D-MARKET Electronic Services & Trading Unsponsored ADR
HEPS Consumer Cyclical Internet Retail
D-MARKET Electronic Services & Trading Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 23.6% from fiscal 2024. In the quarter to June 2026, revenue grew 16.2%, EPS fell 83.3%, free cash flow fell 62.0% and total debt fell 39.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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D-MARKET Electronic Services & Trading Unsponsored ADR (HEPS) Altman Z-score
D-MARKET Electronic Services & Trading Unsponsored ADR's Altman Z-score for fiscal 2025 is 1.92, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.92 | (0.06) |
| FY2024 | 1.98 | 0.43 |
| FY2023 | 1.55 | 1.66 |
| FY2022 | −0.11 | (0.88) |
| FY2021 | 0.78 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.10) | — | −0.12 | |
| Retained earnings / total assets | (0.50) | — | −0.69 | |
| EBIT / total assets | (0.05) | — | −0.18 | |
| Market value of equity / total liabilities | 1.04 | — | 0.62 | |
| Sales / total assets | 2.29 | — | 2.29 | |
| Altman Z-score | Grey zone | 1.92 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.59 | ||
Z and Z″ put D-MARKET Electronic Services & Trading Unsponsored ADR in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RVLV Revolve Group, Inc. compare | 8.4× |
| RERE ATRenew Inc. Sponsored ADR compare | 5.0× |
| LQDT Liquidity Services, Inc. compare | 4.9× |
| NEGG Newegg Commerce, Inc. compare | 4.7× |
| HEPS D-MARKET Electronic Services & Trading Unsponsored ADR | 1.9× |
| ZKH ZKH Group Limited Unsponsored ADR compare | 1.3× |
| TDUP ThredUp Inc. compare | 0.9× |
| JMIA Jumia Technologies compare | −14.8× |
| OZON Ozon Holdings PLC Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets