HEPS

MKT CAP:$896M

D-Market Elektronik Hizmetler ve Ticaret A.S.

Market Cap

$896M

Consumer Cyclical·Specialty Retail· Turkey·NASDAQ

Consumer Cyc.·Specialty Retail·NASDAQ

Stock Price

$2.85+$0.29 (+11.33%)

Apr 21, 2026

Company Details

D-Market Elektronik Hizmetler ve Ticaret A.S. operates e-commerce platforms in Turkey. The company operates www.hepsiburada.com, a retail website that provides its retail customers a range of merchandise, including electronics and non-elect...

CEO

Nilhan Gokcetekin

IPO Date

Jul 1, 2021

Website

www.hepsiburada.com

Key Metrics TTM

Revenue

$773M

— YoY

Net Income

-$68M

EPS (Diluted)

-$0.22

Free Cash Flow

$17M

Revenue / Share

$2.51

Gross Margin

21.9%

Operating Margin

-5.6%

Net Margin

-8.8%

FCF Margin

2.2%

P/S

1.2x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Dec 30, 2025

$2.0BEPS -$0.43

Q4 2025

Feb 26, 2026

$632MEPS -$0.23

Q4 2021

May 2, 2022

$61M+25.4%EPS $0.05

Q1 2021

Mar 31, 2021

$31M+65.6%EPS -$0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$19M	$5M	-$104.2K
Q2 20	$37M	$10M	$1M
Q3 20	$37M	$8M	-$321.6K
Q4 20	$49M	$10M	-$5M
Q1 21	$31M	$4M	-$3M
Q4 21	$61M	$15M	-$18M
Q4 25	$632M	$140M	-$18M

Valuation

Quarter	P/S	P/E
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	32.0x	—
Q1 21	29.4x	—
Q4 21	3.5x	—
Q4 25	1.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	$2M	$1M
Q2 20	$3M	$3M
Q3 20	-$1M	-$2M
Q4 20	$6M	$5M
Q1 21	-$3M	-$4M
Q4 21	$998.3K	-$709.4K
Q4 25	$33M	$17M

Capital Expenditures

Quarter	CapEx
Q1 20	$350.3K
Q2 20	$409.7K
Q3 20	$637.8K
Q4 20	$829.5K
Q1 21	$808.1K
Q4 21	$2M
Q4 25	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+65.6%	+80.3%
Q4 21	+65.4%	+119.9%
Q4 25	+1599.7%	+1633.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$3M	8.9%
Q4 21	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 20	—	$1M	$2M	—
Q2 20	—	$2M	$3M	—
Q3 20	—	$2M	$3M	—
Q4 20	—	$3M	$7M	—
Q1 21	$283.7K	$66.1K	$6M	—
Q4 21	—	$8M	$15M	—
Q4 25	—	—	—	$161M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$52M	$29M	$81M
Q2 22	$60M	$30M	$90M
Q3 22	$77M	$19M	$97M
Q4 22	$193M	$643.7K	$194M
Q1 23	$111M	$0	$111M
Q2 23	$4M	$447.5K	$5M
Q3 23	$127M	$15M	$142M
Q4 23	$177M	$55M	$232M
Q1 24	$79M	$98M	$177M
Q2 24	$82M	$71M	$153M
Q3 24	$95M	$86M	$181M
Q4 24	$150M	$53M	$203M
Q1 25	$149M	$13M	$162M
Q2 25	$158M	$40M	$198M
Q3 25	$165M	$42M	$207M
Q4 25	$256M	$45M	$301M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	326M	—	—
Q2 20	326M	0.0%	—
Q3 20	326M	0.0%	—
Q4 20	279M	-14.5%	—
Q1 21	326M	+16.9%	0.0%
Q4 21	326M	+0.0%	+0.0%
Q4 25	308M	-5.5%	-5.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q4 21	$16.2K	4K
Q4 25	$184.4K	3K

Revenue / Employee