HEPS on Nasdaq

D-MARKET Electronic Services & Trading

D-MARKET Electronic Services & Trading is a retail-catalog and mail-order houses company, listed on Nasdaq (HEPS).1

Price unavailable

Last updated Oct 20, 2026.

Overview

Compare with another stock.

  • TickerHEPS on Nasdaq1
  • IndustryRetail-Catalog & Mail-Order Houses1
  • HeadquartersW81
  • Incorporated inTurkey2
  • Business addressKustepe Mahallesi Mecidiyekoy Yolu, Cadde No: 12 Trump Towers Kule 2 K2, Sisli Istanbul2
  • Filer categoryAccelerated filer2

We were incorporated in İstanbul, Türkiye as a joint stock company on April 11, 2000, under the Turkish Commercial Code as D-MARKET Elektronik Hizmetler ve Ticaret A.Ş., and we operate primarily under our “Hepsiburada” brand name.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income4567$17.0M in 2024−83% since 2019
-$8.0B-$6.0B-$4.0B-$2.0B0$2.0B2019: $101.1M$101.1M20192020: -$827.7M-$827.7M20202021: -$6.8B-$6.8B2021+719%2022: -$7.4B-$7.4B2022+9%2023: -$1.0B-$1.0B2023−86%2024: $17.0M$17.0M2024
Net income4567-$1.6B in 2024+1119% since 2019
-$8.0B-$6.0B-$4.0B-$2.0B0$2.0B2019: -$131.6M-$131.6M20192020: -$936.6M-$936.6M2020+611%2021: -$3.3B-$3.3B2021+256%2022: -$6.9B-$6.9B2022+108%2023: $109.1M$109.1M20232024: -$1.6B-$1.6B2024

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Revenues84.7B TRY74.7B TRY67.2B TRY
Cost of inventory sold-54.0B TRY-46.7B TRY-46.8B TRY
Shipping and packaging expenses-9.2B TRY-8.0B TRY-6.3B TRY
Payroll and outsource staff expenses-9.1B TRY-8.6B TRY-6.6B TRY
Advertising expenses-7.3B TRY-5.6B TRY-4.6B TRY
Technology expenses-828.6M TRY-969.4M TRY-778.9M TRY
Depreciation and amortization-3.2B TRY-2.7B TRY-2.2B TRY
Other operating income499.9M TRY469.0M TRY898.7M TRY
Other operating expenses-2.7B TRY-2.1B TRY-2.0B TRY
Impairment losses-846.6M TRY-532.8M TRY-87.0M TRY
Operating (loss)/profit-2.0B TRY22.2M TRY-1.4B TRY
Financial income4.9B TRY5.3B TRY6.7B TRY
Financial expenses and fees-12.0B TRY-10.0B TRY-7.6B TRY
Monetary gains/(losses)3.4B TRY2.6B TRY2.4B TRY
(Loss)/income before income taxes-5.7B TRY-2.1B TRY142.7M TRY
Income taxes43.1M TRY
(Loss)/income for the year-5.7B TRY-2.1B TRY142.7M TRY
Basic (loss)/income per share (TRY per share)-15.31 TRY-6.40 TRY0.44 TRY
Diluted (loss)/income per share (TRY per share)-15.31 TRY-6.40 TRY0.44 TRY
Actuarial losses arising on remeasurement of post-employment benefits-3.7M TRY-28.9M TRY-141.9M TRY
Tax effect of actuarial loss of defined benefit plan-1.2M TRY
Total comprehensive (loss)/income for the year-5.7B TRY-2.1B TRY802.0K TRY

Compare D-MARKET Electronic Services & Trading with another company

Corporate structure

D-MARKET Electronic Services & Trading sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of D-MARKET Electronic Services & Trading

