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Maplebear (CART)
NASDAQ:CART
US Market
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Maplebear (CART) AI Stock Analysis

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CART

Maplebear

(NASDAQ:CART)

Rating:77Outperform
Price Target:
$51.00
▲(17.59% Upside)
Maplebear's overall stock score is driven by strong financial performance and positive earnings call insights. The company's strategic focus on AI and efficiency, along with a robust cash position, supports its growth prospects. However, technical indicators suggest short-term caution, and valuation metrics indicate moderate pricing.
Positive Factors
Orders Growth
Orders growth continues to accelerate, led by Instacart+ and increased restaurant orders on the platform.
Platform Synergy
Instacart+ engagement and penetration of overall users is continuing to grow, with members shopping at more than 5 different retailers on average.
Negative Factors
Ad Revenue Growth
Ad revenue decent, CPG pressures linger. 12% Y/Y growth was not as robust as Q1, but was in-line with Street.
Advertising Challenges
One of the company's largest brand partners pulled back from advertising due to macro uncertainty and business-specific reasons.

Maplebear (CART) vs. SPDR S&P 500 ETF (SPY)

Maplebear Business Overview & Revenue Model

Company DescriptionMaplebear, 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 MoneyMaplebear, 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 Key Performance Indicators (KPIs)

Any
Any
Gross Transaction Volume
Gross Transaction Volume
Represents the total value of transactions processed, highlighting the scale of business operations and market reach.
Chart InsightsMaplebear's Gross Transaction Volume has shown consistent growth, with a notable 10% year-over-year increase in the latest quarter, driven by a 14% rise in orders. Despite a decrease in average order value due to strategic changes, the company is leveraging AI and strategic acquisitions to enhance efficiency and market presence. Advertising revenue is outpacing GTV growth, indicating strong brand partnerships. While macroeconomic uncertainties pose risks, the company's robust cash position and strategic initiatives suggest resilience and potential for continued growth.
Data provided by:Main Street Data

Maplebear Earnings Call Summary

Earnings Call Date:Aug 07, 2025
(Q2-2025)
|
% Change Since: -12.19%|
Next Earnings Date:Nov 05, 2025
Earnings Call Sentiment Positive
Instacart exhibited strong growth across GTV, advertising revenue, and gross profit per order, supported by strategic investments in AI and technology. Despite some challenges with large CPG brand spending and a decrease in average order value, the company's overall financial health and continued enhancement of its platform suggest positive momentum.
Q2-2025 Updates
Positive Updates
Growth in Gross Transaction Value (GTV)
Instacart grew GTV by 11% year-over-year, driven by a 17% increase in orders.
Strong Advertising and Other Revenue Growth
Advertising and other revenue grew 12% year-over-year, demonstrating increased resiliency of the ads platform.
Record High Gross Profit Per Order
Gross profit per order grew to over $8 in Q2 due to focus on scale and efficiency.
Scaling of Instacart Ads Platform
The ads platform now exceeds $1 billion in annual run rate revenue, with active brand partners growing from over 4,000 to over 7,500.
AI Integration and Efficiency
More than 80% of code deployed in Q2 was AI-assisted, improving productivity and efficiency across operations.
Share Buybacks and Financial Health
Instacart has repurchased over $1.6 billion worth of shares and has approximately $1.7 billion in cash and similar assets.
Negative Updates
Decrease in Average Order Value
Average order value decreased by 5% year-over-year due to restaurant orders and a lower basket minimum for Instacart+ members.
Challenges with Large CPG Brand Spend
A large CPG brand pulled back on ad spend due to macro uncertainty, which could have impacted revenue growth if not offset by other partners.
Stock-Based Compensation Increase
Stock-based compensation rose to $105 million in Q2, up $39 million quarter-over-quarter.
Company Guidance
In the recent conference call, Instacart provided strong guidance for the future, highlighting several key metrics. The company reported an 11% year-over-year growth in gross transaction value (GTV) for Q2 2025, driven by a 17% increase in orders. The average order value decreased by 5% year-over-year, influenced by the inclusion of restaurant orders and the introduction of a lower basket minimum of $10 for Instacart+ members. Transaction revenue grew by 11% year-over-year, maintaining a consistent rate of 7.3% of GTV. Advertising and other revenue also rose by 12% year-over-year, demonstrating the resilience of Instacart's ads platform despite macroeconomic pressures. For Q3, Instacart projects GTV to range between $9 billion and $9.15 billion, reflecting an 8% to 10% growth, and anticipates adjusted EBITDA between $260 million and $270 million, showcasing the company's strategic growth and operational efficiency.

