D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) Balance Sheet

NASDAQ: HEPSAssets, liabilities, debt and equity over 8 years.

HEPS balance sheet, 2025

December 31, 2025 · TRY

₺36.95B assets = ₺34.93B liabilities + ₺2.01B equity

Both columns are drawn to the same scale: what HEPS owns equals what it owes plus shareholders’ equity. Hover a block for its value.

HEPS financial health

Current ratio0.89

Tight · current assets cover current liabilities 0.89×

Debt / equity1.21

Moderate leverage · ₺1.21 of debt for each $1 of equity

Equity / assets5.4%

Thin equity · of assets funded by shareholders

Cash / debt549.2%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles10.5%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

HEPS balance sheet trends, 2018–2025

D-Market Elektronik Hizmetler ve Ticaret A.S. balance sheet trends
Metric	Then	Latest	Change
Total assets	₺641.5M2018	₺36.95B2025	+78.4%/yr
Total liabilities	₺999.5M2018	₺34.93B2025	+66.1%/yr
Shareholders’ equity	−₺358.0M2018	₺2.01B2025	—
Cash & short-term investments	₺136.5M2018	₺13.32B2025	+92.4%/yr
Total debt	₺255.6M2018	₺2.43B2025	+37.9%/yr
Net cash (debt)	−₺119.2M2018	₺10.90B2025	+₺11.0B
Working capital	−₺472.6M2018	−₺3.72B2025	−₺3.3B
Current ratio	0.472018	0.892025	+0.42
Debt / equity	0.142021	1.212025	+1.07
Shares outstanding	326.0M2018	316.6M2025	−0.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

