# Maplebear Inc. Common Stock (CART) — Stock CV

Maplebear Inc. 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.

> 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.

## Identity

- **Ticker**: CART
- **Sector**: Technology
- **Industry**: Services-Business Services, Nec
- **Headquarters**: SAN FRANCISCO, CA
- **Employees**: 3 600
- **Website**: https://www.instacart.com
- **Market cap**: $11.2B
- **Last price**: $47.00
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $3.99B
- **Net income**: $481M
- **Free cash flow**: $1.18B
- **Net cash**: $651M
- **P/E**: 23.0
- **Revenue growth (YoY)**: 12.6%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 77 |
| Growth | 45 |
| Profitability | 72 |
| Health | 100 |
| Quality | 65 |
| Moat | 49 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +12.6% YoY
- [x] Profitable — $481M TTM
- [x] Profit growing — +1.1% YoY
- [x] Generates cash — $1.18B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $11.2B market cap
- [ ] Not printing shares — +306.2% shares over ~5y
- [ ] Proven track record — 3/5 profitable years
- [x] Financially stable — Altman Z 6.5 — safe
- [x] Valuation not extreme — P/E 23.0

## Experience (career milestones)

- **2026** — The company acquired Instaleap, a global enablement and fulfillment solutions platform based in Bogotá
- **2025** — Instacart unveiled its first Super Bowl ad
- **2025** — The company acquired Wynshop, an e-commerce platform for US grocery chains
- **FY2024** — Best year on record: $457M net income
- **2023** — The company became public through an initial public offering raising $660 million, valuing the…
- **FY2022** — Turned profitable: $77.0M net income after a loss year
- **2022** — In partnership with TikTok, Hearst Magazine and Tasty, Instacart launched Shoppable Recipes with…
- **2022** — Instacart Express was renamed Instacart+ and new family shopping features, including sharing…
- **2022** — Instacart announced the acquisition of Eversight, an artificial intelligence pricing platform for…
- **FY2021** — Revenue already above $1B: $1.83B in first reported year
- **2020** — Instacart entered its first partnership with Walmart in the U.S
- **2017** — The company expanded to Canada, first with a partnership with Loblaw Companies in Toronto and…
- **2012** — Instacart was first launched in San Francisco in 2012

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.83B | -$73.0M | -$217M |
| FY2022 | $2.55B | $77.0M | $253M |
| FY2023 | $3.04B | -$1.62B | $532M |
| FY2024 | $3.38B | $457M | $623M |
| FY2025 | $3.74B | $447M | $910M |

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Source: https://stockcv.com/CART — derived from company filings; may be delayed or incomplete. Information, not investment advice.