Threats
- Weak consumer purchasing power could lower average order value and real GMV.
- Economic and political instability in Türkiye and currency risk could affect results directly.
- Strong competition from marketplaces and omnichannel retailers could press prices and commissions.
Risks
- Persistent net losseshigh
The company has reported losses and could keep losing money if growth investments do not quickly turn into operating profit.
- Exposure to the Turkish economyhigh
Operations are almost entirely in Türkiye, so economic, political or currency instability can directly affect demand and costs.
- Internal controlmedium
Material weaknesses in internal control over financial reporting have been identified, and remediating them could take time and resources.
- Change of controlling shareholdermedium
The January 2025 change of control may alter strategy, management and business relationships, and the controlling shareholder's interests may differ from those of other shareholders.
- Regulation of delivery and financial serviceslow
Changes to rules on couriers, payment services or consumer credit could raise costs or limit activity.
Investment thesis
What would need to be true (bull case)
- If inflation and interest rates keep falling, demand for non-essential products could recover and support GMV growth.
- The hybrid model and proprietary delivery network could strengthen the company's leading position and lift order frequency.
- Positive Free Cash Flow in fiscal 2025 suggests operations can fund part of the investment without immediate pressure.
What would break the thesis
- Repeated net losses suggest that growth investments have not yet translated into profitability.
- Average order value has declined, suggesting customer purchasing power remains weak.
- Competition and installment payment costs could keep limiting margins even as the market grows.
What to watch
- Trend in net loss and advertising expensesQ1 2027
- Development of real GMV and average order value2027
- Progress on remediating internal control weaknessesnext 10-K
- Trend in payment commissions and consumer credit2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (27 Oct 2026), 6-K (30 Sept 2026), 6-K (09 Sept 2026), 6-K (20 Aug 2026), 6-K (06 Aug 2026), 6-K (23 Jul 2026).
The business
The company runs a hybrid model: first-party Direct Sales, where Hepsiburada is the seller, and a third-party Marketplace where merchants run their own stores. In 2025 the Marketplace accounted for about 68% of GMV, and at December 31, 2025 it served approximately 11.8 million Active Customers and 102.0 thousand Active Merchants 1. Revenue comes from direct sales, marketplace commissions, delivery services (Hepsijet), logistics, and other services including advertising via HepsiAd and payment and credit products via Hepsipay and Hepsi Finansman 1.
The revenue mix has shifted toward services: in 2025 Direct Sales made up 67.5% of revenue, TRY 57.1 billion, while delivery services brought in TRY 12.3 billion, or 14.6% of the total 1. The company operates almost entirely in Türkiye, with revenue from outside the country not material in the last three years 1.
On liquidity, the company generated Free Cash Flow of TRY 8,877.0 million in fiscal 2025, while its net loss was TRY 5,699.2 million, driven by higher financing fees on installment card collections and rising advertising spend 1.
Segments
Direct Sales (1P)
Direct Sales is the largest segment, with TRY 57.1 billion in fiscal 2025 and 67.5% of revenue. The company buys stock wholesale from suppliers and sells it directly to customers, which also means it bears the loss risk on products sold 1.
Marketplace (3P) and delivery services
The Marketplace brought in TRY 9.9 billion of its own revenue in fiscal 2025, while Hepsijet delivery services brought in TRY 12.3 billion, or 14.6% of the total. The Marketplace is the main model by GMV, at 68.4% 1.
Financial and other services
Hepsipay, licensed as an e-money and payment services provider, and Hepsi Finansman, which granted its first consumer finance loan in 2024, form the payments and credit segment. Other services, at TRY 5.3 billion in fiscal 2025, include advertising and logistics for merchants 1.
Market context
Türkiye's e-commerce sector grew 48.1% in 2025 in nominal terms, reaching a total value of TRY 4,442 billion, according to the Ministry of Trade 1. Growth is supported by 90.9% internet penetration among people aged 16 to 74 and heavy use of credit and debit cards 1.
Nominal growth masks weaker real demand: annual CPI inflation fell to 30.9% in 2025 and real GDP grew 3.6% 1. The company notes that consumer purchasing power declined, which lowered average order value by 4.7% in fiscal 2025 1.
Trends
- Inflation and hyperinflation accountingmixed
Türkiye is treated as a hyperinflationary economy, requiring IAS 29 restatement of the financial statements. If inflation keeps falling, living costs and purchasing power could gradually recover, but near-term pressure on demand remains.
- Monetary policy and the cost of creditmixed
The central bank cut its key rate to 38% by the end of 2025, while high rates encourage saving over spending. If rates fall further, demand for non-essential goods could recover.
- Growth of e-commerce in Türkiyetailwind
The e-commerce sector has grown strongly, and internet access and bank cards are widespread. This structural base supports the company's longer-term expansion.
- Costs of installment card paymentsheadwind
More installments in the market raised fees for collecting card receivables, which contributed to higher net financial expenses. If the trend continues, margins could remain under pressure.
Competitive position
The main competitors are domestic and international marketplaces, omnichannel retailers operating online and offline, and specialized platforms including quick commerce and grocery delivery 1. A significant share of retail sales in Türkiye still happens offline, so the company also competes with traditional brick-and-mortar retailers 1.
The analyzed source does not name its competitors, so the competitive landscape is described only by category. Competitive pressure shows up in the ability to attract advertising spend and merchants, which depends on offer and pricing 1.
- Domestic and international marketplaces
General marketplace competitors, described in the source without names.
- Omnichannel retailers
Merchants selling both online and in physical stores, competing for the same customers.
- Specialized platforms and quick commerce
Operators focused on narrow categories or fast delivery of grocery products.
- Traditional offline retailers
Physical stores that remain a large part of retail sales in Türkiye.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)20 Aug 2026
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)23 Jul 2026
- Current report (foreign issuer)14 Jul 2026
- Current report (foreign issuer)30 Jun 2026
- Current report (foreign issuer)07 May 2026
- Current report (foreign issuer)30 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / D-MARKET Electronic Services & Trading · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.