Maplebear (CART) AI Stock Analysis

• Market Cap: $10.38B
• Dividend Yield: N/A
• Average Volume (3M): 6.58M
• Price to Earnings (P/E): 22.6
• Beta (1Y): 1.03
• Revenue Growth: 10.47%
• EPS Growth: N/A
• Country: US
• Employees: 3,265
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 0.41
• Shares Outstanding: 263,438,260
• 10 Day Avg. Volume: 4,176,291
• 30 Day Avg. Volume: 6,581,591
• 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: 1.08
• Enterprise Value/Revenue: 3.17
• Enterprise Value/Gross Profit: 4.23
• Enterprise Value/Ebitda: 17.64
• 1Y Price Target: $55.89
• Price Target Upside: 42.76% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 22

• Rating: 70 Outperform
• Price Target: $46.00 ▲(17.50% Upside)

Maplebear's overall stock score reflects strong financial performance and positive earnings call sentiment, indicating robust growth potential. However, technical analysis suggests bearish momentum, and valuation metrics are moderate, which tempers the overall score.

Positive Factors

Revenue Growth

Sustained growth in gross transaction value and order volume indicates strong demand and effective market penetration, supporting long-term revenue expansion.

Advertising Revenue

Growth in advertising revenue highlights the strength of the ads platform, providing a diversified and resilient revenue stream that enhances financial stability.

AI Integration

AI integration enhances operational efficiency and productivity, positioning the company for scalable growth and competitive advantage in logistics technology.

Negative Factors

Decrease in Average Order Value

A decline in average order value may pressure margins and revenue per transaction, potentially impacting profitability if not offset by volume growth.

Challenges with CPG Brand Spend

Reduced spending by major CPG brands could affect advertising revenue growth, highlighting vulnerability to macroeconomic factors and partner decisions.

Stock-Based Compensation Increase

Rising stock-based compensation increases operational costs, potentially diluting shareholder value and impacting net profitability if not managed effectively.

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 performance with robust profitability and revenue growth. The balance sheet is solid with minimal leverage, and cash flow generation remains strong despite recent challenges. The company has effectively turned around from past financial difficulties.

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% for the TTM. The company has demonstrated consistent revenue growth, with a 2.6% increase in the TTM period. EBIT and EBITDA margins are healthy at 15.3% and 17.9%, respectively, indicating efficient operations. The company has successfully turned around from previous losses, showcasing robust financial health.

Balance Sheet

The balance sheet reflects a solid financial position with a low debt-to-equity ratio of 0.011, indicating minimal leverage. The return on equity is strong at 15.5%, suggesting effective use of equity capital. The equity ratio stands at 78.8%, highlighting a stable capital structure. However, past negative equity and ROE figures indicate previous financial instability, which has been addressed in recent periods.

Cash Flow

Cash flow analysis reveals a slight decline in free cash flow growth at -4.2% for the TTM, but the operating cash flow to net income ratio is robust at 0.96, indicating strong cash generation relative to net income. The free cash flow to net income ratio is also healthy at 0.93, reflecting efficient cash management. Despite the recent decline in free cash flow growth, the company has shown improvement from previous negative cash flow periods.

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: Negative
• Last Price: 39.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 39.15 is above the 20-day moving average (MA) of 38.73, below the 50-day MA of 42.08, and below the 200-day MA of 44.16, indicating a neutral trend. The MACD of -0.87 indicates Negative momentum. The RSI at 43.96 is Neutral, neither overbought nor oversold. The STOCH value of 60.49 is Neutral, 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
CART	70 Outperform	$10.38B	22.60	14.54%	―	10.47%	―
CHWY	66 Neutral	$15.02B	102.23	34.48%	―	9.04%	-56.79%
ETSY	66 Neutral	$7.26B	59.09	―	―	2.38%	-38.88%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
WINA	58 Neutral	$1.53B	38.20	―	2.72%	3.35%	1.97%
W	57 Neutral	$10.57B	―	―	―	0.87%	54.67%
TDUP	49 Neutral	$1.11B	―	-58.93%	―	-10.39%	14.92%

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.