Maplebear (CART) AI Stock Analysis

• Market Cap: $11.31B
• Dividend Yield: N/A
• Average Volume (3M): 3.71M
• Price to Earnings (P/E): 28.5
• Beta (1Y): 1.09
• Revenue Growth: 11.34%
• EPS Growth: N/A
• Country: US
• Employees: 3,265
• Sector: Consumer Cyclical
• Sector Strength: 58
• Industry: Specialty Retail
• EPS (TTM): 0.37
• Shares Outstanding: 260,734,680
• 10 Day Avg. Volume: 3,443,357
• 30 Day Avg. Volume: 3,706,769
• PEG Ratio: -0.03
• Price to Book (P/B): -145.68
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 37.14
• Enterprise Value/Market Cap: 0.70
• Enterprise Value/Revenue: 0.59
• Enterprise Value/Gross Profit: 3.03
• Enterprise Value/Ebitda: -14.36
• 1Y Price Target: $51.56
• Price Target Upside: 18.88% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 20

• Rating: 73 Outperform
• Price Target: $48.00 ▲(10.68%Upside)

Maplebear's strong financial performance, driven by revenue growth and a solid balance sheet, is a key strength. Challenges in technical indicators and valuation suggest mixed market sentiment, while strategic initiatives and a robust cash position support future growth. The positive outlook from the earnings call and corporate actions such as share buybacks bolster confidence in long-term potential, despite some macroeconomic uncertainties.

Positive Factors

Advertising Growth

CART's advertising stars were aligned in 1Q with reported +14% y/y advertising growth representing the first acceleration in the past seven quarters.

Leadership

Chris Rogers, current Chief Business Officer, has been appointed as CEO, bringing familiarity with Instacart’s operations and established grocer and advertiser relationships.

Partnerships

Growth in orders is driven by a partnership with UBER for restaurants and lowering the minimum threshold on free delivery for Instacart+ subscribers.

Negative Factors

CEO Experience

One potential risk is that Mr. Rogers has had limited interaction with the Street and/or previous CEO experience.

Competition

Potential headwinds could include increasing grocery competition from Amazon, Dash, and Uber Eats, and ongoing pressure on consumer packaged goods and beverage advertising spend.

Margin Visibility

Less visibility into margins following a recent ramp in affordability/marketing efforts and a slower-than-expected build in high-margin advertising revenue.

Maplebear Business Overview & Revenue Model

Company Description

Maplebear Inc., doing business as Instacart, provides online grocery shopping services to households in North America. The company connects the consumer with a personal shopper to shop and deliver a range of products, such as food, alcohol, consumer health, pet care, ready-made meals, and others. The company offers its services through a mobile application or website. The company was incorporated in 2012 and is based in San Francisco, California.

How the Company Makes Money

Maplebear, through its Instacart platform, primarily generates revenue via service fees, delivery fees, and membership subscriptions. Service fees are charged on each order to cover operational costs, while delivery fees vary based on factors such as order size and delivery timing. The company also offers an Instacart Express subscription, providing customers with benefits like reduced fees and free delivery on orders over a certain amount. Additionally, Maplebear earns through partnerships with retail stores, sharing revenue generated from increased sales volume and advertising opportunities on its platform. These partnerships often involve negotiated commissions on sales made through the Instacart platform.

Maplebear Financial Statement Overview

Summary

Maplebear presents a solid financial performance with strong revenue growth, healthy profitability margins, and a robust balance sheet characterized by low leverage and high equity. The company's cash flow generation is impressive, providing flexibility for future growth opportunities. While there are slight pressures on EBIT margins and a declining trend in stockholders' equity, the overall financial health remains strong and positioned for continued growth in the specialty retail sector.

Income Statement

Maplebear has demonstrated robust revenue growth, with a notable increase from $3.042 billion in 2023 to $3.455 billion in TTM (Trailing-Twelve-Months). The gross profit margin remains strong at approximately 75.25%, and the net profit margin is healthy at 12.53%. However, there has been a slight decline in EBIT margin from 14.48% in 2024 to 13.17% in TTM, suggesting some cost pressures. Overall, the company shows strong revenue growth and profitability, but margin pressures should be monitored.

Balance Sheet

The balance sheet reflects a strong equity position with a high equity ratio of 73.99% in TTM. The debt-to-equity ratio is very low at 0.007, indicating minimal reliance on debt. Return on Equity (ROE) is impressive at 13.63%, showcasing efficient use of equity to generate profits. The company’s financial stability is evident, with a strong equity base and low leverage, although the declining trend in stockholders' equity from 2023 warrants attention.

Cash Flow

Maplebear's cash flow position is robust, with a significant increase in operating cash flow from $687 million in 2024 to $880 million in TTM. Free cash flow growth is substantial, showing a growth rate of 30.66% compared to the previous period. The operating cash flow to net income ratio is strong at 2.03, indicating efficient cash generation from operations relative to net income. The company's ability to generate solid cash flow supports its financial flexibility and growth investments.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
3.46B	3.38B	3.04B	2.55B	1.83B	1.48B
	Gross Profit
2.60B	2.54B	2.28B	1.83B	1.23B	879.00M
	EBIT
455.00M	489.00M	-2.14B	62.00M	-86.00M	-75.00M
	EBITDA
540.00M	556.00M	-2.08B	109.00M	-60.00M	-50.00M
	Net Income Common Stockholders
433.00M	457.00M	-1.62B	428.00M	-73.00M	-70.00M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
1.76B	1.52B	2.19B	1.71B	1.49B	1.43B
	Total Assets
4.29B	4.12B	4.73B	3.67B	2.96B	2.10B
	Total Debt
22.00M	26.00M	40.00M	49.00M	54.00M	51.00M
	Net Debt
-1.67B	-1.40B	-2.10B	-1.46B	-1.09B	-1.17B
	Total Liabilities
928.00M	1.02B	800.00M	3.73B	3.53B	520.00M
	Stockholders Equity
3.18B	3.09B	3.93B	-64.00M	-573.00M	1.58B
Cash Flow		Free Cash Flow
813.00M	623.00M	530.00M	251.00M	-226.00M	-98.00M
	Operating Cash Flow
880.00M	687.00M	586.00M	277.00M	-204.00M	-91.00M
	Investing Cash Flow
-119.00M	-107.00M	135.00M	117.00M	-330.00M	301.00M
	Financing Cash Flow
-709.00M	-1.41B	-30.00M	46.00M	464.00M	671.00M

Maplebear Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 43.37
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 43.37 is below the 20-day moving average (MA) of 45.87, below the 50-day MA of 43.47, and above the 200-day MA of 42.96, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 40.28 is Neutral, neither overbought nor oversold. The STOCH value of 7.53 is Positive, 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	80 Outperform	$120.25B	58.35	49.11%	―	41.92%	81.11%
EBAY	77 Outperform	$35.66B	18.49	36.48%	1.50%	2.04%	-15.61%
CHWY	75 Outperform	$17.30B	46.67	76.24%	―	7.64%	369.79%
CPNG	74 Outperform	$51.02B	203.18	6.06%	―	20.88%	-80.08%
CART	73 Outperform	$11.31B	28.49	12.96%	―	11.34%	―
CVNA	71 Outperform	$63.61B	103.99	44.39%	―	32.23%	-46.86%
Sector *	62 Neutral	$6.82B	11.05	2.80%	4.32%	2.67%	-24.92%

Maplebear Corporate Events

Maplebear Expands Share Buyback Program to $1 Billion

Maplebear Inc. announced the resignation of its CEO and President, Fidji Simo, effective August 15, 2025, as she pursues another opportunity. Chris Rogers, currently the Chief Business Officer, will succeed her as CEO and President and join the Board as a Class II director. The company also increased its share repurchase program to authorize up to $1 billion in stock buybacks, reflecting its confidence in its financial position and commitment to returning value to shareholders.

The most recent analyst rating on (CART) stock is a Hold with a $53.00 price target. To see the full list of analyst forecasts on Maplebear stock, see the CART Stock Forecast page.

Maplebear Stockholders Approve Key Proposals at Annual Meeting

On May 22, 2025, Maplebear Inc. held its 2025 Annual Meeting of Stockholders where stockholders voted on three key proposals. The stockholders elected two Class II directors, ratified PricewaterhouseCoopers LLP as the independent registered public accounting firm, and approved the compensation of the Company’s named executive officers on a non-binding advisory basis.

The most recent analyst rating on (CART) stock is a Hold with a $53.00 price target. To see the full list of analyst forecasts on Maplebear stock, see the CART Stock Forecast page.

Maplebear CEO Fidji Simo Announces Resignation

On May 7, 2025, Fidji Simo, CEO of Maplebear Inc., announced her intention to resign to pursue another opportunity, although she will remain as Chair of the Board. The company plans to appoint a new CEO from its senior executives soon. Additionally, Maplebear reaffirmed its financial outlook for the second quarter and fiscal year 2025, as previously stated in its May 1 earnings call.