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) Piotroski F-score
D-MARKET Electronic Services & Trading Unsponsored ADR's Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, up from 3 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 1.00 |
| FY2024 | 3 | (5.00) |
| FY2023 | 8 | 5.00 |
| FY2022 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (16.68%) | (6.28%) | Fail | 0 |
| Positive operating cash flow | 286.62m | 173.78m | Pass | 1 |
| Rising return on assets | (16.68%) | (6.28%) | Fail | 0 |
| Cash flow above net income | 431.38m | 222.73m | Pass | 1 |
| Falling long-term leverage | 0.02 | 0.02 | Pass | 1 |
| Rising current ratio | 0.89 | 0.97 | Fail | 0 |
| No new shares issued | 372,266,000 | 328,364,000 | Fail | 0 |
| Rising gross margin | 36.23% | 37.49% | Fail | 0 |
| Rising asset turnover | 2.48 | 2.23 | Pass | 1 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| LQDT Liquidity Services, Inc. compare | 7 |
| RERE ATRenew Inc. Sponsored ADR compare | 6 |
| ZKH ZKH Group Limited Unsponsored ADR compare | 6 |
| NEGG Newegg Commerce, Inc. compare | 5 |
| TDUP ThredUp Inc. compare | 5 |
| OZON Ozon Holdings PLC Sponsored ADR compare | 5 |
| RVLV Revolve Group, Inc. compare | 5 |
| HEPS D-MARKET Electronic Services & Trading Unsponsored ADR | 4 |
| JMIA Jumia Technologies compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover