D-Market Electronic Services & Trading American Depositary Shares (HEPS)

FairStock Score: 39/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am looking at D-Market as a Turkish e-commerce and logistics operator, not a stable consumer staple. In fiscal Q2 2026, the latest reported quarter, revenue was $22.8B, net income was -$1.9B, and margin was -8.28%. The data show revenue growth of 48.44% against profit growth of -340.61%, which tells me the company is buying growth at a heavy cost. At the 2026-10-13 close of $2.74, FairStock's P/B is 1.03, so the market is roughly at book value. That is not obviously expensive, but with negative earnings the P/E is -6.68 and EV/EBITDA is -1.81, so there is no earnings-based valuation support. Financial health is the weak link. Debt/equity is 1.86, ROE is -636.49%, ROCE is -4.57%, and FairStock's Altman Z-Score is -0.67, a distress signal in my book. The Piotroski F-Score is 4/9, middling at best. The one striking positive is trailing free cash flow of $6.0B and a FairStock FCF yield of 600.3% against a $1.0B market cap. If that cash generation is real and sustainable, it would change the story dramatically; but negative net income and an EV/EBITDA of -1.81 make me question whether it is durable. Competitive moat? The numbers do not show one: negative margins, negative returns, and high leverage make durable pricing power hard to see. FairStock's score is 39/100, and it cannot assign a Peter Lynch category because only 0 years of filed results exist, while it needs 3. This looks like a speculative turnaround, not a Graham bargain. I would want clearer profits, lower leverage, and consistent cash flow before calling it a value opportunity.

In plain English: D-Market runs online shopping and delivery services in Turkey. It is growing sales quickly but is losing money, has a lot of debt, and pays no dividend. At $2.74, the price looks mixed—not clearly cheap, not clearly expensive—but the numbers show a risky business.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer