NASDAQ : HEPS
D-Market Elektronik Hizmetler ve Ticaret A.S. — Financial statements
Consumer Discretionary · Internet Retail · Turkey
Last price 2.79 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.20B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) reported revenue of 89.95B TRY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in TRY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 89.95B | 84.65B | 74.67B | 67.20B | 38.23B | 24.79B |
| Cost of Revenue | 67.18B | 63.20B | 55.31B | 53.51B | 34.20B | 22.06B |
| Gross Profit | 22.78B | 21.45B | 19.36B | 13.69B | 4.03B | 2.73B |
| Selling, General & Admin | 18.97B | 16.62B | 13.76B | 10.94B | 8.04B | 8.01B |
| Research & Development | 863.52M | 828.65M | 969.43M | 778.93M | 436.34M | 204.24M |
| Other Operating Expenses | 2.05B | 2.01B | 1.39B | 1.29B | 1.70B | 310.00M |
| Operating Expenses | 25.05B | 22.63B | 18.80B | 15.23B | 11.40B | 9.16B |
| Operating Income | -2.27B | -1.18B | 554.96M | -1.54B | -7.37B | -6.43B |
| Interest Expense | -5.07B | -4.21B | -3.75B | -2.60B | -809.26M | -579.19M |
| Interest & Investment Income | 3.30B | 4.14B | 4.06B | 1.66B | 777.26M | 248.54M |
| Currency Exchange Gain (Loss) | 86.02M | 86.02M | 437.37M | 3.06B | 2.48B | 5.26B |
| Other Non Operating Income (Expenses) | -3.12B | -3.79B | -3.04B | -1.05B | -1.88B | -1.36B |
| EBT Excluding Unusual Items | -7.08B | -4.96B | -1.73B | -474.48M | -6.79B | -2.87B |
| Gain (Loss) on Sale of Investments | 64.70M | 64.70M | 167.05M | 448.86M | -108.26M | -116.68M |
| Asset Writedown | -198.93M | -846.57M | -532.76M | -87.01M | ||
| Legal Settlements | 255.38M | -14.81M | -346.56M | |||
| Pretax Income | -7.21B | -5.74B | -2.10B | 142.74M | -6.92B | -3.33B |
| Income Tax Expense | -12.57M | -43.15M | ||||
| Net Income | -7.20B | -5.70B | -2.10B | 142.74M | -6.92B | -3.33B |
| Net Income to Common | -7.20B | -5.70B | -2.10B | 142.74M | -6.92B | -3.33B |
| Shares Outstanding (Basic) | 372.91M | 372.27M | 328.36M | 324.81M | 326.00M | 304.76M |
| Shares Outstanding (Diluted) | 372.91M | 372.27M | 328.36M | 324.81M | 326.00M | 304.76M |
| EPS (Basic) | -19.30 | -15.31 | -6.40 | 0.44 | -21.22 | -10.93 |
| EPS (Diluted) | -19.30 | -15.31 | -6.40 | 0.44 | -21.22 | -10.93 |
| Free Cash Flow | 6.04B | 8.87B | 4.83B | 7.30B | -990.82M | -692.48M |
| Free Cash Flow Per Share | 16.19 | 23.83 | 14.70 | 22.49 | -3.04 | -2.27 |
| Gross Margin | 25.32% | 25.34% | 25.92% | 20.38% | 10.54% | 11.01% |
| Operating Margin | -2.53% | -1.40% | 0.74% | -2.29% | -19.27% | -25.94% |
| Profit Margin | -8.00% | -6.73% | -2.81% | 0.21% | -18.09% | -13.43% |
| Free Cash Flow Margin | 6.71% | 10.48% | 6.46% | 10.87% | -2.59% | -2.79% |
| EBITDA | -1.85B | -763.20M | 952.40M | 680.45M | -6.15B | -5.79B |
| EBITDA Margin | -2.06% | -0.90% | 1.27% | 1.01% | -16.08% | -23.37% |
| D&A For EBITDA | 423.74M | 420.27M | 397.44M | 2.22B | 1.22B | 637.01M |
| EBIT | -2.27B | -1.18B | 554.96M | -1.54B | -7.37B | -6.43B |
| EBIT Margin | -2.53% | -1.40% | 0.74% | -2.29% | -19.27% | -25.94% |
| Advertising Expenses | 7.31B | 5.62B | 4.59B | 4.20B | 4.86B |
Balance sheet
Fiscal year January - December; amounts in TRY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.01B | 11.31B | 8.84B | 7.94B | 8.68B | 6.26B |
| Short-Term Investments | 2.03B | 182.47M | 232.24M | 188.69M | 219.49M | |
| Trading Asset Securities | 1.83B | 2.89B | 2.30B | 28.93M | 1.68B | |
| Cash & Short-Term Investments | 9.04B | 13.32B | 11.96B | 10.43B | 8.71B | 8.17B |
| Accounts Receivable | 5.32B | 5.94B | 5.70B | 3.47B | 1.12B | 384.76M |
| Other Receivables | 126.18M | 13.53M | 492.41M | 556.16M | 203.70M | |
| Receivables | 5.32B | 6.37B | 6.70B | 3.96B | 1.68B | 588.47M |
| Inventory | 8.87B | 8.73B | 7.86B | 5.72B | 2.95B | 2.88B |
| Prepaid Expenses | 865.22M | 505.94M | 513.96M | 275.12M | 112.80M | |
| Restricted Cash | 251.63M | 223.80M | 201.60M | 263.22M | 177.01M | 65.70M |
| Other Current Assets | 1.04B | 159.51M | 81.81M | 219.85M | 15.83M | 12.88M |
| Total Current Assets | 24.53B | 29.67B | 27.30B | 21.11B | 13.80B | 11.82B |
| Property, Plant & Equipment | 3.97B | 3.29B | 2.79B | 1.54B | 1.28B | 656.26M |
| Goodwill | 538.00K | 538.00K | 411.00K | 285.00K | ||
| Other Intangible Assets | 4.50B | 3.87B | 4.00B | 2.68B | 1.39B | 405.39M |
| Long-Term Deferred Tax Assets | 56.44M | 47.93M | ||||
| Other Long-Term Assets | 31.29M | 40.55M | 16.24M | 48.69M | 103.84M | 502.26M |
| Total Assets | 33.10B | 36.95B | 34.22B | 25.38B | 16.59B | 13.39B |
| Accounts Payable | 24.70B | 15.11B | 11.36B | 9.29B | 5.80B | 4.91B |
| Accrued Expenses | 742.36M | 1.34B | 985.43M | 604.26M | 533.00M | 221.00M |
| Short-Term Debt | 317.34M | |||||
| Current Portion of Long-Term Debt | 469.24M | 596.55M | 2.20B | 264.89M | 21.50M | |
| Current Portion of Leases | 1.04B | 1.05B | 535.46M | 223.17M | 259.38M | 179.56M |
| Current Income Taxes Payable | 831.77M | 1.17B | 236.32M | 194.57M | 97.66M | |
| Current Unearned Revenue | 2.45B | 13.67B | 11.21B | 8.49B | 4.97B | 2.14B |
| Other Current Liabilities | 2.57B | 793.61M | 792.66M | 600.15M | 986.09M | 352.94M |
| Total Current Liabilities | 31.97B | 33.39B | 28.25B | 19.70B | 12.76B | 8.22B |
| Long-Term Debt | 4.05M | 18.00M | ||||
| Long-Term Leases | 861.55M | 778.34M | 764.00M | 175.88M | 172.93M | 167.46M |
| Long-Term Unearned Revenue | 342.20M | 390.81M | 302.04M | 416.00K | ||
| Pension & Post-Retirement Benefits | 239.65M | 262.94M | 201.29M | 150.56M | 27.12M | 8.70M |
| Other Long-Term Liabilities | 611.92M | 161.24M | 263.59M | 279.57M | 241.55M | 180.41M |
| Total Liabilities | 33.68B | 34.93B | 29.87B | 20.61B | 13.22B | 8.57B |
| Common Stock | 1.12B | 949.54M | 942.37M | 719.96M | 498.66M | 302.63M |
| Additional Paid-In Capital | 23.21B | 19.71B | 27.37B | 20.91B | 14.48B | 8.79B |
| Retained Earnings | -24.54B | -18.33B | -25.09B | -17.54B | -12.15B | -4.45B |
| Treasury Stock | -377.97M | -320.97M | -320.97M | -245.22M | ||
| Comprehensive Income & Other | 1.44B | 920.76M | 531.34M | 170.36M | ||
| Shareholders' Equity | -582.28M | 2.01B | 4.35B | 4.77B | 3.37B | 4.81B |
