D-Market Elektronik Hizmetler ve Ticaret A.S.

HEPS

Specialty Retail · Consumer Cyclical

Price

$2.71

+0.04 (+1.50%)

Market Cap

$859.7M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+3.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 304.8M (2021) → 316.6M (2025)

Winston Score History

The full picture

D-Market Elektronik Hizmetler ve Ticaret A.S. runs Hepsiburada, one of Turkey's largest e-commerce marketplaces. It sells a wide range of products — from electronics and clothing to household goods — both directly to shoppers and through third-party sellers who list items on its platform. The company serves everyday Turkish consumers and competes in a fast-growing but crowded online retail market.

Hepsiburada makes money two ways: selling products directly and collecting commissions and fees from third-party merchants on its marketplace. It also offers additional services like advertising, payment solutions through HepsiPay, and logistics support. The business operates almost entirely in Turkey, with a market cap around $0.9 billion. Its brand recognition and logistics network give it some competitive advantage, but the negative operating margin and weak returns on capital show it is still struggling to reach consistent profitability. The key risk is Turkey's volatile economy and high inflation, which can squeeze consumer spending and make financial planning difficult.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+36.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-127.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 TRY/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

14.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

9.0B TRY cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

D-Market Elektronik Hizmetler ve Ticaret A.S. grew revenue 36% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

36.2%

Modest — 36.2% gross margin

Profit after running costs

Operating Margin

-1.1%

Losing money on operations — -1.1%

Return on the money invested

ROCE

-34.6%

Weak — -34.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+48.4%

Fast-growing sales (+48.4% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

N/A

Data not available

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

2.6%

Thin free cash flow (2.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.30

Conservative — low debt load (0.30)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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