Maplebear Inc. (CART)
Fair bewertetFundamental
76
Kurs
$43.12
Marktkapitalisierung
$10.01B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Maplebear operates Instacart, an app that lets people order groceries online from a local store and have them shopped and delivered, usually within an hour. Instacart does not own inventory or stores: it connects shoppers (independent contractors who pick and deliver orders) with retailers who list their stock, and with consumers who pay for the convenience. It also runs an advertising business that lets brands pay to appear more prominently in search results and shelves.
Wie das Geld verdient wird
Transaction revenue comes from fees and commissions on each order: delivery fees, service fees and a cut of what retailers pay to be on the platform. Advertising revenue comes from brands bidding for placement in search results and featured spots, and it carries a much higher margin than moving groceries around, which is why it has become the faster-growing and more profitable half of the business.
Umsatz nach Segment
Delivery fees, service fees and retailer commissions charged on grocery orders placed through the app.
Fees brands pay for sponsored placement and search visibility, plus enterprise platform and membership fees.
Wettbewerbsvorteil
Wechselkosten · SchmalRetailers that integrate Instacart's ordering and fulfillment technology into their own e-commerce build real switching costs, since replacing that plumbing is disruptive. But consumers face almost no cost to open a rival delivery app instead, and several of Instacart's own retail partners are simultaneously testing or building their own delivery capabilities, which caps how durable the advantage is.
Was die Nachfrage antreibt
Mäßig zyklischGrocery spending itself is largely non-discretionary, but paying a premium to have it delivered is a convenience consumers can cut back on when budgets tighten, by shopping in person or choosing pickup instead. Order frequency and basket size are therefore more sensitive to the economy than grocery demand as a whole.
Wichtigste Risiken
- Retailer concentration — The top three retail partners generate roughly 43% of gross transaction value; the loss of one of them would be a large, immediate hit rather than a marginal one.
- Independent-contractor shoppers — The delivery model depends on classifying shoppers as independent contractors rather than employees; a regulatory or legal change forcing reclassification would raise costs and disrupt operations.
- Intense and shifting competition — Instacart competes against DoorDash, Uber and Amazon, and against retailers building their own delivery capabilities — some of whom are simultaneously Instacart's largest customers.
- Pandemic-era growth may not repeat — Much of Instacart's early scale came from a surge in online grocery adoption during the pandemic; the company acknowledges that pace of growth may not be representative of a maturing market.
Kundenkonzentration
Die größten Kunden machen 43 % des Umsatzes aus
Instacart's top three retail partners, including Kroger, together account for about 43% of gross transaction value, so losing or renegotiating with even one of them would be felt across the whole business.
Die Argumente dafür
Buyers argue that Instacart's advertising business, still a minority of revenue but growing faster and far more profitable than order fulfillment, can keep re-rating overall margins upward even if grocery-delivery order growth itself slows to match a maturing market.
Die Argumente dagegen
Sellers fear that Instacart sits between two more powerful groups — a handful of retailers that supply nearly half its transaction volume and could build their own delivery, and gig workers whose legal status is under constant regulatory pressure — leaving less room to raise prices than the advertising growth story implies.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18. September 2026 with claude-haiku-4-5 — shared with all users
DoorDash runs the closest rival same-day marketplace, signing the same US grocery and convenience chains, courting the same weekly-shop households and selling the same retail-media ads to consumer-goods brands.
Through Amazon Fresh and Whole Foods, Amazon sells and delivers groceries directly to the same US households, bundling the service into Prime rather than charging Instacart's separate membership.
Walmart is the largest US grocer and fulfils online orders from its own stores with its own drivers and the Walmart+ subscription, taking the same baskets Instacart would otherwise deliver.
Uber Eats has extended its courier network from restaurants into grocery and retail delivery, competing for the same retailer partnerships, the same shoppers and the same delivery couriers in the US and Canada.
