Cash flow Hepsiburada

Equities

HEPS

US23292B1044

Department Stores

Market Closed - Nasdaq Other stock markets 21:00:00 15/01/2026 GMT			5-day change	1st Jan Change
2.780 ^USD	-0.36%		+4.12%	+12.10%

12-29	D-Market Electronic Services & Trading Announces Planned CEO Transition of Nilhan Göketekin, Effective from July 1, 2026	CI
11-05	D-MARKET Elektronik Q3 Loss Widens, Revenue Rises	MT

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Published financial data: HEPSIBURADA

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	6.38B	7.56B	16.07B	35.56B	57.05B
Total Revenues	6.38B	7.56B	16.07B	35.56B	57.05B
Cost of Goods Sold, Total	5.18B	6.52B	14.38B	28.31B	42.26B
Gross Profit	1.2B	1.04B	1.69B	7.25B	14.79B
Selling General & Admin Expenses, Total	1.19B	2.46B	3.38B	5.79B	10.51B
R&D Expenses	31.72M	61.05M	183M	412M	741M
Depreciation & Amortization - (IS)	93.18M	141M	513M	1.17B	2.05B
Other Operating Expenses	66.7M	96.92M	436M	710M	1.47B
Other Operating Expenses, Total	1.38B	2.76B	4.51B	8.09B	14.77B
Operating Income	-181M	-1.72B	-2.82B	-842M	16.96M
Interest Expense, Total	-123M	-171M	-340M	-1.38B	-2.87B
Interest And Investment Income	39.64M	75.91M	327M	878M	3.1B
Net Interest Expenses	-83.6M	-95.38M	-13.45M	-500M	238M
Currency Exchange Gains (Loss)	12.66M	1.73B	1.04B	1.62B	334M
Other Non Operating Income (Expenses)	-223M	-449M	-788M	-556M	-2.32B
EBT, Excl. Unusual Items	-475M	-532M	-2.57B	-279M	-1.73B
Gain (Loss) On Sale Of Investments	-	-40.25M	-45.51M	238M	128M
Legal Settlements	-	-128M	-287M	117M	-
EBT, Incl. Unusual Items	-475M	-700M	-2.91B	75.53M	-1.6B
Earnings From Continuing Operations	-475M	-700M	-2.91B	75.53M	-1.6B
Net Income to Company	-475M	-700M	-2.91B	75.53M	-1.6B
Net Income - (IS)	-475M	-700M	-2.91B	75.53M	-1.6B
Net Income to Common Incl Extra Items	-475M	-700M	-2.91B	75.53M	-1.6B
Net Income to Common Excl. Extra Items	-475M	-700M	-2.91B	75.53M	-1.6B
Per Share Items
Net EPS - Basic	-1.67	-2.3	-8.92	0.23	-4.89
Basic EPS - Continuing Operations	-1.67	-2.3	-8.92	0.23	-4.89
Basic Weighted Average Shares Outstanding	284M	305M	326M	325M	328M
Net EPS - Diluted	-1.67	-2.3	-8.92	0.23	-4.89
Diluted EPS - Continuing Operations	-1.67	-2.3	-8.92	0.23	-4.89
Diluted Weighted Average Shares Outstanding	284M	305M	326M	325M	328M
Normalized Basic EPS	-1.04	-1.09	-4.94	-0.54	-3.3
Normalized Diluted EPS	-1.04	-1.09	-4.94	-0.54	-3.3
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	-169M	-1.7B	-2.73B	-658M	321M
EBITA	-181M	-1.72B	-2.82B	-842M	16.96M
EBIT	-181M	-1.72B	-2.82B	-842M	16.96M
EBITDAR	-166M	-1.69B	-2.71B	-619M	447M
Normalized Net Income	-297M	-333M	-1.61B	-174M	-1.08B
Interest on Long-Term Debt	20.04M	31.7M	77.91M	77.02M	213M
Non-Cash Pension Expense	803K	1.71M	4.04M	57.64K	69.76M
Supplemental Operating Expense Items
Advertising Expense	646M	1.5B	1.77B	2.43B	4.29B
Selling and Marketing Expenses	1.19B	2.45B	3.36B	5.75B	10.39B
Research And Development Expense From Footnotes	31.72M	110M	383M	-927M	741M
Net Rental Expense, Total	3.06M	6.13M	16.76M	39.4M	127M
Imputed Operating Lease Interest Expense	10.14M	18.76M	95.93M	929M	1.74B
