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Runs the Instacart online grocery marketplace, connecting shoppers with retail partners and gig-worker personal shoppers.
Runs the Instacart online grocery marketplace, connecting shoppers with retail partners and gig-worker personal shoppers.
Earns fees from customers and commissions from the grocers it serves on each order, while the higher-margin income comes from consumer-goods brands paying to promote products within the app. Shoppers are independent contractors rather than employees. Enterprise software lets grocers run their own online stores.
Moat: narrow (network effects, scale, data). Retailer integrations and shopper density built over a decade are hard for new entrants to replicate quickly.
Headquarters: San Francisco, California, US · Founded: 2012 · Employees: 3,600
Size Maplebear (CART) is a United States Consumer Staples company (Air Freight/Couriers) with a market value of $13.7B, the 645th largest of 3,117 United States companies the cockpit tracks. Shares closed at $58.12 on 6 Nov 2026.
Performance Over six months the shares gained 44.0%, against +7.5% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 14.2% over the last twelve months (peer median +6.1%); the operating margin is 16.3% (peer median 10.4%).
Valuation It trades at 21.2× forward earnings against a peer median of 16.4× (3rd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 25.4 points above its cost of capital (8.3% WACC).
Short interest Short interest is 10.0% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.15B | $3.74B | $3.38B | $3.04B | $2.55B |
| Revenue growth | — | +11% | +11% | +19% | — |
| Gross profit | $2.97B | $2.74B | $2.52B | $2.26B | $1.82B |
| EBITDA | $802M | $724M | $586M | -$2.09B | $163M |
| Net income | $483M | $447M | $457M | -$1.62B | $428M |
| Free cash flow | $1.21B | $910M | $623M | $532M | $253M |
| Capital expenditure | $58.0M | $61.0M | $64.0M | $56.0M | $26.0M |
| Total debt | $34.0M | $36.0M | $26.0M | $40.0M | $49.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Maplebear CART | $13.7B | +44% | +14% | 16% | 21.2× | 3.0% |
| DoorDash DASH | $78.3B | +10% | +35% | 6% | 42.2× | 45.3% |
| Uber UBER | $140B | -9% | +14% | 13% | 16.8× | 13.9% |
| Walmart WMT | $996B | -4% | +6% | 4% | 41.8× | 14.7% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CART | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +25.5% | +12.4% | highest of 21 |
| 6-month return | +44.0% | +7.5% | 2nd highest of 21 |
| Distance from 52-week high | -6.3% | -14.3% | 6th highest of 21 |
| Revenue growth (TTM) | +14.2% | +6.1% | 8th highest of 21 |
| Operating margin | 16.3% | 10.4% | 6th highest of 21 |
| Forward P/E | 21.2× | 16.4× | 3rd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 3.0% | 3.2% | 10th least demanding of 20 |
| Growth delivered (Del g) | +20.4% | +6.2% | 4th highest of 19 |
| Hurdle (Req g minus delivered) | -17.5 pp | -4.8 pp | 3rd least demanding of 19 |
| ROIC minus cost of capital | +25.4 pp | +2.6 pp | 2nd highest of 21 |
| EV / EBITDA | 15.9× | 11.1× | 2nd most expensive of 16 |
| Net debt / EBITDA | -1.2× | 3.0× | least indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Maplebear CART | United States | $13.7B | +44% | +14% | 16% | 21.2× | 3.0% | +20.4% |
| Coca-Cola Consolidated COKE | United States | $13.8B | +19% | +11% | 13% | n/a | -1.3% | +7.6% |
| J.M. Smucker Company (The) SJM | United States | $13.9B | +33% | +5% | 19% | 12.9× | -7.1% | +2.5% |
| JBS JBS | United States | $13.4B | -23% | +334% | 4% | 11.8× | -6.5% | n/a |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Five Below FIVE | United States | $13.2B | +8% | +26% | 15% | 23.7× | 8.1% | +19.4% |
| McCormick & MKC | United States | $13.0B | 0% | +13% | 17% | 15.9× | 3.2% | +4.1% |
| Clorox CLX | United States | $12.1B | +8% | +6% | 14% | 17.4× | 2.7% | -1.8% |
| Hormel Foods HRL | United States | $12.1B | +7% | +1% | 7% | 14.4× | 0.9% | +4.7% |
| Performance Food PFGC | United States | $17.0B | +15% | +6% | 1% | 18.3× | 14.7% | +17.4% |
| BBB Foods TBBB | United States | $10.8B | +72% | +52% | 1% | n/a | 49.9% | +37.1% |
| General Mills GIS | United States | $19.0B | +2% | -4% | 15% | 11.4× | -6.7% | +0.3% |
| Bunge Global BG | United States | $19.0B | -20% | +55% | 4% | 9.2× | n/a | n/a |
| Tyson Foods TSN | United States | $20.6B | -13% | +3% | 3% | 17.4× | 6.7% | +4.7% |
| US Foods USFD | United States | $23.1B | +26% | +4% | 3% | 20.8× | 11.7% | +11.5% |
| Celsius CELH | United States | $8.14B | 0% | +83% | 19% | 22.7× | 7.6% | +80.7% |
| Primo Brands PRMB | United States | $8.10B | -4% | +28% | 10% | 16.2× | 9.2% | +27.8% |
| Darling Ingredients DAR | United States | $7.92B | -20% | +16% | 9% | 7.3× | 9.0% | +11.4% |
| Constellation Brands STZ | United States | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% | +1.2% |
| Dollar Tree DLTR | United States | $24.6B | +39% | -8% | 11% | 19.1× | 0.1% | -5.3% |
| Lamb Weston LW | United States | $7.61B | +31% | +3% | 10% | 16.6× | 4.0% | +12.5% |