HEPS Nasdaq Retail-Catalog & Mail-Order Houses Financials FY2019βFY2025
D-MARKET Electronic Services & Trading had $2.1B of revenue in fiscal 2025, down 5.8% on the year before. Over five years, revenue changed β0.2% a year on average.
Last close Β· Oct 23, 2026
$2.80
0.4%Hi! I read D-MARKET Electronic Services & Tradingβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β5.8%
No. Sales fell 5.8% last year.
Does it make a profit?
β6.7%
No. It lost money last year.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days D-MARKET Electronic Services & Trading did it, and the next one. Share prices often move a lot on those days.
Next results
November 4, 2026
Wednesday Β· in 10 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Apr 30, 2026 | Period ended Dec 31, 2025 | After the market closes | 20-F β |
| Apr 30, 2025 | Period ended Dec 31, 2024 | Before the market opens | 20-F β |
| Apr 30, 2024 | Period ended Dec 31, 2023 | After the market closes | 20-F β |
| May 1, 2023 | Period ended Dec 31, 2022 | After the market closes | 20-F β |
| May 2, 2022 | Period ended Dec 31, 2021 | After the market closes | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· D-MARKET Electronic Services & Trading had $2.1B of revenue in fiscal 2025, down 5.8% on the year before. Over five years, revenue changed β0.2% a year on average. Its operating margin was β2.4%, down 2.4Β pts: of every 100 in sales, about β2 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· D-MARKET Electronic Services & Trading lost $144M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· D-MARKET Electronic Services & Trading has $249M more cash than debt.
Cash, debt and the ratios that show how comfortably D-MARKET Electronic Services & Trading can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | β | β | β9.6x | β2.3x | β8.6x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.5x | 0.3x |
| Interest coverage | β2.1x | β1.8x | β0.2x | 0.0x | β0.2x |
| Current ratio | 1.4x | 1.1x | 1.1x | 1.0x | 0.9x |
| Quick ratio | 1.1x | 0.9x | 0.8x | 0.7x | 0.6x |
| Total assets | $995M | $886M | $859M | $968M | $860M |
| Total liabilities | $144M | $546M | $648M | $845M | $813M |
| Shareholders' equity | $851M | $340M | $211M | $123M | $46.8M |
| Net debt (β = net cash) | β$744M | β$667M | β$343M | β$188M | β$249M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· D-MARKET Electronic Services & Trading passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 4 | 4 / 8 | 3 / 8 | 6 / 8 | 2 / 8 | 4 / 8 |
| Accruals ratio | β | β109.3% | β58.6% | β50.8% | β44.9% | β31.8% | β47.0% |
| Altman Z'' | β | β8.53 | 1.74 | β4.70 | β1.99 | β2.42 | β2.62 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $458M | $2.2B | $2.8B | $2.3B | $2.8B | $2.3B | $2.1B |
| Provision for credit losses | β | β | β | β | $3.7M | $16.2M | $21.4M |
| Operating income | $17.8M | β$118M | β$762M | β$445M | β$57.5M | $0.7M | β$51.3M |
| Interest expense | $48.1M | $136M | $369M | $245M | $318M | $305M | $303M |
| Pretax income | β$23.2M | β$133M | β$375M | β$417M | $6.0M | β$63.9M | β$145M |
| Income tax | β | β | β | $0.0M | $0.0M | $0.0M | β$1.1M |
| Net income | β$23.2M | β$133M | β$375M | β$417M | $6.0M | β$63.9M | β$144M |
| Diluted EPS | β$0.08 | β$0.47 | β$1.23 | β$1.28 | $0.02 | β$0.19 | β$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 | β$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 | β | β | $31.6M | $21.8M | $8.4M | $7.2M | $5.5M |
| Acquisitions | β | β | β | $0.7M | β | β | β |
| Share buybacks | β | β | β | β | $3.8M | β | β |
| Dividends and buybacks | β | β | β | β | $3.8M | β | β |
| Balance sheet | |||||||
| Cash and short-term investments | $47.4M | $178M | $767M | $669M | $352M | $250M | $263M |
| Total debt | β | $46.8M | $23.6M | $2.1M | $9.1M | $62.3M | $13.9M |
| Current assets | β | $228M | $879M | $738M | $715M | $772M | $690M |
| Current liabilities | β | $358M | $611M | $682M | $667M | $799M | $777M |
| Inventory | β | $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 | β | β | β | β |
| Total assets | β | $265M | $995M | $886M | $859M | $968M | $860M |
| Total liabilities | β | $618M | $144M | $546M | $648M | $845M | $813M |
| Shareholders' equity | β$110M | β$354M | $851M | $340M | $211M | $123M | $46.8M |
| Margins | |||||||
| Operating margin | 3.9% | β5.5% | β27.3% | β19.3% | β2.0% | 0.0% | β2.4% |
| EBITDA margin | 6.4% | β3.5% | β24.8% | β16.1% | 1.3% | 3.6% | 1.3% |
| Net margin | β5.1% | β6.2% | β13.4% | β18.1% | 0.2% | β2.8% | β6.7% |
| Returns | |||||||
| Return on capital | β | β | β561.2% | β | β | β | β |
| Return on capital employed | β | 126.5% | β198.3% | β217.7% | β29.9% | 0.4% | β62.0% |
| Return on equity | β | β | β150.6% | β70.0% | 2.2% | β38.2% | β169.7% |
| Return on assets | β | β50.4% | β59.5% | β44.3% | 0.7% | β7.0% | β15.8% |
| Return on tangible equity | β | β | β44.8% | β122.7% | 2.8% | β52.0% | β307.7% |
| Growth | |||||||
| Revenue growth | β | 371.0% | 29.2% | β17.4% | 22.4% | β19.5% | β5.8% |
| Net income growth | β | β | β | β | β | β1,166.8% | β |
| EPS growth | β | β | β | β | β | β1,152.4% | β |
| Share count change | β | 99,909.8% | 7.2% | 7.0% | β0.4% | 1.1% | 13.4% |
| Financial health | |||||||
| Net debt / EBITDA | β | β | β | β | β9.6x | β2.3x | β8.6x |
| Debt / equity | β | β | 0.0x | 0.0x | 0.0x | 0.5x | 0.3x |
| Interest coverage | 0.4x | β0.9x | β2.1x | β1.8x | β0.2x | 0.0x | β0.2x |
| Current ratio | β | 0.6x | 1.4x | 1.1x | 1.1x | 1.0x | 0.9x |
| Quick ratio | β | 0.3x | 1.1x | 0.9x | 0.8x | 0.7x | 0.6x |
| Capital allocation | |||||||
| Stock comp / revenue | β | β | 1.1% | 0.9% | 0.3% | 0.3% | 0.3% |
| Quality scores | |||||||
| Piotroski F-score | β | β | 4.0 | 3.0 | 6.0 | 2.0 | 4.0 |
| Altman Z'' | β | β8.5 | 1.7 | β4.7 | β2.0 | β2.4 | β2.6 |
| Accruals ratio | β | β109.3% | β58.6% | β50.8% | β44.9% | β31.8% | β47.0% |
Source: SEC EDGAR XBRL filings (CIK 0001850235). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in TRY under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only β not investment advice. Check the original filings before relying on any figure.
