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An announcement from D-Market ( (HEPS) ) is now available.
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 28.4% year-on-year to TRY 57.8 billion, revenue rose 22.9% to TRY 23.1 billion, orders increased 22.1% to 20.3 million and active customers edged up to 11.6 million, while marketplace GMV share held steady at 68.9%.
Profitability metrics improved operationally, with EBITDA nearly tripling to TRY 420.3 million and EBITDA margin on GMV rising 0.4 percentage points to 0.7%, and free cash flow modestly improving though remaining negative at TRY 1.12 billion. However, the company’s net loss more than doubled to TRY 992.0 million, which management attributed primarily to stepped-up investments in growth initiatives and marketing, highlighting a strategic trade-off between expanding scale and near-term earnings in Turkey’s hyperinflationary environment.
The most recent analyst rating on (HEPS) stock is a Hold with a $3.07 price target. To see the full list of analyst forecasts on D-Market stock, see the HEPS Stock Forecast page.
Spark’s Take on HEPS Stock
According to Spark, TipRanks’ AI Analyst, HEPS is a Neutral.
The score is primarily held back by weak profitability and higher leverage despite improving revenue growth and better recent cash generation. Technical indicators are broadly neutral-to-soft, and valuation offers limited support due to the company’s loss-making profile and no stated dividend.
To see Spark’s full report on HEPS stock, click here.
More about D-Market
D-MARKET Electronic Services & Trading, which operates as Hepsiburada, is a leading Turkish e-commerce platform listed on Nasdaq under the ticker HEPS. The company runs a marketplace-driven online retail business focused on Turkish consumers and merchants, with a sizable active customer base and merchant network and a high share of gross merchandise value coming from third-party marketplace sellers.
Average Trading Volume: 245,757
Technical Sentiment Signal: Buy
Current Market Cap: $893.4M
Learn more about HEPS stock on TipRanks’ Stock Analysis page.