D-Market (HEPS) AI Stock Analysis

• Market Cap: $874.16M
• Dividend Yield: N/A
• Average Volume (3M): 176.00K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.43
• Revenue Growth: 28.17%
• EPS Growth: N/A
• Country: US
• Employees: 3,743
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): -0.06
• Shares Outstanding: 281,382,900
• 10 Day Avg. Volume: 188,189
• 30 Day Avg. Volume: 176,001
• PEG Ratio: <0.01
• Price to Book (P/B): 10.35
• Price to Sales (P/S): 0.60
• P/FCF Ratio: 9.32
• Enterprise Value/Market Cap: 0.80
• Enterprise Value/Revenue: 0.01
• Enterprise Value/Gross Profit: 0.03
• Enterprise Value/Ebitda: 0.26
• 1Y Price Target: $3.00
• Price Target Upside: 10.70% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 58 Neutral
• Price Target: $3.00 ▲(10.70% Upside)

D-Market's overall stock score is primarily influenced by its strong revenue growth and solid cash flow management, which are offset by profitability challenges and a lack of traditional valuation metrics. Technical indicators suggest a neutral to slightly bearish short-term outlook, further impacting the score.

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 revenue model includes commission percentages based on the product categories sold. Additionally, the company earns income from advertising services, allowing vendors to promote their products through featured listings and targeted ads. D-Market may also generate revenue from subscription services offered to sellers for enhanced visibility and analytics tools. Strategic partnerships with logistics and payment processing companies further bolster its operations, enabling efficient delivery and secure transactions, which are crucial for customer satisfaction and repeat business.

D-Market Financial Statement Overview

Summary

D-Market is experiencing substantial growth in revenue but faces profitability challenges. The balance sheet reflects a stable equity base with manageable debt levels, but there is room for improvement in leveraging equity more effectively. Strong cash flow management is a positive aspect, providing a solid foundation for future investments and operations. To improve overall financial health, a focus on enhancing profitability and optimizing capital structure would be beneficial.

Income Statement

D-Market has shown significant revenue growth over the years, with a notable increase from 2020 to the TTM ending March 2025. However, the company has struggled with profitability, consistently posting negative net income. The EBIT and EBITDA margins are weak, indicating challenges in operational efficiency. The company's gross profit margin is relatively healthy, showcasing its capability to generate profit before operating expenses.

Balance Sheet

The balance sheet reflects a stable equity position with a positive stockholders' equity. The debt-to-equity ratio is reasonable, suggesting manageable leverage levels. However, the overall liabilities are high compared to equity, which might pose risks if not managed effectively. The equity ratio indicates a moderate proportion of equity financing, which provides some stability.

Cash Flow

D-Market has demonstrated strong operating cash flows, consistently positive and able to support capital expenditures. The free cash flow has been positive in recent periods, indicating effective cash management. However, fluctuations in investing and financing cash flows suggest variability in capital allocation strategies.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	57.18B	57.05B	35.56B	16.07B	7.56B	6.38B
Gross Profit	20.65B	21.39B	7.25B	3.49B	1.85B	1.53B
EBITDA	2.65B	3.31B	2.63B	-3.39B	-2.11B	-295.23M
Net Income	-1.77B	-1.60B	75.53M	-2.91B	-3.33B	-597.75M
Balance Sheet
Total Assets	26.37B	26.14B	17.58B	16.59B	13.39B	1.96B
Cash, Cash Equivalents and Short-Term Investments	7.29B	9.13B	7.22B	8.71B	8.17B	592.64M
Total Debt	2.75B	2.23B	462.67M	471.81M	664.36M	491.49M
Total Liabilities	23.03B	22.82B	14.28B	13.22B	8.57B	2.75B
Stockholders Equity	3.34B	3.32B	3.30B	3.37B	4.81B	-787.33M
Cash Flow
Free Cash Flow	1.73B	3.69B	3.87B	-416.40M	-125.31M	341.25M
Operating Cash Flow	3.90B	5.70B	5.02B	428.75M	89.47M	441.36M
Investing Cash Flow	5.54B	894.71M	-1.68B	1.10B	-1.01B	-99.95M
Financing Cash Flow	-6.77B	-5.87B	-3.33B	-1.47B	3.29B	-18.89M

D-Market Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.71
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HEPS, the sentiment is Negative. The current price of 2.71 is below the 20-day moving average (MA) of 2.81, below the 50-day MA of 2.81, and below the 200-day MA of 2.92, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 41.59 is Neutral, neither overbought nor oversold. The STOCH value of 16.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HEPS.

D-Market Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LQDT	72 Outperform	$846.21M	30.55	14.00%	―	38.40%	32.42%
RERE	69 Neutral	$956.26M	34.98	5.65%	―	27.53%	―
JMIA	63 Neutral	$1.45B	―	-176.83%	―	-13.22%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
HEPS	58 Neutral	$874.16M	―	-64.24%	―	28.17%	―
YSG	52 Neutral	$772.37M	―	-15.44%	―	11.67%	31.55%
TDUP	52 Neutral	$1.11B	―	-58.93%	―	-10.39%	14.92%

D-Market Corporate Events

D-MARKET Shareholders Approve 2024 Financials and Governance Decisions

On September 15, 2025, D-MARKET Electronic Services & Trading held its Ordinary Annual General Assembly of Shareholders for the 2024 fiscal year. During the meeting, shareholders approved the company’s audited financial statements and released the Board of Directors from liability for 2024. No dividends were declared due to a lack of profit, and remuneration for independent board members was set. Additionally, an independent auditor was appointed, and the board was authorized to make donations and grants within specified limits. These decisions reflect the company’s strategic focus on financial prudence and governance as it navigates its market environment.

Hepsiburada Schedules 2024 General Assembly Meeting

On August 15, 2025, Hepsiburada announced it will hold its Ordinary General Assembly Meeting for the financial year 2024 on September 15, 2025, at its headquarters in Istanbul. The meeting will cover various agenda items, including the approval of financial statements, decisions on profit distribution, and the appointment of an independent auditor for 2025. This assembly is significant for stakeholders as it addresses key financial and operational decisions that could impact the company’s future strategies and market positioning.

Hepsiburada Reports Q2 2025 Financial Recovery Amid Market Challenges

On July 31, 2025, Hepsiburada reported its financial results for the second quarter of 2025, highlighting a significant recovery in consumer demand. The company achieved an 11.9% increase in gross merchandise value (GMV) and a 22.6% rise in revenue compared to the same period in 2024. Despite a net loss of TRY 723.8 million, Hepsiburada saw a notable improvement in EBITDA, which increased by 41.6% to TRY 739.5 million. The results indicate a gradual recovery in the market, with Hepsiburada’s diversified revenue streams contributing to improved gross contribution margins.

Hepsiburada to Release Q2 2025 Financial Results on July 31

On July 22, 2025, D-MARKET Electronic Services & Trading, known as Hepsiburada, announced that it will report its unaudited financial results for the second quarter ending June 30, 2025, on July 31, 2025, before the U.S. market opens. This announcement highlights Hepsiburada’s ongoing commitment to transparency and its strategic positioning as a leading e-commerce platform in Türkiye. The release of these financial results is anticipated to provide insights into the company’s operational performance and its impact on stakeholders.