HEPS assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

HEPS liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

HEPS debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

HEPS balance sheet in TRY

D-Market Elektronik Hizmetler ve Ticaret A.S. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018
Assets
Cash & short-term investments	₺13.32B	₺9.13B	₺10.43B	₺8.71B	₺8.17B	₺592.6M	₺282.3M	₺136.5M
Cash & equivalents	₺11.31B	₺6.75B	₺7.94B	₺8.68B	₺6.26B	₺592.6M	₺282.3M	₺136.5M
Short-term investments	₺2.02B	₺2.38B	₺2.49B	₺28.9M	₺1.90B	₺0	—	—
Receivables	₺6.37B	₺5.12B	₺3.96B	₺1.68B	₺588.5M	₺214.8M	₺113.6M	₺57.3M
Inventory	₺8.73B	₺6.00B	₺5.72B	₺2.95B	₺2.88B	₺770.1M	₺366.4M	₺202.5M
Other current assets	₺1.25B	₺603.0M	₺997.0M	₺468.0M	₺191.4M	₺112.3M	₺17.5M	₺23.1M
Total current assets	₺29.67B	₺20.85B	₺21.11B	₺13.80B	₺11.82B	₺1.69B	₺779.8M	₺419.4M
Property, plant & equipment (net)	₺3.29B	₺2.13B	₺1.54B	₺1.28B	₺656.3M	₺182.3M	₺106.8M	₺160.9M
Goodwill & intangible assets	₺3.87B	₺3.06B	₺2.68B	₺1.39B	₺405.4M	₺89.4M	₺63.3M	₺53.4M
Long-term investments	₺0	₺0	₺0	₺0	₺0	₺0	₺0	₺0
Other non-current assets	₺115.2M	₺100.0M	₺49.8M	₺110.2M	₺502.3M	₺3.5M	₺6.1M	₺7.8M
Total assets	₺36.95B	₺26.14B	₺25.38B	₺16.59B	₺13.39B	₺1.96B	₺956.0M	₺641.5M
Liabilities
Accounts payable	₺25.88B	₺14.97B	₺15.25B	₺9.70B	₺6.67B	₺1.42B	₺1.01B	₺492.2M
Short-term debt	₺1.65B	₺1.65B	₺488.1M	₺280.9M	₺496.9M	₺398.6M	₺45.3M	₺149.6M
Deferred revenue	₺3.16B	₺2.43B	₺2.79B	₺1.25B	₺428.7M	₺160.4M	₺114.2M	₺60.6M
Total current liabilities	₺33.39B	₺21.59B	₺19.70B	₺12.76B	₺8.22B	₺2.66B	₺1.21B	₺892.0M
Long-term debt	₺0	₺0	₺2.8M	₺10.9M	₺0	₺0	₺0	₺518,073
Lease obligations	₺1.83B	₺992.8M	₺276.4M	₺262.4M	₺211.2M	₺144.1M	₺84.3M	₺151.6M
Other long-term liabilities	₺1.54B	₺1.24B	₺909.3M	₺448.7M	₺357.0M	₺96.1M	₺60.0M	₺106.9M
Total liabilities	₺34.93B	₺22.82B	₺20.61B	₺13.22B	₺8.57B	₺2.75B	₺1.27B	₺999.5M
Shareholders' equity
Common stock & paid-in capital	₺949.5M	₺720.0M	₺720.0M	₺498.7M	₺302.6M	₺56.9M	₺56.9M	₺46.1M
Retained earnings (deficit)	−₺18.33B	−₺19.16B	−₺17.54B	−₺393.8M	−₺1.74B	−₺1.03B	−₺556.7M	−₺423.9M
Accumulated other comprehensive income	—	₺1.10B	₺920.8M	−₺11.62B	−₺4.28B	−₺1.03B	−₺555.2M	−₺422.3M
Total shareholders' equity	₺2.01B	₺3.32B	₺4.77B	₺3.37B	₺4.81B	−₺787.3M	−₺310.8M	−₺358.0M
Key figures
Total debt	₺2.43B	₺2.23B	₺668.0M	₺471.8M	₺664.4M	₺491.5M	₺103.3M	₺255.6M
Net cash (debt)	₺10.90B	₺6.90B	₺9.76B	₺8.23B	₺7.50B	₺101.2M	₺179.0M	−₺119.2M
Working capital	−₺3.72B	−₺731.3M	₺1.41B	₺1.04B	₺3.61B	−₺966.3M	−₺427.0M	−₺472.6M
Tangible book value	−₺1.86B	₺262.4M	₺2.09B	₺1.97B	₺4.41B	−₺876.7M	−₺374.2M	−₺411.4M
Shares outstanding	316.6M	321.0M	324.8M	326.0M	304.8M	326.0M	326.0M	326.0M
Current ratio	0.89	0.97	1.07	1.08	1.44	0.64	0.65	0.47
Quick ratio	0.59	0.66	0.73	0.81	1.07	0.30	0.33	0.22
Debt / equity	1.21	0.67	0.14	0.14	0.14	—	—	—
Equity / assets	5.4%	12.7%	18.8%	20.3%	35.9%	−40.1%	−32.5%	−55.8%

