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D-MARKET Electronic Services & Trading

HEPS Nasdaq Retail-Catalog & Mail-Order Houses Financials FY2019โ€“FY2025

Last close ยท Oct 23, 2026

$2.80

0.4%
Compare
Revenue Total sales reported in the income statement.
$2.1B
5.8% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’2.4%
2.4ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$144M
Free cash flow Cash from operations minus capital spending.
โ€”
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
$1.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.39 EPS (TTM)

What D-MARKET Electronic Services & Trading does

No business description yet.

Legal name
D-MARKET Electronic Services & Trading
Fiscal year ends
December 31, 2025
Latest annual report
20-F ยท Apr 30, 2026
Accession ยท CIK
0001104659-26-053195
0001850235

Revenue and margins

D-MARKET Electronic Services & Trading had $2.1B of revenue in fiscal 2025, down 5.8% on the year before.

Revenue
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โ€” in fiscal 2025, โ€” of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

D-MARKET Electronic Services & Trading returned โ€” to shareholders in fiscal 2025. The diluted share count rose 13.4%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably D-MARKET Electronic Services & Trading can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $767M$669M$352M$250M$263M
Debt incl. finance leases $23.6M$2.1M$9.1M$62.3M$13.9M
Net debt / EBITDA โ€”โ€”โˆ’9.6xโˆ’2.3xโˆ’8.6x
Debt / equity 0.0x0.0x0.0x0.5x0.3x
Interest coverage โˆ’2.1xโˆ’1.8xโˆ’0.2x0.0xโˆ’0.2x
Current ratio 1.4x1.1x1.1x1.0x0.9x
Quick ratio 1.1x0.9x0.8x0.7x0.6x
Total assets $995M$886M$859M$968M$860M
Total liabilities $144M$546M$648M$845M$813M
Shareholders' equity $851M$340M$211M$123M$46.8M
Net debt (โˆ’ = net cash) โˆ’$744Mโˆ’$667Mโˆ’$343Mโˆ’$188Mโˆ’$249M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ“ โœ• โœ•
Cash from operations is positive โœ“ โœ“ โœ• โœ“ โœ“ โœ“ โœ“
Return on assets rose โ€” โ€” โœ“ โœ• โœ“ โœ• โœ•
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“
Debt fell relative to assets โ€” โ€” โœ“ โœ“ โœ• โœ• โœ“
Current ratio rose โ€” โ€” โœ“ โœ• โœ• โœ• โœ•
Share count didn't rise โ€” โœ• โœ• โœ• โœ“ โœ• โœ•
Gross margin rose โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โ€” โœ• โœ• โœ“ โœ• โœ“
F-score โ€” / 3โ€” / 44 / 83 / 86 / 82 / 84 / 8
Accruals ratio โ€”โˆ’109.3%โˆ’58.6%โˆ’50.8%โˆ’44.9%โˆ’31.8%โˆ’47.0%
Altman Z'' โ€”โˆ’8.531.74โˆ’4.70โˆ’1.99โˆ’2.42โˆ’2.62