  • VR Advisory Services Ltd Filed SCHEDULE 13G on D-MARKET Electronic Services & Trading, latest Jun 18, 2026 (2 filings since Feb 17, 2026)
  • B.v. Turkcommerce Filed SCHEDULE 13G/A on D-MARKET Electronic Services & Trading, latest Feb 25, 2026 (4 filings since Feb 18, 2022)
  • VR Global Partners, L.P. Filed SCHEDULE 13G on D-MARKET Electronic Services & Trading, latest Dec 2, 2025
  • Boyner Hanzade Vasfiye Dogan Filed SCHEDULE 13G/A on D-MARKET Electronic Services & Trading, latest Feb 10, 2025 (2 filings since Feb 18, 2022)
  • Faralyali Yasar Begumhan Dogan Filed SCHEDULE 13G/A on D-MARKET Electronic Services & Trading, latest Feb 10, 2025 (2 filings since Feb 18, 2022)
  • Sabanci Vuslat Dogan Filed SCHEDULE 13G/A on D-MARKET Electronic Services & Trading, latest Feb 10, 2025 (2 filings since Feb 18, 2022)
  • Yalcindag Arzuhan Dogan Filed SCHEDULE 13G/A on D-MARKET Electronic Services & Trading, latest Feb 10, 2025 (2 filings since Feb 18, 2022)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G on D-MARKET Electronic Services & Trading, latest Feb 14, 2022
  • D-MARKET Electronic Services & Trading W8

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What D-MARKET Electronic Services & Trading reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net831.4M TRY7 Dec 31, 2024725.9M TRY7 Dec 31, 2023+14.5%
Operating-lease assets (leased space)1.3B TRY7 Dec 31, 2024816.5M TRY7 Dec 31, 2023+59.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents6.8B TRY7 Dec 31, 20247.9B TRY7 Dec 31, 2023−15.0%

Inventory

ItemLatestA year beforeChange
Inventory, total6.0B TRY7 Dec 31, 20245.7B TRY7 Dec 31, 2023+4.8%

Leadership

Who has led D-MARKET Electronic Services & Trading, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (11)

Timeline

  1. Mar 23, 2026New chief executive Nilhan Gokcetekin becomes CEO10
  2. Mar 23, 2026New chief executive Hakan Karadogan becomes CEO9

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/202623

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

151 filings to the SEC since October 2021: 5 annual reports, 14 insider forms, 16 large holders, 116 other. The latest 20:

  1. Sep 30, 20266-K EDGAR
  2. Sep 9, 20266-K EDGAR
  3. Aug 20, 20266-K EDGAR
  4. Aug 6, 20266-K EDGAR
  5. Jul 23, 20266-K EDGAR
  6. Jul 14, 20266-K EDGAR
  7. Jun 30, 20266-K EDGAR
  8. Jun 18, 2026SCHEDULE 13G EDGAR
  9. May 7, 20266-K EDGAR
  10. Apr 30, 20266-K EDGAR
  11. Apr 30, 202620-F EDGAR
  12. Apr 16, 20266-K EDGAR
  13. Apr 1, 20263 OWNERSHIP DOCUMENT EDGAR
  14. Apr 1, 20263 OWNERSHIP DOCUMENT EDGAR
  15. Mar 27, 20263 OWNERSHIP DOCUMENT EDGAR
  16. Mar 27, 20263 OWNERSHIP DOCUMENT EDGAR
  17. Mar 27, 20263 OWNERSHIP DOCUMENT EDGAR
  18. Mar 27, 20263 OWNERSHIP DOCUMENT EDGAR
  19. Mar 25, 20263 OWNERSHIP DOCUMENT EDGAR
  20. Mar 23, 20263 OWNERSHIP DOCUMENT EDGAR

