HEPS
Consumer CyclicalD-Market Elektronik Hizmetler ve Ticaret A.S. · Specialty Retail · $870M
What is D-Market Elektronik Hizmetler ve Ticaret A.S.?
D-Market Elektronik Hizmetler ve Ticaret A.S., known by its flagship platform Hepsiburada, is one of Turkey's leading e-commerce companies. It serves millions of consumers across a wide range of product categories and digital services.
Hepsiburada operates a broad online marketplace where shoppers can buy electronics, books, toys, cosmetics, furniture, and more. Beyond retail, the company generates revenue through logistics services, advertising technology, payment solutions, and on-demand delivery — building an integrated ecosystem around its core marketplace.
The company was incorporated in 2000 and is headquartered in Istanbul, Turkey.
- Hepsiburada marketplace — multi-category online retail
- HepsiJet & HepsiLojistik — last-mile delivery and fulfillment
- Hepsipay — e-money and digital payment services
- HepsiExpress — on-demand grocery and essentials delivery
Is HEPS a Good Stock to Buy?
UQS Score rates HEPS as Good overall, reflecting a mixed but growth-oriented profile.
The standout pillar for HEPS is Growth, rated Strong — suggesting the business is expanding at a pace that stands out relative to sector peers. Valuation is rated Attractive, meaning the market may not yet be fully pricing in that growth trajectory.
Both the Quality and Moat pillars are rated Weak, pointing to limited competitive insulation and profitability challenges that investors should weigh carefully.
See the exact pillar breakdown and full financial metrics by signing up for a Pro account at UQS Score. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does HEPS pay dividends?
No — D-Market Elektronik Hizmetler ve Ticaret A.S. does not currently pay a dividend.
HEPS does not currently pay a dividend. As a growth-stage e-commerce operator in an emerging market, the company prioritizes reinvesting capital into platform expansion, logistics infrastructure, and fintech capabilities rather than returning cash to shareholders.
When does HEPS report earnings?
D-Market reports earnings on a quarterly cadence, consistent with its listing as a US-traded equity.
The company's Growth pillar rating suggests meaningful top-line momentum, though the Weak Quality rating indicates profitability remains a work in progress. Investors should track how the logistics and payments segments contribute to overall results over time.
For the most recent quarter's results, visit D-Market's official investor relations page.
HEPS Price History
-78.4% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in D-Market Elektronik Hizmetler ve Ticaret A.S.?
Based on D-Market Elektronik Hizmetler ve Ticaret A.S.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
HEPS Long-term Outlook
The fundamental outlook for HEPS is shaped by its Strong Growth pillar and Attractive Valuation, which together suggest meaningful upside potential if execution continues. However, the Weak Quality and Moat ratings introduce uncertainty — sustained growth must eventually translate into durable margins and competitive advantages to support a long-term investment case. The Neutral Risk rating implies the risk profile is neither alarming nor particularly comfortable.
Growth drivers
- Continued penetration of Turkey's underpenetrated e-commerce market
- Expansion of high-margin services including Hepsipay and HepsiAd
- Logistics network scale creating operational leverage over time
Key risks
- Macroeconomic and currency volatility in Turkey weighing on consumer spending
- Weak profitability metrics limiting financial resilience
- Competitive pressure from global and regional e-commerce players
HEPS vs Peers
HEPS operates in the broader online retail and marketplace space, where it can be benchmarked against other small-cap e-commerce and digital commerce companies.
Newegg focuses primarily on electronics and tech products for a North American audience, contrasting with Hepsiburada's multi-category, Turkey-centric marketplace model.
Petco operates a highly specialized pet retail and services model in the US, while HEPS pursues a broad horizontal marketplace strategy across many consumer categories.
Liquidity Services runs B2B surplus and reverse-commerce auctions, a fundamentally different model from Hepsiburada's consumer-facing retail and delivery ecosystem.
Frequently Asked Questions
What does D-Market (Hepsiburada) do?
