Maplebear (CART) AI Stock Analysis

• Market Cap: $9.89B
• Dividend Yield: N/A
• Average Volume (3M): 4.93M
• Price to Earnings (P/E): 23.0
• Beta (1Y): 1.20
• Revenue Growth: 11.05%
• EPS Growth: N/A
• Country: US
• Employees: 3,265
• Sector: Consumer Cyclical
• Sector Strength: 60
• Industry: Specialty Retail
• EPS (TTM): 1.63
• Shares Outstanding: 264,642,270
• 10 Day Avg. Volume: 3,338,507
• 30 Day Avg. Volume: 4,933,180
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 3.05
• Price to Cash Flow (P/CF): 16.80
• P/FCF Ratio: 18.30
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $53.58
• Price Target Upside: 43.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 20

Instacart's overall stock score reflects strong financial performance with improvements in revenue and profitability. The technical indicators suggest bearish trends, while the valuation is moderate. The earnings call reinforced growth in key areas but highlighted some financial challenges, contributing to a balanced outlook.

Positive Factors

Customer Engagement

CART added more users and gross transaction value in 2024 compared to 2019, with better cohort engagement than prior years.

Profitability

The outperformance of GTV is a positive leading indicator for profitability over time, as it is expected to have a positive compound effect on operating leverage.

Negative Factors

EBITDA Guidance

The soft EBITDA guidance from ongoing investments for growth has led to a reduction in the FY26 EBITDA estimate by 3%.

Margin Pressure

Affordability investments are driving orders and saving customers money, but may weigh on margins.

Maplebear Business Overview & Revenue Model

Company Description

Maplebear, operating under the brand name Instacart, is a leading American company in the retail and consumer services sector, primarily focused on grocery delivery and pickup services. Founded in 2012, the company connects consumers with personal shoppers who select and deliver groceries from local stores. Instacart operates through a platform that can be accessed via a mobile app or website, offering convenience and time-saving solutions for customers seeking to purchase groceries and other related products online.

How the Company Makes Money

Instacart generates revenue through multiple streams. Its primary source of income is fees associated with its delivery and pickup services, which include service fees, delivery fees, and subscription fees for its Instacart Express membership, offering free delivery on orders over a certain amount. Additionally, Instacart earns money through partnerships with retailers who use the platform to reach a wider customer base, often sharing a portion of sales generated through the app. The company also leverages advertising revenue by selling ad space to consumer goods companies that want increased visibility for their products on the Instacart platform. These diversified revenue streams, coupled with strategic partnerships with major grocery chains, contribute significantly to Instacart's financial performance.

Maplebear Financial Statement Overview

Summary

Maplebear has demonstrated significant improvements in its financial performance in 2024, with strong revenue growth, increased profitability, and a solid balance sheet. The company has effectively turned around from previous losses, showcasing operational efficiency. While cash flow metrics are strong, maintaining a healthy cash balance remains crucial. Overall, Maplebear is on a positive financial trajectory, with strengths in revenue generation and operational performance, though attention to liquidity management is advised.

Income Statement

The company has shown strong revenue growth with a Revenue Growth Rate of 11.0% in 2024 compared to 2023, indicating a positive trajectory. The Gross Profit Margin for 2024 is high at 75.3%, reflecting efficient cost management. However, despite improvement, the Net Profit Margin in 2024 is 13.5%, suggesting room for increased profitability. The company turned around its EBIT margin from negative to 14.5% in 2024, showcasing strong operational improvements.

Balance Sheet

The Balance Sheet reveals a solid financial position with a low Debt-to-Equity Ratio of 0.01, indicating minimal leverage and financial risk. The Equity Ratio is strong at 75.2%, showing substantial reliance on equity financing. Although Return on Equity is not applicable due to previous negative equity, the shift to positive equity and profitability in 2024 is a positive indicator of financial health.

Cash Flow

The company has a robust Free Cash Flow growth of 17.5% from 2023 to 2024, indicating strong cash generation capabilities. The Operating Cash Flow to Net Income Ratio is 1.50, which is favorable, reflecting efficient conversion of earnings to cash. The Free Cash Flow to Net Income Ratio stands at 1.36, reinforcing the company's strong cash position relative to its earnings. However, the decline in cash reserves indicates potential future liquidity challenges.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
3.38B	3.04B	2.55B	1.83B	1.48B
	Gross Profit
2.54B	2.28B	1.83B	1.23B	879.00M
	EBIT
489.00M	-2.14B	62.00M	-86.00M	-75.00M
	EBITDA
556.00M	-2.08B	109.00M	-60.00M	-50.00M
	Net Income Common Stockholders
457.00M	-1.62B	428.00M	-73.00M	-70.00M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
1.52B	2.19B	1.71B	1.49B	1.43B
	Total Assets
4.12B	4.73B	3.67B	2.96B	2.10B
	Total Debt
26.00M	40.00M	49.00M	54.00M	51.00M
	Net Debt
-1.40B	-2.10B	-1.46B	-1.09B	-1.17B
	Total Liabilities
1.02B	800.00M	3.73B	3.53B	520.00M
	Stockholders Equity
3.09B	3.93B	-64.00M	-573.00M	1.58B
Cash Flow		Free Cash Flow
623.00M	530.00M	251.00M	-226.00M	-98.00M
	Operating Cash Flow
687.00M	586.00M	277.00M	-204.00M	-91.00M
	Investing Cash Flow
-107.00M	135.00M	117.00M	-330.00M	301.00M
	Financing Cash Flow
-1.41B	-30.00M	46.00M	464.00M	671.00M

Maplebear Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 37.37
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CART, the sentiment is Negative. The current price of 37.37 is below the 20-day moving average (MA) of 39.50, below the 50-day MA of 43.71, and below the 200-day MA of 40.53, indicating a bearish trend. The MACD of -0.98 indicates Negative momentum. The RSI at 45.90 is Neutral, neither overbought nor oversold. The STOCH value of 42.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CART.

Maplebear Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MELI	74 Outperform	$93.35B	47.61	51.50%	―	43.56%	91.72%
EBAY	73 Outperform	$29.08B	15.83	34.29%	1.76%	2.79%	-23.30%
CHWY	73 Outperform	$13.04B	35.05	101.78%	―	6.40%	891.13%
CVNA	70 Outperform	$34.70B	106.77	27.94%	―	26.94%	-57.88%
CART	67 Neutral	$9.89B	22.97	12.68%	―	11.05%	―
CPNG	59 Neutral	$36.22B	241.98	3.76%	―	24.14%	-88.77%
Sector *	59 Neutral	$11.18B	10.04	-1.58%	3.96%	1.31%	-16.97%

Maplebear Corporate Events

Maplebear Appoints New Chief Accounting Officer

Maplebear Inc. announced the resignation of its Chief Accounting Officer, Alan Ramsay, effective March 10, 2025. Ramsay’s departure is amicable, with no disagreements related to company operations. Lisa Blackwood-Kapral has been appointed as the new Chief Accounting Officer, effective the same date. Blackwood-Kapral brings extensive experience from her previous roles at Lyft, Inc. and Shutterfly, LLC, and her appointment includes a comprehensive compensation package. This transition is expected to ensure continuity in the company’s accounting leadership.