Maplebear Inc.CART
NasdaqGS•Consumer Cyclical•Internet Retail
Maplebear Inc., doing business as Instacart, operates as a technology and enablement partner for the grocery industry in the United States and internationally. The company offers Instacart Marketplace which helps retailers serve customers' needs by supporting fulfillment options, shopping occasions, and categories; Instacart Enterprise platform, an end-to-end technology solution for retailers across all aspects of business; and Instacart Ads, enables brands to learn more about general consumer behavior from discovery to purchase, offering insights about how to optimize advertising spend. It also provides advertising solutions, including sponsored product ads, display ads, coupons, and brand pages; and software-as-a-service. The company's services can be provided through company's mobile application or website. Maplebear Inc., was incorporated in 2012 and is headquartered in San Francisco, California.
Maplebear Inc. (CART) reported trailing twelve months revenue of $3.86B as of March 2026, a 11.8% increase year-over-year. Quarterly revenue reached $1.02B, reflecting continued top-line momentum.
Maplebear Inc. generated $485.00M in TTM net income, with quarterly EBITDA of $212.00M. The operating margin expanded from 12.3% to 17.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (17.9%) and net margin (14.1%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 11.8% a year ago, signaling stronger bottom-line efficiency.
CART trades at a P/E of 18.3x (in line with broad market averages) and a P/S of 2.3x. The price-to-book ratio of 3.7x reflects a moderate premium to book value.
The company generated $252.00M in free cash flow over the trailing twelve months, a 10.0% decrease year-over-year, indicating cash generation ability. The balance sheet shows $3.54B in total assets with no in long-term debt against $2.40B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 11 quarters of fundamental data
Operating margins are expanding at ~13.9%, suggesting durable pricing power and cost discipline.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 11 quarters
Margins are stable or improving at ~14.7% — no sign of cost or pricing stress.
FCF covers net income by 2.0x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 9.9% — net buybacks are reducing shares outstanding and boosting per-share value.