D-Market Elektronik Hizmetler ve Ticaret A.S. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	₺9.04B	₺9.84B	₺13.32B	₺9.31B	₺8.90B	₺7.29B	₺11.96B	₺8.13B	₺6.86B	₺7.97B	₺7.97B	₺6.40B
Cash & equivalents	₺7.01B	₺7.93B	₺11.31B	₺7.41B	₺7.09B	₺6.70B	₺8.84B	₺4.26B	₺3.68B	₺3.56B	₺3.56B	₺5.71B
Short-term investments	₺2.03B	₺1.92B	₺2.02B	₺1.91B	₺1.81B	₺597.6M	₺3.12B	₺3.87B	₺3.18B	₺4.40B	₺4.40B	₺686.2M
Receivables	₺5.32B	₺4.86B	₺6.37B	₺5.53B	₺5.78B	₺5.14B	₺6.60B	₺3.38B	₺3.09B	₺3.01B	₺3.01B	₺1.57B
Inventory	₺8.87B	₺8.21B	₺8.73B	₺9.59B	₺7.40B	₺7.00B	₺7.86B	₺6.91B	₺5.61B	₺4.83B	₺4.83B	₺3.82B
Other current assets	₺1.29B	₺1.52B	₺1.25B	₺1.35B	₺925.9M	₺913.1M	₺880.5M	₺1.44B	₺978.0M	₺1.04B	₺1.04B	₺1.10B
Total current assets	₺24.53B	₺24.44B	₺29.67B	₺25.79B	₺23.01B	₺20.35B	₺27.30B	₺19.86B	₺16.54B	₺16.85B	₺16.85B	₺12.89B
Property, plant & equipment (net)	₺3.97B	₺3.64B	₺3.29B	₺2.98B	₺2.42B	₺2.42B	₺2.79B	₺1.79B	₺1.45B	₺1.21B	₺1.21B	₺960.9M
Goodwill & intangible assets	₺4.50B	₺8.07B	₺3.87B	₺3.94B	₺3.65B	₺3.44B	₺4.00B	₺2.75B	₺2.50B	₺2.22B	₺2.22B	₺1.57B
Long-term investments	₺0	₺0	₺0	₺0	₺0	₺0	₺0	₺0	₺0	₺0	₺0	₺0
Other non-current assets	₺99.2M	₺0	₺115.2M	₺83.2M	₺99.8M	₺161.2M	₺130.9M	₺80.1M	₺69.2M	₺46.0M	₺46.1M	₺44.2M
Total assets	₺33.10B	₺32.39B	₺36.95B	₺32.79B	₺29.17B	₺26.37B	₺34.22B	₺24.48B	₺20.56B	₺20.32B	₺20.32B	₺15.47B
Liabilities
Accounts payable	₺24.70B	₺22.30B	₺25.88B	₺23.14B	₺18.59B	₺15.45B	₺19.60B	₺14.89B	₺12.34B	₺11.96B	₺11.96B	₺8.88B
Short-term debt	₺1.51B	₺1.66B	₺1.65B	₺2.01B	₺1.77B	₺2.03B	—	₺1.05B	₺593.4M	₺442.1M	₺442.1M	₺344.3M
Deferred revenue	₺2.45B	₺2.72B	₺3.16B	—	₺2.42B	₺2.06B	—	₺2.08B	₺1.72B	₺2.79B	₺2.18B	₺914.3M
Total current liabilities	₺31.97B	₺29.80B	₺33.39B	₺30.48B	₺24.98B	₺21.64B	₺28.25B	₺19.51B	₺15.94B	₺15.79B	₺15.79B	₺11.19B
Long-term debt	₺0	₺0	₺0	₺0	₺0	₺0	₺0	₺0	₺0	₺1.2M	₺2.8M	₺4.4M
Lease obligations	₺1.90B	₺1.93B	₺1.83B	₺1.77B	₺1.22B	₺1.23B	₺1.30B	₺748.7M	₺451.3M	₺311.0M	₺276.4M	₺239.2M
Other long-term liabilities	₺1.71B	₺1.36B	₺1.54B	₺1.45B	₺1.35B	₺1.39B	₺1.62B	₺1.30B	₺980.9M	₺835.1M	₺833.4M	₺564.6M
Total liabilities	₺33.68B	₺31.17B	₺34.93B	₺31.93B	₺26.33B	₺23.03B	₺29.87B	₺20.81B	₺16.92B	₺16.62B	₺16.62B	₺11.76B
Shareholders' equity
Common stock & paid-in capital	₺1.12B	₺1.04B	₺949.5M	₺903.0M	₺840.0M	₺792.4M	—	₺677.5M	₺622.0M	₺573.8M	₺573.8M	₺453.5M
Retained earnings (deficit)	−₺24.54B	−₺21.16B	−₺18.33B	−₺25.96B	−₺23.46B	−₺21.45B	−₺25.09B	−₺17.38B	−₺15.68B	−₺14.11B	−₺14.11B	−₺10.45B
Accumulated other comprehensive income	—	₺0	—	₺0	₺1.35B	₺1.25B	—	₺927.4M	₺837.0M	₺758.9M	₺758.9M	₺539.6M
Total shareholders' equity	−₺582.3M	₺1.22B	₺2.01B	₺862.2M	₺2.84B	₺3.34B	₺4.35B	₺3.67B	₺3.63B	₺3.69B	₺3.69B	₺3.71B
Key figures
Total debt	₺2.37B	₺2.27B	₺2.43B	₺2.78B	₺2.43B	₺2.75B	—	₺1.70B	₺924.5M	₺625.7M	₺625.7M	₺439.0M
Net cash (debt)	₺6.67B	₺7.58B	₺10.90B	₺6.54B	₺6.47B	₺4.55B	—	₺6.43B	₺5.94B	₺7.34B	₺7.34B	₺5.96B
Working capital	−₺7.44B	−₺5.37B	−₺3.72B	−₺4.69B	−₺1.97B	−₺1.28B	−₺957.3M	₺351.4M	₺594.6M	₺1.06B	₺1.06B	₺1.70B
Tangible book value	−₺5.08B	−₺6.85B	−₺1.86B	−₺3.08B	−₺802.9M	−₺95.4M	₺343.5M	₺915.6M	₺1.14B	₺1.47B	₺1.47B	₺2.14B
Shares outstanding	370.5M	367.4M	308.2M	323.1M	322.8M	322.8M	326.0M	320.2M	320.5M	326.8M	326.8M	323.9M
Current ratio	0.77	0.82	0.89	0.85	0.92	0.94	0.97	1.02	1.04	1.07	1.07	1.15
Quick ratio	0.45	0.49	0.59	0.49	0.59	0.57	0.66	0.59	0.62	0.69	0.69	0.71
Debt / equity	—	1.86	1.21	3.22	0.86	0.82	—	0.46	0.25	0.17	0.17	0.12
Equity / assets	−1.8%	3.8%	5.4%	2.6%	9.7%	12.7%	12.7%	15.0%	17.7%	18.2%	18.2%	24.0%

