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D-Market Elektronik Hizmetler ve Ticaret A.S.

D-Market Elektronik Hizmetler ve Ticaret A.S.

NASDAQ•HEPS
CEO: Ms. Nilhan Gokcetekin
Sector: Consumer Cyclical
Industry: Specialty Retail
Listing Date: 2021-07-01
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 products, such as books, sports, toys, kids and baby products, cosmetics, furniture, etc. It also offers Hepsiburada Market, an app-in-app initiative and on-demand delivery service that delivers groceries and water; HepsiJet that provides last-mile delivery services; HepsiLojistik, which offers storage and fulfillment services; HepsiMat, an offline network of pick-up and drop-off point; HepsiAd that provides advertising service; HepsiGlobal for discovering and purchasing products from international merchants online; Hepsipay, which offers an e-money and payment services; and Hepsiburada Seyahat for buying airline tickets online. The company was incorporated in 2000 and is headquartered in Istanbul, Turkey.
Contact Information
Kustepe Mahallesi Mecidiyeköy, Yolu Cadde no: 12 Kule 2 K2 Sisli, Istanbul, 34387, Turkey
90-212-304-20-00
www.hepsiburada.com
Market Cap
$766.50M
P/E (TTM)
-10.5
32.3
Dividend Yield
--
52W High
$3.85
52W Low
$2.15
52W Range
14%
Rank64Top 85.8%
2.1
F-Score
Modified Piotroski Analysis
Based on 7-year fundamentals
Weak • 2.1 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2018-2024

Financial Dashboard

Q3 2025 Data

Revenue

$488.67M+62.72%
4-Quarter Trend

EPS

-$0.10+327.08%
4-Quarter Trend

FCF

$541.11K+30.20%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Revenue Increased 11.1% Total revenues reached TRY 57.05B in 2024, driven by 50.4% growth in delivery service revenue.
GMV Volume Expansion Total GMV grew 12.1% to TRY 188.6B in 2024, fueled by increased order frequency across platform.
Active Customer Base Grows Active Customers reached 12.2 million as of December 31, 2024, showing slight growth despite market pressures.
FCF Generation Remains Strong Free Cash Flow inflow was TRY 3.70B in 2024, though lower than TRY 5.59B generated in 2023.

Risk Factors

Continued Net Operating Losses Incurred net loss of TRY 1.60B for 2024, continuing investment phase, impacting operational profitability goals.
Hyperinflationary Economic Risks Volatile Turkish Lira and high inflation pressure consumer demand and increase operational cost structure sensitivity.
Cybersecurity Incident Exposure Experienced February 2024 cybersecurity breach; PDP Authority imposed TRY 3.45M administrative fine for control failures.
Internal Control Material Weaknesses Management concluded internal controls over financial reporting were not effective due to identified material weaknesses.

Outlook

Focus on Operational Profitability Ability to generate future profits depends on executing strategy, improving customer experience, and managing expansion costs.
Strategic Asset Expansion Continue investing in strategic assets like HepsiJet and Hepsipay, anticipating increased capital expenditure in 2025.
Navigating Regulatory Environment Must comply with evolving Turkish e-commerce regulations, including new rules on advertising and licensing obligations.
Post-Control Structure Changes New controlling shareholder Kaspi may reshape expansion plans, prioritizing alternative growth opportunities and synergies.

Peer Comparison

Revenue (TTM)

The ODP CorporationODP
$6.53B
-8.9%
Petco Health and Wellness Company, Inc.WOOF
$6.00B
-3.9%
Hovnanian Enterprises, Inc.HOV
$2.98B
-0.9%

Gross Margin (Latest Quarter)

Hovnanian Enterprises, Inc.HOV
96.6%
+75.7pp
Yatsen Holding LimitedYSG
78.3%
+1.6pp
Olaplex Holdings, Inc.OLPX
69.1%
+0.5pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
NEGG$1.21B-53.6-20.5%20.2%
LQDT$983.96M35.014.1%3.8%
WOOF$864.47M-392.6-0.2%26.7%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-6.2%
Growth Under Pressure
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
50%
Cash Flow Needs Attention

Research & Insights

Next earnings:Apr 29, 2026
|
EPS:-
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 30, 2025|
    Revenue: $1.74B+60.4%
    |
    EPS: $-0.15-2273.9%
    N/A

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 30, 2024|
    Revenue: $1.50B+121.3%
    |
    EPS: $0.01+102.6%
    Miss

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: May 1, 2023|
    Revenue: $971.44M+112.6%
    |
    EPS: $-0.54+18.4%
    Miss

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: May 2, 2022|
    Revenue: $851.53M+18.5%
    |
    EPS: $-1.23-497.3%
    Miss