Latest Ratios: P/E Ratio 27.7x · EV/EBITDA 16.4x · ROE 15.9%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $10.4B | $12.6B | $12.0B | $3.1B | — | — | — |
| Enterprise Value | $9.8B | $12.0B | $10.6B | $969M | — | — | — |
| P/E Ratio → | 27.66 | 28.11 | 26.22 | — | — | — | — |
| P/S Ratio | 2.78 | 3.36 | 3.55 | 1.01 | — | — | — |
| P/B Ratio | 4.91 | 4.99 | 3.87 | 0.82 | — | — | — |
| P/FCF | 11.42 | 13.81 | 19.22 | 5.78 | — | — | — |
| P/OCF | 10.70 | 12.94 | 17.43 | 5.23 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.20 | 3.13 | 0.32 | — | — | — |
| EV / EBITDA | 16.41 | 20.06 | 19.02 | — | — | — | — |
| EV / EBIT | 19.68 | 21.54 | 19.15 | — | — | — | — |
| EV / FCF | — | 13.15 | 16.97 | 1.83 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 73.7% | 73.7% | 75.3% | 74.9% | 71.8% | 66.8% | 59.5% |
| Operating Margin | 13.3% | 13.3% | 14.5% | -70.4% | 2.4% | -4.7% | -5.1% |
| Net Profit Margin | 11.9% | 11.9% | 13.5% | -53.3% | 16.8% | -4.0% | -4.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 15.9% | 15.9% | 13.4% | -49.8% | 17.1% | -3.8% | -4.4% |
| ROA | 11.5% | 11.5% | 10.3% | -38.6% | 12.9% | -2.9% | -3.3% |
| ROIC | 20.7% | 20.7% | 21.9% | -111.6% | 3.9% | -8.2% | — |
| ROCE | 16.4% | 16.4% | 13.4% | -62.4% | 2.4% | -4.2% | -4.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 |
| Debt / EBITDA | 0.06 | 0.06 | 0.05 | — | 0.45 | — | — |
| Net Debt / Equity | — | -0.24 | -0.45 | -0.56 | -0.56 | -0.49 | -0.74 |
| Net Debt / EBITDA | -1.01 | -1.01 | -2.53 | — | -14.05 | — | — |
| Debt / FCF | — | -0.66 | -2.25 | -3.96 | -6.10 | — | — |
| Interest Coverage | — | — | — | — | — | — | — |
Net cash position: cash ($637M) exceeds total debt ($36M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.40 | 2.40 | 3.38 | 4.51 | 3.45 | 4.05 | 4.85 |
| Quick Ratio | 2.40 | 2.40 | 3.38 | 4.51 | 3.45 | 4.05 | 4.85 |
| Cash Ratio | 0.75 | 0.75 | 1.91 | 2.98 | 2.25 | 2.53 | 3.50 |
| Asset Turnover | — | 1.01 | 0.82 | 0.64 | 0.70 | 0.62 | 0.70 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 109.93 | 109.56 | 102.35 | 120.47 | 165.58 | 128.50 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 3.6% | 3.8% | — | — | — | — |
| FCF Yield | 8.8% | 7.2% | 5.2% | 17.3% | — | — | — |
| Buyback Yield | 13.3% | 11.0% | 11.7% | 1.2% | — | — | — |
| Total Shareholder Yield | 13.3% | 11.0% | 11.7% | 1.2% | — | — | — |
| Shares Outstanding | — | $280M | $289M | $131M | $277M | $277M | $277M |
Includes 30+ ratios · 6 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CART stock.
Maplebear Inc.'s current P/E ratio is 27.7x. The historical average is 27.2x. This places it at the 50th percentile of its historical range.
Maplebear Inc.'s current EV/EBITDA is 16.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.5x.
Maplebear Inc.'s return on equity (ROE) is 15.9%. The historical average is -2.0%.
Based on historical data, Maplebear Inc. is trading at a P/E of 27.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Maplebear Inc. has 73.7% gross margin and 13.3% operating margin. Operating margin between 10-20% is typical for established companies.
