D-MARKET Electronic Services & Trading
HEPS · Retail-Catalog & Mail-Order Houses · EDGAR filings ↗
Grade
D54Leading Turkish e-commerce platform with strong operating cash flow but a widening net loss and negative returns.
Strengths
- Strong OCF margin (10%, 92.6th pct) and positive free cash flow; leading marketplace with network effects
- Order frequency rising; scaled hybrid 1P/3P model
Risks
- Net loss widened sharply (net income growth -1330%, 6.5th pct); ROE -48% (14.3th pct)
- Türkiye inflation/FX and monetary-policy headwinds; consumer-finance credit-loss exposure; Kaspi.kz control
- Stale data (FY2024) and weak liquidity (current ratio 0.97)
Notable findings
- No interest coverageInterest coverage 0.00 (cannot cover interest)
- Net lossNet loss (net margin -2.8%)
- Weak liquidityCurrent ratio 0.97 (<1)
- Customer concentration~68% of revenue from one customer/distributor — 1 billion (67
- Strong balance sheetStrong balance sheet — $191M cash & investments
Key metrics
Operating margin
0.0%
Net margin
-2.8%
Return on equity
-48.3%
Return on assets
-6.1%
ROIC
0.3%
Revenue growth (QoQ)
-7.2%
Debt / equity
0.5×
Interest coverage
0.0×
Current ratio
1.0×
Tangible book value
$94M
Cash & investments
$191M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-30 | 2025-12-31 | 0001104659-26-053195 ↗ |
| 20-F | 2025-04-30 | 2024-12-31 | 0001104659-25-041729 ↗ |
| 20-F | 2024-04-30 | 2023-12-31 | 0001104659-24-055011 ↗ |
| 20-F | 2023-05-01 | 2022-12-31 | 0001104659-23-054370 ↗ |
| 20-F | 2022-05-02 | 2021-12-31 | 0001104659-22-054726 ↗ |