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HEPS

D-Market Elektronik Hizmetler ve Ticaret A.S.

HEPS

D-Market Elektronik Hizmetler ve Ticaret A.S. • NASDAQ
$2.35 ▲ 0.86% (+0.02)
Market Cap $759.36 M
52w High $3.85
52w Low $2.15
Dividend Yield 0%
P/E -11.19
Volume 103.22K
Outstanding Shares 323.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $19.92B ▲ $8B ▲ $-1.325B ▼ -6.651% ▼ $-4.1 ▼ $2.38B ▲
Q2-2025 $16.744B ▲ $6.301B ▲ $-723.823M ▼ -4.323% ▼ $-2.24 ▼ $2.377B ▲
Q1-2025 $14.387B ▼ $5.871B ▼ $-355.084M ▲ -2.468% ▲ $-1.1 ▲ $2.079B ▲
Q4-2024 $20.436B ▲ $7.48B ▲ $-724.339M ▼ -3.544% ▼ $-2.17 ▼ $-1.882B ▼
Q3-2024 $12.242B $4.84B $-307.361M -2.511% $-0.96 $1.864B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $9.315B ▲ $32.789B ▲ $31.927B ▲ $862.215M ▼
Q2-2025 $8.905B ▲ $29.173B ▲ $26.329B ▲ $2.844B ▼
Q1-2025 $7.293B ▼ $26.374B ▲ $23.031B ▲ $3.344B ▲
Q4-2024 $9.135B ▲ $26.145B ▲ $22.823B ▲ $3.321B ▼
Q3-2024 $8.13B $24.477B $20.81B $3.668B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-32.474M ▲ $37.417M ▼ $-13.864M ▲ $-14.672M ▲ $551.101K ▼ $22.057M ▼
Q2-2025 $-745.155M ▼ $3.852B ▲ $-608.933M ▼ $-2.839B ▼ $404.13M ▲ $3.343B ▲
Q1-2025 $-9.787M ▲ $-30.227M ▼ $39.983M ▼ $-12.343M ▼ $-14.67M ▼ $-46.652M ▼
Q4-2024 $-20.963M ▼ $-9.513M ▼ $71.547M ▲ $12.788M ▲ $66.787M ▲ $-29.27M ▼
Q3-2024 $-9.166M $30.344M $-28.471M $12.225M $12.288M $16.941M

Five-Year Company Overview

Income Statement

Income Statement Revenue has expanded very rapidly over the past few years, moving from a relatively small base to a much larger scale. Gross profit has grown even faster, which suggests better unit economics and improved efficiency as the business has scaled. Operating performance has gradually shifted from sizable losses toward a small operating profit, showing clear progress on cost discipline and monetization. However, bottom-line results are still volatile: the company alternates between modest profits and losses, and overall remains in a transition phase where profitability is not yet stable or firmly established.

Balance Sheet

Balance Sheet The balance sheet has grown meaningfully along with the business, with total assets now much larger than a few years ago. Cash levels appear healthy relative to the size of the company and provide a cushion for operations and investment. Debt remains present but not dominant, although it has ticked up recently and is worth watching. Shareholders’ equity has recovered from a negative base and is now positive but relatively flat, reflecting accumulated past losses and only limited retained earnings so far. Overall, the financial foundation looks adequate but still rebuilding after years of heavy investment.

Cash Flow

Cash Flow The cash flow picture is noticeably stronger than the income statement might suggest. Operating cash flow has turned solidly positive and has been improving, indicating that the core business can generate cash even while accounting profits remain thin or negative. After capital spending, free cash flow has generally been positive in recent years, with only a temporary setback during the heaviest investment period. Capital expenditures are rising but still appear manageable relative to operating cash generation. This combination points to a business that is becoming more self-funding and less reliant on outside capital, which is a key milestone for any high-growth e-commerce platform.

Competitive Edge

Competitive Edge Hepsiburada holds a strong position as one of Turkey’s leading e-commerce platforms, backed by a well-known brand and a long operating history in the market. Its marketplace model, with many third-party sellers and a large customer base, creates network effects that are hard for smaller rivals to match. The company also controls key parts of the value chain—especially logistics and delivery through its own subsidiaries and integrated payment solutions—which can translate into better service quality and cost advantages. That said, the Turkish e-commerce space is competitive, with global and local players all investing heavily, so maintaining this edge will require continued execution and customer focus.

Innovation and R&D

Innovation and R&D Innovation is a central part of Hepsiburada’s strategy. The company invests in artificial intelligence for logistics optimization, personalization, and warehouse automation, which can improve delivery times and customer satisfaction. It has built a “super app” ecosystem that includes its own delivery network, logistics services for merchants, payments and digital wallet solutions, advertising tools, grocery and quick-commerce offerings, and even experiments with smart, cashierless physical stores. Newer initiatives such as its premium loyalty program, support programs for women entrepreneurs, and cross-border marketplace expansion show a willingness to test new concepts and broaden revenue streams. Overall, the company is using technology and product innovation not just to streamline operations, but also to deepen customer loyalty and seller dependence on the platform.

Summary

Hepsiburada has transformed itself from a smaller online retailer into a large-scale e-commerce platform with strong growth, improving margins, and increasingly solid cash generation. The business is clearly moving in the right direction operationally: better unit economics, positive operating cash flow, and a more resilient balance sheet. At the same time, profitability remains fragile, with earnings still swinging between gains and losses, and the company is operating in a highly competitive and macroeconomically volatile environment. Its main strengths are a powerful brand in Turkey, a deep integrated logistics and payments ecosystem, and a clear focus on technology and AI-driven innovation. The key questions going forward are whether it can lock in consistent profitability, maintain its competitive edge against strong rivals, and successfully leverage its ecosystem and international initiatives for the next phase of growth.

NEWS

October 22, 2025 · 4:15 PM UTC

Hepsiburada Announces Extraordinary General Assembly Meeting

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