Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
What moves the needle: Operating margin has run around −5.5% through the cycle, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2024

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	TTMTTMDec 2024
							Income statement
TRY 2.6B	TRY 15.2B	TRY 24.8B	TRY 38.2B	TRY 51.3B	TRY 57.0B	TRY 57.0B	RevenueRevenue
TRY 101M	(TRY 828M)	(TRY 6.8B)	(TRY 7.4B)	(TRY 1.0B)	TRY 17M	TRY 17M	Operating incomeOp. inc.
3.9%	−5.5%	−27.3%	−19.3%	−2.0%	0.0%	0.0%	Operating marginOp. mgn
(TRY 132M)	(TRY 937M)	(TRY 3.3B)	(TRY 6.9B)	TRY 109M	(TRY 1.6B)	(TRY 1.6B)	Net incomeNet inc.
							Cash flow & returns
TRY 364M	TRY 1.1B	(TRY 47M)	TRY 1.0B	TRY 7.2B	TRY 5.7B	TRY 5.7B	Operating cash flowOp. cash
TRY 66M	TRY 302M	TRY 637M	TRY 1.2B	TRY 1.7B	TRY 2.0B	TRY 2.0B	DepreciationDeprec.
TRY 429M	TRY 1.7B	TRY 2.6B	TRY 6.7B	TRY 5.4B	TRY 5.3B	TRY 5.3B	Working capital & otherWC & other
TRY 54M	TRY 244M	TRY 645M	TRY 2.0B	TRY 1.7B	TRY 2.0B	TRY 2.0B	CapexCapex
2.1%	1.6%	2.6%	5.3%	3.2%	3.5%	3.5%	Capex / revenueCapex/rev
TRY 310M	TRY 852M	(TRY 692M)	(TRY 199M)	TRY 5.6B	TRY 3.7B	TRY 3.7B	Owner earningsOwner earn.
11.9%	5.6%	−2.8%	−0.5%	10.9%	6.5%	6.5%	Owner earnings marginOE mgn
TRY 310M	TRY 852M	(TRY 692M)	(TRY 991M)	TRY 5.6B	TRY 3.7B	TRY 3.7B	Free cash flowFCF
11.9%	5.6%	−2.8%	−2.6%	10.9%	6.5%	6.5%	Free cash flow marginFCF mgn
—	—	-29%	-142%	2%	-48%	-48%	Return on equityROE
—	—	−29%	−142%	2%	−48%	−48%	Retained to equityRetained/eq
							Balance sheet
TRY 282M	TRY 1.3B	TRY 12.2B	TRY 12.6B	TRY 10.4B	TRY 9.1B	TRY 9.1B	Cash & investmentsCash+inv
—	TRY 53M	TRY 67M	TRY 278M	—	—	TRY 278M	ReceivablesReceiv.
—	TRY 770M	TRY 2.9B	TRY 2.9B	TRY 5.7B	TRY 6.0B	TRY 6.0B	InventoryInvent.
—	TRY 823M	TRY 2.9B	TRY 3.2B	TRY 5.7B	TRY 6.0B	TRY 6.3B	Operating working capitalOper. WC
—	TRY 1.7B	TRY 11.8B	TRY 13.8B	TRY 21.1B	TRY 20.9B	TRY 20.9B	Current assetsCur. assets
—	TRY 2.7B	TRY 8.2B	TRY 12.8B	TRY 19.7B	TRY 21.6B	TRY 21.6B	Current liabilitiesCur. liab.
—	0.6×	1.4×	1.1×	1.1×	1.0×	1.0×	Current ratioCurr. ratio
—	TRY 2.0B	TRY 13.4B	TRY 16.6B	TRY 25.4B	TRY 26.1B	TRY 26.1B	Total assetsAssets
0.4×	-0.9×	-2.1×	-1.8×	-0.2×	0.0×	0.0×	Interest coverageInt. cov.
(TRY 655M)	(TRY 2.6B)	TRY 11.4B	TRY 4.9B	TRY 4.8B	TRY 3.3B	TRY 3.3B	Shareholders’ equityEquity
							Per share
284M	284M	305M	326M	325M	328M	328M	Shares out (diluted)Shares
TRY 9.16	TRY 53.36	TRY 81.35	TRY 117.27	TRY 158.06	TRY 173.73	TRY 173.73	Revenue / shareRev/sh
TRY -0.46	TRY -3.29	TRY -10.93	TRY -21.22	TRY 0.34	TRY -4.89	TRY -4.89	EPS (diluted)EPS
TRY 1.09	TRY 3.00	TRY -2.27	TRY -0.61	TRY 17.18	TRY 11.23	TRY 11.23	Owner earnings / shareOE/sh
TRY 1.09	TRY 3.00	TRY -2.27	TRY -3.04	TRY 17.18	TRY 11.23	TRY 11.23	Free cash flow / shareFCF/sh
TRY 0.19	TRY 0.86	TRY 2.12	TRY 6.17	TRY 5.13	TRY 6.12	TRY 6.12	Cap. spending / shareCapex/sh
TRY -2.30	TRY -9.24	TRY 37.56	TRY 14.91	TRY 14.68	TRY 10.12	TRY 10.12	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	5-yr	5-yr
Revenue / share	+80.1%/yr	+80.1%/yr
Owner earnings / share	+59.4%/yr	+59.4%/yr
Capital spending / share	+100.6%/yr	+100.6%/yr

The record, charted

FY2019–2024

Each measure over its full record; the current point and the worst year marked.

Share count

328Mpeak FY2024

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

TRY 3.7Bowner earningsvs.(TRY 1.6B)net incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2019FY2024

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business turned a TRY 1.6B loss into TRY 3.7B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	(TRY 1.6B)	TRY 109M	(TRY 6.9B)	(TRY 3.3B)	(TRY 937M)
Depreciation & amortizationnon-cash charge added back	+TRY 2.0B	+TRY 1.7B	+TRY 1.2B	+TRY 637M	+TRY 302M
Working capital & othertiming of cash in and out, other non-cash items	+TRY 5.3B	+TRY 5.4B	+TRY 6.7B	+TRY 2.6B	+TRY 1.7B
Cash from operations	TRY 5.7B	TRY 7.2B	TRY 1.0B	(TRY 47M)	TRY 1.1B
Maintenance capital expenditurethe spending needed just to hold position and volume	−TRY 2.0B	−TRY 1.7B	−TRY 1.2B	−TRY 645M	−TRY 244M
Owner earnings	TRY 3.7B	TRY 5.6B	(TRY 199M)	(TRY 692M)	TRY 852M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	−TRY 791M	—	—
Free cash flow	TRY 3.7B	TRY 5.6B	(TRY 991M)	(TRY 692M)	TRY 852M
Owner-earnings marginowner earnings ÷ revenue	6%	11%	-1%	-3%	6%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2024 20-F · source on SEC EDGAR →

Material weakness in financial controls

“We have identified material weaknesses in our internal control over financial reporting and have as a result determined that our disclosure controls and procedures were not effective.”

The figures below are only as sound as the controls that produced them. read the note →

Will it survive?

Can it pay its interest? 0.0×

Does not cover its interest

Operating income TRY 17M ÷ interest expense TRY 7.7B

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? —

Debt under-captured — leverage unknown, not low

What this means
This company pays far more interest than its tagged debt implies (the rest sits under segment dimensions the data source strips), so its net cash or net debt cannot be read honestly: the gap is unknown, not zero, and 'net cash' here would be exactly the fiction the figure is meant to prevent. Judge it on the record and owner earnings instead.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital —

Debt under-captured

Industry peers: median 20%

What this means
This company's interest bill implies far more debt than its filings tag at the consolidated level (the rest sits under segment dimensions the data source strips), so invested capital, and the return on it, cannot be read honestly. Judge this one on Owner Earnings and the record instead.
Owner-earnings margin 6%

Solid through the cycle

6-yr median margin, range -3%–12%; latest TRY 3.7B = operating cash TRY 5.7B − maintenance capex TRY 2.0B

Industry peers: median 2%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 6% of revenue this year, a 6% median across 6 years.
Are earnings backed by cash? TRY 5.7B

Loss, but cash-generative

Net income (TRY 1.6B) · cash from operations TRY 5.7B

In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.98×

Maintaining

Capex TRY 2.0B ÷ depreciation TRY 2.0B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 3 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size —

Revenue ≥ $2B (a dollar floor) · TRY 57.0B

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Miss

Current ratio ≥ 2× · 0.97×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt —

Debt ≤ working capital · —

What this means
The filings tag only a fraction of the debt this company's interest bill implies (much of it sits under segment dimensions the data source strips), so this test can't be run honestly.
Earnings stability Miss

A profit every year (6-yr record) · 5 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are TRY -7.85/share (latest year TRY -4.49), the averaged base the calculator's gate runs on, and book value is TRY 9.30/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2019–2024

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 6

What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
Operating margin −10% → −7% (3-yr avg ends)

In the filing’s words The filing ties gains to its own pricing, but names price competition too — pricing power that is real yet contested, not unopposed. The margin shows who is winning.

What this means
Through the cycle the operating margin widened — about −10% early to −7% lately, median −5% — pricing power intact or improving.
Owner earnings growth +51%/yr

What this means
Owner earnings grew about 51% a year over the record.
Worst year 2021 · −27.3% op. margin

What this means
Operations went underwater in 2021, understand why before trusting the good years.
Share count +2.9%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“Any sensitive information (including confidential, competitive, proprietary, or personal data) that we input into a third-party AI platform could be leaked or disclosed to others, including if sensitive information is used to train the third parties' AI model, which could subject us to legal or regulatory liability and…”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2024

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assetsTRY 20.9B

Cash & short-term investmentsTRY 9.1B
ReceivablesTRY 278M
InventoryTRY 6.0B
Other current assetsTRY 5.4B

Current liabilitiesTRY 21.6B

Other current liabilitiesTRY 21.6B

Current ratio0.97×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.69×stricter: inventory excluded

Cash ratio0.42×strictest: cash alone against what's due

Working capital(TRY 731M)the cushion left after near-term bills

Deeper floors

Tangible book valueTRY 3.1Bequity stripped of goodwill & intangibles

Debt incl. operating leasesTRY 997MTRY 993M of it operating leases

Deferred revenueTRY 1.9Bcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2019–2024

Over the record, the business generated TRY 15.4B of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

ReinvestedTRY 6.6B · 43%
BuybacksTRY 69M · 0%
Retained (debt / cash)TRY 8.7B · 56%

Returned to ownersTRY 69M
1% of the owner earnings the business produced over the span, TRY 0 as dividends and TRY 69M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose TRY 8.9B.
Average price paid for buybacks—
Buybacks ran TRY 69M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count15.5%
The diluted count rose from 284M to 328M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Peers, E-Commerce & Marketplaces

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
AMZNAmazon.com Inc.	$716.9B	42%	5.3%	22%	8%
HEPSD-Market Electronic Services & Trading	TRY 57.0B	—	-3.7%	—	6%
CPNGCoupang Inc.	$34.5B	23%	-0.5%	—	2%
CDWCDW Corp.	$22.4B	17%	6.6%	17%	5%
DKSDick's Sporting Goods	$17.2B	32%	7.1%	28%	6%
CHWYChewy Inc.	$12.6B	27%	-0.8%	—	2%
WWayfair	$12.5B	28%	-5.4%	—	1%
NSITInsight Enterprises	$8.2B	15%	3.4%	13%	2%
Group median	—	—	1.4%	—	4%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares, with each ADS representing one ordinary”; D-Market Electronic Services & Trading reports in TRY, so every figure in this tool is stated per ADS and translated at TRY 1 = $0.021 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in TRY.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what D-Market Electronic Services & Trading has delivered.

Today’s price $

Through the cycle, D-Market Electronic Services & Trading earns about $73M on its 6.0% median owner-earnings margin. This year’s 6.5% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($73M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’20→’24+176%/yr

Owner-earnings growth · ’19→’24+51%/yr

Owner-earnings yield—

P/E (3-yr earnings ’22–’24)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $78M on 357M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $194M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh HEPS against another business →

Cite: Owner Scorecard, "D-Market Electronic Services & Trading (HEPS), the owner's record," https://ownerscorecard.com/c/HEPS, data as of 2026-07-09.

Manual order: ← HDL its page in the Manual HERE →

Industry order: ← GRPN the E-Commerce & Marketplaces chapter HNST →