D-Market Electronic Services & Trading ADR (HEPS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 24	-$0.75	-$1.74	-132.0%	—	$10.1B	—
Q1 23	—	-$0.03	—	—	$7.8B	—
Q4 22	—	-$0.09	—	—	$6.3B	—
Q3 22	-$0.91	-$1.75	-92.3%	—	$5.3B	—
Q2 22	-$0.75	-$1.74	-132.0%	—	$4.1B	—
Q1 22	-$0.08	-$0.74	-825.0%	—	$4B	—
Q4 21	-$1.71	$2.19	+228.1%	—	$2.8B	—
Q3 21	-$1.16	-$2.74	-136.2%	—	$3.1B	—
Q2 21	-$0.94	-$1.14	-21.3%	—	$3.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$18	—	—	$84.7B	—
FY24	—	-$4.9	—	—	$57B	—
FY23	—	$0.23	—	—	$35.6B	—
FY22	—	-$4.06	—	—	$26.5B	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2B	$2.6B	$15.2B	$24.8B	$26.5B	$35.6B	$57B	$84.7B
YoY change	—	+33.2%	+482.7%	+63.4%	+6.8%	+34.3%	+60.4%	+48.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2B	2.6B	15.2B	24.8B	26.5B	35.6B	57B	84.7B
Cost of revenue	1.5B	1.8B	11.9B	19.4B	20.7B	24.8B	35.7B	54B
Gross profit	436.1M	756.6M	3.3B	5.4B	5.8B	10.8B	21.4B	30.7B
Gross margin	22.3%	29.1%	21.9%	21.6%	21.7%	30.3%	37.5%	36.2%
Research & development	—	—	—	—	—	—	—	—
Selling, general & administrative	230.6M	340.7M	2.4B	7.8B	6.2B	6.4B	17.5B	26.5B
Operating expenses	404.2M	581.7M	3.8B	11.2B	9.4B	10.2B	18.8B	28.4B
Operating income	-47M	107.4M	-778.3M	-6.3B	-4.5B	-746.5M	82.1M	-901.6M
Operating margin	-2.4%	4.12%	-5.13%	-25.6%	-17.1%	-2.1%	0.14%	-1.07%
Non-operating income, net	12.8M	-6.8M	630.2M	4.9B	1.1B	3.2B	2.5B	2.4B
Pretax income	-161.3M	-131.6M	-936.6M	-3.3B	-4.8B	75.5M	-1.6B	-5.7B
Income tax	0	0	0	0	0	0	0	-43.1M
Net income	-161.3M	-131.6M	-936.6M	-3.3B	-4.8B	75.5M	-1.6B	-5.7B
Net margin	-8.25%	-5.06%	-6.17%	-13.4%	-18.1%	0.21%	-2.81%	-6.73%
EBITDA	-48.7M	10.2M	-326.2M	-6.9B	-4.5B	659.8M	2.8B	2.6B
EPS	-0.49	-0.4	-2.87	-1.92	-4.06	0.23	-4.9	-18
Diluted EPS	-0.49	-0.4	-2.87	-1.92	-4.06	0.23	-4.9	-18

