Maplebear (Instacart) is a grocery-focused delivery marketplace that connects national and regional grocers with consumers and couriers, and consumers with their favorite stores. Its app provides on-demand convenience for consumers, lets couriers earn income, and helps grocers scale through digital channels.
It is a $11.2B technology company. Revenue grew 12.6% over the last year, it keeps 12¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 23.0× earnings — around the middle of its own history.
- Website
- instacart.com
- Location
- San Francisco, CA
- Employees
- 3 600
- Sector
- Technology
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong valuation and health; Growth and Moat lag behind.
Valuation77
- P/E vs own history38th pct · 20/25
- FCF yield10.5% · 25/25
- P/S2.8x · 20/25
- EV/EBITDA16.8x · 12/25
Growth45
- Revenue CAGR19.5% · 20/25
- Net income CAGRn/a · 0/25
- EPS CAGR ~5Yn/a · 0/25
- Fwd implied growth44.2% · 25/25
Profitability72
- ROIC23.9% · 20/25
- ROE16.7% · 20/25
- Net margin12.0% · 20/25
- Operating margin14.7% · 12/25
Health100
- Altman Z6.49 · 25/25
- Current ratio2.28 · 25/25
- Interest coverageno interest expense · 25/25
- Net cash / debtNet cash · 25/25
Quality65
- Piotroski F6/9 · 15/25
- Beneish M-3.39 · 25/25
- FCF conversion244% · 25/25
- Margin stabilityσ 29.8% · 0/25
Moat49
- ROIC >12% years2/5 yrs · 6/25
- Median gross margin73.7% · 25/25
- FCF-positive years4/5 yrs · 18/25
- Worst-year net marginworst -53.3% · 0/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2026AcquisitionThe company acquired Instaleap, a global enablement and fulfillment solutions platform based in Bogotá
- 2025ProductInstacart unveiled its first Super Bowl ad
- 2025AcquisitionThe company acquired Wynshop, an e-commerce platform for US grocery chains
- FY2024FinancialBest year on record$457M net income
- 2023IPOThe company became public through an initial public offering raising $660 million, valuing the…
- FY2022FinancialTurned profitable$77.0M net income after a loss year
- 2022ProductIn partnership with TikTok, Hearst Magazine and Tasty, Instacart launched Shoppable Recipes with…
- 2022MilestoneInstacart Express was renamed Instacart+ and new family shopping features, including sharing…
- 2022AcquisitionInstacart announced the acquisition of Eversight, an artificial intelligence pricing platform for…
- FY2021FinancialRevenue already above $1B$1.83B in first reported year
- 2020MilestoneInstacart entered its first partnership with Walmart in the U.S
- 2017MilestoneThe company expanded to Canada, first with a partnership with Loblaw Companies in Toronto and…
- 2012ProductInstacart was first launched in San Francisco in 2012
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (66.0%)
- Revenue growing 12.6% year over year
- Strong cash conversion — FCF is 29.5% of revenue
- Net cash position after subtracting debt from cash
- High returns on invested capital (ROIC 23.9%)
Watch-outs
- Loss-making in 2 of the recent years
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+12.6% YoY
- Profitable — makes more than it spends$481M TTM
- Profit growing — earnings are higher than last year+1.1% YoY
- Generates cash — cash left after running and investing$1.18B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$11.2B market cap
- Not printing shares — share count not ballooning — you keep your slice+306.2% shares over ~5y
- Proven track record — years of profitability behind it3/5 profitable years
- Financially stable — balance sheet not near distressAltman Z 6.5 — safe
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 23.0
Peer comparisonMaplebear Inc. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| CART this company | $11.2B | 23.0 | +12.6% | 12.0% | Strong |
| NVDA Nvidia Corp | $5.5T | 28.6 | +83.4% | 63.7% | Mixed |
| AAPL Apple Inc. | $4.9T | 38.1 | +14.2% | 27.6% | Strong |
| GOOGL Alphabet Inc. | $4.3T | 17.6 | +20.1% | 54.8% | Mixed |
| MSFT Microsoft Corp | $4.0T | 29.7 | +17.8% | 40.3% | Strong |
| SPCX Space Exploration Technologies Corp. | $2.1T | — | +33.2% | -34.0% | Strained |
| META Meta Platforms, Inc. | $1.8T | 26.9 | +27.7% | 29.8% | Mixed |
Head-to-head: CART vs NVDA · CART vs AAPL · CART vs GOOGL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/CART
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of CART on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $47.00 · market cap $11.2B.