D-Market (HEPS) AI Stock Analysis

• Market Cap: $928.80M
• Dividend Yield: N/A
• Average Volume (3M): 294.89K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.57
• Revenue Growth: 30.95%
• EPS Growth: N/A
• Country: US
• Employees: 3,743
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): -0.23
• Shares Outstanding: 281,382,900
• 10 Day Avg. Volume: 254,172
• 30 Day Avg. Volume: 294,890
• PEG Ratio: -0.02
• Price to Book (P/B): 16.77
• Price to Sales (P/S): 0.37
• P/FCF Ratio: 15.42
• Enterprise Value/Market Cap: 34.73
• Enterprise Value/Revenue: 0.41
• Enterprise Value/Gross Profit: 1.27
• Enterprise Value/Ebitda: 4.72
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -12.13
• Revenue Forecast (FY): $110.15B

• Rating: 44 Neutral
• Price Target: $2.50 ▼(-6.19% Downside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

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.

Positive Factors

Revenue Growth Momentum

A strong re-acceleration in revenue indicates improving product-market fit and demand across the platform. Durable top-line momentum supports scale economics, continued investment in logistics and marketing, and a clearer path to leverage fixed costs as growth continues over the next several quarters.

Improved Cash Generation

Materially improved operating and positive free cash flow provide internal funding for growth initiatives and reduce near-term reliance on external financing. Stronger cash conversion enhances resilience and gives management flexibility to invest in operations, logistics, and product features.

Balance Sheet Bolstered by Capital Raise

A fully paid TRY 4.17bn capital injection materially strengthens equity and liquidity, creating a larger buffer against shocks and supporting sustained investment in delivery, marketing and fintech services without immediate need for dilutive or costly debt financing.

Negative Factors

Persistent Loss-Making

The company remains loss-making with negative EBIT and a net loss in 2025, indicating the core marketplace and services have not yet converted growth into consistent profitability. Continued losses pressure returns and require sustained improvement in unit economics to be durable.

Rising Leverage

A marked increase in leverage reduces financial flexibility and raises interest and refinancing risk if cash flows falter. Higher debt levels amplify downside in stressed scenarios and constrain the company's ability to pursue opportunistic investments without further capital support.

Volatile Margins and Cash Flow

Despite recent cash generation, free cash flow declined year-over-year and historical operating cash has been uneven. Margin volatility and inconsistent cash conversion complicate planning, raise execution risk for long-term investments, and weaken confidence in sustainable profitability.

D-Market Business Overview & Revenue Model

Company Description

D-Market Elektronik Hizmetler ve Ticaret A.S. operates e-commerce platforms in Turkey. The company operates www.hepsiburada.com, a retail website that provides its retail customers a range of merchandise, including electronics and non-electronics, such as books, sports, toys, kids and baby products, cosmetics, furniture, etc. It also offers HepsiExpress, an app-in-app initiative and on-demand delivery service that delivers groceries, water, and flowers; HepsiJet that provides last- mile delivery services; HepsiLojistik, which offers storage and fulfillment services; HepsiMat, a pick-up and drop-off point; HepsiAd that provides advertising service and data driven insights; HepsiGlobal for discovering and purchasing products from international merchants online; Hepsipay, which offers an e-money and payment services; and HepsiFly for buying airline tickets online. The company was incorporated in 2000 and is headquartered in Istanbul, Turkey.

How the Company Makes Money

D-Market generates revenue primarily through transaction fees charged to sellers for each sale made on its platform. This includes a percentage of the sale price as well as fixed fees for listing products. Additionally, the company earns money through advertising services, allowing brands to promote their products within the marketplace. Key partnerships with logistics and payment service providers enhance the customer experience and streamline operations, contributing to the company's revenue. Seasonal promotions and exclusive deals also drive sales, bolstering overall earnings.

D-Market Financial Statement Overview

Summary

Revenue re-accelerated sharply in 2025 (+28.5% YoY) and operating/free cash flow improved, but profitability remains weak (net loss, negative EBIT) with volatile margins and materially higher leverage (debt-to-equity ~1.59x).

Income Statement

Revenue growth re-accelerated sharply in 2025 (+28.5% YoY) after a nearly flat 2024, showing improving top-line momentum. However, profitability remains the key weakness: 2025 posted a sizable net loss (net margin -6.7%) and negative operating profit (EBIT margin -2.4%), despite being much better than the deeply loss-making 2021–2022 period. Margins have also been volatile, with gross margin dropping materially in 2025 versus 2024, suggesting either pricing pressure, mix shift, or higher costs that the company has not yet fully offset.

Balance Sheet

Leverage has risen meaningfully: debt-to-equity increased to ~1.59x in 2025 from ~0.67x in 2024, reducing financial flexibility. Equity also declined versus 2024, and returns on equity are strongly negative in 2025, consistent with the net loss. The balance sheet is not distressed based on the data provided, but the direction of higher leverage and weaker equity is a clear risk if profitability does not stabilize.

Cash Flow

Cash generation improved substantially in 2025, with operating cash flow of ~4.8B and positive free cash flow of ~2.2B, a major step up from near-breakeven operating cash flow and negative free cash flow in 2024. The key drawback is consistency: free cash flow declined year over year in 2025 (down ~33.5%), and historical cash flow has been uneven (including negative operating cash flow in 2021–2022). Overall, cash flow looks healthier than earnings in the most recent year, but volatility remains a watch item.