The 151 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • VR Advisory Services LtdSCHEDULE 13G, 2 filings Feb 17, 2026 to Jun 18, 202624
  • B.v. TurkcommerceSCHEDULE 13G/A, 4 filings Feb 18, 2022 to Feb 25, 202625
  • VR Global Partners, L.P.SCHEDULE 13G, 1 filing Dec 2, 202526
  • Boyner Hanzade Vasfiye DoganSCHEDULE 13G/A, 2 filings Feb 18, 2022 to Feb 10, 202527
  • Faralyali Yasar Begumhan DoganSCHEDULE 13G/A, 2 filings Feb 18, 2022 to Feb 10, 202528
  • Sabanci Vuslat DoganSCHEDULE 13G/A, 2 filings Feb 18, 2022 to Feb 10, 202529
  • Yalcindag Arzuhan DoganSCHEDULE 13G/A, 2 filings Feb 18, 2022 to Feb 10, 202530
  • PRICE T ROWE ASSOCIATES INC /MD/SC 13G, 1 filing Feb 14, 202231

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 32. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
VR Advisory Services Ltd19,390,670$56.4M5.0%+2,917,849
State Street Corp2,324,732$6.8M0.0%−13,209
Bnp Paribas Financial Markets838,216$2.4M0.0%−33,535
UBS Group AG788,151$2.3M0.0%−25,443
Morgan Stanley592,476$1.7M0.0%+69,840
683 Capital Management, LLC500,000$1.5M0.1%New
Rangeley Capital, LLC200,000$582.0K0.5%No change
Nomura Asset Management International Inc.159,800$465.0K0.0%No change
GAM Holding AG130,000$378.3K0.0%−200,000
Russell Investments Group, Ltd.120,372$350.3K0.0%−933
Citadel Advisors LLC69,840$203.2K0.0%New
Aberdeen Group plc68,535$199.4K0.0%−5,677
Schonfeld Strategic Advisors LLC68,025$197.9K0.0%−975
Geode Capital Management, LLC66,663$194.0K0.0%−106,848
Susquehanna International Group, Llp33,941$98.8K0.0%−14,805
GAMMA Investing LLC31,339$91.2K0.0%+156
JBF Capital, Inc.30,949$90.1K0.0%No change
Two Sigma Investments, LP29,612$86.2K0.0%−10,126
Capricorn Fund Managers Ltd29,185$84.9K0.0%No change
Axq Capital, LP17,267$50.2K0.0%New
Northern Trust Corp17,258$50.2K0.0%+3,048
Rhumbline Advisers14,226$41.4K0.0%+160
Fmr LLC14,040$40.9K0.0%−6,764
Vident Advisory, LLC12,591$36.6K0.0%−78
SBI Securities Co., Ltd.4,340$12.6K0.0%−810

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How D-MARKET Electronic Services & Trading is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARD-MARKET Electronic Services & Trading1
  • CIK0001850235
  • Filer statusAccelerated filer not an emerging growth company; not a shell company3
  • Incorporated inW83
  • Fiscal year endsDecember 311
  • Industry code (SIC)5961 Retail-Catalog & Mail-Order Houses1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressKustepe Mahallesi Mecidiyekoy Yolu, Cadde No: 12 Trump Towers Kule 2 K2, Sisli Istanbul, Turkey1
  • Phone90 (0) 212 304 20 001
  • Shares outstanding357,225,200 shares as of Dec 31, 20253
  • AuditorDELOITTE LLP, Almaty, Kazakhstan PCAOB ID 1056; it also attests to the company’s internal control over financial reporting3
  • On EDGAR sinceMar 19, 20211
  • Filings187 in all: 6-K (120), 3 (14), SCHEDULE 13D/A (10), SC 13G (6), 20-F (5), CORRESP (5), SCHEDULE 13G/A (5), UPLOAD (4)1
    All 21 form types

    SCHEDULE 13G (3), DRSLTR (2), F-1/A (2), SC 13G/A (2), 424B4 (1), 6-K/A (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), EFFECT (1), F-1 (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (20-F) Apr 30, 2026

Securities registered for trading

ClassSymbolExchange
American Depositary SharesHEPSNasdaq
Ordinary shares, nominal value TRY 0.20 per shareNasdaq

From the cover page of the 20-F filed Apr 30, 2026 (Section 12(b) of the Exchange Act).3

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31