A Business at a Glance
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Maplebear Inc.
CART
$11.6B
Mkt Cap
$42.21
-0.75%
Maplebear Inc. (CART) has a current P/E ratio of 26.4, compared to its historical median P/E of 27.7. The stock is currently considered Cheap based on its historical valuation range.
Maplebear Inc. (CART) has a 5-year average return on invested capital (ROIC) of -9.9%. This is below average and may indicate limited pricing power.
Maplebear Inc. (CART) has a market capitalization of $10.0B. It is classified as a mid-cap stock.
Maplebear Inc. (CART) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 16.57%.
Based on historical P/E analysis, Maplebear Inc. (CART) appears cheap. The current P/E of 26.4 is 5% below its historical median of 27.7. The estimated fair value CAGR (P/E method) is -25.5%.
Maplebear Inc. (CART) operates in the Services-Business Services, Nec industry, within the Industrials sector.
Maplebear Inc. (CART) reported annual revenue of $3.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Instacart is a technology and enablement platform serving the entire grocery ecosystem, powering over 1.6 billion orders to date and reaching more than 98% of North American households. The company operates through four primary constituents: retailers (enabled through Instacart Marketplace and the modular Instacart Enterprise platform encompassing e-commerce, fulfillment, Connected Stores, ads, and insights), customers (who access delivery and pickup across weekly shopping, bulk stock-ups, convenience, special occasions, and restaurants, with optional Instacart+ membership offering unlimited $0 delivery fees), brands (served through Instacart Ads, a measurable advertising offering leveraging first-party transaction data, reaching over 9,000 active brands), and shoppers (approximately 600,000 offering flexible earnings). The business model is multi-sided, generating revenue from transaction fees (as a percentage of gross transaction value), advertising and other revenue, and membership fees, with the platform leveraging shared technology infrastructure, data insights, and fulfillment capabilities underpinned by AI to drive efficiencies across all constituents. Instacart Marketplace connects customers to more than 2,200 retail banners through its app and website, while the Enterprise platform powers over 380 grocers' owned e-commerce storefronts and enables fulfillment through dedicated shoppers or retailer employees. The company's competitive moat derives from its scale, proprietary first-party transaction data, specialized grocery technology, and network effects across retailers, customers, brands, and shoppers.
【Steady margin expansion moderating】 Management expects adjusted EBITDA to grow faster than GTV throughout 2026, though the rate of expansion will moderate compared to 2025 as the company reinvests in growth initiatives and laps significant operating expense efficiencies achieved in prior years. The company is confident in achieving long-term advertising targets of 4–5% of GTV, supported by diversification across supply and demand, expansion of off-platform partnerships (including Meta, The Trade Desk, Google, Pinterest, and TikTok), and the ability to gather incremental advertising budgets from CPGs. User growth is expected to be the primary driver of order growth going forward, with frequency continuing to play a supporting role, while average order value is anticipated to reflect ongoing deepening of customer engagement. Management remains focused on driving strong year-over-year growth through continued platform diversification, scaling the advertising ecosystem, and making disciplined reinvestment decisions guided by clear return expectations.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.9B | 3.7B | 3.4B | 3.0B | 2.6B | 1.8B |
| Net Income | 476M | 438M | 448M | -1.6B | 428M | -73M |
| EPS | $1.89 | $1.60 | $1.58 | $-5.82 | $5.93 | $-1.12 |
| Free Cash Flow | 882M | 910M | 623M | 532M | 253M | -217M |
| ROIC | 26.0% | 22.3% | 24.4% | -88.1% | 1.7% | - |
| Gross Margin | 73.1% | 73.7% | 75.3% | 74.9% | 71.8% | 66.8% |
| Debt/Equity | 0.00 | 0.01 | 0.01 | 0.01 | -0.77 | - |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 570M | 498M | 489M | -2.1B | 62M | -86M |
| Operating Margin | 14.8% | 13.3% | 14.5% | -70.4% | 2.4% | -4.7% |
| ROE | 19.9% | 15.6% | 13.1% | -88.1% | -134.4% | 9.4% |
| Shares Outstanding | 237M | 274M | 284M | 279M | 72M | 65M |
| Metric | ||||||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 1.8B | 2.6B | 3.0B | 3.4B | 3.7B | 3.9B |
| Gross Margin | 66.8% | 71.8% | 74.9% | 75.3% | 73.7% | 73.1% |
| R&D | 368M | 518M | 2.3B | 604M | 650M | 670M |
| SG&A | 288M | 339M | 803M | 363M | 482M | 444M |
| EBIT | -86M | 62M | -2.1B | 489M | 498M | 570M |
| Op. Margin | -4.7% | 2.4% | -70.4% | 14.5% | 13.3% | 14.8% |