Breakdown	Dec 2025	Mar 2025	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	91.86B	57.05B	35.56B	38.23B	24.79B
Gross Profit	19.93B	21.39B	7.25B	8.31B	5.35B
EBITDA	1.24B	3.31B	2.63B	-4.89B	-2.11B
Net Income	-6.18B	-1.60B	75.53M	-6.92B	-3.33B
Balance Sheet
Total Assets	36.93B	26.14B	25.38B	16.59B	13.39B
Cash, Cash Equivalents and Short-Term Investments	13.52B	9.13B	10.43B	8.71B	8.17B
Total Debt	3.20B	2.23B	668.00M	471.81M	664.36M
Total Liabilities	34.92B	22.82B	20.61B	13.22B	8.57B
Stockholders Equity	2.01B	3.32B	4.77B	3.37B	4.81B
Cash Flow
Free Cash Flow	2.19B	-42.92M	50.66M	-76.55M	-54.58M
Operating Cash Flow	4.81B	18.25M	99.09M	-25.60M	-48.58M
Investing Cash Flow	-1.52B	-25.38M	-92.01M	54.22M	-122.76M
Financing Cash Flow	1.71B	29.23M	-6.63M	-25.58M	427.31M

D-Market Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.67
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 2.665 is below the 20-day moving average (MA) of 2.70, below the 50-day MA of 2.70, and below the 200-day MA of 2.67, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 60.57 is Neutral, neither overbought nor oversold. The STOCH value of 84.46 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HEPS.

D-Market Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RERE	71 Outperform	$1.18B	21.82	7.42%	―	27.84%	―
LQDT	70 Outperform	$1.01B	31.00	14.72%	―	31.20%	38.38%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
TDUP	53 Neutral	$475.12M	-38.47	-35.00%	―	-4.90%	50.77%
JMIA	50 Neutral	$979.67M	-12.43	-109.14%	―	-4.62%	―
YSG	48 Neutral	$353.86M	-23.07	-13.99%	―	22.58%	33.18%
HEPS	44 Neutral	$928.80M	-5.45	-190.19%	―	30.95%	―

D-Market Corporate Events

Hepsiburada Posts Strong 2025 Growth but Wider Losses Amid Heavy Investment and Hyperinflation Adjustments

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.

D-Market’s Hepsiburada Sets February 26 Release for Q4 and Full-Year 2025 Results

D-MARKET Electronic Services & Trading, known as Hepsiburada, is a Turkish e-commerce technology leader operating a hybrid first-party and third-party marketplace model and providing logistics, advertising, cross-border, and payment services through its Hepsipay fintech platform. Since 2000, it has pursued a purpose-driven strategy, including initiatives to support women entrepreneurs in Türkiye.

On February 12, 2026, Hepsiburada announced it will release its unaudited financial results for the fourth quarter and full year ended December 31, 2025, after the U.S. market close on Thursday, February 26, 2026. The forthcoming earnings disclosure will give investors and other stakeholders an updated view of the company’s operational performance and strategic progress in Turkey’s competitive e-commerce and digital payments landscape.

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.

Hepsiburada Reshapes Leadership as Key Executive and Board Representative Exit

On January 30, 2026, Hepsiburada reported senior leadership and boardroom changes, reflecting an internal realignment of responsibilities as the company continues to develop its e-commerce and fintech ecosystem. Esra Beyzadeoğlu will step down as Chief Customer Experience and People Officer effective January 31, 2026, with the human resources function moving directly under the CEO’s office and her duties redistributed within the company, signaling a streamlined management structure. Separately, on January 27, 2026, the board accepted the resignation of Erman Kalkandelen as a director representing TurkCommerce B.V., following that shareholder’s exit from the company’s ownership, marking a change in its shareholder-backed board representation while day-to-day operations remain under existing executive leadership.

The most recent analyst rating on (HEPS) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on D-Market stock, see the HEPS Stock Forecast page.

Hepsiburada Completes Fully Paid TRY 4.17 Billion Capital Increase

On December 29, 2025, Hepsiburada announced it had completed a capital increase that was approved at an Extraordinary General Assembly of Shareholders held on November 17, 2025. The company raised a total of TRY 4.17 billion, with a small portion allocated to the nominal value of newly issued shares and the remainder booked as share premium; the increase was fully paid, registered with the Istanbul Trade Registry, and published in the Trade Registry Gazette on December 23, 2025, lifting Hepsiburada’s registered nominal share capital to TRY 72.37 million and strengthening its financial base for future operations and growth in the competitive Turkish e-commerce market.

The most recent analyst rating on (HEPS) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on D-Market stock, see the HEPS Stock Forecast page.

Hepsiburada Plans Internal CEO Succession in 2026 After Period of Financial Strengthening

On December 29, 2025, Hepsiburada announced that it has agreed with its Chief Executive Officer, Nilhan Gökçetekin, to undertake a planned leadership transition expected to be completed by July 1, 2026. The move follows several years in which Gökçetekin focused on strengthening the company’s financial discipline and execution capabilities, and the board signaled that her successor will be promoted from within to preserve strategic continuity, suggesting a measured change at the top rather than a strategic overhaul, with the outgoing CEO remaining in place to support a smooth handover before pursuing new opportunities.

The most recent analyst rating on (HEPS) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on D-Market stock, see the HEPS Stock Forecast page.