(CART) Maplebear - Overview

Sector: Consumer Cyclical | Industry: Internet Retail | Exchange: NASDAQ (USA) | Market Cap: 9.707m USD | Total Return: -14.5% in 12m

Grocery Delivery, Retail Software, Digital Advertising, Logistics Services
Total Rating 39
Safety 17
Buy Signal -0.49
Internet Retail
Industry Rotation: -9.5
Market Cap: 9.71B
Avg Turnover: 180M
Risk 3d forecast
Volatility42.8%
VaR 5th Pctl7.58%
VaR vs Median7.46%
Reward TTM
Sharpe Ratio-0.27
Rel. Str. IBD27.5
Rel. Str. Peer Group54.2
Character TTM
Beta0.435
Beta Downside0.487
Hurst Exponent0.484
Drawdowns 3y
Max DD38.04%
CAGR/Max DD0.30
CAGR/Mean DD0.68
EPS (Earnings per Share) EPS (Earnings per Share) of CART over the last years for every Quarter: "2021-03": null, "2021-06": null, "2021-09": null, "2021-12": null, "2022-03": null, "2022-06": null, "2022-09": null, "2022-12": null, "2023-03": null, "2023-06": 0.31, "2023-09": -20.86, "2023-12": 0.44, "2024-03": 0.43, "2024-06": 0.2, "2024-09": 0.4282, "2024-12": 0.53, "2025-03": 0.5027, "2025-06": 0.41, "2025-09": 0.51, "2025-12": 0.3, "2026-03": 0.57,
Last SUE: 0.75
Qual. Beats: 0
Revenue Revenue of CART over the last years for every Quarter: 2021-03: 442, 2021-06: 444, 2021-09: 475, 2021-12: 475, 2022-03: 505, 2022-06: 621, 2022-09: 668, 2022-12: 757, 2023-03: 759, 2023-06: 716, 2023-09: 764, 2023-12: 803, 2024-03: 820, 2024-06: 823, 2024-09: 852, 2024-12: 883, 2025-03: 897, 2025-06: 914, 2025-09: 939, 2025-12: 992, 2026-03: 1019,
Rev. CAGR: 10.77%
Rev. Trend: 99.9%
Last SUE: 0.99
Qual. Beats: 0

Warnings

Altman Z'' -6.43 < 1.0 - financial distress zone

Fakeout Choppy

Tailwinds

No distinct edge detected

Description: CART Maplebear

Maplebear Inc., operating as Instacart, functions as a dual-sided technology platform serving the grocery sector. The company provides a consumer-facing marketplace for fulfillment and a suite of enterprise tools that allow traditional brick-and-mortar retailers to manage digital operations and logistics. Beyond delivery services, the business model increasingly relies on high-margin advertising solutions and software-as-a-service (SaaS) to monetize consumer data and brand placements.

The online grocery sub-industry operates on thin margins, often requiring technology partners to scale volume and improve delivery density to achieve profitability. Instacart competes in a market where retail media networks are becoming a primary driver of valuation, as brands seek direct attribution from digital discovery to final purchase. Evaluating the long-term sustainability of these advertising yields on ValueRay can provide deeper insight into the companys margin profile. Maplebear remains headquartered in San Francisco and continues to expand its international footprint through its end-to-end retail technology stack.

