D-Market (HEPS) AI Stock Analysis

• Market Cap: $877.38M
• Dividend Yield: N/A
• Average Volume (3M): 381.22K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.54
• 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: 217,934
• 30 Day Avg. Volume: 381,222
• 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: 35.91
• Enterprise Value/Revenue: 0.44
• Enterprise Value/Gross Profit: 1.18
• Enterprise Value/Ebitda: 6.36
• 1Y Price Target: $3.07
• Price Target Upside: 14.98% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): -11.6
• Revenue Forecast (FY): $105.61B

• Rating: 52 Neutral
• Price Target: $3.50 ▲(31.09% Upside)

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.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term expansion and competitiveness.

Cash Flow Improvement

Improved cash flow enhances financial flexibility, enabling the company to invest in growth initiatives and manage operational costs effectively.

Operational Framework Enhancement

Enhancements in corporate governance and operational framework can lead to better stakeholder engagement and streamlined operations.

Negative Factors

High Leverage

High leverage increases financial risk and can strain cash flow, limiting the company's ability to invest in growth and manage economic downturns.

Negative Profitability

Ongoing negative profitability suggests challenges in cost management and operational efficiency, impacting long-term financial health.

Widening Net Loss

A widening net loss indicates increased financial strain, potentially affecting the company's ability to sustain growth and invest in future projects.

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

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: Positive
• Last Price: 2.67
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Positive. The current price of 2.67 is above the 20-day moving average (MA) of 2.53, above the 50-day MA of 2.43, and above the 200-day MA of 2.66, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 56.40 is Neutral, neither overbought nor oversold. The STOCH value of 76.60 is Neutral, 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
LQDT	72 Outperform	$959.02M	36.45	14.56%	―	31.20%	38.38%
RERE	71 Outperform	$1.29B	39.31	7.42%	―	27.84%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
TDUP	54 Neutral	$750.85M	-19.66	-35.37%	―	-4.90%	50.77%
HEPS	52 Neutral	$877.38M	―	-127.92%	―	30.95%	―
YSG	48 Neutral	$394.82M	-6.50	-13.99%	―	22.58%	33.18%
JMIA	45 Neutral	$1.75B	―	-102.27%	―	-4.62%	―

D-Market Corporate Events

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.

Hepsiburada Announces Key Changes Following Extraordinary General Assembly

On November 21, 2025, Hepsiburada announced the results of its Extraordinary General Assembly of Shareholders meeting held on November 17, 2025. The meeting approved an increase in the company’s share capital and amendments to its Articles of Association, including changes to its business objectives, general assembly procedures, and corporate governance compliance. Additionally, a clerical error regarding the appointment of the company’s independent auditor was addressed, with shareholders unanimously agreeing to proceed with corrective registration. These developments are expected to impact Hepsiburada’s operational framework and stakeholder engagement positively.

The most recent analyst rating on (HEPS) stock is a Hold with a $3.07 price target. To see the full list of analyst forecasts on D-Market stock, see the HEPS Stock Forecast page.

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.

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 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.

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 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.

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.