Maplebear Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Competition and margin pressure
Metrics are mathematically derived from official filings.
Margin Mix Shift Pressures Gross Profit
Gross margin contracted 370 bps to 72.0% in 2026Q2 from 75.7% in 2024Q2, per financial statements, while operating margin swung to 13.7%, reflecting mix shift and competitive pressures.
The gross margin decline suggests a deliberate mix shift toward lower-margin transaction revenue or increased promotional incentives, likely in response to competitive threats from Amazon and Walmart. Operating margin volatility, ranging from 6.3% to 18.1% over the past ten quarters, indicates uneven R&D and SG&A spending, which may obscure the underlying earning power. Net margin of 10.6% in 2026Q2, down from 15.9% a year earlier, underscores that profitability is not yet stable, and investors should monitor whether the advertising-led mix can offset fulfillment costs.
ROIC Oscillates on Asset-Light Model
ROIC improved to 6.2% in 2026Q2 from 2.4% in 2024Q2, as reported in financial statements, but remains below cost of capital, suggesting value creation is still nascent.
The asset-light model, with PP&E at only 7% of total assets, means ROIC is driven primarily by margin expansion rather than asset efficiency. ROIC's volatility, swinging from 2.4% to 7.3% over the period, reflects the lumpy nature of operating margins and the impact of heavy investment in R&D and customer acquisition. While the trend is upward, the absolute level remains modest, implying that the company has yet to demonstrate consistent compounding of returns on invested capital.
Working Capital Efficiency Hides in DSO
DSO rose to 90 days in 2026Q2 from 98 days a year earlier, per quarterly data, while DPO fell to 17 days, indicating a slight deterioration in cash conversion efficiency.
The increase in DSO suggests that CART is taking longer to collect on receivables, possibly due to the growing advertising business where payment terms may be extended. The low DPO of 17 days indicates limited supplier leverage, as the company pays its shoppers and partners relatively quickly, which is typical for a marketplace model. The absence of DIO data reflects the asset-light nature of the business, but the overall CCC trend warrants monitoring as the company scales its enterprise software and advertising segments.
Minimal Debt Masks Buyback-Driven Cash Drawdown
D/E stands at 0.01 with D/EBITDA at 0.19, per recent filings, indicating negligible leverage, but cash declined from $1.7B to $757M over three quarters due to buybacks.
The balance sheet is virtually debt-free, providing ample financial flexibility, but the aggressive $2.1B share repurchase program has reduced the cash buffer, which could limit strategic options if competitive pressures intensify. Interest coverage is not reported, but with such low debt, it is likely comfortable. Investors should monitor whether the buyback pace is sustainable without compromising liquidity, especially if cash generation slows.
Liquidity Buffer Thins Despite Strong Ratios
Current ratio fell to 2.28 in 2026Q2 from 3.78 a year earlier, as per balance sheet data, but remains adequate, with cash covering near-term obligations comfortably.
The decline in the current ratio reflects the cash drawdown for buybacks, but the absolute level remains healthy, indicating that CART can meet its short-term obligations without strain. The quick ratio equals the current ratio, confirming that inventory is not a significant factor, which is consistent with the asset-light model. However, the trend suggests that if buybacks continue at this pace, the liquidity cushion could erode further, potentially exposing the company to stress in a downturn.
P/E Misleads on Cash Generation
P/E of 30.55 understates earnings power because SBC inflates reported earnings, while P/FCF of 12.61 better reflects cash generation, per valuation data.
The trailing P/E is distorted by significant stock-based compensation, which averaged $87M per quarter and exceeded net income in some periods, making reported EPS appear higher than cash profitability. The P/FCF multiple of 12.61 is more meaningful, as it captures the company's robust free cash flow generation, which has consistently outpaced net income. Investors should focus on cash-based multiples and the advertising segment's contribution to assess CART's true value, rather than relying on GAAP earnings.