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MARKETS / NASDAQ / HEPS
NASDAQ · RETAIL-CATALOG & MAIL-ORDER HOUSES · MID CAP

D-market Electronic Services & Trading HEPS

6 fiscal years on record · TRY · FY2024 reported · SEC filings only
TRY 57.0B
▲ 11.1% YoY
TRY -1.6B
▼ 1571.7% YoY
In brief

What this company does

On that date it offered over 419 million SKUs, including variants, across 34 different product categories. In 2025 the third-party Marketplace model accounted for approximately 68% of GMV. Of total revenues for the year ended December 31, 2025, TRY 57.1 billion came from Direct Sales, TRY 9.9 billion from Marketplace sales, TRY 12.3 billion from delivery services and TRY 5.3 billion from other services. Merchants are offered a set of end-to-end e-commerce solutions that covers last-mile delivery services under Hepsijet, including delivery of oversized products, fulfillment options under HepsiLojistik, affordability solutions for consumers under Hepsipay and advertising solutions under HepsiAd. Hepsijet operated in all 81 cities in Türkiye with 258 cross-docks. Hepsiburada started operations in 2000.

Written from the business description in D-MARKET Electronic Services & Trading's annual report to the U.S. Securities and Exchange Commission, filed 30 April 2026. Every sentence was checked against that document before publication.

Growth
TRY 57.0B
Revenue, FY2024 · full 6-year series below
Revenue TRY B Net income TRY B
FY2024 · Revenue 57.0 · Net income -1.6
20.0B40.0B-2.5B-5.0B201920202021202220232024
Compound annual growth
+32.0%
+85.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +85.4% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−3 cents
lost on every revenue dollar
Operating margin Net margin
FY2024 · Operating 0.0% · Net -2.8%
1%2%3%-10%-20%201920202021202220232024
ROE
FY2024 · ROE -39.7%
-10%-20%-30%201920202021202220232024

Each TRY of equity lost 40 cents this year.

Cash & shareholders
returned in FY2024 · dividends + net buybacks
Net buybacks TRY M Dividends TRY M
FY2023 · Dividends — · Net buybacks 69.3
25.0M50.0M2023

Total assetsTRY 26.1B
EquityTRY 3.3B
CashTRY 6.8B
Gross debtTRY 1.7B
Net debtTRY -5.1B
Current ratio0.97×

The company holds more cash than debt.

The 6-year record
6 fiscal years
Every figure from documents filed with the SEC · TRY

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202420232022202120202019
Revenue TRY B57.051.338.224.815.22.6
Operating income TRY B0.0−1.0−7.4−6.8−0.80.1
EBITDA TRY B2.10.6−6.2−6.1−0.50.2
Income tax TRY B0.00.00.0···
Net income TRY B−1.60.1−6.9−3.3−0.9−0.1
EPS, diluted TRY −4.900.30−21.20−10.93−3.29−0.46
Dividend / sh TRY ······
Payout %······
ROE %−39.72.3····

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures · 1 divergences in 23 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 1 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 66 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures1 divergent
ActivityRetail-Catalog & Mail-Order Houses
Listed onNASDAQ
Incorporated inoutside the United States — SEC code W8
Fiscal year endsDecember 31
Data on record since2018

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