NASDAQ · Financial Statements

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) Financial Statements

$2.97 NASDAQ: HEPS Market Cap $942.16M

D-Market Elektronik Hizmetler ve Ticaret A.S. most recently reported annual revenue of $84.7B, a net loss of $5.7B. Revenue grew at an average annual rate of 41.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

D-Market Elektronik Hizmetler ve Ticaret A.S.: Revenue rose from $2.0B in 2018 to $84.7B in 2025, a change of +4230.0% over 7 years; net profit was positive in 1 of 8 reported years; operating margin moved from -2.6% to -1.1%, a shift of +1.6 percentage points; the most recent year shows a net loss of $5.7B.

Income Statement — 8 Years (USD millions)

Metric20182019202020212022202320242025
Revenue$2.0B$2.6B$15.2B$24.8B$38.2B$35.6B$57.0B$84.7B
Operating Expenses$2.0B$2.5B$16.0B$31.6B$45.6B$36.3B$57.0B$85.6B
Operating Profit$-52.0M$101.0M$-828.0M$-6.8B$-7.4B$-725.0M$17.0M$-902.0M
Operating Margin-2.6%3.9%-5.5%-27.3%-19.3%-2.0%0.0%-1.1%
Other Income$-110.0M$-233.0M$-109.0M$3.4B$465.0M$801.0M$-1.6B$-4.8B
Interest$47.0M$41.0M$302.0M$579.0M$809.0M$1.4B$2.9B$4.2B
Depreciation$78.0M$66.0M$302.0M$637.0M$1.2B$1.2B$2.0B$3.2B
Profit Before Tax$-161.0M$-132.0M$-937.0M$-3.3B$-6.9B$76.0M$-1.6B$-5.7B
Tax$0$0$0$0$0$0$0$750,000
Net Profit$-161.0M$-132.0M$-937.0M$-3.3B$-6.9B$76.0M$-1.6B$-5.7B
EPS$-0.49$-0.61$-2.87$-10.93$-8.92$0.23$-5.00$-18.00
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricJun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26
Revenue$10.1B$12.0B$14.0B$15.6B$13.7B$12.2B$20.4B$14.4B$16.7B$19.9B$30.3B$23.1B
Operating Expenses$10.2B$12.3B$14.2B$15.8B$13.7B$12.2B$20.3B$14.9B$16.7B$20.5B$30.1B$23.6B
Operating Profit$-86.0M$-245.0M$-271.0M$-135.0M$-44.0M$32.0M$135.0M$-549.0M$34.0M$-591.0M$277.0M$-440.0M
Operating Margin-0.8%-2.0%-1.9%-0.9%-0.3%0.3%0.7%-3.8%0.2%-3.0%0.9%-1.9%
Interest$40.0M$1.3B$1.5B$1.9B$526.0M$1.6B$2.6B$1.8B$2.4B$2.8B$0$3.0B
Profit Before Tax$1.5B$-285.0M$-579.0M$-181.0M$-519.0M$-307.0M$-724.0M$-355.0M$-724.0M$-1.3B$-3.2B$-961.0M
Tax$0$0$0$0$0$0$0$0$0$0$1.3M$-3.2M
Net Profit$1.5B$-285.0M$-579.0M$-181.0M$-519.0M$-307.0M$-724.0M$-355.0M$-724.0M$-1.3B$-3.2B$-992.0M
EPS$2.70$-0.59$-1.98$-0.40$-1.20$-0.96$-2.17$-1.10$-2.24$-4.10$-10.31$-2.70

Over the 8 years reported for D-Market Elektronik Hizmetler ve Ticaret A.S., borrowings increased from $256.0M in 2018 to $2.4B in 2025, cash stood at $11.3B in the latest year, shareholders' equity was $950.0M, current assets covered current liabilities 0.89 times.

Balance Sheet — 8 Years (USD millions)

Metric20182019202020212022202320242025
Total Assets$641.0M$956.0M$2.0B$13.4B$16.6B$25.4B$26.1B$36.9B
Current Assets$419.0M$780.0M$1.7B$11.8B$13.8B$21.1B$20.9B$29.7B
Cash$136.0M$282.0M$593.0M$6.3B$8.7B$7.9B$6.8B$11.3B
Inventory$203.0M$366.0M$770.0M$2.9B$2.9B$5.7B$6.0B$8.7B
Receivables$57.0M$114.0M$215.0M$588.0M$1.7B$4.0B$5.1B$6.4B
Fixed Assets$161.0M$107.0M$182.0M$656.0M$1.3B$1.5B$2.1B$3.3B
Capital Work in Progress$0$0$0$0$0$0$0$0
Investments$0$0$0$1.9B$29.0M$2.5B$2.4B$2.0B
Other Assets$0$0$0$0$0$0$0$1.0M
Total Liabilities$999.0M$1.3B$2.8B$8.6B$13.2B$20.6B$22.8B$34.9B
Current Liabilities$892.0M$1.2B$2.7B$8.2B$12.8B$19.7B$21.6B$33.4B
Borrowings$256.0M$103.0M$491.0M$664.0M$472.0M$668.0M$2.2B$2.4B
Other Liabilities$744.0M$1.2B$2.3B$7.9B$12.8B$19.9B$20.6B$32.5B
Equity$46.0M$57.0M$57.0M$303.0M$499.0M$720.0M$720.0M$950.0M
Reserves$-358.0M$-311.0M$-787.0M$4.8B$3.4B$4.8B$3.3B$2.0B

For D-Market Elektronik Hizmetler ve Ticaret A.S., operating cash flow was positive in 6 of 8 reported years; free cash flow in the latest year was $2.2B; free cash flow was positive in 5 of 8 years; financing activities used $1.2B in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 8 Years (USD millions)

Metric20182019202020212022202320242025
Operating Cash Flow$168.0M$364.0M$24.0M$-49.0M$-26.0M$99.0M$18.0M$4.8B
Investing Cash Flow$-99.0M$-107.0M$-18.0M$-129.0M$3.0M$-140.0M$-87.0M$-4.1B
Financing Cash Flow$-124.0M$-211.0M$-8.0M$-12.0M$-12.0M$-15.0M$-14.0M$-1.2B
Net Cash Flow$-71.0M$146.0M$32.0M$210.0M$-3.0M$-95.0M$3.0M$3.1B
Free Cash Flow$119.0M$310.0M$20.0M$-55.0M$-77.0M$51.0M$-43.0M$2.2B

Valuation & Return Ratios

MetricValue
PEG Ratio0.08
EV / EBITDA17.89
FCF Yield2.31%
Quick Ratio0.54
Interest Coverage-0.09
Return 1Y11.37%
Return 3Y78.62%
Return 5Y-77.32%

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) financials — frequently asked questions

What is D-Market Elektronik Hizmetler ve Ticaret A.S.'s annual revenue?

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) reported annual revenue of $84.7B in its most recent fiscal year.

What is D-Market Elektronik Hizmetler ve Ticaret A.S.'s net profit?

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) reported a net loss of $5.7B in its most recent fiscal year.

What is HEPS EV/EBITDA?

D-Market Elektronik Hizmetler ve Ticaret A.S.'s enterprise value to EBITDA (EV/EBITDA) ratio is 17.89.

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