D-MARKET Electronic Services & Trading ADR
HEPSConsumer Cyclical·Internet Retail·Turkey·Small·NASD·Nov 11 • 1:02 PM ET
2.75-0.01 (-0.36%)
2026-11-11 19:22 CET
Market cap
985.94 USD m
Revenue, TTM
2,199.22 USD m
Net income, TTM
-190.88 USD m
Free cash flow, TTM
-103.10 USD m
EPS diluted, TTM
-0.53
P/E
-
Price
HEPS against its 20, 50 and 200-day averages2050200earnings
17.4% under the 52-week high of 3.33 on 19 Dec 2025. 52-week low 2.15 on 18 Nov 2025. Last 15 sessions, 11.3% high to low
Profile
HEPS52-week range, 51% of the way up
2.153.33
D-MARKET Elektronik Hizmetler Tic. A.S. is a holding company, which engages in online shopping websites. It offers computers, mobile phones, home appliances, sports goods, clothing products, cosmetics, jewelries, books, game consoles, and furniture. The company was founded by Hanzade Dogan Boyner in 1998 and is headquartered in Istanbul, Turkey.
| Employees | 11611 |
|---|---|
| IPO | Jul 01, 2021 |
| Beta | 2.23 |
| ATR, 14d | 0.09 |
| Rel volume | 0.08 |
| Short float | 0.32% |
| Inst own | 7.85% |
Snapshot
6 groupsValuation
| Index | - |
|---|---|
| Market Cap | 982.42M |
| Enterprise Value | 687.84M |
| Income | -190.88M |
| Sales | 2.20B |
| Book/sh | 0.36 |
| Cash/sh | 1.01 |
| Dividend Est. | - |
| Dividend TTM | - |
| Dividend Ex-Date | - |
| Dividend Gr. 3/5Y | - - |
| Payout | - |
| Employees | 11611 |
| IPO | Jul 01, 2021 |
Ratios
| P/E | - |
|---|---|
| Forward P/E | - |
| PEG | - |
| P/S | 0.45 |
| P/B | 7.64 |
| P/C | 2.72 |
| P/FCF | - |
| EV/EBITDA | 56.57 |
| EV/Sales | 0.31 |
| Quick Ratio | 0.66 |
| Current Ratio | 0.97 |
| Debt/Eq | 0.52 |
| LT Debt/Eq | 0.15 |
| Option/Short | Yes / Yes |
Earnings
| EPS (ttm) | -0.53 |
|---|---|
| EPS next Y | -0.49 |
| EPS next Q | - |
| EPS this Y | -66.46% |
| EPS next Y | 18.64% |
| EPS next 5Y | 19.46% |
| EPS past 3/5Y | - - |
| Sales past 3/5Y | 30.24% 18.72% |
| EPS Y/Y TTM | - |
| Sales Y/Y TTM | 15.26% |
| EPS Q/Q | -48.86% |
| Sales Q/Q | 3.83% |
| Earnings | Nov 05 AMC |
| EPS/Sales Surpr. | - - |
Ownership
| Insider Own | - |
|---|---|
| Insider Trans | - |
| Inst Own | 7.85% |
| Inst Trans | -2.77% |
| ROA | -21.56% |
| ROE | -255.54% |
| ROIC | -128.59% |
| Gross Margin | 22.02% |
| Oper. Margin | -3.14% |
| Profit Margin | -8.68% |
| SMA20 | -0.49% |
| SMA50 | 3.47% |
| SMA200 | 0.31% |
| Trades | - |
Technical
| Shs Outstand | 357.23M |
|---|---|
| Shs Float | 285.99M |
| Short Float | 0.32% |
| Short Ratio | 2.97 |
| Short Interest | 0.93M |
| 52W High | 3.33 -17.41% |
| 52W Low | 2.15 27.91% |
| Volatility | 4.22% 2.97% |
| ATR (14) | 0.09 |
| RSI (14) | 53.35 |
| Beta | 2.23 |
| Rel Volume | 0.08 |
| Avg Volume | 311.61K |
| Volume | 15,035 |
Performance
| Perf Week | -1.78% |
|---|---|
| Perf Month | 0.37% |
| Perf Quarter | -2.48% |
| Perf Half Y | 4.97% |
| Perf YTD | 10.89% |
| Perf Year | 18.03% |
| Perf 3Y | 95.04% |
| Perf 5Y | -51.24% |
| Perf 10Y | - |
| Recom | 2.00 |
| Target Price | 3.33 |
| Prev Close | 2.76 |
| Price | 2.75 |
| Change % | -0.36% |
Analyst ratings
latest 8 of 8| Date | Action | Analyst | Rating change | Target | Implied |
|---|---|---|---|---|---|
| Nov 18, 2025 | Downgrade | JJP Morgan | Overweight → Neutral | ||
| Jan 22, 2025 | Downgrade | HHSBC Securities | Buy → Hold | $3.50 | +27.3% |
| Jun 14, 2023 | Upgrade | CCitigroup | Neutral → Buy | $0.90 → $2 | -27.3% |
| Aug 31, 2021 | Downgrade | BBofA Securities | Buy → Neutral | $12 | +336.3% |
| Aug 04, 2021 | Initiated | HHSBC Securities | Buy | $19 | +590.9% |
| Jul 27, 2021 | Initiated | MMorgan Stanley | Equal-Weight | $15 | +445.4% |
| Jul 27, 2021 | Initiated | JJP Morgan | Overweight | $16.40 | +496.3% |
| Jul 27, 2021 | Initiated | GGoldman | Buy | $25.90 | +841.8% |
Peers
Mkt capHeld by
AUMNews
latest 14 of 200- Hepsiburada Announces Third Quarter 2026 Financial Results (GlobeNewswire)
- Hepsiburada to Announce Third Quarter 2026 Results on November 5, 2026 (GlobeNewswire)
- Hepsiburada Announces Ordinary General Assembly Meeting for Financial Year 2025 (GlobeNewswire)
- Hepsiburada Announces Second Quarter 2026 Financial Results (GlobeNewswire) -5.14%
- Hepsiburada to Announce Second Quarter 2026 Results on August 6, 2026 (GlobeNewswire)
- Hepsiburada Announces Extraordinary General Assembly Meeting (GlobeNewswire)
- Hepsiburada Announces Completion of Planned CEO Transition and New Leadership Structure (GlobeNewswire)
- Hepsiburada Announces First Quarter 2026 Financial Results (GlobeNewswire)
- Hepsiburada to Announce First Quarter 2026 Results on May 7, 2026 (GlobeNewswire)
- Hepsiburada Announces Fourth Quarter and Full Year 2025 Financial Results (GlobeNewswire)
- Hepsiburada to Announce Fourth Quarter and Full Year 2025 Results on February 26, 2026 (GlobeNewswire)
- Hepsiburada Announces Third Quarter 2025 Financial Results (GlobeNewswire)
- Hepsiburada to Announce Third Quarter 2025 Results on November 5, 2025 (GlobeNewswire)
- Hepsiburada Announces Extraordinary General Assembly Meeting (GlobeNewswire)
Quarterly earnings
actual against estimate| Period | Reported | EPS act | EPS est | EPS rep | Sales act | Sales est | Analysts |
|---|---|---|---|---|---|---|---|
| 2026Q3 | 2026-11-05 | -0.120 | - | - | 484.18 | - | - |
| 2026Q2 | 2026-08-06 | -0.107 | - | -0.116 | 478.57 | - | - |
| 2025Q4 | 2026-02-26 | -0.228 | - | -0.204 | 636.34 | - | - |
| 2025Q3 | 2025-11-05 | -0.097 | - | -0.101 | 473.27 | - | - |
| 2025Q2 | 2025-07-31 | -0.057 | - | -0.058 | 412.58 | - | - |
| 2025Q1 | 2025-05-08 | -0.028 | - | -0.031 | 371.61 | - | - |
| 2024Q4 | 2025-04-30 | -0.052 | - | - | 471.45 | - | - |
| 2024Q3 | 2024-12-10 | -0.079 | - | - | 351.44 | - | - |
| 2024Q2 | 2024-09-11 | -0.035 | - | - | 297.02 | - | - |
| 2024Q1 | 2024-06-13 | -0.012 | - | - | 350.27 | - | - |
| 2023Q4 | 2024-03-25 | -0.062 | - | - | 367.04 | - | - |
| 2023Q3 | 2023-12-05 | -0.020 | - | - | 278.73 | - | - |
| 2023Q2 | 2023-08-24 | 0.099 | - | - | 216.62 | - | - |
| 2023Q1 | 2023-05-25 | -0.030 | - | - | 232.79 | - | - |
| 2022Q4 | 2023-03-22 | -0.088 | - | - | 290.89 | - | 1 |
| 2022Q3 | 2022-12-06 | -0.094 | -0.049 | - | 176.07 | 181.51 | 1 |
Annual earnings
| Period | EPS act | EPS est | EPS rep | Sales act | Sales est |
|---|---|---|---|---|---|
| 2021FY | -0.130 | -0.408 | -0.241 | 509.6 | 471.46 |
| 2022FY | -0.468 | -0.191 | - | 844.49 | 749.8 |
| 2023FY | 0.007 | 0.089 | - | 1,104 | 886.93 |
| 2024FY | -0.130 | -0.017 | - | 1,483 | 1,313 |
| 2025FY | -0.410 | -0.342 | -0.342 | 1,926 | 1,929 |
| 2026FY | - | -0.597 | - | - | 2,367 |
| 2027FY | - | -0.485 | - | - | 3,317 |
| 2028FY | - | -0.187 | - | - | 4,554 |
Estimate revisions
last 14 periods| Period | Type | Date | Estimates | Up | Down | Mean | Low | High |
|---|---|---|---|---|---|---|---|---|
| 2026FY | S | 2026-10-15 | 1 | 0 | 1 | 2,367 | 2,367 | 2,367 |
| 2026FY | S | 2026-10-12 | 1 | 0 | 1 | 2,546 | 2,546 | 2,546 |
| 2026FY | S | 2026-09-21 | 2 | 0 | 1 | 2,492 | 2,409 | 2,576 |
| 2026FY | S | 2026-08-24 | 2 | 1 | 1 | 2,529 | 2,445 | 2,613 |
| 2026FY | S | 2026-07-22 | 2 | 1 | 1 | 2,609 | 2,490 | 2,728 |
| 2026FY | S | 2026-07-10 | 2 | 2 | 0 | 2,713 | 2,503 | 2,923 |
| 2026FY | S | 2026-07-08 | 2 | 2 | 0 | 2,718 | 2,508 | 2,929 |
| 2026FY | S | 2026-06-29 | 2 | 1 | 0 | 2,709 | 2,474 | 2,944 |
| 2026FY | S | 2026-05-20 | 2 | 2 | 0 | 2,770 | 2,530 | 3,010 |
| 2026FY | S | 2026-05-12 | 2 | 1 | 0 | 2,719 | 2,541 | 2,896 |
| 2026FY | S | 2026-04-15 | 2 | 2 | 0 | 2,758 | 2,578 | 2,939 |
| 2026FY | S | 2026-04-14 | 2 | 1 | 0 | 2,700 | 2,460 | 2,941 |
| 2026FY | S | 2026-03-19 | 1 | 0 | 0 | 2,482 | 2,482 | 2,482 |
| 2026FY | S | 2026-02-27 | 2 | 0 | 0 | 2,506 | 2,502 | 2,510 |
Estimate history
| EPS, annual | - | - | - | -0.241 | - | - | - | -0.387 | -0.5343 |
|---|---|---|---|---|---|---|---|---|---|
| Period | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
| EPS, quarterly | - | - | -0.031 | -0.058 | -0.101 | -0.204 | -0.064 | -0.116 | -0.151 |
| Period | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
| Sales, annual | 403.139 | 458.187 | 907.132 | 846.714 | 968.361 | 2155.175 | 1735.559 | 2139.276 | 2199.22 |
| Period | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
| Sales, quarterly | 365.069 | 591.442 | 396.52 | 431.684 | 488.442 | 661.687 | 529.203 | 501.198 | 507.131 |
| Period | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
| Shares, annual | 285.998 | 285.998 | 285.998 | 285.998 | 285.998 | 281.383 | 281.383 | 357.225 | 357.225 |
| Period | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | MRQ |
| Shares, quarterly | 281.383 | - | 321.383 | 321.383 | 321.383 | 357.225 | 357.225 | 357.225 | 357.225 |
| Period | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
Income statement, annual
| Metric | TTM | 2025FY | 2024FY | 2023FY | 2022FY | 2021FY | 2020FY | 2019FY | 2018FY |
|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 2,199.22 | 2,139.28 | 1,735.56 | 2,155.17 | 968.36 | 846.71 | 907.13 | 458.19 | 403.14 |
| Cost of Goods Sold Incl. D&A | 1,714.98 | 1,675.08 | 1,346.50 | 1,785.96 | 896.70 | 745.71 | 749.46 | 368.52 | 356.17 |
| Gross Profit | 484.23 | 464.19 | 389.06 | 369.21 | 71.66 | 101.00 | 157.67 | 89.67 | 46.97 |
| Selling, General and Administrative Excl. Other | 564.02 | 520.20 | 398.67 | 434.45 | 243.84 | 301.65 | 184.10 | 71.92 | 57.71 |
| Research and Development | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | - | 0.00 | 0.00 | 0.00 |
| Other Operating Expense | -10.69 | -41.06 | -47.31 | -26.07 | 8.35 | -4.62 | -2.60 | -2.29 | -1.30 |
| Operating Income | -69.10 | -14.94 | 37.70 | -39.17 | -180.53 | -196.03 | -23.82 | 20.03 | -9.45 |
| Interest Expense | 313.59 | 217.78 | 151.82 | 129.49 | 56.69 | 61.53 | 40.83 | 40.55 | 28.60 |
| Unusual Expense | 0.06 | 5.19 | -3.84 | -18.07 | 2.62 | 13.20 | 0.00 | 0.00 | 0.00 |
| Net Income Before Taxes | -191.92 | -145.12 | -48.83 | 4.58 | -175.21 | -78.43 | -67.51 | -23.17 | -33.26 |
| Income Taxes | -1.04 | -1.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Consolidated Net Income | -190.88 | -144.03 | -48.83 | 4.58 | -175.21 | -78.43 | -67.51 | -23.17 | -33.26 |
| Net Income From Continuing Operations | -190.88 | -144.03 | -48.83 | 4.58 | -175.21 | -78.43 | -67.51 | -23.17 | -33.26 |
| Net Income | -190.88 | -144.03 | -48.83 | 4.58 | -175.21 | -78.43 | -67.51 | -23.17 | -33.26 |
| EPS (Recurring) | -0.53 | -0.38 | - | - | - | -0.21 | - | - | - |
| EPS (Basic, Before Extraordinaries) | -0.53 | -0.39 | - | - | - | -0.24 | - | - | - |
| EPS (Diluted) | -0.53 | -0.39 | - | - | - | -0.24 | - | - | - |
| EBITDA | 12.16 | 65.20 | 100.01 | 32.00 | -149.63 | -180.24 | -10.56 | 31.70 | 6.69 |
| Non-Operating Income (Expense) | 190.83 | 92.80 | 61.46 | 155.17 | 64.63 | 192.33 | -2.86 | -2.64 | 4.78 |
| Other After Tax Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Stock Option Compensation Expense | - | 1.48 | 4.22 | 4.97 | 9.17 | 9.55 | - | - | - |
| Price To Sales Ratio | 0.40 | 0.43 | 0.49 | 0.34 | 0.19 | 0.74 | - | - | - |
| Gross Margin | 22.02 | 21.70 | 22.42 | 17.13 | 7.40 | 11.93 | 17.38 | 19.57 | 11.65 |
| Operating Margin | -3.14 | -0.70 | 2.17 | -1.82 | -18.64 | -23.15 | -2.63 | 4.37 | -2.34 |
| Net Margin | -8.68 | -6.73 | -2.81 | 0.21 | -18.09 | -9.26 | -7.44 | -5.06 | -8.25 |
| Shares Outstanding | 357.23 | 357.23 | 281.38 | 281.38 | 286.00 | 286.00 | 286.00 | 286.00 | 286.00 |
| Market Capitalization | 985.94 | 985.94 | 852.59 | 514.80 | 188.76 | 546.26 | 543.40 | - | - |
Income statement, quarterly
| Metric | 2026Q3 | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 | 2024Q4 |
|---|---|---|---|---|---|---|---|---|
| Total Revenue | 507.13 | 501.20 | 529.20 | 661.69 | 488.44 | 431.68 | 396.52 | 591.44 |
| Cost of Goods Sold Incl. D&A | 391.65 | 391.47 | 416.87 | 515.01 | 380.63 | 333.28 | 320.11 | 457.33 |
| Gross Profit | 115.48 | 109.73 | 112.34 | 146.68 | 107.82 | 98.41 | 76.41 | 134.11 |
| Selling, General and Administrative Excl. Other | 142.26 | 128.21 | 125.20 | 168.35 | 125.76 | 100.31 | 94.47 | 134.36 |
| Research and Development | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Operating Expense | -1.89 | -3.24 | -2.81 | -2.76 | -3.46 | -2.78 | -2.94 | 8.54 |
| Operating Income | -24.89 | -15.24 | -10.05 | -18.92 | -14.48 | 0.88 | -15.12 | -8.79 |
| Interest Expense | 72.21 | 71.04 | 69.06 | 101.28 | 69.53 | 60.74 | 48.97 | 8.48 |
| Unusual Expense | 0.00 | 0.00 | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 | 6.24 |
| Net Income Before Taxes | -54.43 | -41.57 | -21.99 | -73.94 | -32.49 | -18.66 | -9.79 | -20.96 |
| Income Taxes | -0.67 | -0.05 | 0.70 | -1.02 | 0.00 | 0.00 | 0.00 | 0.00 |
| Consolidated Net Income | -53.75 | -41.52 | -22.69 | -72.92 | -32.49 | -18.66 | -9.79 | -20.96 |
| Net Income From Continuing Operations | -53.75 | -41.52 | -22.69 | -72.92 | -32.49 | -18.66 | -9.79 | -20.96 |
| Net Income | -53.75 | -41.52 | -22.69 | -72.92 | -32.49 | -18.66 | -9.79 | -20.96 |
| EPS (Recurring) | -0.15 | -0.12 | -0.06 | -0.20 | -0.10 | -0.06 | -0.03 | - |
| EPS (Basic, Before Extraordinaries) | -0.15 | -0.12 | -0.06 | -0.20 | -0.10 | -0.06 | -0.03 | - |
| EPS (Diluted) | -0.15 | -0.12 | -0.06 | -0.20 | -0.10 | -0.06 | -0.03 | - |
| EBITDA | -2.80 | 5.26 | 9.68 | 0.03 | 4.26 | 19.06 | 3.00 | 10.29 |
| Non-Operating Income (Expense) | 42.67 | 44.71 | 57.20 | 46.25 | 51.53 | 41.20 | 54.30 | 2.54 |
| Other After Tax Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Price To Sales Ratio | 0.40 | 0.48 | 0.44 | 0.45 | 0.45 | 0.49 | 0.55 | - |
| Gross Margin | 22.77 | 21.89 | 21.23 | 22.17 | 22.07 | 22.80 | 19.27 | 22.68 |
| Operating Margin | -4.91 | -3.04 | -1.90 | -2.86 | -2.96 | 0.20 | -3.81 | -1.49 |
| Net Margin | -10.60 | -8.28 | -4.29 | -11.02 | -6.65 | -4.32 | -2.47 | -3.54 |
| Shares Outstanding | 357.23 | 357.23 | 357.23 | 357.23 | 321.38 | 321.38 | 321.38 | - |
| Market Capitalization | 985.94 | 1,039.52 | 842.02 | 797.03 | 864.52 | 867.73 | 864.52 | 852.59 |
Balance sheet, annual
| Metric | 2025FY | 2024FY | 2023FY | 2022FY | 2021FY | 2020FY | 2019FY | 2018FY |
|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 314.89 | 262.16 | 361.26 | 287.99 | 377.38 | 79.74 | 47.44 | 25.66 |
| Short Term Receivables | 148.16 | 144.66 | 134.24 | 54.61 | 26.98 | 40.18 | 19.09 | 11.31 |
| Inventories | 203.18 | 169.72 | 193.83 | 95.53 | 123.46 | 103.62 | 61.57 | 38.07 |
| Other Current Assets | 24.29 | 13.23 | 25.58 | 9.43 | 5.71 | 3.82 | 2.93 | 3.80 |
| Total Current Assets | 690.51 | 589.78 | 714.90 | 447.56 | 533.52 | 227.36 | 131.03 | 78.84 |
| Net Property, Plant & Equipment | 76.61 | 60.27 | 52.22 | 41.48 | 22.31 | 24.61 | 17.95 | 30.24 |
| Total Investments and Advances | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long-Term Note Receivable | 0.62 | 2.48 | 0.04 | 0.21 | - | - | - | - |
| Intangible Assets | 90.14 | 86.51 | 90.61 | 45.18 | 15.27 | 12.03 | 10.64 | 10.04 |
| Deferred Tax Assets | 1.12 | - | - | - | - | - | - | - |
| Other Assets | 0.94 | 0.35 | 1.65 | 3.37 | 22.38 | 0.38 | 1.02 | 1.46 |
| Total Assets | 859.94 | 739.39 | 859.43 | 537.80 | 593.48 | 264.37 | 160.65 | 120.58 |
| Short Term Debt Incl. Current Port. of LT Debt | 38.35 | 59.16 | 16.53 | 9.11 | 22.78 | 53.64 | 7.62 | 28.12 |
| Accounts Payable | 602.35 | 423.46 | 516.37 | 314.46 | 305.89 | 272.39 | 170.33 | 124.04 |
| Income Tax Payable | - | - | - | 6.31 | 4.48 | 2.06 | 1.13 | 1.29 |
| Other Current Liabilities | 136.47 | 127.84 | 134.19 | 83.91 | 43.41 | 29.28 | 23.71 | 14.22 |
| Total Current Liabilities | 777.17 | 610.46 | 667.09 | 413.78 | 376.55 | 357.37 | 202.79 | 167.68 |
| Long Term Debt | 18.12 | 16.51 | 6.09 | 6.19 | 7.68 | 12.49 | 9.73 | 19.94 |
| Provision for Risks Charges | 6.12 | 4.35 | 5.10 | 0.88 | 0.40 | 0.44 | 0.33 | 0.25 |
| Other Liabilities | 11.72 | 14.14 | 19.69 | 7.83 | 7.33 | 0.00 | 0.02 | 0.01 |
| Total Liabilities | 813.12 | 645.45 | 697.97 | 428.68 | 391.96 | 370.30 | 212.88 | 187.87 |
| Non-Equity Reserves | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Preferred Stock - Carrying Value | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Common Equity | 46.82 | 93.93 | 161.46 | 109.12 | 201.52 | -105.93 | -52.23 | -67.30 |
| Total Shareholders Equity | 46.82 | 93.93 | 161.46 | 109.12 | 201.52 | -105.93 | -52.23 | -67.30 |
| Accumulated Minority Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Equity | 46.82 | 93.93 | 161.46 | 109.12 | 201.52 | -105.93 | -52.23 | -67.30 |
| Total Liabilities & Stockholders Equity | 859.94 | 739.39 | 859.43 | 537.80 | 593.48 | 264.37 | 160.65 | 120.58 |
| Book Value Per Share | 0.13 | 0.33 | 0.40 | 0.38 | 0.62 | -0.37 | -0.18 | -0.24 |
| Tangible Book Value Per Share | -0.12 | 0.03 | 0.17 | 0.22 | 0.65 | -0.41 | -0.22 | -0.27 |
| Full-Time Employees | 11,611 | 10,917 | 3,213 | 8,430 | 10,773 | 5,932 | - | - |
| Price to Book Ratio | 7.66 | 9.08 | 4.33 | 1.68 | 3.09 | 2.71 | - | - |
| Return on Assets | -18.01 | -7.32 | 0.66 | -30.97 | -18.28 | -31.77 | -16.48 | - |
| Return on Equity | -204.65 | -47.46 | 3.38 | -112.80 | -164.09 | - | - | - |
| Return on Invested Capital | -221.80 | -44.21 | 2.73 | -151.94 | -37.49 | - | - | - |
| Quick Ratio | 0.63 | 0.69 | 0.78 | 0.85 | 1.09 | 0.35 | 0.34 | 0.24 |
| Current Ratio | 0.89 | 0.97 | 1.07 | 1.08 | 1.42 | 0.64 | 0.65 | 0.47 |
Cash flow, annual
| Metric | TTM | 2025FY | 2024FY | 2023FY | 2022FY | 2021FY | 2020FY | 2019FY | 2018FY |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -204.85 | -144.03 | -48.83 | 4.58 | -175.21 | -78.43 | -67.51 | -23.17 | -33.26 |
| Depreciation | 87.98 | 80.15 | 62.31 | 71.16 | 30.90 | 15.79 | 13.26 | 11.66 | 16.14 |
| Other Funds (Non Cash) | 100.04 | 56.81 | 63.46 | 160.28 | 88.36 | -102.23 | 12.39 | 4.96 | 0.04 |
| Funds from Operations | -16.82 | -7.07 | 76.95 | 236.02 | -55.95 | -164.87 | -41.87 | -6.54 | -17.08 |
| Extraordinary Item | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in Working Capital | -18.09 | 86.81 | -58.70 | -92.96 | 30.34 | 116.29 | 65.63 | 33.46 | 26.28 |
| Cash from Operating Activities | -34.91 | 79.74 | 18.25 | 143.07 | -25.60 | -48.58 | 23.76 | 26.92 | 9.20 |
| Capital Expenditures | -68.20 | -61.03 | -61.17 | -69.93 | -50.95 | -24.06 | -14.24 | -9.42 | -10.17 |
| Net Assets From Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | -0.28 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Fixed Assets and Businesses | -0.01 | 0.19 | 0.45 | 0.46 | 0.03 | 0.12 | 0.02 | 0.04 | 0.03 |
| Purchase or Sale of Investments | 3.99 | 25.50 | -8.55 | -99.68 | 97.85 | -98.83 | 0.00 | 0.00 | 0.00 |
| Purchase of Investments | -2.00 | -60.30 | -195.57 | -307.42 | -94.69 | -98.83 | 0.00 | 0.00 | 0.00 |
| Sale Or Maturity of Investments | 6.00 | 85.80 | 187.03 | 207.74 | 192.54 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Uses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Sources | 32.25 | 32.20 | 43.89 | 36.30 | 7.57 | 0.02 | 0.00 | 0.00 | 0.00 |
| Cash from Investing Activities | -64.08 | -3.14 | -25.38 | -132.84 | 54.22 | -122.76 | -14.22 | -9.39 | -10.15 |
| Cash Dividends Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Change in Capital Stock | 315.26 | 105.43 | 0.00 | -2.91 | 0.00 | 457.26 | 0.00 | 31.68 | 0.00 |
| Repurchase of Common Pref Stock | 0.00 | 0.00 | 0.00 | -2.91 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Common Pref Stock | 315.26 | 105.43 | 0.00 | 0.00 | 0.00 | 457.26 | 0.00 | 31.68 | 0.00 |
| Proceedsfrom Stock Options | 315.26 | 105.43 | 0.00 | 0.00 | 0.00 | 457.26 | 0.00 | 31.68 | 0.00 |
| Issuance or Reduction of Debt, Net | - | -37.13 | 43.57 | 11.98 | -13.48 | -18.20 | 44.65 | -15.49 | -6.99 |
| Change in Long Term Debt | - | 0.00 | 0.00 | 0.00 | - | 0.00 | 0.00 | 0.00 | 0.00 |
| Issuance of Long Term Debt | - | 0.00 | 0.00 | 0.00 | - | 0.00 | 0.00 | 0.00 | 0.00 |
| Reduction of Long Term Debt | - | 0.00 | 0.00 | 0.00 | - | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Financing Active Other Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Financing Activities Uses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from Financing Activities | 275.79 | 39.91 | 29.23 | -9.57 | -25.58 | 427.31 | 36.34 | 7.06 | -13.35 |
| Exchange Rate Effect | 1.62 | 0.93 | 1.52 | 10.57 | 58.78 | 104.80 | -1.74 | 1.06 | -0.24 |
| Net Change in Cash | 178.42 | 117.44 | 23.62 | 11.23 | 61.82 | 360.77 | 44.15 | 25.65 | -14.54 |
| Free Cash Flow | -103.10 | 18.72 | -42.92 | 73.14 | -76.55 | -54.58 | 19.82 | 25.24 | 7.57 |
| Preferred Dividends (Cash Flow) | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Price to Free Cash Flow | - | 49.33 | - | - | - | - | - | - | - |
| Deferred Taxes & Investment Tax Credit | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance sheet, quarterly
| Metric | 2026Q3 | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 |
|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 361.66 | 199.18 | 226.58 | 314.89 | 227.89 | 227.14 |
| Short Term Receivables | 139.11 | 114.05 | 109.37 | 148.16 | 133.07 | 145.23 |
| Inventories | 254.37 | 190.21 | 184.58 | 203.18 | 230.68 | 185.96 |
| Other Current Assets | 38.51 | 22.26 | 28.87 | 24.29 | 28.64 | 19.90 |
| Total Current Assets | 793.66 | 525.69 | 549.40 | 690.51 | 620.28 | 578.23 |
| Net Property, Plant & Equipment | 89.36 | 85.17 | 81.90 | 76.61 | 71.59 | 60.73 |
| Total Investments and Advances | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Intangible Assets | 96.94 | 96.42 | 94.48 | 90.14 | 94.69 | 91.64 |
| Deferred Tax Assets | 1.22 | 1.21 | 1.19 | 1.12 | - | - |
| Other Assets | 0.48 | 0.67 | 0.80 | 0.94 | 1.04 | 1.19 |
| Total Assets | 981.81 | 709.42 | 728.18 | 859.94 | 788.57 | 733.11 |
| Short Term Debt Incl. Current Port. of LT Debt | 47.30 | 32.28 | 37.30 | 38.35 | 48.41 | 44.48 |
| Accounts Payable | 635.07 | 529.46 | 501.35 | 602.35 | 556.40 | 467.05 |
| Other Current Liabilities | 134.35 | 123.44 | 131.39 | 136.47 | 128.15 | 116.28 |
| Total Current Liabilities | 816.72 | 685.18 | 670.04 | 777.17 | 732.96 | 627.81 |
| Long Term Debt | 19.78 | 18.47 | 13.71 | 18.12 | 18.41 | 16.71 |
| Provision for Risks Charges | 5.41 | 5.14 | 6.89 | 6.12 | 4.72 | 4.58 |
| Other Liabilities | 11.25 | 13.12 | 10.07 | 11.72 | 11.74 | 12.55 |
| Total Liabilities | 853.15 | 721.90 | 700.72 | 813.12 | 767.83 | 661.65 |
| Non-Equity Reserves | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Preferred Stock - Carrying Value | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Common Equity | 128.65 | -12.48 | 27.47 | 46.82 | 20.74 | 71.46 |
| Total Shareholders Equity | 128.65 | -12.48 | 27.47 | 46.82 | 20.74 | 71.46 |
| Accumulated Minority Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Equity | 128.65 | -12.48 | 27.47 | 46.82 | 20.74 | 71.46 |
| Total Liabilities & Stockholders Equity | 981.81 | 709.42 | 728.18 | 859.94 | 788.57 | 733.11 |
| Book Value Per Share | 0.36 | -0.03 | 0.08 | 0.13 | 0.06 | 0.22 |
| Tangible Book Value Per Share | 0.09 | -0.30 | -0.19 | -0.12 | -0.23 | -0.06 |
| Full-Time Employees | - | - | - | 11,611 | - | - |
| Price to Book Ratio | 7.66 | 37.85 | 40.61 | 38.44 | 12.10 | 9.85 |
| Return on Assets | -21.56 | -23.52 | -20.63 | -16.74 | -10.89 | -8.61 |
| Return on Equity | -255.54 | -575.14 | -254.01 | -190.19 | -127.95 | -64.25 |
| Return on Invested Capital | -36.21 | -693.61 | -55.10 | -112.29 | -82.99 | -21.17 |
| Quick Ratio | 0.66 | 0.49 | 0.54 | 0.63 | 0.53 | 0.62 |
| Current Ratio | 0.97 | 0.77 | 0.82 | 0.89 | 0.85 | 0.92 |
Cash flow, quarterly
| Metric | 2026Q3 | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 |
|---|---|---|---|---|---|---|
| Net Income | -60.16 | -42.76 | -22.69 | -79.24 | -36.11 | -19.12 |
| Depreciation | 25.45 | 21.43 | 19.73 | 21.38 | 22.06 | 18.73 |
| Other Funds (Non Cash) | 17.41 | 7.82 | 32.86 | 41.95 | 2.47 | 32.86 |
| Funds from Operations | -17.30 | -13.51 | 29.90 | -15.92 | -11.58 | 32.46 |
| Extraordinary Item | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in Working Capital | 1.42 | 13.08 | -82.61 | 50.03 | 49.02 | 38.33 |
| Cash from Operating Activities | -15.88 | -0.43 | -52.71 | 34.12 | 37.44 | 70.80 |
| Capital Expenditures | -18.25 | -16.62 | -16.61 | -16.72 | -15.38 | -12.61 |
| Net Assets From Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Fixed Assets and Businesses | 0.00 | 0.01 | 0.02 | -0.04 | 0.03 | 0.16 |
| Purchase or Sale of Investments | 0.17 | 0.07 | 4.06 | -0.30 | 1.61 | -32.13 |
| Purchase of Investments | -0.04 | -0.05 | -0.03 | -1.88 | -3.37 | -46.32 |
| Sale Or Maturity of Investments | 0.22 | 0.11 | 4.09 | 1.58 | 4.97 | 14.19 |
| Other Uses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Sources | 0.00 | 0.00 | 0.00 | 32.25 | 0.00 | 0.00 |
| Cash from Investing Activities | -18.08 | -16.54 | -12.53 | -16.93 | -13.87 | -44.58 |
| Cash Dividends Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Preferred Dividends (Cash Flow) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Change in Capital Stock | 209.66 | 0.00 | 0.00 | 105.61 | 0.00 | 0.00 |
| Repurchase of Common Pref Stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Common Pref Stock | 209.66 | 0.00 | 0.00 | 105.61 | 0.00 | 0.00 |
| Proceedsfrom Stock Options | 209.66 | 0.00 | 0.00 | 105.61 | 0.00 | 0.00 |
| Issuance or Reduction of Debt, Net | 15.55 | - | -7.28 | -13.35 | - | - |
| Change in Long Term Debt | - | - | - | 0.00 | - | - |
| Issuance of Long Term Debt | - | - | - | 0.00 | - | - |
| Net Financing Active Other Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Financing Activities Uses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from Financing Activities | 214.77 | -7.33 | -14.13 | 82.47 | -14.69 | -15.46 |
| Exchange Rate Effect | 38.64 | -37.27 | 0.12 | 0.13 | 0.21 | -0.00 |
| Net Change in Cash | 219.45 | -61.57 | -79.25 | 99.79 | 9.09 | 10.75 |
| Free Cash Flow | -34.13 | -17.05 | -69.32 | 17.40 | 22.06 | 58.19 |
| Price to Free Cash Flow | - | - | 33.04 | 17.37 | 199.67 | - |
Revenue breakdown
| Retail-Catalog & Mail-Order Houses | 2024: 2.27B 2025: 2.14B |
|---|---|
| Turkey | 2024: 2.27B 2025: 2.14B |
Short interest
shares short against float, oldest to newest| Settlement | Of float | Shares short | Float | Avg volume |
|---|---|---|---|---|
| 2026-10-30 | 0.32% | 0.9M | 286.0M | 307.25K |
| 2026-10-15 | 0.30% | 0.9M | 286.0M | 305.54K |
| 2026-09-30 | 0.24% | 0.7M | 286.0M | 292.75K |
| 2026-09-15 | 0.28% | 0.8M | 286.0M | 274.80K |
| 2026-08-31 | 0.31% | 0.9M | 286.0M | 208.52K |
| 2026-08-14 | 0.30% | 0.9M | 286.0M | 251.37K |
| 2026-07-31 | 0.36% | 1.0M | 286.0M | 273.98K |
| 2026-07-15 | 0.38% | 1.1M | 286.0M | 305.55K |
| 2026-06-30 | 0.32% | 0.9M | 286.0M | 326.79K |
| 2026-06-15 | 0.34% | 1.0M | 286.0M | 281.65K |
| 2026-05-29 | 0.34% | 1.0M | 286.0M | 292.00K |
| 2026-05-15 | 0.41% | 1.2M | 286.0M | 263.25K |
| 2026-04-30 | 0.34% | 1.0M | 286.0M | 264.78K |
| 2026-04-15 | 0.33% | 0.9M | 286.0M | 276.21K |
| 2026-03-31 | 0.37% | 1.1M | 286.0M | 272.36K |
| 2026-03-13 | 0.38% | 1.1M | 286.0M | 359.09K |
| 2026-02-27 | 0.49% | 1.4M | 286.0M | 341.47K |
| 2026-02-13 | 0.56% | 1.6M | 286.0M | 348.17K |
| 2026-01-30 | 0.54% | 1.5M | 286.0M | 338.16K |
| 2026-01-15 | 0.55% | 1.6M | 286.0M | 317.56K |
Option chain
expiry 2026-11-20| Type | Strike | Bid | Ask | Last | IV | Open int | Volume | Delta | Theta | Vega |
|---|---|---|---|---|---|---|---|---|---|---|
| call | 2.50 | 0.00 | 0.75 | 0.31 | 3.813 | 1,289 | 0.00 | 0.677 | -0.033 | 0.002 |
| call | 5.00 | 0.00 | 0.05 | 0.05 | 2.603 | 741 | 0.00 | 0.108 | -0.012 | 0.001 |
| call | 7.50 | 0.00 | 0.50 | 0.00 | 3.805 | 0.00 | 0.00 | 0.083 | -0.014 | 0.001 |
| put | 2.50 | 0.00 | 0.50 | 0.10 | 3.829 | 195 | 0.00 | -0.323 | -0.033 | 0.002 |
| put | 5.00 | 1.85 | 2.55 | 2.33 | 4.672 | 30.00 | 0.00 | -0.892 | -0.011 | 0.001 |
| put | 7.50 | 4.20 | 5.30 | 0.00 | 7.686 | 0.00 | 0.00 | -0.917 | -0.013 | 0.001 |
Latest SEC filings
30| Filed | Form | Description | Period | Link |