D-Market operates Hepsiburada, one of Turkey's largest e-commerce platforms. It sells a wide range of products online — from electronics to cosmetics — and also runs logistics, payment, advertising, and on-demand delivery services as part of an integrated digital commerce ecosystem.
Does HEPS pay dividends?
No, HEPS does not currently pay a dividend. The company is in a growth phase and reinvests available capital into expanding its marketplace, logistics network, and financial services offerings rather than distributing cash to shareholders.
When does HEPS report earnings?
D-Market reports on a quarterly cadence, as is standard for US-listed equities. For exact dates and the most recent results, check the investor relations section of the company's official website.
Is HEPS a good stock to buy?
UQS Score rates HEPS as Good overall. The Growth pillar is Strong and Valuation is Attractive, but Quality and Moat are both Weak — meaning growth potential exists, but profitability and competitive durability remain concerns. The complete pillar breakdown is available to Pro members.
Is HEPS overvalued?
According to UQS Score's Valuation pillar, HEPS is rated Attractive — suggesting the current market price may offer reasonable value relative to the company's fundamentals and growth profile. Full valuation metrics are available in the Pro analysis.
How does HEPS compare to its competitors?
HEPS is a Turkey-focused multi-category marketplace, which distinguishes it from peers like Newegg (US electronics), Petco (US pet retail), and Liquidity Services (B2B surplus auctions). Its emerging-market growth context and integrated services model set it apart from these more narrowly focused operators.
What is HEPS's market cap bracket?
HEPS is classified as a small-cap stock. This places it in a segment of the market that can offer higher growth potential but typically carries greater volatility and liquidity risk compared to large- or mega-cap peers.
Who founded D-Market (Hepsiburada)?
Hepsiburada was founded by Hanzade Doğan Boyner, a prominent Turkish entrepreneur. The platform has grown into one of Turkey's most recognized e-commerce brands. Further founding history is widely available through public sources.
Is HEPS a long-term quality investment?
As a long-term quality indicator, UQS Score highlights HEPS's Strong Growth pillar as a positive signal, but the Weak Quality and Moat ratings suggest the business has not yet built the durable advantages typically associated with high long-term quality scores. Monitoring progress on profitability will be key.
What sector does HEPS belong to?
HEPS is classified in the Consumer Cyclical sector. This means its business performance is closely tied to consumer spending trends, which in Hepsiburada's case are also influenced by Turkey's broader macroeconomic and currency environment.
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Pro Analysis
HEPS — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 22, 2026 | 51.6 | 33.3 | 22.0 | 80.3 | 44.6 | 100.0 | -0.2 |
| Apr 5, 2026 | 51.8 | 33.3 | 22.0 | 81.3 | 44.6 | 100.0 | +2.3 |
| Apr 3, 2026 | 49.5 | 33.3 | 22.0 | 81.3 | 44.6 | 84.6 | 0.0 |
| Apr 2, 2026 | 49.5 | 33.3 | 22.0 | 81.3 | 44.6 | 84.8 | — |
HEPS — Pillar Breakdown
Quality
— 22.0/100 (25%)D-Market Elektronik Hizmetler ve Ticaret A.S. currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 80.3/100 (20%)D-Market Elektronik Hizmetler ve Ticaret A.S. is growing rapidly with strong revenue and earnings expansion.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 40.2/100 (15%)D-Market Elektronik Hizmetler ve Ticaret A.S. has some risk factors including moderate leverage or solvency concerns.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 72.0/100 (15%)D-Market Elektronik Hizmetler ve Ticaret A.S. trades at a reasonable valuation with decent earnings yield and FCF multiples.
How many years of FCF the market cap represents.
Enterprise value multiple relative to sector median.
Moat
— 22/100 (25%)D-Market Elektronik Hizmetler ve Ticaret A.S. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for HEPS.
Score Composition
Financial Data
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How is the HEPS UQS Score Calculated?
The UQS (Unified Quality Score) for D-Market Elektronik Hizmetler ve Ticaret A.S. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses D-Market Elektronik Hizmetler ve Ticaret A.S.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether D-Market Elektronik Hizmetler ve Ticaret A.S. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.