Latest Ratios: P/E Ratio -7.8x · EV/EBITDA 15.5x · ROE -213.8%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $945M | $785M | $973M | $585M | $215M | $582M | — | — | — |
| Enterprise Value | $751M | $-8096612720 | $-3542805570 | $-6688173000 | $-7989986320 | $-5017909760 | — | — | — |
| P/E Ratio → | -7.75 | — | — | 7.83 | — | — | — | — | — |
| P/S Ratio | 0.52 | 0.01 | 0.02 | 0.02 | 0.01 | 0.02 | — | — | — |
| P/B Ratio | 21.97 | 0.39 | 0.29 | 0.12 | 0.06 | 0.12 | — | — | — |
| P/FCF | 20.24 | 0.36 | — | 11.54 | — | — | — | — | — |
| P/OCF | 9.21 | 0.16 | 53.30 | 5.90 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.10 | -0.06 | -0.19 | -0.21 | -0.20 | — | — | — |
| EV / EBITDA | 15.50 | -3.57 | -1.72 | -14.89 | — | — | — | — | — |
| EV / EBIT | — | — | -2.81 | -4.60 | — | — | — | — | — |
| EV / FCF | — | -3.70 | — | -132.03 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.2% | 36.2% | 37.5% | 20.4% | 21.7% | 21.6% | 21.9% | 29.1% | 22.3% |
| Operating Margin | -1.1% | -1.1% | 0.0% | -2.0% | -19.3% | -27.3% | -5.5% | 3.9% | -2.6% |
| Net Profit Margin | -6.7% | -6.7% | -2.8% | 0.2% | -18.1% | -13.4% | -6.2% | -5.1% | -8.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -213.8% | -213.8% | -39.7% | 1.9% | -169.2% | -165.5% | — | — | — |
| ROA | -18.1% | -18.1% | -6.2% | 0.4% | -46.2% | -43.4% | -64.1% | -16.5% | -25.1% |
| ROIC | — | — | — | — | — | — | — | — | — |
| ROCE | -22.2% | -22.2% | 0.3% | -15.3% | -164.1% | -302.7% | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.21 | 1.21 | 0.67 | 0.14 | 0.14 | 0.14 | — | — | — |
| Debt / EBITDA | 1.07 | 1.07 | 1.08 | 1.49 | — | — | — | 0.62 | 9.56 |
| Net Debt / Equity | — | -4.42 | -1.36 | -1.53 | -2.44 | -1.16 | — | — | — |
| Net Debt / EBITDA | -3.91 | -3.91 | -2.19 | -16.19 | — | — | — | -1.07 | 4.46 |
| Debt / FCF | — | -4.06 | — | -143.57 | — | — | -5.10 | -0.58 | 1.00 |
| Interest Coverage | -0.37 | -0.37 | 0.44 | 1.05 | -7.55 | -4.75 | -1.98 | -1.55 | -2.43 |
Net cash position: cash ($11.5B) exceeds total debt ($2.4B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.89 | 0.89 | 0.97 | 1.07 | 1.08 | 1.44 | 0.64 | 0.65 | 0.47 |
| Quick Ratio | 0.63 | 0.63 | 0.69 | 0.78 | 0.85 | 1.09 | 0.35 | 0.34 | 0.24 |
| Cash Ratio | 0.41 | 0.41 | 0.42 | 0.53 | 0.68 | 0.99 | 0.22 | 0.23 | 0.15 |
| Asset Turnover | — | 2.29 | 2.18 | 1.40 | 2.30 | 1.85 | 7.72 | 2.72 | 3.05 |
| Inventory Turnover | 6.19 | 6.19 | 5.94 | 4.95 | 10.15 | 6.76 | 15.39 | 5.04 | 7.50 |
| Days Sales Outstanding | — | 26.89 | 32.73 | 40.70 | 16.08 | 8.66 | 5.17 | 15.92 | 10.70 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 12.8% | — | — | — | — | — |
| FCF Yield | 4.9% | 278.4% | — | 8.7% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $317M | $321M | $325M | $326M | $305M | $326M | $326M | $326M |
Hyperinflationary Margin Volatility
Based on reported figures, HEPS trades at a P/S ratio of 0.51, which, when compared to regional peers like MercadoLibre, suggests the market is pricing the company as a distressed retail asset rather than a high-growth technology platform due to persistent currency and inflationary headwinds.
The negative P/E of -7.51 and the lack of a forward P/E multiple indicate that investors are currently unable to anchor valuation on earnings, focusing instead on the company's ability to survive the current macro cycle. This valuation discount appears to reflect a deep skepticism regarding the company's ability to convert its logistics and fintech infrastructure into sustainable, long-term profitability.
According to recent financial statements, the company's cash conversion cycle remains negative at -74 days in 2026Q1, which, while theoretically beneficial, appears to be driven more by aggressive payable management than by genuine operational efficiency in a high-inflationary environment.
The increase in days payable outstanding to 148 days suggests that HEPS is leveraging its supplier relationships to manage liquidity, a strategy that may become unsustainable if inflationary pressures force suppliers to demand shorter payment terms. Investors should monitor whether this reliance on extended payables masks underlying weaknesses in inventory turnover, which has shown significant volatility over the last ten quarters.
As reported in financial filings, the debt-to-equity ratio has surged to 1.86 in 2026Q1 from 0.14 in 2023Q4, indicating that the firm is increasingly reliant on external financing to fund its capital-intensive logistics infrastructure in a high-interest rate environment.
The interest coverage ratio of 0.68 in 2026Q1 suggests that the company is struggling to service its debt obligations from operating income, raising concerns about the sustainability of its current capital structure. This trend warrants further investigation into the company's refinancing risk, particularly as the cost of capital in Turkey remains elevated.
The most commonly misapplied metric for HEPS is the traditional P/E ratio, which obscures the company's true value as a logistics and fintech infrastructure provider by focusing on bottom-line losses that are heavily distorted by hyperinflationary accounting and non-cash monetary adjustments.
Investors should instead focus on GMV growth and the take rate of the Hepsipay ecosystem, as these metrics better capture the underlying economic value being generated by the platform. Relying on P/E or P/B ratios in this context ignores the structural advantage of the company's proprietary delivery network and its potential for future monetization.
Includes 30+ ratios · 8 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HEPS stock.
D-Market Elektronik Hizmetler ve Ticaret A.S.'s current P/E ratio is -7.8x. The historical average is 7.8x.
D-Market Elektronik Hizmetler ve Ticaret A.S.'s current EV/EBITDA is 15.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
D-Market Elektronik Hizmetler ve Ticaret A.S.'s return on equity (ROE) is -213.8%. The historical average is -117.2%.
Based on historical data, D-Market Elektronik Hizmetler ve Ticaret A.S. is trading at a P/E of -7.8x. Compare with industry peers and growth rates for a complete picture.
D-Market Elektronik Hizmetler ve Ticaret A.S. has 36.2% gross margin and -1.1% operating margin.
D-Market Elektronik Hizmetler ve Ticaret A.S.'s Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.