D-Market Electronic Services & Trading (HEPS)
NASDAQ:HEPS
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D-Market
(NASDAQ:HEPS)
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Rating:47Neutral
Price Target:
$3.00
▲(12.57% Upside)
Action:Reiterated
Date:05/22/26
The score is held down primarily by weak financial fundamentals—continued net losses and elevated leverage—despite improving revenue/margins and better recent cash generation. Technicals are moderately supportive with the stock trading above major moving averages, but valuation remains constrained by negative earnings and no stated dividend yield.
Positive Factors
Top-line Growth & GMV Expansion
Sustained double-digit GMV and revenue expansion with rising orders and active customers reflects durable user and merchant adoption of the platform. Scale and volume growth strengthen network effects, increase monetizable transactions, and create a structural revenue base for long-term margin improvement.
Negative Factors
Persistent Net Losses
Large and recurring net losses, driven by stepped-up investments, erode retained earnings and delay equity rebuilding. Continued negative net income limits internal funding, raises the bar for sustained operational improvement, and keeps solvency dependent on consistent cash flow turnarounds or external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Top-line Growth & GMV Expansion
Sustained double-digit GMV and revenue expansion with rising orders and active customers reflects durable user and merchant adoption of the platform. Scale and volume growth strengthen network effects, increase monetizable transactions, and create a structural revenue base for long-term margin improvement.
Read all positive factors
D-Market (HEPS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$939.50M
Dividend YieldN/A
Average Volume (3M)232.37K
Price to Earnings (P/E)―
Beta (1Y)0.54
Revenue Growth26.76%
EPS GrowthN/A
CountryUS
Employees3,743
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-19.35
Shares Outstanding357,225,200
10 Day Avg. Volume274,693
30 Day Avg. Volume232,371
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)16.77
Price to Sales (P/S)0.40
P/FCF Ratio15.42
Enterprise Value/Market Cap37.95
Enterprise Value/Revenue0.40
Enterprise Value/Gross Profit1.09
Enterprise Value/Ebitda16.54
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-19.85
Revenue Forecast (FY)$123.41B
D-Market Business Overview & Revenue Model
Company Description
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...
How the Company Makes Money
Hepsiburada primarily makes money by monetizing e-commerce transactions and the ecosystem services around those transactions. Key revenue streams include: (1) Marketplace services to third-party sellers: the company earns commissions/take rates on...
D-Market Earnings Call Summary
Earnings Call Date:Apr 30, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Neutral
Hepsiburada showed strong growth in GMV and customer base, with successful expansion of strategic programs like Hepsiburada Premium and HepsiJet. However, the company faced significant challenges from macroeconomic pressures and increased operating expenses. Despite these challenges, the overall financial performance, particularly in revenue growth areas, indicates a balanced outlook.Positive Updates
GMV Growth
Hepsiburada achieved a real GMV growth of 12.1% in 2024, with an unadjusted inflation basis growth of 74% year-on-year.
Negative Updates
Macroeconomic Headwinds and Boycotts
The start of 2025 was challenging with macroeconomic pressures on consumer purchasing power and boycotts against shopping.
Read all updates
Q4-2024 Updates
Positive
Negative
GMV Growth
Hepsiburada achieved a real GMV growth of 12.1% in 2024, with an unadjusted inflation basis growth of 74% year-on-year.
