Saturday 17 October 2026 Export HEPS’s income statement to Excel — free account

D-MARKET Electronic Services & Trading Unsponsored ADR

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.

2.71 0.02 −0.73%

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Market cap: $975.2M
P/E: 0.0×
Fwd P/E: −9.5×
Dividend yield: —
F-score: 4/9
Altman Z: 1.92
Beneish M: −4.60
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 22.81%

Capital & Financial Ratios $m

Market Cap 975.24

Revenue 2,352.75

Net Income (181.30)

Free Cash Flow 170.90

Net Debt (175.17)

Current Ratio 0.77

Debt/Equity (2.29)

P/E ratio 0.00

Fwd P/E (9.51)

P/S ratio 0.43

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth (66.42%)

Next Y EPS Growth 19.78%

Next Y revenue growth 11.33%

Next 5Y EPS Growth 19.84%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 47.46%

10-year low 10-year high

EV/Sales against its own 10 years 65.91%

10-year low 10-year high

EV/FCF against its own 10 years 74.31%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	320	283	344	204
Receivables	103	154	158	—
Inventory	172	183	222	195
Other	38	16	30	23
	633	636	754	540

	2023	2024	2025	Q'26
Payables	457	457	657	543
ST’ Debt	8	51	15	10
Other	106	122	123	110
	591	658	848	703

Compound Annual Growth %

	10y	5y	3y
Sales	—	18.62%	29.79%
Cash Flow	—	35.23%	121.84%
Earnings	—	0.00%	0.00%
Book Value	—	0.00%	(25.79%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	530	502	—	—	—
’25	397	432	488	833	2,150
’24	365	312	365	697	1,740
’23	245	285	301	709	1,540
’22	182	190	183	428	983
’21	188	209	194	283	875

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(9)	50	—	—	—
’25	(9)	100	78	118	287
’24	47	(6)	60	73	174
’23	3	(21)	84	151	217
’22	(89)	8	37	71	26
’21	(17)	91	(70)	5	10

