D-Market Elektronik Hizmetler ve Ticaret A.S., founded in 2000 and headquartered in Istanbul, Turkey, is a prominent enterprise focused on managing a ...
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS), headquartered in Istanbul, Turkey, is the operating entity behind Hepsiburada—an internet retail marketplace business model designed to connect a large network of sellers with a wide customer base. Founded in 2000, the company is commonly described as “Turkey’s Hepsiburada,” reflecting its role as ...D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS), headquartered in Istanbul, Turkey, is the operating entity behind Hepsiburada—an internet retail marketplace business model designed to connect a large network of sellers with a wide customer base. Founded in 2000, the company is commonly described as “Turkey’s Hepsiburada,” reflecting its role as a major online shopping destination that aggregates products from many merchants rather than relying exclusively on inventory ownership.
From a products and services perspective, Hepsiburada’s core offering is marketplace retail across categories such as electronics and a broad range of non-electronic goods including books, sporting goods, toys, baby and children’s items, cosmetics, and home-related merchandise. Beyond the storefront, D-Market has built and/or operates specialized service lines that strengthen the end-to-end customer experience: HepsiExpress (in-app on-demand delivery for items like groceries, beverages, and flowers), HepsiJet (final-mile parcel delivery), HepsiLojistik (warehousing and fulfillment capabilities), and HepsiMat (designated package collection/drop-off points). In addition, HepsiAd provides advertising services and data-driven insights for sellers and brands, and HepsiGlobal enables customers to shop from international sellers.
The platform also supports transactional and customer convenience services. Hepsipay is positioned as a digital payment and e-money service, extending the company’s role from commerce into payments. HepsiFly provides online airline ticket bookings, further broadening the range of services available through the ecosystem.
In terms of cost and operating model, marketplace platforms typically scale with seller participation and logistics efficiency rather than linear inventory costs. D-Market’s investments in fulfillment, delivery, and pickup infrastructure can help improve delivery speed and reliability, which are key drivers of conversion and repeat usage. Financially, like many high-growth e-commerce operators, performance is often influenced by marketing and logistics-related expenses, working-capital dynamics, and the mix of GMV-driving initiatives (seller acquisition, promotions, advertising monetization) versus take-rate and service revenue.
Key people leadership includes CEO Ender Özgün, who is associated with overall executive responsibility for the company. The business continues to pursue ecosystem expansion—combining retail, delivery, logistics, advertising, global marketplace, and payment services—to increase customer value while improving operational efficiency and customer retention.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$84.7B
+48.4%
-1.4%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-5.7B
-255.1%
-90.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+36.2%
-3.4%
+2.9%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-1.1%
-3682.7%
-54.3%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-6.7%
-139.3%
-93.2%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$2.2B
+5193.8%
+147.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+2.6%
+3532.7%
+148.4%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
120.6%
+79.2%
-318.9%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.89x
-8.0%
-6.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.