Maplebear (CART) AI Stock Analysis

• Market Cap: $12.51B
• Dividend Yield: N/A
• Average Volume (3M): 3.32M
• Price to Earnings (P/E): 31.5
• Beta (1Y): 1.08
• Revenue Growth: 11.34%
• EPS Growth: N/A
• Country: US
• Employees: 3,265
• Sector: Consumer Cyclical
• Sector Strength: 68
• Industry: Specialty Retail
• EPS (TTM): 0.37
• Shares Outstanding: 260,734,680
• 10 Day Avg. Volume: 3,307,473
• 30 Day Avg. Volume: 3,324,668
• PEG Ratio: -5.49
• Price to Book (P/B): 3.91
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 15.19
• Enterprise Value/Market Cap: 0.85
• Enterprise Value/Revenue: 2.53
• Enterprise Value/Gross Profit: 36.82
• Enterprise Value/Ebitda: -43.77
• 1Y Price Target: $54.75
• Price Target Upside: 16.46% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 13

• Rating: 77 Outperform
• Price Target: $51.00 ▲(8.49%Upside)

Maplebear scores well due to its strong financial performance, supported by robust cash flow and a solid balance sheet. The positive earnings call with strong guidance further enhances its outlook. However, high valuation metrics and technical indicators suggesting overbought conditions pose risks. Corporate events, including a share buyback and leadership transition, add positives but also introduce potential uncertainties.

Positive Factors

Advertising Growth

CART's advertising performance showed a significant boost with a 14% year-over-year growth, marking the first acceleration in the past seven quarters.

Leadership Stability

The appointment of Chris Rogers as CEO, who is already familiar with Instacart's operations and has established relationships, is expected to limit business disruptions.

Partnership Expansion

Instacart's growth in retail media partners to 220, leveraging its Carrot Ads, indicates a broadening of its advertising network.

Negative Factors

Affordability Initiatives

Recent affordability initiatives may lead to lower Average Order Value, with a further expected decline in Q2.

Competition

Instacart faces potential headwinds from increasing grocery competition from Amazon, Dash, and Uber Eats.

Macro Environment

Macro uncertainty is anticipated to weigh on advertising growth in the upcoming quarters.

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 demonstrates strong financial health with solid revenue growth and profitability margins. The company has a robust balance sheet with low leverage and high equity, supported by impressive cash flow generation. However, slight pressures on EBIT margins and a declining trend in stockholders' equity warrant attention.

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	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
EBITDA	556.00M	-2.08B	109.00M	-45.00M	-50.00M
Net Income	457.00M	-1.62B	428.00M	-73.00M	-70.00M
Balance Sheet
Total Assets	4.12B	4.73B	3.67B	2.96B	2.10B
Cash, Cash Equivalents and Short-Term Investments	1.52B	2.19B	1.71B	1.49B	1.43B
Total Debt	26.00M	40.00M	49.00M	54.00M	51.00M
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: Neutral
• Last Price: 47.01
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CART, the sentiment is Neutral. The current price of 47.01 is below the 20-day moving average (MA) of 48.34, above the 50-day MA of 46.52, and above the 200-day MA of 44.32, indicating a neutral trend. The MACD of 0.36 indicates Positive momentum. The RSI at 47.49 is Neutral, neither overbought nor oversold. The STOCH value of 20.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CART.

Maplebear Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EBAY	80 Outperform	$41.93B	20.27	42.63%	1.22%	3.05%	-10.82%
CVNA	78 Outperform	$84.49B	97.69	49.91%	―	39.48%	-34.00%
CART	77 Outperform	$12.51B	31.51	12.96%	―	11.34%	―
MELI	77 Outperform	$120.45B	58.44	49.11%	―	41.92%	81.11%
CHWY	74 Outperform	$15.24B	41.11	76.24%	―	7.64%	369.79%
CPNG	74 Outperform	$52.18B	207.81	6.06%	―	20.88%	-80.08%
Sector *	67 Neutral	¥264.20B	13.61	6.49%	2.55%	5.08%	-13.04%

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.