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	12B	14B	11.3B	10.1B	290M	20.4B	14.4B	16.7B	19.9B	30.3B	23.1B	22.8B
Cost of revenue	8.4B	9.7B	7.5B	6.1B	174.6M	12.8B	9.1B	10.4B	12.5B	20B	14.6B	14.2B
Gross profit	3.6B	4.3B	3.8B	4B	115.4M	7.6B	5.3B	6.3B	7.4B	10.4B	8.5B	8.6B
Gross margin	30%	30.5%	33.6%	40%	39.8%	37.3%	37%	37.8%	37.2%	34.2%	36.7%	37.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.1B	2.7B	1.9B	3.3B	92.2M	6.3B	4.5B	4.7B	6.5B	9.8B	7.3B	7.6B
Operating expenses	3.5B	4B	3.5B	3.7B	103.4M	6.3B	5.2B	5.6B	7.2B	9.2B	8.1B	8.4B
Operating income	-245.1M	-292.2M	-97.8M	-32.3M	767.4K	200.5M	-548.5M	34.1M	-590.5M	277.4M	-439.6M	-668.7M
Operating margin	-2.04%	-2.09%	-0.87%	-0.32%	0.26%	0.98%	-3.81%	0.2%	-2.96%	0.91%	-1.9%	-2.93%
Non-operating income, net	553.7M	2.3B	722.2M	492.9M	10.8M	1B	993.2M	467.3M	946.4M	-189.9M	1.5B	1.1B
Pretax income	-285.5M	-578.9M	-130.7M	-384.5M	-7.3M	-724.3M	-355.1M	-723.8M	-1.3B	-3.2B	-961.2M	-1.9B
Income tax	0	0	0	0	0	0	—	0	0	-43.1M	30.7M	-2.3M
Net income	-285.5M	-578.9M	-130.7M	-384.5M	-7.3M	-724.3M	-355.1M	-723.8M	-1.3B	-3.2B	-992M	-1.9B
Net margin	-2.37%	-4.15%	-1.16%	-3.8%	-2.51%	-3.54%	-2.47%	-4.32%	-6.65%	-10.5%	-4.29%	-8.28%
EBITDA	1.5B	-950.7M	489.6M	470M	42.4M	-1.9B	2.1B	2.3B	2.3B	-5.5B	2.9B	2.4B
EPS	-0.88	-1.98	-0.4	-1.2	-0.96	-2	-1.1	-2.3	-4.1	-10	-2.7	-5.1
Diluted EPS	-0.88	-1.98	-0.4	-1.2	-0.96	-2	-1.1	-2.3	-4.1	-10	-2.7	-5.1

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	22.6B	7.2B	—	—	785.2M	900.2M
Enterprise value	—	—	—	15.1B	-1B	—	—	-10.1B	-8B
Shares outstanding	11.8B	11.8B	11.8B	11.8B	10.9B	12.5B	328.4M	316.6M	316.6M

Valuation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	120
P/S	—	—	—	0.91	0.27	—	—	0.01	0.01
P/B	—	—	—	4.69	2.15	—	—	0.39	0.94
EV/EBITDA	—	—	—	-2.18	0.22	—	—	-3.89	-3.07
EV/Sales	—	—	—	0.61	-0.04	—	—	-0.12	-0.09
Earnings yield	—	—	—	—	—	—	—	—	0.83%
FCF yield	—	—	—	-3.07%	-9.5%	—	—	1.1K%	2.78%
PEG	—	—	—	—	—	—	—	—	0.99

Profitability

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	22.3%	29.1%	21.9%	21.6%	21.7%	30.3%	37.5%	36.2%	37.8%
Operating margin	-2.4%	4.12%	-5.13%	-25.6%	-17.1%	-2.1%	0.14%	-1.07%	-1.81%
Net margin	-8.25%	-5.06%	-6.17%	-13.4%	-18.1%	0.21%	-2.81%	-6.73%	-8%
ROE	45.1%	42.4%	119%	-69.2%	-142.3%	2.29%	-48.3%	-283.3%	-636.5%
ROA	-25.1%	-13.8%	-47.7%	-24.9%	-28.9%	0.43%	-6.14%	-15.4%	-4.57%
ROIC	19.7%	-21.9%	87.6%	235.6%	93.1%	21.6%	-2.3%	10.1%	19.6%
Return on tangible assets	-30.2%	-15.9%	-52.4%	-26.5%	-34.7%	0.54%	-8.01%	-19.5%	-25.9%

Financial health

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.47	0.65	0.64	1.44	1.08	1.07	0.97	0.89	0.77
Quick ratio	0.24	0.34	0.35	1.09	0.85	0.78	0.69	0.63	0.49
Debt / equity	-0.71	-0.33	-0.62	0.14	0.14	0.14	0.67	1.21	-0.04
Debt / assets	0.4	0.11	0.25	0.05	0.03	0.03	0.09	0.07	0.07
Net debt / EBITDA	-2.45	-17.6	0.31	1.09	1.82	-10.2	-2.42	-4.19	-3.28
Interest coverage	-2.43	-0.92	-1.76	-4.75	-7.55	1.05	0.44	-0.37	-0.12
Effective tax rate	0%	0%	0%	0%	0%	0%	0%	0%	0%