Imputed Operating Lease Depreciation	-7.08M	-12.63M	-79.17M	-890M	-1.61B
Maintenance & Repair Expenses, Total	1.04M	2.65M	8.08M	20.31M	48.27M
Stock-Based Comp., Other (Total)	-	85.27M	152M	106M	180M
Total Stock-Based Compensation	-	85.27M	152M	106M	180M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	593M	3.81B	5.27B	5.5B	6.75B
Short Term Investments	-	134M	-	131M	177M
Trading Asset Securities, Total	-	1.02B	17.56M	1.59B	2.21B
Total Cash And Short Term Investments	593M	4.97B	5.28B	7.22B	9.13B
Accounts Receivable, Total	215M	234M	681M	2.4B	4.35B
Other Receivables	82.39M	124M	338M	341M	10.34M
Notes Receivable	1.5M	-	3.51M	-	754M
Total Receivables	299M	358M	1.02B	2.75B	5.12B
Inventory	770M	1.64B	1.79B	3.96B	6B
Prepaid Expenses	16.98M	67.95M	167M	356M	67.98M
Restricted Cash	-	40M	107M	182M	154M
Other Current Assets, Total	11.42M	7.84M	9.61M	152M	381M
Total Current Assets	1.69B	7.09B	8.38B	14.62B	20.85B
Gross Property Plant And Equipment	368M	561M	2.01B	3.68B	6.7B
Accumulated Depreciation	-186M	-265M	-1.23B	-2.61B	-4.57B
Net Property Plant And Equipment	182M	296M	777M	1.07B	2.13B
Goodwill	-	-	173K	285K	411K
Other Intangibles, Total	89.39M	203M	846M	1.85B	3.06B
Accounts Receivable Long-Term	-	-	-	-	87.6M
Loans Receivable Long-Term	-	-	3.86M	799K	-
Other Long-Term Assets, Total	3.45M	297M	63.02M	33.72M	12.4M
Total Assets	1.96B	7.88B	10.07B	17.58B	26.14B
Liabilities
Accounts Payable, Total	1.42B	2.99B	3.52B	6.43B	8.67B
Accrued Expenses, Total	47.54M	135M	323M	419M	1.64B
Short-term Borrowings	347M	193M	-	-	-
Current Portion of Long-Term Debt	-	-	13.05M	183M	1.68B
Current Portion of Leases	51.21M	109M	157M	155M	409M
Current Income Taxes Payable	15.34M	59.45M	118M	164M	-
Unearned Revenue Current, Total	766M	1.3B	3.02B	5.88B	8.57B
Other Current Liabilities	5.76M	212M	598M	416M	619M
Total Current Liabilities	2.66B	5B	7.75B	13.65B	21.59B
Long-Term Debt	-	-	10.92M	2.81M	-
Long-Term Leases	92.84M	102M	105M	122M	584M
Unearned Revenue Non Current	-	347K	-	209M	299M
Pension & Other Post Retirement Benefits	3.3M	5.3M	16.46M	104M	154M
Other Non Current Liabilities	-	97.05M	147M	194M	201M
Total Liabilities	2.75B	5.21B	8.02B	14.28B	22.82B
Common Stock, Total	56.87M	65.2M	303M	499M	720M
Additional Paid In Capital	187M	4.26B	8.79B	14.48B	20.91B
Retained Earnings	-1.03B	-1.74B	-7.37B	-12.15B	-19.16B
Treasury Stock	-	-	-	-170M	-245M
Comprehensive Income and Other	-	85.27M	322M	638M	1.1B
Total Common Equity	-787M	2.68B	2.04B	3.3B	3.32B
Total Equity	-787M	2.68B	2.04B	3.3B	3.32B
Total Liabilities And Equity	1.96B	7.88B	10.07B	17.58B	26.14B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	284M	326M	326M	321M	326M
ECS Total Common Shares Outstanding	284M	326M	326M	326M	321M
Book Value / Share	-2.77	8.21	6.27	10.13	10.33
Tangible Book Value	-877M	2.47B	1.2B	1.45B	262M
Tangible Book Value Per Share	-3.08	7.59	3.67	4.45	0.82
Total Debt	491M	404M	286M	463M	2.68B
Net Debt	-101M	-4.57B	-5B	-6.76B	-6.46B
Debt Equivalent Oper. Leases	24.47M	49.07M	134M	315M	1.01B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	786M	1.65B	1.82B	4.06B	6.12B
Machinery, Total	80.91M	125M	547M	1.02B	1.8B
Full Time Employees	2.43K	3.79K	3.83K	3.21K	3.74K
Accumulated Allowance for Doubtful Accounts (Supple)	9.86M	9.17M	25.62M	62.11M	226M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-475M	-700M	-2.91B	75.53M	-1.6B
Depreciation & Amortization - CF	46.99M	79.57M	293M	594M	834M
Depreciation & Amortization, Total	46.99M	79.57M	293M	594M	834M
Amortization of Deferred Charges, Total - (CF)	46.19M	61.36M	219M	580M	1.21B
(Gain) Loss on Sale of Investments - (CF)	-	40.25M	45.51M	-238M	-128M
Provision for Credit Losses	-	-	-	-	160M
Stock-Based Compensation (CF)	-	85.27M	152M	106M	180M
Provision and Write-off of Bad Debts	3.41M	7.27M	19.47M	51.43M	270M
Other Operating Activities, Total	345M	-538M	1.99B	4.78B	6.33B
Change In Accounts Receivable	-110M	-26.47M	-288M	-1.45B	-2.07B
Change In Inventories	-418M	-865M	1.1B	-1.17B	-354M
Change In Accounts Payable	1.01B	2.04B	-787M	1.04B	-226M
Change in Unearned Revenues	39.45M	68.54M	278M	291M	-150M
Change in Other Net Operating Assets	-47.69M	-162M	312M	352M	1.25B
Cash from Operations	441M	89.48M	429M	5.02B	5.7B
Capital Expenditure	-100M	-215M	-845M	-1.15B	-2.01B
Sale of Property, Plant, and Equipment	160K	1.21M	499K	7.56M	14.79M
Cash Acquisitions	-	-	-4.6M	-	-
Investment in Marketable and Equity Securities, Total	-	-882M	1.62B	-1.64B	-281M
Other Investing Activities, Total	-	-	322M	1.11B	3.17B
Cash from Investing	-99.95M	-1.1B	1.1B	-1.68B	895M
Short Term Debt Issued, Total	-	1.75B	-	-	-
Long-Term Debt Issued, Total	1.62B	-	945M	577M	5.22B
Total Debt Issued	1.62B	1.75B	945M	577M	5.22B
Short Term Debt Repaid, Total	-	-1.91B	-	-	-
Long-Term Debt Repaid, Total	-1.36B	-105M	-1.37B	-687M	-4.26B
Total Debt Repaid	-1.36B	-2.02B	-1.37B	-687M	-4.26B
Issuance of Common Stock	-	4.08B	-	-	-
Repurchase of Common Stock	-	-	-	-48.02M	-
Other Financing Activities, Total	-274M	-523M	-1.05B	-3.17B	-6.83B
Cash from Financing	-18.89M	3.29B	-1.47B	-3.33B	-5.87B
Foreign Exchange Rate Adjustments	-12.23M	935M	975M	174M	49.92M
Miscellaneous Cash Flow Adjustments	-	-	-2.03B	-3.35B	-1.97B
Net Change in Cash	310M	3.22B	-1B	-3.17B	-1.19B
Supplemental Items
Cash Interest Paid	314M	598M	1.05B	3.17B	6.83B
Levered Free Cash Flow	299M	256M	-1.74B	-2.74B	-2.32B
Unlevered Free Cash Flow	376M	363M	-1.52B	-1.88B	-525M
Change In Net Working Capital	-496M	-1.42B	-416M	1.48B	753M
Net Debt Issued / Repaid	255M	-267M	-424M	-110M	961M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-7.75	-21.78	-15.01	-3.08	0.04
Return on Total Capital	44.95	-77.03	-45.09	-13.85	0.19
Return On Equity %	86.42	-74.13	-84.83	2.27	-39.68
Return on Common Equity	86.42	-74.13	-84.83	2.27	-39.68
Margin Analysis
Gross Profit Margin %	18.83	13.76	10.54	20.38	25.92
SG&A Margin	18.66	32.51	21.02	16.29	18.43
EBITDA Margin %	-2.64	-22.45	-16.99	-1.85	0.56
EBITA Margin %	-2.84	-22.7	-17.52	-2.37	0.03
EBIT Margin %	-2.84	-22.7	-17.52	-2.37	0.03
Income From Continuing Operations Margin %	-7.44	-9.26	-18.09	0.21	-2.81
Net Income Margin %	-7.44	-9.26	-18.09	0.21	-2.81
Net Avail. For Common Margin %	-7.44	-9.26	-18.09	0.21	-2.81
Normalized Net Income Margin	-4.65	-4.4	-10.01	-0.49	-1.9
Levered Free Cash Flow Margin	4.69	3.39	-10.81	-7.7	-4.06
Unlevered Free Cash Flow Margin	5.9	4.8	-9.49	-5.28	-0.92
Asset Turnover
Asset Turnover	4.37	1.54	1.37	2.08	2.21
Fixed Assets Turnover	44.1	31.59	22.43	30.29	31.06
Receivables Turnover (Average Receivables)	39.28	33.67	30.15	20.16	14.58
Inventory Turnover (Average Inventory)	9.11	5.41	6.16	8.19	7.21
Short Term Liquidity
Current Ratio	0.64	1.42	1.08	1.07	0.97
Quick Ratio	0.33	1.07	0.81	0.73	0.63
Operating Cash Flow to Current Liabilities	0.17	0.02	0.06	0.37	0.26
Days Sales Outstanding (Average Receivables)	9.32	10.84	12.11	18.1	25.1
Days Outstanding Inventory (Average Inventory)	40.19	67.47	59.22	44.55	50.78
Average Days Payable Outstanding	72.94	108.95	115.73	76.09	77.2
Cash Conversion Cycle (Average Days)	-23.44	-30.64	-44.4	-13.43	-1.33
Long Term Solvency
Total Debt/Equity	-62.42	15.11	14.02	14.01	80.55
Total Debt / Total Capital	-166.13	13.13	12.29	12.29	44.61
LT Debt/Equity	-11.79	3.81	5.67	3.77	17.57
Long-Term Debt / Total Capital	-31.38	3.31	4.98	3.31	9.73
Total Liabilities / Total Assets	140.07	66.04	79.71	81.21	87.3
EBIT / Interest Expense	-1.47	-10.02	-8.28	-0.61	0.01
EBITDA / Interest Expense	-1.09	-9.55	-7.41	-0.18	0.3
(EBITDA - Capex) / Interest Expense	-1.9	-10.81	-9.9	-1.02	-0.4
Total Debt / EBITDA	-3.67	-0.25	-0.11	-1.87	3.15
Net Debt / EBITDA	0.75	2.79	1.98	27.27	-7.6
Total Debt / (EBITDA - Capex)	-2.1	-0.22	-0.09	-0.33	-2.31
Net Debt / (EBITDA - Capex)	0.43	2.47	1.48	4.82	5.57
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	144.87	18.54	6.8	34.29	11.12
Gross Profit, 1 Yr. Growth %	108.68	-13.37	2.23	159.59	41.36
EBITDA, 1 Yr. Growth %	-251.42	906.64	-29.06	-85.34	-132.84
EBITA, 1 Yr. Growth %	-279.02	848.01	-27.82	-81.81	-101.37
EBIT, 1 Yr. Growth %	-279.02	848.01	-27.82	-81.81	-101.37
Earnings From Cont. Operations, 1 Yr. Growth %	260.45	47.54	43.86	-101.58	-1.57K
Net Income, 1 Yr. Growth %	260.45	47.54	43.86	-101.58	-1.57K
Normalized Net Income, 1 Yr. Growth %	260.45	12.18	48.12	-93.41	303.87
Diluted EPS Before Extra, 1 Yr. Growth %	260.45	37.64	34.49	-101.58	-1.56K
Accounts Receivable, 1 Yr. Growth %	95.44	9.07	77.07	114.23	25.31
Inventory, 1 Yr. Growth %	110.18	112.88	-37.83	34.56	4.84
Net Property, Plant and Equip., 1 Yr. Growth %	70.62	62.54	18.33	-16.51	38.18
Total Assets, 1 Yr. Growth %	105.54	301.1	-24.8	5.98	3
Tangible Book Value, 1 Yr. Growth %	134.3	-382.12	-72.84	-26.52	-87.46
Common Equity, 1 Yr. Growth %	153.3	-439.9	-57.55	-1.87	-30.35
Cash From Operations, 1 Yr. Growth %	21.33	-79.73	-1.59K	610.1	-21.37
Capital Expenditures, 1 Yr. Growth %	86.92	114.56	115.95	-17.18	20.7
Levered Free Cash Flow, 1 Yr. Growth %	25.99	-14.42	-521.5	1.12K	235.03
Unlevered Free Cash Flow, 1 Yr. Growth %	34.17	-3.48	-341.28	-1.58K	-195.18
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	80.57	70.37	2.92	19.76	22.16
Gross Profit, 2 Yr. CAGR %	98.17	34.46	-18.05	62.91	91.56
EBITDA, 2 Yr. CAGR %	96.88	218.39	128.02	-66.3	-77.16
EBITA, 2 Yr. CAGR %	87.42	311.96	84.57	-63.81	-95.2