Read all positive updates
Company Guidance
During the call, Hepsiburada provided guidance on several key metrics for the fiscal year 2024. The company achieved a real GMV growth of 12.1% and a growth contribution margin of 11.3%, marking a 2.1 percentage point improvement year-on-year. Their EBITDA as a percentage of GMV expanded to 1.1%, a 0.7 percentage point increase from the previous year. On an unadjusted inflation basis, GMV grew by 74% year-on-year, and EBITDA as a percentage of GMV reached 2.1%. The company's active customer base grew by 235,000 to 12.2 million, with order frequency over the last 12 months increasing by 14% to 10.8. Hepsiburada's delivery service, HepsiJet, delivered 72% of total parcels, while the lending solutions reached a total volume of 16.2 billion lira, a 2.6 times increase from 2023. Furthermore, HepsiJet increased its off-platform volume by 8% to 9% year-on-year, with its off-platform share rising to 34.6% of its total volume.D-Market Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
38
Negative
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 90.14B | 84.65B | 57.05B | 35.56B | 38.23B | 24.79B |
| Gross Profit | 32.63B | 30.67B | 21.39B | 7.25B | 8.31B | 5.35B |
| EBITDA | 2.16B | 1.64B | 3.31B | 2.63B | -4.89B | -2.11B |
| Net Income | -6.23B | -5.70B | -1.60B | 75.53M | -6.92B | -3.33B |
Balance Sheet | ||||||
| Total Assets | 32.39B | 36.93B | 26.14B | 25.38B | 16.59B | 13.39B |
| Cash, Cash Equivalents and Short-Term Investments | 9.84B | 13.52B | 9.13B | 10.43B | 8.71B | 8.17B |
| Total Debt | 2.27B | 3.20B | 2.23B | 668.00M | 471.81M | 664.36M |
| Total Liabilities | 31.17B | 34.92B | 22.82B | 20.61B | 13.22B | 8.57B |
| Stockholders Equity | 1.22B | 2.01B | 3.32B | 4.77B | 3.37B | 4.81B |
Cash Flow | ||||||
| Free Cash Flow | 1.02B | 2.19B | -42.92M | 50.66M | -76.55M | -54.58M |
| Operating Cash Flow | 3.00B | 4.81B | 18.25M | 99.09M | -25.60M | -48.58M |
| Investing Cash Flow | -1.91B | -1.52B | -25.38M | -92.01M | 54.22M | -122.76M |
| Financing Cash Flow | 58.60M | 1.71B | 29.23M | -6.63M | -25.58M | 427.31M |
D-Market Technical Analysis
Negative
2.67
Price Trends
2.73
Negative
2.74
Negative
2.67
Negative
Market Momentum
-0.03
Positive
43.42
Neutral
38.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HEPS, the sentiment is Negative. The current price of 2.665 is below the 20-day moving average (MA) of 2.70, below the 50-day MA of 2.73, and below the 200-day MA of 2.67, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 43.42 is Neutral, neither overbought nor oversold. The STOCH value of 38.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HEPS.
D-Market Risk Analysis
D-Market disclosed 77 risk factors in its most recent earnings report. D-Market reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
D-Market Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.16B | 37.97 | 14.24% | ― | 9.26% | 18.70% | |
63 Neutral | $891.20M | 23.19 | 10.97% | ― | 32.51% | 241.09% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | $621.98M | -28.67 | -36.11% | ― | 10.25% | 70.25% | |
50 Neutral | $249.67M | -12.45 | -2.64% | ― | 32.03% | 76.28% | |
47 Neutral | $939.50M | -7.14 | -359.30% | ― | 26.76% | ― | |
47 Neutral | $810.00M | -6.47 | -194.88% | ― | 31.78% | ― |
* Consumer Cyclical Sector Average
HEPS
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0.74%
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D-Market Corporate Events
Hepsiburada Grows Q1 2026 Sales and Orders but Net Loss Widens on Growth Investments
May 7, 2026
On May 7, 2026, Hepsiburada reported unaudited first-quarter 2026 results, restated for hyperinflation under IAS 29, showing strong top-line and volume growth but a wider net loss. For the quarter ended March 31, 2026, gross merchandise value grew...
Hepsiburada Files 2025 Annual Report With SEC
Apr 30, 2026
Hepsiburada, the e-commerce brand of Istanbul-based D-MARKET Electronic Services Trading, disclosed that it filed its 2025 annual report on Form 20-F with the U.S. Securities and Exchange Commission on April 30, 2026. The filing, covering the fis...
D-Market’s Hepsiburada Sets May 7 Date for Q1 2026 Results
Apr 16, 2026
Hepsiburada, the Turkish e-commerce platform operated by D-Market Electronic Services Trading, said on April 16, 2026 that it plans to release unaudited financial results for the quarter ended March 31, 2026 after the U.S. market close on May 7, ...
Hepsiburada Posts Strong 2025 Growth but Wider Losses Amid Heavy Investment and Hyperinflation Adjustments
Feb 26, 2026
On February 26, 2026, Hepsiburada reported unaudited financial results for the fourth quarter and full year ended December 31, 2025, restated under IAS 29 to account for Türkiye’s hyperinflationary environment. The company delivered sol...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.