Instacart (Maplebear Inc.) (CART) Financial Ratios
6 years of historical data (2020–2025) · Consumer Cyclical · Specialty Retail
EV/EBITDA
↓
13.21
↓-28% vs avg
5yr avg: 18.38
30Y Low17.7·High19.0
P/FCF
↑
10.45
↓-19% vs avg
5yr avg: 12.94
30Y Low5.8·High19.2
P/B Ratio
↑
4.46
↑+38% vs avg
5yr avg: 3.23
30Y Low0.8·High5.0
ROE
↑
15.9%
↓+1195% vs avg
5yr avg: -1.5%
30Y Low-50%·High17%
Debt/EBITDA
↓
0.05
↓-71% vs avg
5yr avg: 0.18
30Y Low0.0·High0.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CART Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Instacart (Maplebear Inc.) trades at 25.1x earnings, 7% below its 5-year average of 27.2x, sitting at the 0th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.6x, the stock trades at a premium of 28%. On a free-cash-flow basis, the stock trades at 10.4x P/FCF, 19% below the 5-year average of 12.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $9.5B | $12.6B | $12.0B | $3.1B | — | — | — |
| Enterprise Value | $8.9B | $12.0B | $10.6B | $969M | — | — | — |
| P/E Ratio → | 25.13 | 28.11 | 26.22 | — | — | — | — |
| P/S Ratio | 2.54 | 3.36 | 3.55 | 1.01 | — | — | — |
| P/B Ratio | 4.46 | 4.99 | 3.87 | 0.82 | — | — | — |
| P/FCF | 10.45 | 13.81 | 19.22 | 5.78 | — | — | — |
| P/OCF | 9.79 | 12.94 | 17.43 | 5.23 | — | — | — |
P/E links to full P/E history page with 30-year chart
CART EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Instacart (Maplebear Inc.)'s enterprise value stands at 13.2x EBITDA, 28% below its 5-year average of 18.4x. The Consumer Cyclical sector median is 11.4x, placing the stock at a 16% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.20 | 3.13 | 0.32 | — | — | — |
| EV / EBITDA | 13.21 | 17.74 | 19.02 | — | — | — | — |
| EV / EBIT | 15.48 | 21.54 | 21.62 | — | — | — | — |
| EV / FCF | — | 13.15 | 16.97 | 1.83 | — | — | — |
CART Profitability
Margins and return-on-capital ratios measuring operating efficiency
Instacart (Maplebear Inc.) earns an operating margin of 15.4%, above the Consumer Cyclical sector average of 2.9%. Operating margins have expanded from -70.4% to 15.4% over the past 3 years, signaling improving operational efficiency. ROE of 15.9% indicates solid capital efficiency, compared to the sector median of 5.6%. ROIC of 24.0% represents excellent returns on invested capital versus a sector median of 5.8%.
Margins
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 | 73.6% | 73.6% | 75.3% | 74.9% | 71.8% | 66.8% | 59.5% |
| Operating Margin | 15.4% | 15.4% | 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% |
Return on Capital
| 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 | 24.0% | 24.0% | 21.9% | -111.6% | 3.9% | -8.2% | — |
| ROCE | 18.9% | 18.9% | 13.4% | -62.4% | 2.4% | -4.2% | -4.4% |
CART Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Instacart (Maplebear Inc.) carries a Debt/EBITDA ratio of 0.1x, which is very conservative (99% below the sector average of 4.4x). The company holds a net cash position — cash of $637M exceeds total debt of $36M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| 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 | 0.05 | 0.05 | 0.05 | — | 0.45 | — | — |
| Net Debt / Equity | — | -0.24 | -0.45 | -0.56 | -0.56 | -0.49 | -0.74 |
| Net Debt / EBITDA | -0.89 | -0.89 | -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)
CART Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Instacart (Maplebear Inc.)'s current ratio of 2.40x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 4.51x to 2.40x over the past 3 years.
| 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 |
CART Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Instacart (Maplebear Inc.) returns 14.6% to shareholders annually primarily through share buybacks. The earnings yield of 4.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.0% | 3.6% | 3.8% | — | — | — | — |
| FCF Yield | 9.6% | 7.2% | 5.2% | 17.3% | — | — | — |
| Buyback Yield | 14.6% | 11.0% | 11.7% | 1.2% | — | — | — |
| Total Shareholder Yield | 14.6% | 11.0% | 11.7% | 1.2% | — | — | — |
| Shares Outstanding | — | $280M | $289M | $131M | $277M | $277M | $277M |
Peer Comparison
Compare CART with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CARTYou | $10B | 25.1 | 13.2 | 10.4 | 73.6% | 15.4% | 15.9% | 24.0% | 0.1 |
 DASH | $73B | 78.9 | 49.4 | 33.7 | 50.9% | 5.3% | 10.5% | 7.9% | 2.6 |
 UBER | $163B | 16.7 | 26.7 | 16.7 | 39.8% | 10.7% | 39.8% | 13.6% | 2.1 |
 AMZN | $3.0T | 38.3 | 20.7 | 384.3 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
 WMT | $1.0T | 47.6 | 24.8 | 24.9 | 24.9% | 4.2% | 22.2% | 14.7% | 1.5 |
 KR | $42B | 42.9 | 10.9 | 12.5 | 21.0% | 1.3% | 14.3% | 5.0% | 4.2 |
 FRSH | $3B | 14.1 | 28.3 | 10.5 | 85.0% | 1.6% | 16.9% | 2.0% | 0.9 |
 GOOGL | $4.8T | 36.8 | 32.2 | 65.7 | 59.7% | 32.1% | 35.7% | 25.1% | 0.4 |
 TTD | $11B | 26.4 | 15.9 | 14.3 | 78.6% | 20.3% | 16.3% | 21.3% | 0.6 |
 CELH | $8B | 131.2 | 17.5 | 26.1 | 50.4% | 18.6% | 5.2% | 19.7% | 1.3 |
 SYY | $35B | 19.7 | 11.6 | 19.7 | 18.4% | 3.8% | 97.5% | 15.7% | 3.5 |
| Consumer Cyclical Median | — | 19.6 | 11.4 | 15.0 | 36.9% | 2.9% | 5.6% | 5.8% | 4.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 6 years · Updated daily
Full CART Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See CART's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs CART Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare CART vs DASH
Side-by-side business, growth, and profitability comparison vs DoorDash, Inc..
Start ComparisonCART — Frequently Asked Questions
Quick answers to the most common questions about buying CART stock.
What is Instacart (Maplebear Inc.)'s P/E ratio?
Instacart (Maplebear Inc.)'s current P/E ratio is 25.1x. The historical average is 27.2x.
What is Instacart (Maplebear Inc.)'s EV/EBITDA?
Instacart (Maplebear Inc.)'s current EV/EBITDA is 13.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.4x.
What is Instacart (Maplebear Inc.)'s ROE?
Instacart (Maplebear Inc.)'s return on equity (ROE) is 15.9%. The historical average is -2.0%.
Is CART stock overvalued?
Based on historical data, Instacart (Maplebear Inc.) is trading at a P/E of 25.1x. Compare with industry peers and growth rates for a complete picture.
What are Instacart (Maplebear Inc.)'s profit margins?
Instacart (Maplebear Inc.) has 73.6% gross margin and 15.4% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Instacart (Maplebear Inc.) have?
Instacart (Maplebear Inc.)'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.