EBIT, 2 Yr. CAGR %	87.42	311.96	84.57	-63.81	-95.2
Earnings From Cont. Operations, 2 Yr. CAGR %	71.51	130.6	76.19	-84.94	-51.83
Net Income, 2 Yr. CAGR %	71.51	130.6	76.19	-84.94	-51.83
Normalized Net Income, 2 Yr. CAGR %	71.51	101.08	65.9	-68.8	-49.5
Diluted EPS Before Extra, 2 Yr. CAGR %	54.48	122.74	64.54	-85.41	-52
Accounts Receivable, 2 Yr. CAGR %	93.6	46	78.11	150.01	96.87
Inventory, 2 Yr. CAGR %	95	111.53	52.38	17.41	42.72
Net Property, Plant and Equip., 2 Yr. CAGR %	6.45	66.53	106.4	27.59	29.06
Total Assets, 2 Yr. CAGR %	75.02	187.13	126.35	14.6	25.54
Tangible Book Value, 2 Yr. CAGR %	45.98	157.1	16.84	-42.65	-63.52
Common Equity, 2 Yr. CAGR %	48.3	193.42	61.07	-17.15	-0.66
Cash From Operations, 2 Yr. CAGR %	61.98	-50.41	-37.45	929.1	136.29
Capital Expenditures, 2 Yr. CAGR %	42.44	100.26	86.15	33.73	-0.02
Levered Free Cash Flow, 2 Yr. CAGR %	-	3.84	215.04	50.79	2.12
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	13.8	539.12	49.28	-44.67
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	56.94	83.43	32.83	32.02
Gross Profit, 3 Yr. CAGR %	-	50.4	43.34	42.15	75.62
EBITDA, 3 Yr. CAGR %	-	239.18	153.58	7.82	-61.89
EBITA, 3 Yr. CAGR %	-	221.72	203.11	0.62	-86.18
EBIT, 3 Yr. CAGR %	-	221.72	203.11	0.62	-86.18
Earnings From Cont. Operations, 3 Yr. CAGR %	-	63.11	180.57	-56.8	-21.6
Net Income, 3 Yr. CAGR %	-	63.11	180.57	-56.8	-21.6
Normalized Net Income, 3 Yr. CAGR %	-	48.87	169.43	-33.18	-15.45
Diluted EPS Before Extra, 3 Yr. CAGR %	-	48.65	168.06	-58.67	-23.52
Accounts Receivable, 3 Yr. CAGR %	-	59.9	83.71	123.73	124.46
Inventory, 3 Yr. CAGR %	-	100.78	69.62	72.67	27.78
Net Property, Plant and Equip., 3 Yr. CAGR %	-	22.58	93.71	80.29	48.09
Total Assets, 3 Yr. CAGR %	-	130.75	119.19	107.6	25
Tangible Book Value, 3 Yr. CAGR %	-	81.83	47.34	18.24	-60.95
Common Equity, 3 Yr. CAGR %	-	95.53	87.31	61.28	-11.62
Cash From Operations, 3 Yr. CAGR %	-	-18.98	5.65	66.05	393.55
Capital Expenditures, 3 Yr. CAGR %	-	63.28	150.85	67.85	46.07
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	94.11	150.07	24.38
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	75.83	269.06	-14.55
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	78.63	85.41
Gross Profit, 5 Yr. CAGR %	-	-	-	88.35	91.44
EBITDA, 5 Yr. CAGR %	-	-	-	72.18	13.88
EBITA, 5 Yr. CAGR %	-	-	-	74.85	-30.03
EBIT, 5 Yr. CAGR %	-	-	-	74.85	-30.03
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-14.08	64.9
Net Income, 5 Yr. CAGR %	-	-	-	-14.08	64.9
Normalized Net Income, 5 Yr. CAGR %	-	-	-	11.59	67.44
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	-19.76	60.21
Accounts Receivable, 5 Yr. CAGR %	-	-	-	111.15	108.71
Inventory, 5 Yr. CAGR %	-	-	-	81.28	74.93
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	46.03	81.96
Total Assets, 5 Yr. CAGR %	-	-	-	93.9	93.81
Tangible Book Value, 5 Yr. CAGR %	-	-	-	28.64	-6.85
Common Equity, 5 Yr. CAGR %	-	-	-	55.95	60.61
Cash From Operations, 5 Yr. CAGR %	-	-	-	97.22	73.37
Capital Expenditures, 5 Yr. CAGR %	-	-	-	87.84	106.49
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	57.7
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	13.37