| Total Liabilities & Equity | 33.10B | 36.95B | 34.22B | 25.38B | 16.59B | 13.39B |
| Total Debt | 2.37B | 2.43B | 3.50B | 668.00M | 471.81M | 664.36M |
| Net Cash (Debt) | 6.67B | 10.90B | 8.45B | 9.76B | 8.23B | 7.50B |
| Net Cash Per Share | 17.90 | 29.27 | 25.75 | 30.05 | 25.26 | 24.62 |
| Filing Date Shares Outstanding | 370.51M | 357.23M | 321.38M | 321.38M | 326.00M | 326.00M |
| Total Common Shares Outstanding | 370.51M | 357.23M | 321.38M | 321.38M | 326.00M | 326.00M |
| Working Capital | -7.44B | -3.72B | -957.26M | 1.41B | 1.04B | 3.61B |
| Book Value Per Share | -1.57 | 5.63 | 13.53 | 14.84 | 10.32 | 14.76 |
| Tangible Book Value | -5.08B | -1.86B | 343.51M | 2.09B | 1.97B | 4.41B |
| Tangible Book Value Per Share | -13.71 | -5.21 | 1.07 | 6.51 | 6.05 | 13.52 |
| Machinery | 2.66B | 2.35B | 1.47B | 901.12M | 363.93M | |
| Leasehold Improvements | 565.16M | 494.57M | 331.51M | 218.41M | 119.06M |
Cash flow statement
Fiscal year January - December; amounts in TRY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -7.20B | -5.70B | -2.10B | 142.74M | -6.92B | -3.33B |
| Depreciation & Amortization | 1.32B | 1.32B | 1.09B | 2.22B | 1.22B | 637.01M |
| Other Amortization | 1.85B | 1.85B | 1.59B | |||
| Asset Writedown & Restructuring Costs | 269.46M | 269.46M | ||||
| Loss (Gain) From Sale of Investments | -54.63M | -64.70M | -167.05M | -448.86M | 108.26M | 116.68M |
| Stock-Based Compensation | -776.78M | -492.47M | 235.53M | 201.08M | 361.85M | 280.71M |
| Provision & Write-off of Bad Debts | 69.03M | 560.04M | 353.65M | 97.20M | 46.32M | 24.22M |
| Other Operating Activities | 10.33B | 9.00B | 8.28B | 9.04B | 4.74B | 754.06M |
| Change in Accounts Receivable | 2.47B | -97.30M | -2.71B | -2.73B | -686.27M | 140.88M |
| Change in Inventory | 1.36B | -1.16B | -463.77M | -2.22B | 2.61B | -1.85B |
| Change in Accounts Payable | -825.28M | 6.57B | -296.27M | 1.97B | -1.87B | 3.54B |
| Change in Unearned Revenue | -561.41M | 289.88M | -195.92M | 549.52M | 662.33M | 38.35M |
| Change in Other Net Operating Assets | 134.24M | -1.36B | 1.63B | 665.04M | 742.95M | -396.10M |
| Operating Cash Flow | 8.49B | 11.28B | 7.46B | 9.49B | 1.02B | -47.39M |
| Capital Expenditures | -2.45B | -2.41B | -2.63B | -2.18B | -2.01B | -645.08M |
| Sale of Property, Plant & Equipment | -909.00K | 7.36M | 19.36M | 14.28M | 1.19M | 4.52M |
| Cash Acquisitions | -10.94M | |||||
| Investment in Securities | -23.75M | 1.01B | -367.69M | -3.11B | 3.86B | -2.72B |
| Other Investing Activities | 3.27B | 3.96B | 4.15B | 2.10B | 765.29M | 246.56M |
| Investing Cash Flow | 789.27M | 2.57B | 1.17B | -3.17B | 2.61B | -3.12B |
| Long-Term Debt Issued | 8.39B | 6.84B | 1.09B | 2.25B | 5.83B | |
| Total Debt Issued | 8.05B | 8.39B | 6.84B | 1.09B | 2.25B | 5.83B |
| Long-Term Debt Repaid | -10.98B | -5.58B | -1.30B | -3.26B | -6.62B | |
| Lease Payments | -1.21B | -1.12B | -616.96M | -581.07M | -477.82M | -252.68M |
| Total Debt Repaid | -10.21B | -10.98B | -5.58B | -1.30B | -3.26B | -6.62B |
| Net Debt Issued (Repaid) | -2.16B | -2.59B | 1.26B | -207.67M | -1.01B | -793.84M |
