A Business at a Glance
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Instacart is the leading technology and enablement partner for the grocery industry — helping consumers save time, retailers run their businesses online and in-store, and connect brands with customers. Since our founding, Instacart has powered more than 1.6 billion orders. Instacart is built for the entire grocery ecosystem, improving the experiences for each of our constituents and helping them succeed: •Retailers. We enable more than 2,200 retail banners as of December 31, 2025 to grow by providing technology that can accelerate the digital transformation of their entire business both online and in-store. Retailers reach customers through both Instacart Marketplace, where customers can shop from their favorite retailers through our app or website, and retailers’ owned and operated online storefronts that are powered by Instacart Enterprise platform, our end-to-end technology solution encompassing e-commerce, fulfillment, Connected Stores, ads and marketing, and insights. •Customers.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.7B | 3.7B | 3.4B | 3.0B | 2.6B | 1.8B |
| Net Income | 438M | 438M | 448M | -1.6B | 77M | -73M |
| EPS | $1.60 | $1.60 | $1.58 | $-12.43 | $0.96 | $-1.12 |
| Free Cash Flow | 910M | 910M | 623M | 532M | 253M | -217M |
| ROIC | 20.8% | 22.3% | 24.4% | -88.1% | 3.3% | - |
| Gross Margin | 73.7% | 73.7% | 75.3% | 74.9% | 71.8% | 66.8% |
| Debt/Equity | 0.01 | 0.01 | 0.01 | 0.01 | -0.77 | - |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 498M | 498M | 489M | -2.1B | 62M | -86M |
| Operating Margin | 13.3% | 13.3% | 14.5% | -70.4% | 2.4% | -4.7% |
| ROE | 17.4% | 15.6% | 13.1% | -88.1% | -24.2% | 9.4% |
| Shares Outstanding | 274M | 274M | 284M | 279M | 80M | 65M |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 1.8B | 2.6B | 3.0B | 3.4B | 3.7B | 3.7B |
| Gross Margin | 66.8% | 71.8% | 74.9% | 75.3% | 73.7% | 73.7% |
| R&D | 368M | 518M | 2.3B | 604M | 650M | 650M |
| SG&A | 288M | 339M | 803M | 363M | 482M | 482M |
| EBIT | -86M | 62M | -2.1B | 489M | 498M | 498M |
| Op. Margin | -4.7% | 2.4% | -70.4% | 14.5% | 13.3% | 13.3% |
| Net Income | -73M | 77M | -1.6B | 448M | 438M | 438M |
| Net Margin | -4.0% | 3.0% | -53.4% | 13.3% | 11.7% | 11.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 24M | 24M |
| Returns on Capital | ||||||
| ROIC | N/A | 3.3% | -88.1% | 24.4% | 22.3% | 20.8% |
| ROE | 9.4% | -24.2% | -88.1% | 13.1% | 15.6% | 17.4% |
| ROA | N/A | 4.1% | -38.7% | 10.1% | 11.2% | 11.9% |
| Cash Flow | ||||||
| Op. Cash Flow | -204M | 277M | 586M | 687M | 971M | 971M |
| Free Cash Flow | -217M | 253M | 532M | 623M | 910M | 910M |
| Owner Earnings | -242M | 210M | -2.2B | 331M | 528M | 528M |
| CapEx | 13M | 24M | 54M | 64M | 61M | 61M |
| Maint. CapEx | 16M | 34M | 43M | 56M | 91M | 91M |
| Growth CapEx | 0 | 0 | 11M | 8.0M | 0 | 0 |
| D&A | 16M | 34M | 43M | 56M | 91M | 91M |
| 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 | 1.4B |
| Buyback Yield | 0.0% | N/A | 0.6% | 11.7% | 11.0% | 12.8% |
| Stock-Based Comp | 22M | 33M | 2.8B | 300M | 352M | 352M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | N/A | -1.7B | -2.1B | -1.3B | -651M | -601M |
| Cash & Equiv. | 1.1B | 1.5B | 2.1B | 1.3B | 637M | 637M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | 36M |
| Debt/Equity | N/A | -0.77 | 0.01 | 0.01 | 0.01 | 0.01 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | -573M | -64M | 3.8B | 3.1B | 2.5B | 2.5B |
| Total Assets | N/A | 3.7B | 4.7B | 4.1B | 3.7B | 3.7B |
| Total Liabilities | N/A | 911M | 800M | 836M | 974M | 974M |
| Intangibles | N/A | 103M | 77M | 52M | 71M | 71M |
| Retained Earnings | N/A | -977M | -2.6B | -3.6B | -4.5B | -4.5B |
| Working Capital | N/A | 1.9B | 2.6B | 1.9B | 1.3B | 1.3B |
| Current Assets | N/A | 2.7B | 3.3B | 2.7B | 2.2B | 2.2B |
| Current Liabilities | 14M | 795M | 733M | 798M | 917M | 917M |
| Per Share Data | ||||||
| EPS | -1.12 | 0.96 | -12.43 | 1.58 | 1.60 | 1.60 |
| Owner EPS | -3.71 | 2.62 | -7.93 | 1.17 | 1.93 | 1.93 |
| Book Value | -8.79 | -0.80 | 13.44 | 10.91 | 9.20 | 9.20 |
| Cash Flow/Share | -3.13 | 3.45 | 2.10 | 2.42 | 3.55 | 1.93 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 65.2M | 80.2M | 279.0M | 283.5M | 273.8M | 273.8M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | 26.7 | 28.7 | 24.7 |
| P/FCF | N/A | N/A | 12.5 | 19.2 | 13.8 | 11.9 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 20.5 |
| Price/Book | N/A | N/A | 1.7 | 3.9 | 5.0 | 4.3 |
| Price/Sales | N/A | N/A | 2.2 | 3.0 | 3.2 | 2.9 |
| FCF Yield | N/A | N/A | 8.4% | 5.2% | 7.3% | 8.4% |
| Market Cap | 0 | N/A | 6.3B | 12.0B | 12.6B | 10.8B |
| Avg. Price | 0.00 | N/A | 25.82 | 35.51 | 43.68 | 39.53 |
| Year-End Price | 0.00 | N/A | 23.84 | 42.20 | 45.85 | 39.53 |
Maplebear Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Maplebear Inc. trades at 24.7x 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 10.5x vs a median of 13.8x. The company's 5-year average gross margin is 72.5%. Total shareholder yield (buybacks) is 12.8%. At current prices, the estimated annualized return to fair value is +14.9%.
Maplebear Inc. (CART) has a current P/E ratio of 24.7, 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 -9.5%. This is below average and may indicate limited pricing power.
Maplebear Inc. (CART) has a market capitalization of $10.8B. It is classified as a large-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 12.81%.
Based on historical P/E analysis, Maplebear Inc. (CART) appears cheap. The current P/E of 24.7 is 11% below its historical median of 27.7. The estimated fair value CAGR (P/E method) is -31.0%.
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.
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.