Maplebear (CART) AI Stock Analysis

• Market Cap: $12.38B
• Dividend Yield: N/A
• Average Volume (3M): 5.18M
• Price to Earnings (P/E): 27.1
• Beta (1Y): 1.09
• Revenue Growth: 10.47%
• EPS Growth: N/A
• Country: US
• Employees: 3,265
• Sector: Consumer Cyclical
• Sector Strength: 75
• Industry: Specialty Retail
• EPS (TTM): 0.41
• Shares Outstanding: 263,438,260
• 10 Day Avg. Volume: 3,834,834
• 30 Day Avg. Volume: 5,181,792
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.91
• Enterprise Value/Revenue: 3.17
• Enterprise Value/Gross Profit: 4.23
• Enterprise Value/Ebitda: 17.64
• 1Y Price Target: $59.56
• Price Target Upside: 29.68% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 20

• Rating: 72 Outperform
• Price Target: $49.00 ▲(6.68% Upside)

Maplebear's strong financial performance and positive earnings call are the primary drivers of its stock score. While technical indicators suggest a bearish trend, the company's strategic growth initiatives and robust financial health position it well for future growth. The valuation is reasonable, though the lack of a dividend yield may deter some investors.

Positive Factors

Revenue Growth

The consistent growth in Gross Transaction Value (GTV) and order volume indicates robust demand and effective market penetration, supporting long-term revenue expansion.

Advertising Platform Expansion

The expansion of the advertising platform enhances revenue diversification and resilience, providing a strong competitive edge in the digital marketplace.

AI Integration

AI integration boosts operational efficiency and productivity, positioning the company to leverage technology for sustained competitive advantage and cost management.

Negative Factors

Decrease in Average Order Value

A decline in average order value could pressure margins and profitability, necessitating strategic adjustments to maintain revenue growth and customer value.

Challenges with CPG Brand Spend

Reduced spending by major brands may impact advertising revenue, highlighting the need for diversified partnerships to mitigate reliance on large clients.

Increase in Stock-Based Compensation

Rising stock-based compensation can dilute shareholder value and increase operating costs, potentially affecting long-term profitability and financial health.

Maplebear Business Overview & Revenue Model

Company Description

Maplebear, operating under the brand name Instacart, is a leading American company in the grocery delivery and pick-up service sector. It connects customers with personal shoppers who select, pack, and deliver groceries from local stores. The company leverages a digital platform to facilitate convenient shopping experiences, catering to the needs of consumers seeking quick and reliable grocery solutions.

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 demonstrates strong financial performance with robust revenue growth, healthy profitability margins, and a solid balance sheet characterized by low leverage and high equity. The company's cash flow generation is impressive, providing flexibility for future growth opportunities. However, slight pressures on EBIT margins and a declining trend in stockholders' equity are noted.

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	3.55B	3.38B	3.04B	2.55B	1.83B	1.48B
Gross Profit	2.65B	2.54B	2.28B	1.83B	1.23B	879.00M
EBITDA	637.00M	556.00M	-2.08B	109.00M	-45.00M	-50.00M
Net Income	488.00M	457.00M	-1.62B	428.00M	-73.00M	-70.00M
Balance Sheet
Total Assets	4.43B	4.12B	4.73B	3.67B	2.96B	2.10B
Cash, Cash Equivalents and Short-Term Investments	1.72B	1.52B	2.19B	1.71B	1.49B	1.43B
Total Debt	37.00M	26.00M	40.00M	49.00M	54.00M	51.00M
Total Liabilities	942.00M	1.02B	800.00M	911.00M	712.00M	520.00M
Stockholders Equity	3.49B	3.09B	3.93B	-64.00M	-573.00M	1.58B
Cash Flow
Free Cash Flow	779.00M	623.00M	530.00M	251.00M	-226.00M	-98.00M
Operating Cash Flow	839.00M	687.00M	586.00M	277.00M	-204.00M	-91.00M
Investing Cash Flow	-263.00M	-107.00M	135.00M	117.00M	-330.00M	301.00M
Financing Cash Flow	-533.00M	-1.41B	-30.00M	46.00M	464.00M	671.00M

Maplebear Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 45.93
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CART, the sentiment is Positive. The current price of 45.93 is above the 20-day moving average (MA) of 44.57, below the 50-day MA of 46.89, and above the 200-day MA of 44.55, indicating a neutral trend. The MACD of -0.29 indicates Negative momentum. The RSI at 51.86 is Neutral, neither overbought nor oversold. The STOCH value of 82.07 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CART.

Maplebear Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CART	72 Outperform	$12.38B	27.13	14.54%	―	10.47%	―
CHWY	68 Neutral	$14.94B	101.64	34.48%	―	9.04%	-56.79%
TDUP	63 Neutral	$1.33B	―	-58.93%	―	-10.39%	14.92%
Sector *	61 Neutral	$18.09B	12.97	-1.60%	2.98%	1.42%	-15.92%
WINA	61 Neutral	$1.76B	44.22	-118.80%	2.18%	0.98%	1.84%
ETSY	59 Neutral	$5.91B	47.66	-39.97%	―	2.38%	-38.88%
W	57 Neutral	$11.69B	―	17.86%	―	0.87%	54.67%

Maplebear Corporate Events

Instacart Appoints New CEO and Board Member

On August 15, 2025, Instacart announced the appointment of Josh Silverman, CEO of Etsy, to its Board of Directors, expanding the board to ten members. Silverman’s extensive experience in consumer technology and marketplaces is expected to enhance Instacart’s strategic direction and growth in the grocery technology sector. Concurrently, Chris Rogers assumed the roles of CEO and President, following Fidji Simo’s resignation from these positions, though she continues as Chair of the Board.