Headlines to Watch Out For
  • High-margin advertising revenue growth offsets lower commissions from core delivery services
  • Retailer adoption of white-label enterprise software increases long-term recurring revenue streams
  • Consumer sensitivity to delivery fees and grocery inflation impacts gross transaction volume
  • Gig labor classification rulings pose significant risk to operating margins and costs
  • Competition from DoorDash and Uber Eats pressures market share and customer acquisition costs
Piotroski VR‑10 (Strict) 8.5
Net Income: 485.0m TTM > 0 and > 6% of Revenue
FCF/TA: 0.25 > 0.02 and ΔFCF/TA 6.04 > 1.0
NWC/Revenue: 31.21% < 20% (prev 57.48%; Δ -26.27% < -1%)
CFO/TA 0.27 > 3% & CFO 942.0m > Net Income 485.0m
Net Debt (-766.0m) to EBITDA (693.0m): -1.11 < 3
Current Ratio: 2.36 > 1.5 & < 3
Outstanding Shares: last quarter (253.6m) vs 12m ago -8.51% < -2%
Gross Margin: 72.96% > 18% (prev 0.75%; Δ 7.22k% > 0.5%)
Asset Turnover: 98.74% > 50% (prev 80.50%; Δ 18.24% > 0%)
Interest Coverage Ratio: error (cannot be calculated; needs correct EBITDA TTM and Interest Expense TTM)
Altman Z'' -6.43
A: 0.34 (Total Current Assets 2.09b - Total Current Liabilities 885.0m) / Total Assets 3.54b
B: -1.34 (Retained Earnings -4.74b / Total Assets 3.54b)
C: 0.15 (EBIT TTM 586.0m / Avg Total Assets 3.91b)
D: -5.05 (Book Value of Equity -4.75b / Total Liabilities 941.0m)
Altman-Z'' Score: -6.43 = D
Beneish M -2.91
DSRI: 1.01 (Receivables 1.09b/974.0m, Revenue 3.86b/3.46b)
GMI: 1.03 (GM 72.96% / 75.22%)
AQI: 1.22 (AQ_t 0.34 / AQ_t-1 0.28)
SGI: 1.12 (Revenue 3.86b / 3.46b)
TATA: -0.13 (NI 485.0m - CFO 942.0m) / TA 3.54b)
Beneish M-Score: -2.91 (Cap -4..+1) = A
What is the price of CART shares? As of May 22, 2026, the stock is trading at USD 40.09 with a total of 3,046,470 shares traded.
Over the past week, the price has changed by +4.21%, over one month by -6.44%, over three months by +10.87% and over the past year by -14.54%.
Is CART a buy, sell or hold? Maplebear has received a consensus analysts rating of 3.91. Therefore, it is recommended to buy CART.
  • StrongBuy: 11
  • Buy: 7
  • Hold: 14
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the CART price?
Analysts Target Price 50.1 25%
Maplebear (CART) - Fundamental Data Overview as of 22 May 2026
P/E Trailing = 22.9444
P/E Forward = 16.8919
P/S = 2.5121
P/B = 4.0529
P/EG = 2.3892
Revenue TTM = 3.86b USD
EBIT TTM = 586.0m USD
EBITDA TTM = 693.0m USD
Long Term Debt = 34.0m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 2.00m USD (from shortTermDebt, last quarter)
Debt = 34.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -766.0m USD (recalculated: Debt 34.0m - CCE 800.0m)
Enterprise Value = 8.94b USD (9.71b + Debt 34.0m - CCE 800.0m)
 Interest Coverage Ratio = unknown (Ebit TTM 586.0m / Interest Expense TTM 0.0)
 EV/FCF = 10.13x (Enterprise Value 8.94b / FCF TTM 883.0m)
FCF Yield = 9.88% (FCF TTM 883.0m / Enterprise Value 8.94b)
FCF Margin = 22.85% (FCF TTM 883.0m / Revenue TTM 3.86b)
Net Margin = 12.55% (Net Income TTM 485.0m / Revenue TTM 3.86b)
Gross Margin = 72.96% ((Revenue TTM 3.86b - Cost of Revenue TTM 1.04b) / Revenue TTM)
Gross Margin QoQ = 71.84% (prev 72.28%)
Tobins Q-Ratio = 2.53 (Enterprise Value 8.94b / Total Assets 3.54b)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 34.0m)
Taxrate = 23.40% (44.0m / 188.0m)
NOPAT = 448.9m (EBIT 586.0m * (1 - 23.40%))
Current Ratio = 2.36 (Total Current Assets 2.09b / Total Current Liabilities 885.0m)
Debt / Equity = 0.01 (Debt 34.0m / totalStockholderEquity, last quarter 2.59b)
Debt / EBITDA = -1.11 (Net Debt -766.0m / EBITDA 693.0m)
Debt / FCF = -0.87 (Net Debt -766.0m / FCF TTM 883.0m)
Total Stockholder Equity = 2.97b (last 4 quarters mean from totalStockholderEquity)
RoA = 12.39% (Net Income 485.0m / Total Assets 3.54b)
RoE = 16.35% (Net Income TTM 485.0m / Total Stockholder Equity 2.97b)
RoCE = 19.53% (EBIT 586.0m / Capital Employed (Equity 2.97b + L.T.Debt 34.0m))
RoIC = 15.38% (NOPAT 448.9m / Invested Capital 2.92b)
WACC = 7.48% (E(9.71b)/V(9.74b) * Re(7.51%) + D(34.0m)/V(9.74b) * Rd(0.0%) * (1-Tc(0.23)))
Discount Rate = 7.51% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares (quarterly) Correlation: -20.0 | Cagr: -4.16%
[DCF] Terminal Value 83.30% ; FCFF base≈855.0m ; Y1≈1.05b ; Y5≈1.80b
[DCF] Fair Price = 150.5 (EV 34.60b - Net Debt -766.0m = Equity 35.36b / Shares 235.0m; r=7.48% [WACC]; 5y FCF grow 25.0% → 3.0% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.75 | # QB: 0
Revenue Correlation: 99.89 | Revenue CAGR: 10.77% | SUE: 0.99 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.53 | Chg30d=-1.42% | Revisions=-12% | Analysts=25
EPS next Quarter (2026-09-30): EPS=0.64 | Chg30d=+1.78% | Revisions=+28% | Analysts=24
EPS current Year (2026-12-31): EPS=2.42 | Chg30d=+1.27% | Revisions=+14% | GrowthEPS=+51.4% | GrowthRev=+12.0%
EPS next Year (2027-12-31): EPS=2.95 | Chg30d=+6.19% | Revisions=+41% | GrowthEPS=+21.9% | GrowthRev=+9.5%
[Analyst] Revisions Ratio: +41%