Per share

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.17	0.22	1.28	2.1	2.42	2.84	173.7	267.4	267.4
EPS (basic)	-0.49	-0.4	-2.87	-1.92	-4.06	0.23	-4.9	-18	-18
EPS (diluted)	-0.49	-0.4	-2.87	-1.92	-4.06	0.23	-4.9	-18	-0.41
Book value per share	-0.03	-0.03	-0.07	0.41	0.31	0.26	10.1	6.35	2.67
FCF per share	0.01	0.03	0.07	-0.06	-0.06	0.31	11.2	28	16.3
Cash per share	0.01	0.02	0.05	0.69	0.8	0.58	27.8	42.1	24.4
Capex per share	0	0	0.02	0.05	0.13	0.09	6.08	—	—

Capital allocation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.52%	2.05%	1.61%	2.58%	5.26%	3.22%	3.5%	—	—
Capex / operating cash flow	27.9%	15.1%	24.9%	19.6%	55.3%	20.9%	36.6%	—	—
Payout ratio	0%	0%	0%	0%	0%	0%	0%	0%	0%
Dividend yield	—	—	—	0%	0%	—	—	0%	0%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	136.5M	282.3M	592.6M	8.2B	8.7B	7.2B	9.1B	13.3B
Receivables	16M	48.6M	157.1M	369.1M	1.1B	2.4B	5B	6.2B
Inventory	202.5M	366.4M	770.1M	2.9B	2.9B	4B	6B	8.7B
Total current assets	419.4M	779.8M	1.7B	11.8B	13.8B	14.6B	20.9B	29.7B
Property, plant & equipment	7.6M	5.6M	52.4M	101.4M	148.1M	-287.5M	-608M	-1.2B
Goodwill & intangibles	106.8M	126.7M	178.8M	810.8M	2.8B	3.7B	6.1B	7.7B
Total assets	641.5M	956M	2B	13.4B	16.6B	17.6B	26.1B	36.9B
Accounts payable	659.9M	1B	2B	6.7B	9.7B	10.6B	15B	25.9B
Short-term debt	149.6M	45.3M	398.6M	496.9M	280.9M	338M	1.7B	1.6B
Total current liabilities	892M	1.2B	2.7B	8.2B	12.8B	13.6B	21.6B	33.4B
Long-term debt	106.1M	57.9M	92.8M	167.5M	190.9M	124.6M	583.7M	778.3M
Total liabilities	999.5M	1.3B	2.8B	8.6B	13.2B	14.3B	22.8B	34.9B
Shareholders' equity	-358M	-310.8M	-787.3M	4.8B	3.4B	3.3B	3.3B	2B
Total debt	255.6M	103.3M	491.5M	664.4M	471.8M	462.7M	2.2B	2.4B
Net debt	119.2M	-179M	-101.2M	-5.6B	-8.2B	-5B	-4.5B	-8.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	9.3B	13.3B	9.8B	9B
Receivables	—	—	—	—	—	—	—	—	5.5B	6.2B	4.9B	5.3B
Inventory	—	—	—	—	—	—	—	—	9.6B	8.7B	8.2B	8.9B
Total current assets	—	—	—	—	—	—	—	—	25.8B	29.7B	24.4B	24.5B
Property, plant & equipment	—	—	—	—	—	—	—	—	3B	-1.2B	3.6B	4B
Goodwill & intangibles	—	—	—	—	—	—	—	—	3.9B	7.7B	4.2B	4.5B
Total assets	—	—	—	—	—	—	—	—	32.8B	36.9B	32.4B	33.1B
Accounts payable	—	—	—	—	—	—	—	—	23.1B	25.9B	22.3B	24.7B
Short-term debt	—	—	—	—	—	—	—	—	2B	1.6B	1.7B	1.5B
