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Maplebear (CART)
NASDAQ:CART
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Maplebear
(NASDAQ:CART)
67Neutral
Positive Factors
Order Growth
Order growth fueled the beat, accelerating to +10.6% year-over-year, ahead of gross transaction value.
Profitability
The outperformance of GTV is a positive leading indicator for profitability, as it is expected to have a positive compound effect on operating leverage.
Negative Factors
Affordability Impact
Affordability investments are driving orders and saving customers money, but may weigh on margins.
EBITDA Guidance
The soft EBITDA guidance from ongoing investments for growth has led to a reduction in the FY26 EBITDA estimate by 3%.
Market Competition
CART’s relative convenience factor faces incremental competition from emerging intermediaries like DASH and Uber Eats with greater network scale.
Maplebear (CART) vs. S&P 500 (SPY)
Market Cap
$10.14B
Dividend YieldN/A
Average Volume (3M)4.31M
Price to Earnings (P/E)23.5
Beta (1Y)1.41
Revenue Growth11.05%
EPS GrowthN/A
CountryUS
Employees3,380
SectorConsumer Cyclical
Sector Strength49
IndustryRetail - Discretionary
Share Statistics
EPS (TTM)1.63
Shares Outstanding264,642,270
10 Day Avg. Volume6,559,850
30 Day Avg. Volume4,314,947
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)3.13
Price to Cash Flow (P/CF)17.30
P/FCF Ratio18.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$54.28Price Target Upside42.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering19
Maplebear Business Overview & Revenue Model
Company DescriptionMaplebear 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.
How the Company Makes MoneyInstacart generates revenue through multiple streams. Its primary source of income is fees associated with its delivery and pickup services, which include service fees, delivery fees, and subscription fees for its Instacart Express membership, offering free delivery on orders over a certain amount. Additionally, Instacart earns money through partnerships with retailers who use the platform to reach a wider customer base, often sharing a portion of sales generated through the app. The company also leverages advertising revenue by selling ad space to consumer goods companies that want increased visibility for their products on the Instacart platform. These diversified revenue streams, coupled with strategic partnerships with major grocery chains, contribute significantly to Instacart's financial performance.
Maplebear Financial Statement Overview
Summary
Maplebear has demonstrated significant improvements in its financial performance in 2024, with strong revenue growth, increased profitability, and a solid balance sheet. The company has effectively turned around from previous losses, showcasing operational efficiency. While cash flow metrics are strong, maintaining a healthy cash balance remains crucial. Overall, Maplebear is on a positive financial trajectory, with strengths in revenue generation and operational performance, though attention to liquidity management is advised.Income Statement
The company has shown strong revenue growth with a Revenue Growth Rate of 11.0% in 2024 compared to 2023, indicating a positive trajectory. The Gross Profit Margin for 2024 is high at 75.3%, reflecting efficient cost management. However, despite improvement, the Net Profit Margin in 2024 is 13.5%, suggesting room for increased profitability. The company turned around its EBIT margin from negative to 14.5% in 2024, showcasing strong operational improvements.75
Positive
Balance Sheet
The Balance Sheet reveals a solid financial position with a low Debt-to-Equity Ratio of 0.01, indicating minimal leverage and financial risk. The Equity Ratio is strong at 75.2%, showing substantial reliance on equity financing. Although Return on Equity is not applicable due to previous negative equity, the shift to positive equity and profitability in 2024 is a positive indicator of financial health.80
Positive
Cash Flow
The company has a robust Free Cash Flow growth of 17.5% from 2023 to 2024, indicating strong cash generation capabilities. The Operating Cash Flow to Net Income Ratio is 1.50, which is favorable, reflecting efficient conversion of earnings to cash. The Free Cash Flow to Net Income Ratio stands at 1.36, reinforcing the company's strong cash position relative to its earnings. However, the decline in cash reserves indicates potential future liquidity challenges.70
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 3.38B | 3.04B | 2.55B | 1.83B | 1.48B | Gross Profit |
| 2.54B | 2.28B | 1.83B | 1.23B | 879.00M | EBIT |
| 489.00M | -2.14B | 62.00M | -86.00M | -75.00M | EBITDA |
| 556.00M | -2.08B | 109.00M | -60.00M | -50.00M | Net Income Common Stockholders |
| 457.00M | -1.62B | 428.00M | -73.00M | -70.00M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 1.52B | 2.19B | 1.71B | 1.49B | 1.43B | Total Assets |
| 4.12B | 4.73B | 3.67B | 2.96B | 2.10B | Total Debt |
| 26.00M | 40.00M | 49.00M | 54.00M | 51.00M | Net Debt |
| -1.40B | -2.10B | -1.46B | -1.09B | -1.17B | Total Liabilities |
| 1.02B | 800.00M | 3.73B | 3.53B | 520.00M | Stockholders Equity |
| 3.09B | 3.93B | -64.00M | -573.00M | 1.58B |
| Cash Flow | Free Cash Flow | |||
| 623.00M | 530.00M | 251.00M | -226.00M | -98.00M | Operating Cash Flow |
| 687.00M | 586.00M | 277.00M | -204.00M | -91.00M | Investing Cash Flow |
| -107.00M | 135.00M | 117.00M | -330.00M | 301.00M | Financing Cash Flow |
| -1.41B | -30.00M | 46.00M | 464.00M | 671.00M |
Maplebear Technical Analysis
Negative
38.02
Price Trends
45.56
Negative
44.63
Negative
39.84
Negative
Market Momentum
-2.62
Positive
31.45
Neutral
22.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CART, the sentiment is Negative. The current price of 38.02 is below the 20-day moving average (MA) of 45.10, below the 50-day MA of 45.56, and below the 200-day MA of 39.84, indicating a bearish trend. The MACD of -2.62 indicates Positive momentum. The RSI at 31.45 is Neutral, neither overbought nor oversold. The STOCH value of 22.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CART.