| Net Income | -73M | 428M | -1.6B | 448M | 438M | 476M |
| Net Margin | -4.0% | 16.8% | -53.4% | 13.3% | 11.7% | 12.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 24M | 24M |
| Returns on Capital | ||||||
| ROIC | N/A | 1.7% | -88.1% | 24.4% | 22.3% | 26.0% |
| ROE | 9.4% | -134.4% | -88.1% | 13.1% | 15.6% | 19.9% |
| ROA | N/A | 23.0% | -38.7% | 10.1% | 11.2% | 13.5% |
| Cash Flow | ||||||
| Op. Cash Flow | -204M | 277M | 586M | 687M | 971M | 941M |
| Free Cash Flow | -217M | 253M | 532M | 623M | 910M | 882M |
| Owner Earnings | -242M | 210M | -2.2B | 331M | 528M | 473M |
| CapEx | 13M | 24M | 54M | 64M | 61M | 59M |
| Maint. CapEx | 16M | 34M | 43M | 56M | 91M | 102M |
| Growth CapEx | 0 | 0 | 11M | 8.0M | 0 | 0 |
| D&A | 16M | 34M | 43M | 56M | 91M | 102M |
| CapEx/OCF | N/A | N/A | 9.2% | 9.3% | 6.3% | 6.3% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 36M | 1.4B | 1.4B | 1.7B |
| Buyback Yield | 0.0% | N/A | 0.6% | 11.7% | 11.0% | 16.6% |
| Stock-Based Comp | 22M | 33M | 2.8B | 300M | 352M | 366M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | N/A | -1.7B | -2.1B | -1.3B | -651M | -690M |
| Cash & Equiv. | 1.1B | 1.5B | 2.1B | 1.3B | 637M | 690M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | N/A | -0.77 | 0.01 | 0.01 | 0.01 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | -573M | -64M | 3.8B | 3.1B | 2.5B | 2.4B |
| Total Assets | N/A | 3.7B | 4.7B | 4.1B | 3.7B | 3.5B |
| Total Liabilities | N/A | 911M | 800M | 836M | 974M | 941M |
| Intangibles | N/A | 103M | 77M | 52M | 71M | 60M |
| Retained Earnings | N/A | -977M | -2.6B | -3.6B | -4.5B | -4.7B |
| Working Capital | N/A | 1.9B | 2.6B | 1.9B | 1.3B | 1.2B |
| Current Assets | N/A | 2.7B | 3.3B | 2.7B | 2.2B | 2.1B |
| Current Liabilities | 14M | 795M | 733M | 798M | 917M | 885M |
| Per Share Data | ||||||
| EPS | -1.12 | 5.93 | -5.82 | 1.58 | 1.60 | 1.89 |
| Owner EPS | -3.71 | 2.91 | -7.93 | 1.17 | 1.93 | 2.00 |
| Book Value | -8.79 | -0.89 | 13.44 | 10.91 | 9.20 | 10.12 |
| Cash Flow/Share | -3.13 | 3.83 | 2.10 | 2.42 | 3.55 | 2.44 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 65.2M | 72.2M | 279.0M | 283.5M | 273.8M | 236.7M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | 26.7 | 28.7 | 22.3 |
| P/FCF | N/A | N/A | 12.5 | 19.2 | 13.8 | 11.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 16.3 |
| Price/Book | N/A | N/A | 1.7 | 3.9 | 5.0 | 4.2 |
| Price/Sales | N/A | N/A | 2.2 | 3.0 | 3.2 | 2.6 |
| FCF Yield | N/A | N/A | 8.4% | 5.2% | 7.3% | 8.8% |
| Market Cap | 0 | N/A | 6.3B | 12.0B | 12.6B | 10.0B |
| Avg. Price | 0.00 | N/A | 25.82 | 35.51 | 43.68 | 42.21 |
| Year-End Price | 0.00 | N/A | 23.84 | 42.20 | 45.85 | 42.21 |
Maplebear Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Maplebear Inc. trades at 26.4x trailing earnings, compared to its 15-year median P/E of 27.7x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 11.2x vs a median of 13.8x. The company's 5-year average gross margin is 72.5%. Total shareholder yield (buybacks) is 16.6%. At current prices, the estimated annualized return to fair value is +13.0%.
Maplebear Inc. (CART) has a net profit margin of 11.7%. This is a healthy margin.
Maplebear Inc. (CART) generated $910 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Maplebear Inc. (CART) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
Maplebear Inc. (CART) reported earnings per share (EPS) of $1.60 in its most recent fiscal year.
Maplebear Inc. (CART) has a return on equity (ROE) of 15.6%. This indicates the company generates strong returns for shareholders.
Maplebear Inc. (CART) has a 5-year average gross margin of 72.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 5 years of financial data for Maplebear Inc. (CART), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Maplebear Inc. (CART) has a book value per share of $9.20, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects adjusted EBITDA to grow faster than GTV throughout 2026, though the rate of expansion will moderate compared to 2025 as the company reinvests in growth initiatives and laps significant operating expense efficiencies achieved in prior years. The company is confident in achieving long-term advertising targets of 4–5% of GTV, supported by diversification across supply and demand, expansion of off-platform partnerships (including Meta, The Trade Desk, Google, Pinterest, and TikTok), and the ability to gather incremental advertising budgets from CPGs. User growth is expected to be the primary driver of order growth going forward, with frequency continuing to play a supporting role, while average order value is anticipated to reflect ongoing deepening of customer engagement. Management remains focused on driving strong year-over-year growth through continued platform diversification, scaling the advertising ecosystem, and making disciplined reinvestment decisions guided by clear return expectations.