Total current liabilities	—	—	—	—	—	—	—	—	30.5B	33.4B	29.8B	32B
Long-term debt	—	—	—	—	—	—	—	—	765.4M	778.3M	609.9M	861.6M
Total liabilities	—	—	—	—	—	—	—	—	31.9B	34.9B	31.2B	33.7B
Shareholders' equity	—	—	—	—	—	—	—	—	862.2M	2B	1.2B	-582.3M
Total debt	—	—	—	—	—	—	—	—	2.8B	2.4B	2.3B	2.4B
Net debt	—	—	—	—	—	—	—	—	-4.6B	-8.9B	-5.7B	-4.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-161.3M	-131.6M	-936.6M	-3.3B	-4.8B	75.5M	-1.6B	-5.7B
Depreciation & amortization	78.3M	66.3M	301.6M	637M	844.9M	1.2B	2B	3.2B
Stock-based compensation	—	0	0	280.7M	250.6M	106.4M	179.9M	216.1M
Change in working capital	138M	196.8M	797.2M	1.5B	1.1B	-925.1M	-1.6B	4.3B
Operating cash flow	176.5M	353.1M	980.5M	3.3B	2.5B	5.5B	5.5B	11.3B
Capital expenditure	-49.2M	-53.3M	-243.7M	-640.6M	-1.4B	-1.1B	-2B	—
Investing cash flow	-49.2M	-53.3M	-243.7M	-3.4B	1.3B	-2.8B	-2.3B	1B
Dividends paid	0	0	0	0	0	0	0	0
Share repurchases	—	—	—	0	0	-48M	0	0
Financing cash flow	-45.7M	64.3M	654.4M	12.9B	-699.4M	-157.9M	960.9M	-8.3B
Net change in cash	81.6M	364.1M	1.4B	12.8B	3.1B	2.5B	4.1B	4B
Free cash flow	118.9M	310.2M	852.3M	-692.5M	-686.3M	3.9B	3.7B	8.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-182M	-578.9M	-130.7M	-345.7M	-4M	-724.3M	-355.1M	-635.5M	-1.1B	-3.2B	-992M	-2B
Depreciation & amortization	436.8M	428.8M	387.2M	303.9M	6.1M	659.3M	657.3M	542M	419.3M	899.7M	862.6M	993.4M
Stock-based compensation	—	—	25.1M	6.9M	115.8K	118.9M	43.1M	12.2M	121.3M	4.2M	43.2M	-33.5M
Change in working capital	-486M	815.4M	-212.7M	-1.6B	22.8M	20.7M	-1.9B	2B	2.1B	2.8B	-2.9B	591.3M
Operating cash flow	2.6B	2.5B	1.6B	-651.7M	42.9M	1.6B	-676.7M	4B	2.2B	4.4B	-395.1M	2.2B
Capital expenditure	-411.3M	-407.4M	-426.2M	-280.3M	-3.1M	-690.6M	-594.6M	—	—	—	—	—
Investing cash flow	-614.8M	-1.5B	-2.9B	1.8B	-4.7M	823.3M	1.5B	-1.8B	-222M	12.3M	177.4M	8.6M
Dividends paid	0	0	0	0	0	0	0	0	0	0	0	0
Share repurchases	—	—	—	—	—	—	—	—	—	0	—	—
Financing cash flow	107M	-131.5M	52M	57.9M	8.3M	437.5M	-670.4M	-430.9M	552.9M	-4.7B	-2.5B	-2.2B
Net change in cash	2.1B	924.1M	-1.3B	1.2B	46.5M	2.9B	103.7M	1.8B	2.6B	-314.1M	-2.7B	48M
Free cash flow	2.7B	2.8B	1B	-951.6M	34.3M	1.6B	-933.2M	3.6B	2B	3.7B	-1.1B	1.5B

D-Market Electronic Services & Trading ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement