Instacart (Maplebear Inc.) (CART) 10-Year Financial Performance & Capital Metrics

CART •

Consumer CyclicalSpecialty RetailGrocery, Convenience and Fuel Retail

AboutMaplebear Inc., doing business as Instacart, provides online grocery shopping services to households in North America. The company connects the consumer with a personal shopper to shop and deliver a range of products, such as food, alcohol, consumer health, pet care, ready-made meals, and others. The company offers its services through a mobile application or website. The company was incorporated in 2012 and is based in San Francisco, California.Show more

Revenue $3.38B +11.0%
EBITDA $556M +126.7%
Net Income $457M +128.2%
EPS (Diluted) 1.58 +112.7%
Gross Margin 75.25% +0.5%
EBITDA Margin 16.46% +124.0%
Operating Margin 14.48% +120.6%
Net Margin 13.53% +125.4%
ROE 13.36% +126.8%
ROIC 21.95% +119.7%
Debt/Equity 0.01 -21.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 18.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Shares diluted 100.0% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y22.58%

TTM10.16%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM15.77%

EPS CAGR

10Y-

5Y-

3Y-

TTM15.82%

ROCE

10Y Avg-11.06%

5Y Avg-11.06%

3Y Avg-15.54%

Latest13.38%

Peer Comparison

Grocery, Convenience and Fuel Retail

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CASYCasey's General Stores, Inc.	25.41B	685.59	46.83	7.25%	3.58%	15.94%	2.3%	0.84
ARKOArko Corp.	712.83M	6.43	42.87	-12.47%	0.46%	13.22%		0.43
CARTInstacart (Maplebear Inc.)	9.96B	37.51	23.74	11.05%	14.15%	14.08%	6.26%	0.01
MUSAMurphy USA Inc.	7.25B	390.74	16.21	-5.97%	2.43%	75.48%	5.37%	2.82
WNWMeiwu Technology Company Limited	97.58M	1.54	0.17	-98.56%	-98.35%	-18.57%		0.02
WBUYWEBUY GLOBAL Ltd. Ordinary Shares	96.56M	1.06	-8.15	-5.48%	-15.11%	-43.37%		0.60