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(26)	33	—	—	—
’25	(26)	88	65	98	225
’24	33	(19)	48	51	113
’23	(8)	(29)	76	129	168
’22	(98)	(5)	26	51	(25)
’21	(22)	87	(76)	(4)	(14)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.06)	(0.11)	—	—	—
’25	(0.03)	(0.06)	(0.10)	(0.24)	(0.46)
’24	(0.01)	(0.04)	(0.03)	(0.06)	(0.15)
’23	(0.03)	0.13	(0.02)	(0.07)	0.01
’22	(0.05)	(0.11)	(0.10)	(0.28)	(0.55)
’21	(0.11)	(0.14)	(0.32)	0.20	(0.22)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	1.87	0.59	0.69	1.25	2.15	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	15.23	2.81	1.89	4.05	3.85
People
People	Employees	—	—	—	—	2,432	3,789	3,834	3,213	3,743	3,611
	Revenue/emp, $m	—	—	—	—	0.38	0.23	0.26	0.48	0.46	0.60
Income, $m
Income, $m	Revenue	—	—	—	—	916	875	983	1,540	1,740	2,150
	Gross margin, %	—	—	—	—	23.94	24.46	21.73	30.29	37.49	36.23
	EBT	—	—	—	—	(68)	(81)	(178)	3	(49)	(146)
	EBT margin, %	—	—	—	—	(7.44)	(9.26)	(18.09)	0.21	(2.81)	(6.78)
	Net income	—	0	—	—	(68)	(81)	(178)	3	(49)	(145)
	Depreciation	—	—	—	—	13	16	31	51	62	81
Per share, $
Per share, $	Revenue	—	—	—	—	16.10	2.87	3.02	4.74	5.30	5.78
	Earnings	—	—	—	—	(1.20)	(0.22)	(0.55)	0.01	(0.15)	(0.46)
	Cash flow	—	—	—	—	1.11	0.03	0.08	0.67	0.53	0.77
	Capex	—	—	—	—	(0.25)	(0.08)	(0.16)	(0.15)	(0.19)	(0.16)
	Free cash flow	—	—	—	—	0.86	(0.05)	(0.08)	0.52	0.34	0.61
	Book value	—	—	—	—	(1.99)	1.02	0.38	0.44	0.31	0.14
	Shares, m	—	—	—	—	57	305	326	325	328	372
Valuation, ×
Valuation, ×	P/E	—	—	—	—	0.00	0.00	0.00	168.00	0.00	0.00
	P/S	—	—	—	—	0.00	0.67	0.24	0.35	0.57	0.43
	P/B	—	—	—	—	0.00	1.88	1.85	3.82	9.82	18.07
	EV/Sales	—	—	—	—	0.00	0.04	(0.09)	0.16	0.45	0.29
	EV/FCF	—	—	—	—	0.00	(2.50)	3.56	1.43	6.92	2.73
Cash, $m
Cash, $m	Operating cash flow	—	—	—	—	63	10	26	217	174	287
	Capex	—	—	—	—	(14)	(25)	(52)	(50)	(61)	(61)
	Free cash flow	—	—	—	—	49	(14)	(25)	168	113	225
Balance, $m
Balance, $m	Working capital	—	—	—	—	(139)	241	39	42	(22)	(95)
	Total debt	—	—	—	—	63	34	8	13	69	35
	Net debt	—	—	—	—	(22)	(546)	(322)	(307)	(214)	(309)
	Shareholders’ equity	—	—	—	—	(113)	310	125	143	101	51
Returns, %
Returns, %	ROA	—	—	—	—	(48.30)	(13.57)	(23.28)	0.47	(6.28)	(16.68)
	ROIC	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
	ROE	—	—	—	—	(64.40)	(82.37)	(81.83)	2.44	(40.07)	(189.97)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
OZON Ozon Holdings PLC Sponsored ADR	$2.4B	— (loss-making)	— (loss-making)	+31.09% (above 0%: growing)	n/m	+116.83% (above 0%: growing)	10.69%	(9.16%)	Compare
RVLV Revolve Group, Inc.	$1.7B	22.4×	21.7×	+12.44% (above 0%: growing)	+85.71% (above 0%: growing)	−215.06% (below 0%: shrinking)	56.61%	6.36%	Compare
LQDT Liquidity Services, Inc.	$1.4B	41.4×	36.1×	+8.09% (above 0%: growing)	+37.50% (above 0%: growing)	+71.33% (above 0%: growing)	49.26%	10.91%	Compare
HEPS D-MARKET Electronic Services & Trading Unsponsored ADR	$975.2M	— (loss-making)	— (loss-making)	+16.17% (above 0%: growing)	n/m	−62.03% (below 0%: shrinking)	37.80%	(3.04%)
JMIA Jumia Technologies	$761.1M	— (loss-making)	— (loss-making)	+13.91% (above 0%: growing)	n/m	+4.91% (above 0%: growing)	59.10%	(23.81%)	Compare
RERE ATRenew Inc. Sponsored ADR	$519.0M	13.5×	10.6×	+39.80% (above 0%: growing)	+100.00% (above 0%: growing)	−609.63% (below 0%: shrinking)	21.03%	2.70%	Compare
TDUP ThredUp Inc.	$308.6M	— (loss-making)	— (loss-making)	+16.88% (above 0%: growing)	n/m	+160.75% (above 0%: growing)	79.90%	(6.73%)	Compare
ZKH ZKH Group Limited Unsponsored ADR	$244.5M	— (loss-making)	44.6×	+19.07% (above 0%: growing)	n/m	+92.81% (above 0%: growing)	17.58%	0.16%	Compare
NEGG Newegg Commerce, Inc.	$238.3M	— (loss-making)	— (loss-making)	−8.23% (below 0%: shrinking)	n/m	+138.92% (above 0%: growing)	12.40%	0.44%	Compare
Median of peers	$640.1M	22.4×	28.9×	+15.40%	+85.71%	+82.07%	35.15%	0.30%

All 42 Internet Retail stocks →

D-MARKET Electronic Services & Trading Unsponsored ADR (HEPS) key facts

Strength: 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.
D-MARKET Electronic Services & Trading Unsponsored ADR (HEPS) is an Internet Retail company in the Consumer Cyclical sector, listed on Nasdaq.
As of October 16, 2026, HEPS traded at $2.71, a market capitalization of $975.2 million.
Return on equity was −190.0% and debt-to-equity -2.29.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 1.92 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.