D-Market Electronic Services & Trading (HEPS)
NASDAQ:HEPS
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D-Market
(NASDAQ:HEPS)
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Rating:44Neutral
Price Target:
$2.50
▼(-6.19% Downside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
D-Market (HEPS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$861.31M
Dividend YieldN/A
Average Volume (3M)237.31K
Price to Earnings (P/E)―
Beta (1Y)0.57
Revenue Growth30.95%
EPS GrowthN/A
CountryUS
Employees3,743
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.22
Shares Outstanding281,382,900
10 Day Avg. Volume178,717
30 Day Avg. Volume237,312
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)16.77
Price to Sales (P/S)0.37
P/FCF Ratio15.42
Enterprise Value/Market Cap34.85
Enterprise Value/Revenue0.38
Enterprise Value/Gross Profit1.18
Enterprise Value/Ebitda4.39
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-12.13
Revenue Forecast (FY)$110.15B
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,...
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 thr...
D-Market Earnings Call Summary
Earnings Call Date:Apr 30, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Jun 03, 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
36
Negative
Balance Sheet
41
Neutral
Cash Flow
58
Neutral
| 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
Positive
2.67
Price Trends
2.72
Negative
2.61
Positive
2.66
Positive
Market Momentum
-0.02
Positive
48.33
Neutral
54.59
Neutral
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 2.72, and above the 200-day MA of 2.66, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 48.33 is Neutral, neither overbought nor oversold. The STOCH value of 54.59 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.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We have been and in the future may be involved in litigation, some of which is material. Q4, 2022
2.
We may be subject to administrative fines and our reputation may be harmed if the Personal Data Protection Authority were to determine that we breached Turkish Data Protection Law No. 6698. Q4, 2022
3.
The effects of the earthquakes that hit southeastern region of Türkiye in February 2023 as well as potential similar earthquakes in the future may adversely affect our prospects, business, financial condition and results of operations. Q4, 2022
D-Market Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.02B | 41.12 | 8.68% | ― | 27.84% | ― | |
70 Outperform | $992.13M | 31.00 | 14.46% | ― | 31.20% | 38.38% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | $475.12M | -38.47 | -34.47% | ― | -4.90% | 50.77% | |
46 Neutral | $290.03M | -32.20 | -2.64% | ― | 22.58% | 33.18% | |
44 Neutral | $861.31M | -5.45 | -244.37% | ― | 30.95% | ― | |
44 Neutral | $862.01M | -12.43 | -133.66% | ― | -4.62% | ― |
* Consumer Cyclical Sector Average
HEPS
D-Market
2.68
>-0.01
-0.37%
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D-Market Corporate Events
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...
D-Market’s Hepsiburada Sets February 26 Release for Q4 and Full-Year 2025 Results
Feb 12, 2026
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 throug...
Hepsiburada Reshapes Leadership as Key Executive and Board Representative Exit
Jan 30, 2026
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 dow...
Hepsiburada Completes Fully Paid TRY 4.17 Billion Capital Increase
Dec 29, 2025
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 ...
Hepsiburada Plans Internal CEO Succession in 2026 After Period of Financial Strengthening
Dec 29, 2025
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 ...
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.