| Issuance of Common Stock | 4.17B | 4.17B | 13.62B | |||
| Repurchase of Common Stock | -90.75M | |||||
| Other Financing Activities | -11.77B | -10.82B | -8.94B | -5.99B | -2.50B | -1.97B |
| Financing Cash Flow | -9.76B | -9.24B | -7.68B | -6.29B | -3.51B | 10.85B |
| Foreign Exchange Rate Adjustments | 57.38M | 36.75M | 65.34M | 329.62M | 2.32B | 2.99B |
| Miscellaneous Cash Flow Adjustments | -2.37B | -2.18B | -2.57B | -6.34B | -4.83B | -2.54B |
| Net Cash Flow | -2.79B | 2.46B | -1.56B | -5.99B | -2.39B | 8.14B |
| Free Cash Flow | 6.04B | 8.87B | 4.83B | 7.30B | -990.82M | -692.48M |
| Free Cash Flow Margin | 6.71% | 10.48% | 6.46% | 10.87% | -2.59% | -2.79% |
| Free Cash Flow Per Share | 16.19 | 23.83 | 14.70 | 22.49 | -3.04 | -2.27 |
| Levered Free Cash Flow | 1.22B | 2.12B | -64.67M | -1.20B | -2.22B | -1.20B |
| Unlevered Free Cash Flow | 4.39B | 4.75B | 2.28B | 422.94M | -1.72B | -841.77M |
| Free Cash Flow After Leases | 4.83B | 7.75B | 4.21B | 6.72B | -1.47B | -945.16M |
| Cash Interest Paid | 11.77B | 10.82B | 8.94B | 5.99B | 2.50B | 1.97B |
| Change in Working Capital | 2.58B | 4.24B | -2.04B | -1.76B | 1.46B | 1.47B |
Ratios
Fiscal year January - December; amounts in TRY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.18B | 885.92M | 973.79M | 586.80M | 215.16M | 622.66M |
| Enterprise Value | 1.04B | 728.72M | 785.73M | 369.32M | -1.22M | 202.74M |
| Last Close Price | 2.76 | 2.48 | 3.03 | 1.80 | 0.66 | 1.91 |
| PE Ratio | 121.56 | |||||
| Forward PE | 203.68 | 59.70 | 50.12 | |||
| PS Ratio | 0.61 | 0.45 | 0.46 | 0.26 | 0.10 | 0.33 |
| PB Ratio | 18.92 | 7.92 | 3.64 | 1.20 | 1.71 | |
| P/TBV Ratio | 100.27 | 8.29 | 2.04 | 1.87 | ||
| P/FCF Ratio | 9.78 | 4.29 | 7.14 | 2.38 | ||
| P/OCF Ratio | 6.96 | 3.37 | 4.62 | 1.83 | 3.94 | |
| EV/Sales Ratio | 0.54 | 0.37 | 0.37 | 0.16 | 0.11 | |
| EV/EBITDA Ratio | 29.18 | 16.05 | ||||
| EV/EBIT Ratio | 50.08 | |||||
| EV/FCF Ratio | 8.60 | 3.53 | 5.76 | 1.50 | ||
| Debt / Equity Ratio | -4.07 | 1.21 | 0.81 | 0.14 | 0.14 | 0.14 |
| Debt / EBITDA Ratio | 17.95 | 2.13 | 0.98 | |||
| Debt / FCF Ratio | 0.39 | 0.27 | 0.73 | 0.09 | ||
| Net Debt / Equity Ratio | 11.46 | -5.42 | -1.95 | -2.05 | -2.45 | -1.56 |
| Net Debt / EBITDA Ratio | 3.60 | 14.28 | -8.88 | -14.34 | 1.34 | 1.29 |
| Net Debt / FCF Ratio | -1.10 | -1.23 | -1.75 | -1.34 | 8.31 | 10.83 |
| Asset Turnover | 2.89 | 2.38 | 2.51 | 3.20 | 2.55 | 3.23 |
| Inventory Turnover | 8.26 | 7.62 | 8.15 | 12.34 | 11.75 | 12.10 |
| Quick Ratio | 0.45 | 0.58 | 0.62 | 0.73 | 0.81 | 1.06 |
| Current Ratio | 0.77 | 0.89 | 0.97 | 1.07 | 1.08 | 1.44 |
| Return on Equity (ROE) | -636.49% | -179.24% | -46.09% | 3.51% | -169.16% | -165.48% |
| Return on Assets (ROA) | -4.57% | -2.08% | 1.16% | -4.58% | -30.72% | -52.36% |
| Return on Capital Employed (ROCE) | -201.20% | -33.30% | 9.30% | -27.10% | -192.60% | -124.40% |
| Earnings Yield | -14.99% | -14.97% | -6.10% | 0.82% | -171.79% | -40.51% |
| FCF Yield | 10.22% | 23.30% | 14.01% | 42.10% | -24.61% | -8.42% |
| Buyback Yield / Dilution | -13.47% | -13.37% | -1.09% | 0.36% | -6.97% | -7.19% |