Target owns Shipt, a same-day delivery membership that serves both Target's own stores and third-party grocery chains — the same two-sided model Instacart sells to retailers.
GoPuff is vertically integrated — it owns the micro-warehouses and the delivery — and targets the same urban customers for convenience and top-up grocery orders, without needing a retail partner.
Bilanz & Liquidität
Umsatz
$3.99B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$480M
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$910M
Gesamtes Eigenkapital
$2.52B
Gesamtverbindlichkeiten
$974M
Current Ratio
2.28
Zinsdeckungsgrad
-
Schulden/EBITDA
0.06
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$51.67
Aktueller Kurs
$43.12
Sicherheitsmarge
+16.5%
Innerer-Wert-Spanne
$33.58 - $69.75
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
23.43
ROE
17.8%
P/B-Verhältnis
4.30
P/FCF
8.49
Bruttomarge
72.6%
ROIC
18.0%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
18.0%
WACC
9.1%
ROIC − WACC
+8.9 pp
Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.
Fundamentalanalyse-Kriterien
Bestanden (18)
- EPS shows upward trend
- Price CAGR 22.32%
- ROIC 18.0%
- Gross Margin 72.6%
- P/FCF 8.49
- Debt/Equity ratio
- Operating Margin 14.8%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- ROE 16.7%
- Revenue Growth 5Y 20.4%
- Analyst Consensus 60% Buy
- Earnings Quality (OCF/NI) 2.57
- Share Dilution -3.4%
- Piotroski F-Score 6/9
Nicht bestanden (6)
- P/B Ratio 4.30
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Fairly valued)
- Earnings Surprise avg -16.6%
- Net Margin Trend 12.0% vs 13.8%
Nicht verfügbar (3)
- Dividend Payout NaN%
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Chris Rogers | Chairman, CEO & President | 46 |
| Ms. Emily Maher | CFO & Treasurer | - |
| Mr. Morgan William Fong | Chief Legal & Global Affairs Officer and Secretary | 48 |
| Mr. Mike Dee | Co-founder | - |
| Mr. Tom Maguire | VP & Head of Operations | - |
| Ms. Lisa Blackwood-Kapral | Chief Accounting Officer & Principal Accounting Officer | 57 |
| Mr. Anirban Kundu | Chief Technology Officer | - |
| Rebecca Yoshiyama | Vice President of Investor Relations | - |
| Ms. Laura Rachel Jones | Chief Marketing Officer | 43 |
| Ms. Christina Hall | Chief People Officer | - |
Prüfungsrisiko
4
Vorstandsrisiko
7
Vergütungsrisiko
10
Aktionärsrechterisiko
8
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-02-26
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-08-07
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-09-25
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for CART, sourced from Markets Gazette.
- 3/9/2026NEGATIVEHedge Fund Incline Global Sold Its Entire Stake in Instacart Parent Maplebear Worth $15.5 Million. Is the Stock a Buy or Sell?
Hedge fund Incline Global has divested its entire stake in Maplebear Inc., the parent company of Instacart, valued at approximately $15.5 million. This significant sell-off by a major investor raises concerns about the fund's outlook on the company's future performance and growth prospects. Maplebear Inc. operates a platform connecting consumers with personal shoppers for on-demand grocery delivery. The decision by Incline Global to exit its position could signal a lack of confidence, potentially impacting investor sentiment and the stock's valuation.
- 3/7/2026POSITIVEGoodnow Investment Group Boosts Stake in Instacart as Brands Compete for Digital Shelf Space
Goodnow Investment Group has significantly increased its stake in Instacart, the prominent online grocery marketplace. This move signals strong conviction from a key investor, likely driven by the growing competition among consumer brands for prime digital shelf space within grocery applications. This competition directly fuels Instacart's advertising revenue, a critical component for its long-term profitability. Investors will be closely monitoring how effectively Instacart can leverage this advertising demand to enhance its financial performance and market position.
via Markets Gazette