(CART) Maplebear - NASDAQ
Sector: Consumer Cyclical | Industry: Internet Retail | Exchange: NASDAQ (USA) | Market Cap: 9.914m USD | Total Return: 3.3% in 12m
Avg Turnover: 158M
Qual. Beats: 0
Rev. Trend: 99.9%
Qual. Beats: 2
Warnings
Fakeout
Tailwinds
No distinct edge detected
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.
- 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
| Net Income: 485.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.25 > 0.02 and ΔFCF/TA 6.01 > 1.0 |
| NWC/Revenue: 31.21% < 20% (prev 57.48%; Δ -26.27% < -1%) |
| CFO/TA 0.27 > 3% & CFO 941.0m > Net Income 485.0m |
| Net Debt (-766.0m) to EBITDA (708.0m): -1.08 < 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 75.22%; Δ -2.27% > 0.5%) |
| Asset Turnover: 98.74% > 50% (prev 80.50%; Δ 18.24% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBIT TTM and Interest Expense TTM) |
| 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 601.0m / Avg Total Assets 3.91b) |
| D: 2.76 (Book Value of Equity 2.59b / Total Liabilities 941.0m) |
| Altman-Z'' = 1.79 = BBB |
| DSRI: 1.01 (Receivables 1.09b/974.0m, Revenue 3.86b/3.46b) |
| GMI: 1.03 (GM 75.22% / 72.96%) |
| 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 941.0m) / TA 3.54b) |
| Beneish M = -2.79 (Cap -4..+1) = A |
As of June 19, 2026, the stock is trading at USD 44.55 with a total of 8,409,899 shares traded.
Over the past week, the price has changed by +6.32%,
over one month by +8.69%,
over three months by +17.89% and
over the past year by +3.27%.
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
| Analysts Target Price | 50 | 12.2% |
P/E Trailing = 23.4333
P/E Forward = 16.4204
P/S = 2.5656
P/B = 4.1393
P/EG = 2.3214
Revenue TTM = 3.86b USD
EBIT TTM = 601.0m USD
EBITDA TTM = 708.0m USD
Long Term Debt = 32.0m USD (estimated: total debt 34.0m - short term 2.00m)
Short Term Debt = 2.00m USD (from shortTermDebt, last quarter)
Debt = 34.0m USD (from shortLongTermDebtTotal, last quarter) (leases 34.0m already included)
Net Debt = -766.0m USD (calculated: Debt 34.0m - CCE 800.0m)
Enterprise Value = 9.15b USD (9.91b + Debt 34.0m - CCE 800.0m)
Interest Coverage Ratio = unknown (Ebit TTM 601.0m / Interest Expense TTM 0.0)
EV/FCF = 10.37x (Enterprise Value 9.15b / FCF TTM 882.0m)
FCF Yield = 9.64% (FCF TTM 882.0m / Enterprise Value 9.15b)
FCF Margin = 22.83% (FCF TTM 882.0m / 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 = 2.59 (Enterprise Value 9.15b / Total Assets 3.54b)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 34.0m)
Taxrate = 21.77% (135.0m / 620.0m)
NOPAT = 470.1m (EBIT 601.0m * (1 - 21.77%))
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 = -1.08 (Net Debt -766.0m / EBITDA 708.0m)
Debt / FCF = -0.87 (Net Debt -766.0m / FCF TTM 882.0m)
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 = 20.04% (EBIT 601.0m / Capital Employed (Equity 2.97b + L.T.Debt 32.0m))
RoIC = 19.12% (NOPAT 470.1m / Invested Capital 2.46b)
WACC = 7.27% (E(9.91b)/V(9.95b) * Re(7.29%) + D(34.0m)/V(9.95b) * Rd(0.0%) * (1-Tc(0.22)))
Discount Rate = 7.29% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -20.0 | Cagr: -4.16%
[DCF] Terminal Value 76.49% ; FCFF base≈854.4m ; Y1≈918.2m ; Y5≈1.11b
[DCF] Fair Price = 75.97 (EV 17.1b - Net Debt -766.0m = Equity 17.9b / Shares 235.0m; r=8.35% [WACC [floored]]; 5y FCF grow 8.49% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.77 | # QB: 0
Revenue Correlation: 99.89 | Revenue CAGR: 10.77% | SUE: 0.99 | # QB: 2
EPS current Quarter (2026-06-30): EPS=0.53 | Chg30d=+0.45% | Revisions=-8% | Analysts=25
EPS next Quarter (2026-09-30): EPS=0.64 | Chg30d=+0.20% | Revisions=+31% | Analysts=24
EPS current Year (2026-12-31): EPS=2.43 | Chg30d=+0.07% | Revisions=+16% | GrowthEPS=+51.8% | GrowthRev=+12.0%
EPS next Year (2027-12-31): EPS=2.98 | Chg30d=+1.20% | Revisions=+47% | GrowthEPS=+22.5% | GrowthRev=+9.4%
[Analyst] Revisions Ratio: +47%