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Maplebear Inc. (CART)

Valor Justo
Consumer CyclicalInternet RetailUnited States

Fundamental

76

Preço

$43.12

Capitalização de Mercado

$10.01B

Parte 1 · Quanto vale a empresa

Visão Geral

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.

Como gera receita

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.

Receita por segmento

Transaction71.6%

Delivery fees, service fees and retailer commissions charged on grocery orders placed through the app.

Advertising and other28.4%

Fees brands pay for sponsored placement and search visibility, plus enterprise platform and membership fees.

Vantagem competitiva

Custos de mudança · Estreita

Retailers 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.

O que impulsiona a procura

Moderadamente cíclico

Grocery 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.

Principais riscos

  • 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.

Concentração de clientes

Os principais clientes representam 43% da receita

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.

Os argumentos a favor

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.

Os argumentos contra

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.

Dados por segmento do exercício fiscal 2025Fontes: Maplebear Inc. (Instacart) — Form 10-K, fiscal year 2025

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 de setembro de 2026 with claude-haiku-4-5 — shared with all users

P/E: 95.6Score: 60Market cap: —

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.

P/E: 20.0Score: 77Market cap: $2.69T

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.

P/E: 37.7Score: 58Market cap: $853.59B

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.

P/E: 15.0Score: 74Market cap: $139.22B

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.

P/E: 19.5Score: 74Market cap: $71.97B

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 (GoBrands, Inc.)Not tracked

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.

Balanço & Liquidez

Receita

$3.99B

Últimos 12 meses (até 30/06/2026)

Resultado Líquido

$480M

Últimos 12 meses (até 30/06/2026)

Fluxo de Caixa Livre

$910M

Capital Próprio Total

$2.52B

Passivo Total

$974M

Rácio de Liquidez

2.28

Cobertura de Juros

-

Dívida/EBITDA

0.06

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Caso geralJustamente Valorizada

Valor Justo

$51.67

Preço Atual

$43.12

Margem de Segurança

+16.5%

Intervalo de Valor Justo

$33.58 - $69.75

Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.

Métodos de Estimativa

Preço-alvo dos analistas:$58.14
Fluxo de caixa descontado (DCF):$82.94
Multiplicador de lucros (P/E):$29.38
Fórmula de crescimento de Graham:$29.96
Valor da capacidade de gerar lucro (EPV):$20.47
P/B justificado:$22.22
Desconto de dividendos (Gordon):Dados insuficientes para o calcular
P/FFO, fundos de operações:$37.18
Lucros de meio de ciclo:$5.74
Multiplicador sobre as receitas:$27.49
Consenso dos Analistas:Comprar (24B / 16H / 0S)
Última Surpresa de Resultados:-18.30%

Métricas de Avaliação

Rácio P/E

23.43

ROE

17.8%

Rácio P/B

4.30

P/FCF

8.49

Margem Bruta

72.6%

ROIC

18.0%

Radar de Rentabilidade

Criação de Valor (Vantagem Competitiva)

ROIC

18.0%

WACC

9.1%

ROIC − WACC

+8.9 pp

O ROIC supera o custo do capital — a empresa está a criar valor para os acionistas.

Critérios de Análise Fundamental

Aprovado (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

Reprovado (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%

Indisponível (3)

  • Dividend Payout NaN%
  • Interest Coverage
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-Score

6/9

Sinais mistos: algumas áreas requerem atenção

score
criteria

Qualidade dos Resultados

2.57

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

-3.4%

A recomprar ações. Favorável ao acionista

Participações institucionais

Governação

Equipa Executiva

NomeCargoIdade
Mr. Chris RogersChairman, CEO & President46
Ms. Emily MaherCFO & Treasurer-
Mr. Morgan William FongChief Legal & Global Affairs Officer and Secretary48
Mr. Mike DeeCo-founder-
Mr. Tom MaguireVP & Head of Operations-
Ms. Lisa Blackwood-KapralChief Accounting Officer & Principal Accounting Officer57
Mr. Anirban KunduChief Technology Officer-
Rebecca YoshiyamaVice President of Investor Relations-
Ms. Laura Rachel JonesChief Marketing Officer43
Ms. Christina HallChief People Officer-

Risco de Auditoria

4

Risco do Conselho

7

Risco de Remuneração

10

Risco dos Direitos dos Acionistas

8

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Documentos

  • Relatório anual (10-K)

    Uma visão anual do negócio, dos resultados financeiros e dos riscos da empresa.

    Arquivado em 2026-02-26

    Ver documento
  • Relatório trimestral (10-Q)

    Uma atualização sobre o desempenho financeiro dos últimos três meses.

    Arquivado em 2026-08-07

    Ver documento
  • Relatório de fato relevante (8-K)

    Um aviso sobre um fato relevante, como uma mudança na liderança ou um grande anúncio.

    Arquivado em 2026-09-25

    Ver documento

via SEC EDGAR

Histórico de Resultados

via SEC EDGAR

Latest News

Recent headlines for CART, sourced from Markets Gazette.

  • 3/9/2026NEGATIVE
    Hedge 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.

  • 3/7/2026POSITIVE
    Goodnow 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