D-Market (HEPS) AI Stock Analysis

• Market Cap: $748.82M
• Dividend Yield: N/A
• Average Volume (3M): 268.45K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.56
• Revenue Growth: 30.95%
• EPS Growth: N/A
• Country: US
• Employees: 3,743
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): -0.10
• Shares Outstanding: 281,382,900
• 10 Day Avg. Volume: 253,487
• 30 Day Avg. Volume: 268,453
• 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: 0.94
• Enterprise Value/Revenue: <0.01
• Enterprise Value/Gross Profit: 0.03
• Enterprise Value/Ebitda: 0.14
• 1Y Price Target: $3.07
• Price Target Upside: 31.76% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): -10.88
• Revenue Forecast (FY): $74.88B

• Rating: 41 Neutral
• Price Target: $2.00 ▼(-14.16% Downside)

D-Market's overall stock score is primarily impacted by its financial performance challenges, including high leverage and negative equity returns. The technical analysis indicates a bearish trend with oversold conditions, further weighing down the score. The absence of valuation metrics adds uncertainty, contributing to the lower overall score.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust market demand and effective sales strategies, supporting long-term business expansion.

Order Growth

Increasing order volume suggests growing customer base and engagement, which can drive sustained revenue and market share.

Cash Flow Improvement

Improved cash flow enhances financial flexibility, enabling investment in growth initiatives and reducing reliance on external financing.

Negative Factors

High Leverage

High leverage poses financial risk, potentially limiting operational flexibility and increasing vulnerability to economic downturns.

Negative Profit Margins

Sustained negative profit margins indicate ongoing operational inefficiencies, which could hinder long-term profitability and competitiveness.

Widening Net Loss

A widening net loss reflects financial strain and challenges in cost management, potentially impacting future investment capacity and growth.

D-Market Business Overview & Revenue Model

Company Description

D-Market (HEPS) is a leading e-commerce platform in Turkey, primarily operating in the online marketplace sector. The company offers a diverse range of products, including electronics, home goods, fashion, and groceries, catering to a wide customer base. D-Market connects consumers with various sellers, enabling a seamless shopping experience through its user-friendly online interface and mobile applications.

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 revenue growth, but profitability and financial stability remain challenges. High leverage and negative equity returns pose risks, while cash flow improvements provide some optimism. The company needs to focus on improving operational efficiency and managing debt levels to enhance financial health.

Income Statement

D-Market's revenue has shown a positive growth trend, with a notable 12.03% increase in the TTM period. However, profitability remains a concern with negative net profit margins and EBIT margins, indicating ongoing operational challenges. The gross profit margin has decreased slightly from previous years, suggesting pressure on cost management.

Balance Sheet

The company's debt-to-equity ratio has increased significantly to 3.22 in the TTM period, indicating higher leverage and potential financial risk. Return on equity remains negative, reflecting ongoing losses. The equity ratio has also decreased, highlighting a weaker financial position.

Cash Flow

D-Market's cash flow performance shows improvement, with a 20.55% growth in free cash flow in the TTM period. The operating cash flow to net income ratio is positive, suggesting better cash generation relative to net income. However, the free cash flow to net income ratio indicates that cash flow is not yet sufficient to cover net losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	71.49B	57.05B	35.56B	38.23B	24.79B	15.17B
Gross Profit	26.68B	21.39B	7.25B	8.31B	5.35B	3.32B
EBITDA	4.95B	3.31B	2.63B	-4.89B	-2.11B	-295.23M
Net Income	-3.13B	-1.60B	75.53M	-6.92B	-3.33B	-936.59M
Balance Sheet
Total Assets	32.79B	26.14B	25.38B	16.59B	13.39B	1.96B
Cash, Cash Equivalents and Short-Term Investments	9.31B	9.13B	10.43B	8.71B	8.17B	592.64M
Total Debt	2.78B	2.23B	668.00M	471.81M	664.36M	491.49M
Total Liabilities	31.93B	22.82B	20.61B	13.22B	8.57B	2.75B
Stockholders Equity	862.22M	3.32B	4.77B	3.37B	4.81B	-787.33M
Cash Flow
Free Cash Flow	3.29B	-42.92M	50.66M	-76.55M	-54.58M	19.82M
Operating Cash Flow	3.85B	18.25M	99.09M	-25.60M	-48.58M	23.76M
Investing Cash Flow	-511.27M	-25.38M	-92.01M	54.22M	-122.76M	-14.22M
Financing Cash Flow	-2.85B	29.23M	-6.63M	-25.58M	427.31M	36.34M

D-Market Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.33
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 2.33 is below the 20-day moving average (MA) of 2.34, below the 50-day MA of 2.56, and below the 200-day MA of 2.78, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 42.78 is Neutral, neither overbought nor oversold. The STOCH value of 72.79 is Neutral, 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	$925.63M	34.83	14.56%	―	31.20%	38.38%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RERE	61 Neutral	$982.64M	27.71	7.42%	―	27.84%	―
YSG	48 Neutral	$588.47M	―	-13.99%	―	22.58%	33.18%
JMIA	45 Neutral	$1.46B	―	-102.25%	―	-4.38%	―
TDUP	45 Neutral	$938.57M	―	-35.37%	―	-4.90%	50.77%
HEPS	41 Neutral	$748.82M	―	-127.92%	―	30.95%	―

D-Market Corporate Events

Hepsiburada Reports Q3 2025 Financial Results Amid Growth and Challenges

On November 5, 2025, Hepsiburada announced its financial results for the third quarter of 2025, revealing a mixed performance. The company reported an 8.9% increase in gross merchandise value (GMV) and a 22.1% rise in revenue compared to the same period in 2024. However, the net loss widened significantly to TRY 1,324.8 million from TRY 409.7 million in Q3 2024, primarily due to investments in growth projects. Despite the challenges, Hepsiburada achieved a 17.6% increase in the number of orders and improved cash flow, reflecting its focus on operational efficiencies and market expansion.

Hepsiburada to Release Q3 2025 Financial Results on November 5

On October 30, 2025, D-MARKET Electronic Services & Trading, known as Hepsiburada, announced it will release its unaudited financial results for the third quarter of 2025 on November 5, 2025. This announcement is significant as it provides stakeholders with insights into the company’s financial performance and strategic direction, potentially impacting its market positioning and investor relations.

Hepsiburada Announces Extraordinary General Assembly for Share Capital Increase

On October 20, 2025, Hepsiburada, a leading Turkish e-commerce platform, announced an Extraordinary General Assembly Meeting to be held on November 17, 2025. The meeting aims to authorize a significant share capital increase of TRY 4.17 billion, impacting the company’s nominal share capital and the number of shares. This move is part of the company’s strategic initiatives to strengthen its financial position and support future growth, reflecting its commitment to maintaining a competitive edge in the e-commerce industry.

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.