|---|---|---|---|---|
| 2026-11-05 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-11-05 | SEC |
| 2026-11-04 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-11-04 | SEC |
| 2026-10-27 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-10-27 | SEC |
| 2026-09-30 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-09-30 | SEC |
| 2026-09-15 | SCHEDULE 13D/A | SEC | ||
| 2026-09-10 | SCHEDULE 13D/A | SEC | ||
| 2026-09-09 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-09-09 | SEC |
| 2026-08-20 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-08-20 | SEC |
| 2026-08-06 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-08-06 | SEC |
| 2026-07-23 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-07-23 | SEC |
| 2026-07-14 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-07-14 | SEC |
| 2026-06-30 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-06-30 | SEC |
| 2026-06-18 | SCHEDULE 13G | SEC | ||
| 2026-06-10 | SCHEDULE 13D/A | SEC | ||
| 2026-05-07 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-05-07 | SEC |
| 2026-04-30 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-04-30 | SEC |
| 2026-04-30 | 20-F | Registration statement under Section 12 of the Securities Exchange Act of 1934 or an annual or transition report filed under Section 13(a) or 15(d) of the Exchange Act for a foreign private issuer. | 2025-12-31 | SEC |
| 2026-04-16 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-04-16 | SEC |
| 2026-04-01 | 3 | Initial statement of beneficial ownership of securities | 2026-03-18 | SEC |
| 2026-04-01 | 3 | Initial statement of beneficial ownership of securities | 2026-03-18 | SEC |
| 2026-03-27 | 3 | Initial statement of beneficial ownership of securities | 2026-03-18 | SEC |
| 2026-03-27 | 3 | Initial statement of beneficial ownership of securities | 2026-03-18 | SEC |
| 2026-03-27 | 3 | Initial statement of beneficial ownership of securities | 2026-03-18 | SEC |
| 2026-03-27 | 3 | Initial statement of beneficial ownership of securities | 2026-03-18 | SEC |
| 2026-03-25 | 3 | Initial statement of beneficial ownership of securities | 2026-03-18 | SEC |
| 2026-03-23 | 3 | Initial statement of beneficial ownership of securities | 2026-03-18 | SEC |
| 2026-03-23 | 3 | Initial statement of beneficial ownership of securities | 2026-03-18 | SEC |
| 2026-03-23 | 3 | Initial statement of beneficial ownership of securities | 2026-03-18 | SEC |
| 2026-03-18 | SCHEDULE 13D/A | SEC | ||
| 2026-03-18 | 3 | Initial statement of beneficial ownership of securities | 2026-03-18 | SEC |
Insider activity by month
| Month | Bought | Buys | Sold | Sells |
|---|---|---|---|---|
| 2026-11 | 0 | 0 | 0 | 0 |
| 2026-10 | 0 | 0 | 0 | 0 |
| 2026-09 | 0 | 0 | 0 | 0 |
| 2026-08 | 0 | 0 | 0 | 0 |
| 2026-07 | 0 | 0 | 0 | 0 |
| 2026-06 | 0 | 0 | 0 | 0 |
| 2026-05 | 0 | 0 | 0 | 0 |
| 2026-04 | 0 | 0 | 0 | 0 |
| 2026-03 | 0 | 0 | 0 | 0 |
| 2026-02 | 0 | 0 | 0 | 0 |
| 2026-01 | 0 | 0 | 0 | 0 |
| 2025-12 | 0 | 0 | 0 | 0 |
| 2025-11 | 0 | 0 | 0 | 0 |
Institutional holders
| Manager | % owned |
|---|---|
| VR Advisory Services Ltd | 5.43% |
| STATE STREET CORP | 0.65% |
| BNP PARIBAS FINANCIAL MARKETS | 0.23% |
| UBS Group AG | 0.19% |
| MORGAN STANLEY | 0.17% |
| 683 Capital Management, LLC | 0.14% |
| Rangeley Capital, LLC | 0.06% |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | 0.04% |
| GAM Holding AG | 0.04% |
| Russell Investments Group, Ltd. | 0.03% |
Funds
| Fund | % owned |
|---|---|
| State Street(R) SPDR(R) Portfolio Emerging Markets ETF | 0.21% |
| Nomura Emerging Markets Fund | 0.04% |
| State Street(R) SPDR(R) S&P(R) Emerging Markets Small Cap ETF | 0.03% |
| Parametric Tax-Managed Emerging Markets Fund | 0.02% |
| Fidelity Nasdaq Composite Index Fund | 0.02% |
| Parametric Emerging Markets Fund | 0.00% |
| Nomura VIP Emerging Markets Series | 0.00% |
| Blackstone Alternative Multi-Strategy Fund | 0.00% |
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