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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.

2.71 0.02 −0.73%
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 (below 1: weak)
Debt/Equity (2.29) (negative: negative equity)
P/E ratio 0.00
Fwd P/E (9.51) (negative: loss-making)
P/S ratio 0.43
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth (66.42%) (below 0%: weak)
Next Y EPS Growth 19.78% (at or above 15%: strong)
Next Y revenue growth 11.33% (at or above 10%: strong)
Next 5Y EPS Growth 19.84% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.4×, against a ten-year median of 0.3×; over the ten years it ranged from 0.0× in 2022 to 0.6× in 2022.
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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

D-MARKET Electronic Services & Trading Unsponsored ADR vs peers in Internet Retail (Q) = latest quarter vs a year earlier

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.

D-MARKET Electronic Services & Trading Unsponsored ADR (HEPS) Latest News

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stockrow.com/HEPS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com