Maplebear Risk Analysis
Maplebear disclosed 65 risk factors in its most recent earnings report. Maplebear reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Maplebear Peers Comparison
Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $147.59B | 15.41 | 60.08% | ― | 17.96% | 410.17% | |
77 Outperform | $702.44B | 36.44 | 22.23% | 0.90% | 5.07% | 25.86% | |
73 Outperform | $2.08T | 35.60 | 24.29% | ― | 10.99% | 91.61% | |
72 Outperform | $49.00B | 18.17 | 26.64% | 1.87% | -1.94% | 24.13% | |
72 Outperform | $74.72B | 671.17 | 1.68% | ― | 24.17% | ― | |
67 Neutral | $10.14B | 23.52 | 12.68% | ― | 11.05% | ― | |
60 Neutral | $12.39B | 10.47 | 1.07% | 3.58% | 1.64% | -18.33% |
* Consumer Cyclical Sector Average
Performance Comparison
CART
Maplebear
38.02
2.51
7.07%
AMZN
Amazon
196.59
21.20
12.09%
KR
Kroger Company
66.55
12.43
22.97%
WMT
Walmart
87.44
26.76
44.10%
UBER
Uber Technologies
70.65
-7.67
-9.79%
DASH
DoorDash
183.73
53.28
40.84%
Maplebear Earnings Call Summary
Earnings Call Date: Feb 25, 2025 | % Change Since: -22.06% | Next Earnings Date: May 7, 2025
Earnings Call Sentiment Positive
Instacart's earnings call highlighted strong growth in GTV and advertising revenue, along with robust gains in adjusted EBITDA and Instacart+ membership. However, challenges such as a decline in average order value and a decrease in cash reserves were noted.Highlights
Strong GTV Growth
Instacart delivered Gross Transaction Value (GTV) at the high-end of guidance range, growing 10% year-over-year in Q4 2024.
Advertising Revenue Increase
Advertising and other revenue increased by 10% year-over-year, driven by strong performances from emerging brands and large brand partners.
Adjusted EBITDA Growth
Adjusted EBITDA of $252 million exceeded the high-end of guidance, up 27% year-over-year.
Instacart+ Member Growth
Instacart+ members are growing faster than monthly users and remain the most loyal and engaged audience.
Expansion in Enterprise Solutions
Instacart launched 30 net new retailer sites in 2024, more than double the year before, with strong adoption of new storefront technologies.
Lowlights
Average Order Value Decline
A 1% decline in average order value was driven by restaurant orders, impacting overall GTV growth.
Decrease in Operating Cash Flow
Operating cash flow of $153 million decreased year-over-year due to fluctuations in working capital.
Reduction in Cash and Similar Assets
Finished 2024 with cash and similar assets of $1.5 billion compared to $2.3 billion the year prior.
Company Guidance
During Instacart's fourth quarter and full-year 2024 earnings call, the company provided guidance reflecting strong business performance and strategic initiatives. Instacart reported a 10% year-over-year growth in Gross Transaction Volume (GTV) for Q4, driven by an 11% increase in orders, despite a 1% decline in average order value attributed to restaurant orders. The company achieved a GAAP net income of $148 million, an improvement of $13 million from the previous year, and an adjusted EBITDA of $252 million, exceeding the high-end of their guidance range and up 27% year-over-year. Instacart's cash and similar assets totaled $1.5 billion at the end of 2024, with ongoing share repurchases contributing to a cumulative buyback of 46 million shares for $1.4 billion throughout the year. For Q1 2025, Instacart anticipates GTV growth of 8% to 10%, with adjusted EBITDA projected between $220 million and $230 million. The company continues to focus on expanding its enterprise solutions, enhancing advertising performance, and driving affordability for consumers, which includes initiatives like the industry-leading $10 minimum basket. Despite macroeconomic challenges, Instacart remains committed to delivering steady annual adjusted EBITDA expansion and leveraging its category leadership to foster long-term profitable growth.Maplebear Corporate Events
Executive/Board Changes
Maplebear Appoints New Chief Accounting Officer
Neutral
Mar 4, 2025
Maplebear Inc. announced the resignation of its Chief Accounting Officer, Alan Ramsay, effective March 10, 2025. Ramsay’s departure is amicable, with no disagreements related to company operations. Lisa Blackwood-Kapral has been appointed as the new Chief Accounting Officer, effective the same date. Blackwood-Kapral brings extensive experience from her previous roles at Lyft, Inc. and Shutterfly, LLC, and her appointment includes a comprehensive compensation package. This transition is expected to ensure continuity in the company’s accounting leadership.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.