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.48B	1.83B	2.55B	3.04B	3.38B
Revenue Growth %	-	24.17%	39.09%	19.25%	11.05%
Cost of Goods Sold+	598M	608M	720M	764M	836M
COGS % of Revenue	40.49%	33.15%	28.22%	25.12%	24.75%
Gross Profit+	879M	1.23B	1.83B	2.28B	2.54B
Gross Margin %	59.51%	66.85%	71.78%	74.88%	75.25%
Gross Profit Growth %	-	39.48%	49.35%	24.41%	11.59%
Operating Expenses+	954M	1.31B	1.77B	4.42B	2.05B
OpEx % of Revenue	64.59%	71.54%	69.35%	145.3%	60.78%
Selling, General & Admin	436M	682M	999M	1.76B	1.17B
SG&A % of Revenue	29.52%	37.19%	39.16%	57.99%	34.67%
Research & Development	194M	368M	518M	2.31B	604M
R&D % of Revenue	13.13%	20.07%	20.31%	76%	17.88%
Other Operating Expenses	324M	262M	252M	344M	278M
Operating Income+	-75M	-86M	62M	-2.14B	489M
Operating Margin %	-5.08%	-4.69%	2.43%	-70.41%	14.48%
Operating Income Growth %	-	-14.67%	172.09%	-3554.84%	122.83%
EBITDA+	-55M	-59M	109M	-2.08B	556M
EBITDA Margin %	-3.72%	-3.22%	4.27%	-68.54%	16.46%
EBITDA Growth %	-	-7.27%	284.75%	-2012.84%	126.67%
D&A (Non-Cash Add-back)	20M	27M	47M	57M	67M
EBIT	-75M	-86M	62M	-2.14B	489M
Net Interest Income+	5M	2M	17M	81M	66M
Interest Income	5M	2M	17M	81M	66M
Interest Expense	0	0	0	0	0
Other Income/Expense	5M	14M	9M	81M	63M
Pretax Income+	-70M	-72M	71M	-2.06B	552M
Pretax Margin %	-4.74%	-3.93%	2.78%	-67.75%	16.34%
Income Tax+	0	1M	-357M	-439M	95M
Effective Tax Rate %	100%	101.39%	602.82%	78.7%	82.79%
Net Income+	-70M	-73M	428M	-1.62B	457M
Net Margin %	-4.74%	-3.98%	16.78%	-53.32%	13.53%
Net Income Growth %	-	-4.29%	686.3%	-478.97%	128.18%
Net Income (Continuing)	-70M	-73M	428M	-1.62B	457M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	0	0	0	0
EPS (Diluted)+	-0.25	-0.26	0.28	-12.43	1.58
EPS Growth %	-	-4%	207.69%	-4539.29%	112.71%
EPS (Basic)	-0.25	-0.26	0.28	-12.43	1.69
Diluted Shares Outstanding	276.65M	276.65M	276.65M	130.62M	289.16M
Basic Shares Outstanding	276.65M	276.65M	276.65M	130.62M	264.64M
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.97B	2.4B	2.74B	3.31B	2.7B
Cash & Short-Term Investments	1.43B	1.5B	1.79B	2.19B	1.52B
Cash Only	1.22B	1.15B	1.58B	2.14B	1.43B
Short-Term Investments	208M	348M	209M	49M	91M
Accounts Receivable	520M	832M	842M	853M	1.01B
Days Sales Outstanding	128.5	165.58	120.47	102.35	109.56
Inventory	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-
Other Current Assets	27M	68M	109M	266M	162M
Total Non-Current Assets+	124M	566M	929M	1.42B	1.42B
Property, Plant & Equipment	73M	73M	79M	166M	221M
Fixed Asset Turnover	20.23x	25.12x	32.29x	18.33x	15.29x
Goodwill	11M	263M	317M	318M	317M
Intangible Assets	7M	68M	103M	77M	52M
Long-Term Investments	14M	146M	47M	0	0
Other Non-Current Assets	19M	16M	12M	31M	57M
Total Assets+	2.1B	2.96B	3.67B	4.73B	4.12B
Asset Turnover	0.70x	0.62x	0.70x	0.64x	0.82x
Asset Growth %	-	41.27%	23.91%	28.84%	-12.95%
Total Current Liabilities+	407M	592M	795M	733M	798M
Accounts Payable	23M	60M	88M	72M	80M
Days Payables Outstanding	14.04	36.02	44.61	34.4	34.93
Short-Term Debt	0	11M	13M	0	13M
Deferred Revenue (Current)	0	148M	179M	197M	200M
Other Current Liabilities	384M	351M	463M	139M	469M
Current Ratio	4.85x	4.05x	3.45x	4.51x	3.38x
Quick Ratio	4.85x	4.05x	3.45x	4.51x	3.38x
Cash Conversion Cycle	-	-	-	-	-
Total Non-Current Liabilities+	113M	120M	116M	244M	224M
Long-Term Debt	51M	0	0	0	0
Capital Lease Obligations	0	43M	36M	27M	13M
Deferred Tax Liabilities	0	0	0	0	0
Other Non-Current Liabilities	62M	77M	80M	217M	211M
Total Liabilities	520M	712M	911M	977M	1.02B
Total Debt+	51M	54M	49M	40M	26M
Net Debt	-1.17B	-1.09B	-1.53B	-2.1B	-1.4B
Debt / Equity	0.03x	0.02x	0.02x	0.01x	0.01x
Debt / EBITDA	-	-	0.45x	-	0.05x
Net Debt / EBITDA	-	-	-14.05x	-	-2.53x
Interest Coverage	-	-	-	-	-
Total Equity+	1.58B	2.25B	2.76B	3.75B	3.09B
Equity Growth %	-	42.7%	22.63%	35.97%	-17.52%
Book Value per Share	5.70	8.13	9.97	28.71	10.70
Total Shareholders' Equity	1.58B	2.25B	2.76B	3.75B	3.09B
Common Stock	0	0	0	0	0
Retained Earnings	-1.33B	-1.41B	-977M	-2.63B	-3.58B
Treasury Stock	0	0	0	0	0
Accumulated OCI	0	-1M	-5M	3M	-9M
Minority Interest	0	0	0	0	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-91M	-204M	277M	586M	687M
Operating CF Margin %	-6.16%	-11.12%	10.86%	19.26%	20.34%
Operating CF Growth %	-	-124.18%	235.78%	111.55%	17.24%
Net Income	-70M	-73M	428M	-1.62B	457M
Depreciation & Amortization	20M	27M	47M	57M	67M
Stock-Based Compensation	64M	22M	33M	2.76B	300M
Deferred Taxes	9M	-2M	-373M	-459M	59M
Other Non-Cash Items	27M	14M	18M	19M	23M
Working Capital Changes	-141M	-192M	124M	-165M	-219M
Change in Receivables	-405M	-318M	-21M	-33M	-185M
Change in Inventory	0	0	0	0	0
Change in Payables	8M	36M	25M	-16M	8M
Cash from Investing+	301M	-330M	117M	135M	-107M
Capital Expenditures	-7M	-22M	-26M	-54M	-64M
CapEx % of Revenue	0.47%	1.2%	1.02%	1.78%	1.89%
Acquisitions	-308M	-54M	-93M	0	0
Investments	-	-	-	-	-
Other Investing	308M	0	0	-2M	-3M
Cash from Financing+	671M	464M	46M	-30M	-1.41B
Debt Issued (Net)	0	0	0	0	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	-1000K
Dividends Paid	0	0	0	0	0
Share Repurchases	0	0	0	-36M	-1.4B
Other Financing	46M	74M	-3M	-570M	-11M
Net Change in Cash	882M	-71M	434M	694M	-844M
Free Cash Flow+	-98M	-226M	251M	530M	623M
FCF Margin %	-6.64%	-12.32%	9.84%	17.42%	18.44%
FCF Growth %	-	-130.61%	211.06%	111.16%	17.55%
FCF per Share	-0.35	-0.82	0.91	4.06	2.15
FCF Conversion (FCF/Net Income)	1.30x	2.79x	0.65x	-0.36x	1.50x
Interest Paid	0	0	0	0	0
Taxes Paid	1M	4M	3M	54M	13M

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.44%	-3.82%	17.1%	-49.85%	13.36%
Return on Invested Capital (ROIC)	-	-8.24%	3.9%	-111.56%	21.95%
Gross Margin	59.51%	66.85%	71.78%	74.88%	75.25%
Net Margin	-4.74%	-3.98%	16.78%	-53.32%	13.53%
Debt / Equity	0.03x	0.02x	0.02x	0.01x	0.01x
FCF Conversion	1.30x	2.79x	0.65x	-0.36x	1.50x
Revenue Growth	-	24.17%	39.09%	19.25%	11.05%

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Instacart (Maplebear Inc.) (CART) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CART vs Peers

vs CASY

vs MUSA

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Instacart (Maplebear Inc.) (CART) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CART vs Peers

vs CASY

vs MUSA

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios