D-Market AI Stock Analysis
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D-Market (HEPS) AI Stock Analysis
D-Market
(NASDAQ:HEPS)
The score is primarily held back by weak financial performance: persistent net losses, negative equity in TTM, and a return to negative free cash flow. Technicals also lean bearish with the stock trading below major moving averages and MACD negative. Valuation is difficult to frame positively due to the negative P/E and lack of dividend yield data.
D-Market (HEPS) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $985.94M
- Dividend Yield
- ―
- Average Volume (3M)
- 307.97K
- Price to Earnings (P/E)
- -5.8
- Beta (1Y)
- 0.44
- Revenue Growth
- 15.26%
- EPS Growth
- ―
- Country
- US
- Employees
- 3,611
- Sector
- Consumer Cyclical
- Sector Strength
- 61
- Industry
- Specialty Retail
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 de...
How the Company Makes Money
D-Market’in gelir modeli ağırlıklı olarak e-ticaret ekosisteminden alınan komisyon ve hizmet gelirleri ile doğrudan ürün satışlarından oluşur. (1) Pazaryeri gelirleri: Hepsiburada, platformunda satış yapan üçüncü taraf satıcılardan genellikle işlem b...
D-Market Earnings Call Summary
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.
Q4-2024 Updates
Positive Updates
Negative 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
Revenue has grown to 96.2B TTM (+6.7%) with steady ~36% gross margin, but profitability remains weak (TTM EBIT margin ~-1.6%, net margin ~-7.7%). Balance sheet risk is elevated with stockholders’ equity turning negative in TTM, and free cash flow flipped to negative (~-0.85B TTM) despite positive operating cash flow (~1.4B).
Income Statement
32NegativeBalance Sheet
24NegativeCash Flow
41Neutral| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 96.20B | 84.65B | 57.05B | 35.56B | 38.23B | 24.79B |
| Gross Profit | 34.91B | 30.67B | 21.39B | 7.25B | 8.31B | 5.35B |
| EBITDA | 2.01B | 1.64B | 3.29B | 3.67B | -4.89B | -2.11B |
| Net Income | -7.40B | -5.70B | -1.60B | 75.53M | -6.92B | -3.33B |
Balance Sheet | ||||||
| Total Assets | 33.10B | 36.95B | 26.14B | 25.38B | 16.59B | 13.39B |
| Cash, Cash Equivalents and Short-Term Investments | 9.04B | 13.32B | 9.13B | 10.43B | 8.71B | 8.17B |
| Total Debt | 2.37B | 2.43B | 2.23B | 668.00M | 471.81M | 664.36M |
| Total Liabilities | 33.68B | 34.93B | 22.82B | 20.61B | 13.22B | 8.57B |
| Stockholders Equity | -582.28M | 2.01B | 3.32B | 4.77B | 3.37B | 4.81B |
Cash Flow | ||||||
| Free Cash Flow | -768.57M | 2.19B | -42.92M | 50.66M | -76.55M | -54.58M |
| Operating Cash Flow | 1.43B | 4.81B | 18.25M | 99.09M | -25.60M | -48.58M |
| Investing Cash Flow | -1.33B | -1.52B | -25.38M | -92.01M | 54.22M | -122.76M |
| Financing Cash Flow | -306.69M | 1.71B | 29.23M | -6.63M | -25.58M | 427.31M |
D-Market Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HEPS, the sentiment is Positive. The current price of 2.76 is below the 20-day moving average (MA) of 2.76, above the 50-day MA of 2.66, and above the 200-day MA of 2.74, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 55.02 is Neutral, neither overbought nor oversold. The STOCH value of 68.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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.
Latest Risks Added
0 New RisksD-Market Peers Comparison
Overall Rating
SE74Outperform
EBAY71Outperform
MELI71Outperform
CPNG51Neutral
JMIA45Neutral- HEPS44Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| SE | 74Outperform | $46.54B | 35.57 | 13.71% | ― | 44.12% | 19.70% |
| EBAY | 71Outperform | $54.23B | 26.27 | 46.11% | 0.99% | 15.33% | -0.34% |
| MELI | 71Outperform | $75.55B | 40.56 | 25.15% | ― | 47.07% | -9.00% |
| Sector * | 61Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
| CPNG | 51Neutral | $29.27B | -20.92 | -37.92% | ― | 7.41% | -450.60% |
| JMIA | 45Neutral | $687.61M | -6.10 | -304.73% | ― | 27.37% | 18.19% |
| HEPS | 44Neutral | $985.94M | -5.75 | -386.05% | ― | 15.26% | ― |
* Consumer Cyclical Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| HEPS | D-Market Electronic Services & Trading | 2.76 | 0.44 | 18.97% | |
| EBAY | Ebay Inc | 122.68 | 39.31 | 47.16% | |
| MELI | Mercadolibre, Inc. | 1512.02 | -519.03 | -25.55% | |
| SE | Sea Ltd | 73.99 | -66.05 | -47.17% | |
| JMIA | Jumia Technologies | 5.72 | -4.35 | -43.20% | |
| CPNG | Coupang, Inc. Class A | 15.99 | -12.54 | -43.95% |
D-Market Corporate Events
D-Market Reports Lower Third-Quarter GMV and Wider Loss
Hepsiburada, the Turkish e-commerce platform operated by D-MARKET Electronic Services & Trading, connects consumers with merchants through its online marketplace and also offers fintech products such as consumer loans. Its primary market focus is Tür...
Hepsiburada Shareholders Approve Board and No 2025 Dividend
D-Market Electronic Services & Trading, known as Hepsiburada, operates a Turkish e-commerce marketplace providing online retail and related digital commerce services to consumers and merchants. Its focus is Türkiye’s online shopping market.At its Oct...
Hepsiburada Sets November 5 Date for Q3 2026 Earnings Release
Hepsiburada, the Turkish e-commerce platform operated by D-MARKET Electronic Services & Trading and listed on Nasdaq as HEPS, combines marketplace services, proprietary retail, logistics and payment solutions to serve millions of customers across Tür...
Hepsiburada Sets October 30, 2026 General Assembly to Approve 2025 Results and Governance Changes
Hepsiburada announced on September 30, 2026 that it will convene its Ordinary General Assembly Meeting of shareholders for the financial year 2025 on October 30, 2026 at its Istanbul headquarters. Holders of the company’s American Depositary Shares m...
Hepsiburada Completes Major Capital Increase to Bolster Equity Base
On September 9, 2026, Hepsiburada announced it had completed a capital increase that had been approved at its Extraordinary General Assembly of Shareholders held on August 14, 2026, strengthening its financial base in Türkiye’s competitive e-commerce...
Hepsiburada Shareholders Approve Capital Increase at August 14 Extraordinary Meeting
On August 20, 2026, Hepsiburada disclosed the voting outcomes of its Extraordinary General Assembly of Shareholders held on August 14, 2026 in Istanbul, where a quorum was confirmed under Turkish commercial regulations. Shareholders approved an incre...
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.
Date of analysis: Sep 19, 2026