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
75
Positive
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
80
Positive
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
85
Very Positive
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.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue3.55B3.38B3.04B2.55B1.83B1.48B
Gross Profit2.65B2.54B2.28B1.83B1.23B879.00M
EBITDA637.00M556.00M-2.08B109.00M-45.00M-50.00M
Net Income488.00M457.00M-1.62B428.00M-73.00M-70.00M
Balance Sheet
Total Assets4.43B4.12B4.73B3.67B2.96B2.10B
Cash, Cash Equivalents and Short-Term Investments1.72B1.52B2.19B1.71B1.49B1.43B
Total Debt37.00M26.00M40.00M49.00M54.00M51.00M
Total Liabilities942.00M1.02B800.00M911.00M712.00M520.00M
Stockholders Equity3.49B3.09B3.93B-64.00M-573.00M1.58B
Cash Flow
Free Cash Flow779.00M623.00M530.00M251.00M-226.00M-98.00M
Operating Cash Flow839.00M687.00M586.00M277.00M-204.00M-91.00M
Investing Cash Flow-263.00M-107.00M135.00M117.00M-330.00M301.00M
Financing Cash Flow-533.00M-1.41B-30.00M46.00M464.00M671.00M

Maplebear Technical Analysis

Technical Analysis Sentiment
Negative
Last Price43.37
Price Trends
50DMA
46.82
Negative
100DMA
45.08
Negative
200DMA
44.58
Negative
Market Momentum
MACD
-0.81
Positive
RSI
38.09
Neutral
STOCH
14.80
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 47.12, below the 50-day MA of 46.82, and below the 200-day MA of 44.58, indicating a bearish trend. The MACD of -0.81 indicates Positive momentum. The RSI at 38.09 is Neutral, neither overbought nor oversold. The STOCH value of 14.80 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CART.

Maplebear Risk Analysis

Maplebear disclosed 66 risk factors in its most recent earnings report. Maplebear reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Maplebear Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
79
Outperform
$74.08B84.7849.91%39.48%-34.00%
77
Outperform
$12.25B26.2714.54%10.47%
77
Outperform
$45.18B21.8542.63%1.13%3.05%-10.82%
72
Outperform
$118.78B57.6943.83%38.27%46.21%
72
Outperform
$17.00B45.8476.24%7.64%369.79%
61
Neutral
$17.16B12.39-5.32%3.05%1.51%-15.30%
61
Neutral
$52.60B145.228.55%18.69%-65.55%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
CART
Maplebear
43.37
7.02
19.31%
EBAY
eBay
99.22
41.24
71.13%
MELI
Mercadolibre
2,430.62
425.92
21.25%
CVNA
Carvana Co
357.81
199.82
126.48%
CHWY
Chewy
39.57
13.76
53.31%
CPNG
Coupang
28.75
5.97
26.21%

Maplebear Corporate Events

Executive/Board ChangesBusiness Operations and Strategy
Instacart Appoints New CEO and Board Member
Neutral
Aug 15, 2025

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.

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.

Executive/Board ChangesStock Buyback
Maplebear Expands Share Buyback Program to $1 Billion
Positive
May 28, 2025

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.

Executive/Board ChangesShareholder Meetings
Maplebear Stockholders Approve Key Proposals at Annual Meeting
Neutral
May 27, 2025

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.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 14, 2025