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D-Market ( (HEPS) ) just unveiled an announcement.
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 solid top-line and volume growth, with full-year gross merchandise value rising 4.3% to TRY 257.5 billion, revenue up 13.4% to TRY 84.7 billion, orders up 9.5% to 87.5 million and free cash flow up 83.2% to TRY 8.9 billion, while average order values declined and marketplace mix edged lower.
Despite these operational gains and strong cash generation, profitability deteriorated sharply in 2025, as EBITDA fell 57.8% to TRY 1.1 billion on an inflation-adjusted basis and the net loss widened to TRY 5.7 billion, driven largely by stepped-up investments in delivery speed and cost efficiency, performance marketing and installment payment offerings. Fourth-quarter trends mirrored the full year, with double-digit growth in GMV and revenue supported by the November “Legendary Friday” campaign, but EBITDA nearly breakeven at TRY 1.1 million and quarterly net loss deepening to TRY 3.1 billion, underscoring the earnings pressure from Hepsiburada’s growth initiatives in a challenging macroeconomic and accounting environment.
The most recent analyst rating on (HEPS) stock is a Hold with a $2.50 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 overall stock score of 52 reflects a mix of positive technical momentum and ongoing financial challenges. The strong market momentum is a significant positive factor, but the company’s financial performance, particularly its high leverage and negative profitability, poses substantial risks. The absence of valuation metrics adds uncertainty to the stock’s assessment.
To see Spark’s full report on HEPS stock, click here.
More about D-Market
D-Market Electronic Services & Trading, which operates under the Hepsiburada brand, is a leading Turkish e-commerce platform listed on Nasdaq under the ticker HEPS. The company connects millions of active customers with over 100,000 active merchants, focusing on marketplace-driven online retail in Türkiye and managing high order volumes across a broad range of consumer categories.
Average Trading Volume: 339,447
Technical Sentiment Signal: Buy
Current Market Cap: $883.8M
Learn more about HEPS stock on TipRanks’ Stock Analysis page.