Maplebear (CART) AI Stock Analysis

• Market Cap: $11.98B
• Dividend Yield: N/A
• Average Volume (3M): 4.94M
• Price to Earnings (P/E): 25.1
• Beta (1Y): 1.04
• Revenue Growth: 10.16%
• EPS Growth: 18.29%
• Country: US
• Employees: 3,265
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 0.51
• Shares Outstanding: 262,532,960
• 10 Day Avg. Volume: 4,844,134
• 30 Day Avg. Volume: 4,940,644
• PEG Ratio: -0.21
• Price to Book (P/B): 3.54
• Price to Sales (P/S): 3.24
• P/FCF Ratio: 17.59
• Enterprise Value/Market Cap: 0.73
• Enterprise Value/Revenue: 2.42
• Enterprise Value/Gross Profit: 3.25
• Enterprise Value/Ebitda: 13.31
• 1Y Price Target: $51.00
• Price Target Upside: 13.26% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 22
• EPS Forecast (FY): 1.82
• Revenue Forecast (FY): $3.72B

• Rating: 79 Outperform
• Price Target: $51.00 ▲(13.26% Upside)

Maplebear's strong financial performance and positive earnings call sentiment are the primary drivers of its stock score. The company's robust profitability, low leverage, and strategic initiatives, such as the share repurchase program, underscore confidence in future growth. However, technical indicators suggest caution due to potential overbought conditions, and valuation metrics indicate moderate attractiveness.

Positive Factors

Revenue Growth

Sustained order growth indicates robust demand for Maplebear's services, supporting long-term revenue expansion and market presence.

Cash Generation

Strong cash generation enhances Maplebear's ability to invest in growth opportunities and maintain financial stability.

Advertising Revenue Growth

Growth in advertising revenue diversifies income streams and strengthens financial resilience, supporting long-term profitability.

Negative Factors

Regulatory Challenges

Regulatory hurdles in key markets could increase operational costs, impacting profitability and strategic flexibility.

Competitive Pressure

Increased competition from major players like Amazon could pressure Maplebear's market share and pricing strategies.

Average Order Value Decrease

A decline in average order value may signal challenges in maintaining customer spending levels, affecting revenue growth.

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 generates revenue through multiple streams, primarily by charging delivery fees for its services. Customers pay a service charge for each order, which varies based on distance and delivery speed. Additionally, the company partners with local retailers and brands, offering them a platform to reach consumers through Maplebear's delivery network for a fee or commission on sales made through the platform. Subscription models for frequent users who wish to enjoy lower delivery fees or unlimited deliveries also contribute to the revenue. Moreover, advertising partnerships with brands looking to promote their products within the Maplebear app add an additional layer of income. Overall, the combination of delivery fees, commissions from retailers, subscription services, and advertising partnerships forms the core of Maplebear's revenue model.

Maplebear Financial Statement Overview

Summary

Maplebear demonstrates strong financial health with robust profitability, low leverage, and efficient cash flow management. The company has shown consistent growth and stability, although past financial volatility and leverage should be monitored. The positive trajectory in recent years suggests a promising outlook for continued financial performance.

Income Statement

Maplebear's income statement shows strong profitability with a gross profit margin of 74.8% and a net profit margin of 13.8% in TTM. Revenue growth is positive at 2.5% TTM, indicating a steady upward trajectory. EBIT and EBITDA margins are healthy at 15.7% and 17.9% respectively, reflecting efficient operations. The company has shown consistent revenue growth over the years, although the growth rate has slowed recently.

Balance Sheet

The balance sheet is robust with a low debt-to-equity ratio of 0.01, indicating minimal leverage and strong financial stability. Return on equity is strong at 15.3% TTM, showcasing effective use of equity to generate profits. The equity ratio stands at 80.4%, reflecting a solid equity base relative to total assets. However, past negative equity and high leverage in earlier years highlight potential risks.

Cash Flow

Cash flow analysis reveals a healthy free cash flow growth rate of 13% TTM, indicating strong cash generation capabilities. The operating cash flow to net income ratio is nearly 1, suggesting efficient cash conversion. The free cash flow to net income ratio is 0.93, reflecting good cash flow management. Historical volatility in cash flows poses a potential risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.63B	3.38B	3.04B	2.55B	1.83B	1.48B
Gross Profit	2.71B	2.54B	2.28B	1.83B	1.23B	879.00M
EBITDA	660.00M	556.00M	-2.08B	109.00M	-59.00M	-55.00M
Net Income	514.00M	457.00M	-1.62B	428.00M	-73.00M	-70.00M
Balance Sheet
Total Assets	4.54B	4.12B	4.73B	3.67B	2.96B	2.10B
Cash, Cash Equivalents and Short-Term Investments	1.73B	1.52B	2.19B	1.79B	1.50B	1.43B
Total Debt	37.00M	26.00M	40.00M	49.00M	54.00M	51.00M
Total Liabilities	1.08B	1.02B	977.00M	911.00M	712.00M	520.00M
Stockholders Equity	3.46B	3.09B	3.75B	2.76B	2.25B	1.58B
Cash Flow
Free Cash Flow	880.00M	623.00M	530.00M	251.00M	-226.00M	-98.00M
Operating Cash Flow	941.00M	687.00M	586.00M	277.00M	-204.00M	-91.00M
Investing Cash Flow	-244.00M	-107.00M	135.00M	117.00M	-330.00M	301.00M
Financing Cash Flow	-302.00M	-1.41B	-30.00M	46.00M	464.00M	671.00M

Maplebear Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 45.03
• 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 Positive. The current price of 45.03 is above the 20-day moving average (MA) of 44.28, above the 50-day MA of 41.03, and above the 200-day MA of 43.19, indicating a bullish trend. The MACD of 1.27 indicates Positive momentum. The RSI at 61.10 is Neutral, neither overbought nor oversold. The STOCH value of 59.63 is Neutral, 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	79 Outperform	$11.98B	25.07	15.33%	―	10.16%	18.29%
WINA	69 Neutral	$1.48B	37.08	―	3.35%	3.35%	1.97%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ETSY	57 Neutral	$5.52B	39.13	―	―	1.98%	-20.98%
TDUP	55 Neutral	$790.90M	―	-35.37%	―	-4.90%	50.77%
CHWY	54 Neutral	$13.26B	65.97	59.58%	―	9.80%	-46.84%
W	52 Neutral	$13.13B	-39.36	―	―	3.35%	42.99%

Maplebear Corporate Events

Maplebear Appoints Chris Rogers as New Chair

On November 21, 2025, Fidji Simo resigned as Chair and member of the Board of Maplebear Inc., following her resignation as CEO and President, to ensure a smooth leadership transition. Chris Rogers was appointed as the new Chair on November 24, 2025, and the Board size was reduced from ten to nine directors, as the company continues to operate from a position of strength and aims to redefine possibilities in the grocery industry.

Maplebear Expands Share Repurchase Program to $2.5 Billion

On November 4, 2025, Maplebear‘s Board of Directors approved an increase to their share repurchase program, raising the authorization to $2.5 billion from the previous $1 billion. This strategic move, which includes an accelerated share repurchase agreement with Goldman Sachs, is expected to impact the company’s market operations by enhancing shareholder value and demonstrating confidence in long-term growth. The transactions under this agreement are set to begin on November 11, 2025, with final settlement expected by the end of Q1 2026.