7 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $458M $2.2B $2.8B $2.3B $2.8B $2.3B $2.1B
Provision for credit losses โ€” โ€” โ€” โ€” $3.7M $16.2M $21.4M
Operating income $17.8M โˆ’$118M โˆ’$762M โˆ’$445M โˆ’$57.5M $0.7M โˆ’$51.3M
Interest expense $48.1M $136M $369M $245M $318M $305M $303M
Pretax income โˆ’$23.2M โˆ’$133M โˆ’$375M โˆ’$417M $6.0M โˆ’$63.9M โˆ’$145M
Income tax โ€” โ€” โ€” $0.0M $0.0M $0.0M โˆ’$1.1M
Net income โˆ’$23.2M โˆ’$133M โˆ’$375M โˆ’$417M $6.0M โˆ’$63.9M โˆ’$144M
Diluted EPS โˆ’$0.08 โˆ’$0.47 โˆ’$1.23 โˆ’$1.28 $0.02 โˆ’$0.19 โˆ’$0.39
Diluted shares 0.00B 0.28B 0.30B 0.33B 0.32B 0.33B 0.37B
Cash flow
Cash from operations $64.0M $156M โˆ’$5.3M $61.5M $398M $227M $285M
Depreciation and amortization $11.7M $42.9M $71.6M $73.5M $93.1M $81.5M $80.2M
Stock-based compensation โ€” โ€” $31.6M $21.8M $8.4M $7.2M $5.5M
Acquisitions โ€” โ€” โ€” $0.7M โ€” โ€” โ€”
Share buybacks โ€” โ€” โ€” โ€” $3.8M โ€” โ€”
Dividends and buybacks โ€” โ€” โ€” โ€” $3.8M โ€” โ€”
Balance sheet
Cash and short-term investments $47.4M $178M $767M $669M $352M $250M $263M
Total debt โ€” $46.8M $23.6M $2.1M $9.1M $62.3M $13.9M
Current assets โ€” $228M $879M $738M $715M $772M $690M
Current liabilities โ€” $358M $611M $682M $667M $799M $777M
Inventory โ€” $104M $214M $157M $194M $222M $203M
Property and equipment, net $7.0M $23.3M $27.4M $43.0M $32.2M $30.8M $25.3M
Intangible assets $10.6M $12.0M $15.1M โ€” โ€” โ€” โ€”
Total assets โ€” $265M $995M $886M $859M $968M $860M
Total liabilities โ€” $618M $144M $546M $648M $845M $813M
Shareholders' equity โˆ’$110M โˆ’$354M $851M $340M $211M $123M $46.8M
Margins
Operating margin 3.9% โˆ’5.5% โˆ’27.3% โˆ’19.3% โˆ’2.0% 0.0% โˆ’2.4%
EBITDA margin 6.4% โˆ’3.5% โˆ’24.8% โˆ’16.1% 1.3% 3.6% 1.3%
Net margin โˆ’5.1% โˆ’6.2% โˆ’13.4% โˆ’18.1% 0.2% โˆ’2.8% โˆ’6.7%
Returns
Return on capital โ€” โ€” โˆ’561.2% โ€” โ€” โ€” โ€”
Return on capital employed โ€” 126.5% โˆ’198.3% โˆ’217.7% โˆ’29.9% 0.4% โˆ’62.0%
Return on equity โ€” โ€” โˆ’150.6% โˆ’70.0% 2.2% โˆ’38.2% โˆ’169.7%
Return on assets โ€” โˆ’50.4% โˆ’59.5% โˆ’44.3% 0.7% โˆ’7.0% โˆ’15.8%
Return on tangible equity โ€” โ€” โˆ’44.8% โˆ’122.7% 2.8% โˆ’52.0% โˆ’307.7%
Growth
Revenue growth โ€” 371.0% 29.2% โˆ’17.4% 22.4% โˆ’19.5% โˆ’5.8%
Net income growth โ€” โ€” โ€” โ€” โ€” โˆ’1,166.8% โ€”
EPS growth โ€” โ€” โ€” โ€” โ€” โˆ’1,152.4% โ€”
Share count change โ€” 99,909.8% 7.2% 7.0% โˆ’0.4% 1.1% 13.4%
Financial health
Net debt / EBITDA โ€” โ€” โ€” โ€” โˆ’9.6x โˆ’2.3x โˆ’8.6x
Debt / equity โ€” โ€” 0.0x 0.0x 0.0x 0.5x 0.3x
Interest coverage 0.4x โˆ’0.9x โˆ’2.1x โˆ’1.8x โˆ’0.2x 0.0x โˆ’0.2x
Current ratio โ€” 0.6x 1.4x 1.1x 1.1x 1.0x 0.9x
Quick ratio โ€” 0.3x 1.1x 0.9x 0.8x 0.7x 0.6x
Capital allocation
Stock comp / revenue โ€” โ€” 1.1% 0.9% 0.3% 0.3% 0.3%
Quality scores
Piotroski F-score โ€” โ€” 4.0 3.0 6.0 2.0 4.0
Altman Z'' โ€” โˆ’8.5 1.7 โˆ’4.7 โˆ’2.0 โˆ’2.4 โˆ’2.6
Accruals ratio โ€” โˆ’109.3% โˆ’58.6% โˆ’50.8% โˆ’44.9% โˆ’31.8% โˆ’47.0%

Source: SEC EDGAR XBRL filings (CIK 0001850235). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in TRY under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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