Quarterly columns are labeled by the month the quarter ended. Figures in TRY as reported (latest annual report filed April 30, 2026); data from EODHD.

HEPS financial position

At the end of fiscal 2025 (December 31, 2025), D-Market Elektronik Hizmetler ve Ticaret A.S. had total assets of ₺36.9 billion (up 41.3% from a year earlier), total liabilities of ₺34.9 billion and shareholders' equity of ₺2.0 billion. It held ₺13.3 billion in cash and short-term investments against ₺2.4 billion of debt, a net cash position of ₺10.9 billion. Its current ratio was 0.89. In the latest quarter (ended June 30, 2026) total assets were ₺33.1 billion and equity -₺582.3 million.

Related: HEPS income statement, HEPS cash flow statement, HEPS key metrics. See the HEPS stock overview for the latest quote and news.

HEPS balance sheet FAQ

What are D-Market Elektronik Hizmetler ve Ticaret A.S.'s total assets?

D-Market Elektronik Hizmetler ve Ticaret A.S. reported total assets of ₺36.9 billion at the end of fiscal 2025 (December 31, 2025), compared with ₺26.1 billion a year earlier.

How much debt does D-Market Elektronik Hizmetler ve Ticaret A.S. have?

D-Market Elektronik Hizmetler ve Ticaret A.S. had ₺2.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.21.

How much cash does D-Market Elektronik Hizmetler ve Ticaret A.S. have?

D-Market Elektronik Hizmetler ve Ticaret A.S. held ₺13.3 billion in cash and short-term investments at the end of fiscal 2025; with ₺2.4 billion of debt that is net cash of ₺10.9 billion.

What is D-Market Elektronik Hizmetler ve Ticaret A.S.'s book value?

D-Market Elektronik Hizmetler ve Ticaret A.S.'s shareholders' equity (book value) was ₺2.0 billion at the end of fiscal 2025.

What is D-Market Elektronik Hizmetler ve Ticaret A.S.'s current ratio?

D-Market Elektronik Hizmetler ve Ticaret A.S. had current assets of ₺29.7 billion and current liabilities of ₺33.4 billion, a current ratio of 0.89 (current liabilities exceed current assets).

How much goodwill does D-Market Elektronik Hizmetler ve Ticaret A.S. have?

D-Market Elektronik Hizmetler ve Ticaret A.S. carried ₺3.9 billion of goodwill and intangible assets, 10.5% of total assets, at the end of fiscal 2025.