Maplebear Inc. (CART)

Maplebear Inc., doing business as Instacart, operates as a technology and enablement partner for the grocery industry in the United States and internationally. The company offers Instacart Marketplace which helps retailers serve customers' needs by supporting fulfillment options, shopping occasions, and categories; Instacart Enterprise platform, an end-to-end technology solution for retailers across all aspects of business; and Instacart Ads, enables brands to learn more about general consumer behavior from discovery to purchase, offering insights about how to optimize advertising spend. It also provides advertising solutions, including sponsored product ads, display ads, coupons, and brand pages; and software-as-a-service. The company's services can be provided through company's mobile application or website. Maplebear Inc., was incorporated in 2012 and is headquartered in San Francisco, California.

Symbol: CART
Exchange: Nasdaq
Sector: Consumer Cyclical
Industry: Internet Retail
Market cap: $10.01B
52 week range: 32.73 - 52.68

Valuation

Share price: $43.32 (close of 2026-09-23)
P/E (TTM): 22.61x
Price to book: 4.31x
Price to free cash flow: 8.51x
Enterprise value: $9.29B
Book value per share: $9.96

Price performance

Period	Change
1 day	-2.45%
5 days	-7.53%
1 month	-13.06%
3 months	-6.01%
6 months	+13.64%
Year to date	-3.69%
1 year	+2.07%
3 years	+44.40%
All time	+28.55%

Profitability and growth

Return on equity: 17.75%
Return on invested capital: 20.29%
Return on assets: 12.12%
Return on capital employed: 17.98%
Gross margin: 73.70%
Net margin: 11.95%
EBITDA margin: 15.74%
Revenue growth: 10.78%
Net income growth: -2.19%
Free cash flow growth: 46.07%

Cash flow and balance sheet

Free cash flow yield (TTM): 11.75%
Current ratio: 2.28x
Net debt to EBITDA: -1.02x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $3.74B
Cost of revenue: $984.00M
Gross profit: $2.76B
EBITDA: $589.00M
Net income: $447.00M
Earnings per share: $1.68
Research and development: $650.00M
Shares outstanding: 261.35M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$3.74B	$2.76B	$447.00M	$1.68
2024-12-31	$3.38B	$2.54B	$457.00M	$1.69
2023-12-31	$3.04B	$2.28B	$-1.62B	$-12.43
2022-12-31	$2.55B	$1.83B	$428.00M	$1.08
2021-12-31	$1.83B	$1.23B	$-73.00M	$-1.12

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	73.70%	11.95%	17.75%	20.29%
2024-12-31	75.25%	13.53%	14.78%	21.40%
2023-12-31	74.88%	-53.32%	-43.25%	-103.02%
2022-12-31	71.78%	16.78%	-668.75%	-
2021-12-31	66.85%	-3.98%	12.74%	-