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ValueScreener company report

Instacart (Maplebear Inc.) (CART)

NASDAQ / Consumer Cyclical / Specialty Retail

Share price

49.40 USD Market dataClose of Oct 14, 2026

Market capitalisation

11.72B USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Feb 26, 2026
Ratios computed
Oct 14, 2026
Filed years
5, FY2021 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

20.9% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

29.40x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

6.6% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2019 Revenue: 214.0M USDFY2019 Net income: -531.0M USDFY2020 Revenue: 1.48B USDFY2020 Net income: -70.0M USDFY2021 Revenue: 1.83B USDFY2021 Net income: -73.0M USDFY2022 Revenue: 2.55B USDFY2022 Net income: 428.0M USDFY2023 Revenue: 3.04B USDFY2023 Net income: -1.62B USDFY2024 Revenue: 3.38B USDFY2024 Net income: 457.0M USDFY2025 Revenue: 3.74B USDFY2025 Net income: 447.0M USD
Revenue Net income7 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
4 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 29.40x at the close of 2026-10-14 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Specialty Retail industry (44 companies), 29.40x sits at the 58th percentile; the middle half of that group runs from 15.21x to 47.00x.

Is it good

Return on invested capital was 20.9% in FY2025, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.

Today, against the Consumer Cyclical sector (213 companies), 20.9% sits at the 84th percentile; the middle half of that group runs from 3.8% to 14.9%.

Is it safe

Instacart (Maplebear Inc.) held more cash than debt at the end of FY2025 (net cash of 601.0m USD), so net debt to EBITDA is a net cash position rather than a leverage reading.

Year by year against peers
Whether Instacart (Maplebear Inc.)'s return on invested capital stayed above the median of the Consumer Cyclical sector, year by year. (FY2023 to FY2025, 3 fiscal years of Instacart (Maplebear Inc.) with a comparable figure)
The direction
Which way Instacart (Maplebear Inc.)'s gross margin has moved, and how steadily. (FY2019 to FY2025, 7 filed years of Instacart (Maplebear Inc.))
What could explain it
What in Instacart (Maplebear Inc.)'s filed statements could explain the movements. (8 readings drawn from the statement lines Instacart (Maplebear Inc.) filed)
What to check next
What to check next on Instacart (Maplebear Inc.), and where in its filings. (4 questions for Instacart (Maplebear Inc.))
In one paragraph
One paragraph on Instacart (Maplebear Inc.)'s returns, cash, balance sheet and price. (14 of sixteen figures read for Instacart (Maplebear Inc.))

These are CART’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CARTPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 26, 2026, accession 0001579091-26-000018.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Instacart (Maplebear Inc.): returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax20.9% ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Return on equity17.8% ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Return on capital employed, pre-tax18.0% ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Return on assets12.1% ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Gross margin73.7% ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Operating margin13.3% ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Net margin11.9% ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
CART 11.9%
GME 11.5%DKS 4.9%TSCO 7.1%ULTA 9.3%WSM 13.9%
4.9%13.9%
Net margin: CART against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Instacart (Maplebear Inc.): leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.01 ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Current ratio2.40 ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Quick ratio2.40 ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Altman Z-score8.68 ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Net debt-651.0M ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Total assets 3.69BTotal liabilities 974.0MShareholders' equity 2.52BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Instacart (Maplebear Inc.) owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 26, 2026, 0001579091-26-000018).

Instacart (Maplebear Inc.): balance sheet position
Total assets3.69B FiledFY2025 10-K, filed Feb 26, 2026
Total liabilities974.0M FiledFY2025 10-K, filed Feb 26, 2026
Shareholders' equity2.52B FiledFY2025 10-K, filed Feb 26, 2026
Cash687.0M FiledFY2025 10-K, filed Feb 26, 2026
Total debt36.0M FiledFY2025 10-K, filed Feb 26, 2026
Net debt-651.0M
Current ratio2.40
Debt to equity0.01
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Instacart (Maplebear Inc.): what the market charges, each with its source
FigureValue, source and document
Price to earnings29.40x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
P/E on trailing twelve months26.98x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book5.49x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Price to sales3.69x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Enterprise value to EBIT26.53x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Enterprise value to EBITDA22.43x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Diluted earnings per share1.60 USD FiledFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Graham number18.45 USD ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018

We publish no fair value or price target of our own. Value CART on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Instacart (Maplebear Inc.) today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Instacart (Maplebear Inc.): valuation
Share price49.40 USD
Market capitalisation11.72B USD
Enterprise value to EBITDA22.43x
Graham number18.45 USD
Diluted earnings per share, FY20251.60 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 9, 2024: low 18.09x, median 25.00x, high 32.87x, latest 26.98x. 408 trading days with a meaningful ratio, 138 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Instacart (Maplebear Inc.)

  1. GameStop Corp. (GME)Market cap 12.18B USD
  2. DICK'S Sporting Goods, Inc. (DKS)Market cap 11.70B USD
  3. Tractor Supply Company (TSCO)Market cap 17.17B USD
  4. Ulta Beauty, Inc. (ULTA)Market cap 25.47B USD
  5. Williams-Sonoma, Inc. (WSM)Market cap 28.55B USD

Same industry (Specialty Retail) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Instacart (Maplebear Inc.): cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield6.6% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Free cash flow910.0M USD ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Free cash flow margin24.3% ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
FY2019 Free cash flow: -507.0M USDFY2019 Net income: -531.0M USDFY2020 Free cash flow: -98.0M USDFY2020 Net income: -70.0M USDFY2021 Free cash flow: -217.0M USDFY2021 Net income: -73.0M USDFY2022 Free cash flow: 253.0M USDFY2022 Net income: 428.0M USDFY2023 Free cash flow: 532.0M USDFY2023 Net income: -1.62B USDFY2024 Free cash flow: 623.0M USDFY2024 Net income: 457.0M USDFY2025 Free cash flow: 910.0M USDFY2025 Net income: 447.0M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Instacart (Maplebear Inc.): the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
29.40xFY2025Oct 14, 2026
5.49xFY2025Oct 14, 2026
26.53xFY2025Oct 14, 2026
6.6%FY2025Oct 14, 2026
20.9%FY2025Feb 26, 2026
n/aFY2025Oct 14, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.01FY2025Feb 26, 2026
2.40FY2025Feb 26, 2026
3.69xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
8.68FY2025Oct 14, 2026
-2.54FY2025Feb 26, 2026
6/9FY2025Feb 26, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 5 filed fiscal years on record, FY2021 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

7 fiscal years, FY2019 to FY2025. 5 read from the annual reports Instacart (Maplebear Inc.) filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Instacart (Maplebear Inc.): revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20253.74B498.0M447.0M1.60910.0M13.3%17.8%10-K, Feb 26, 20260001579091-26-000018
FY20243.38B489.0M457.0M1.58623.0M14.5%14.8%10-K, Feb 28, 20250001579091-25-000015
FY20233.04B-2.14B-1.62B-12.43532.0M-70.4%-43.3%10-K, Mar 5, 20240001579091-24-000027
FY20222.55B62.0M428.0M0.96253.0M2.4%n/m10-K, Mar 5, 20240001579091-24-000027
FY20211.83B-86.0M-73.0M-1.12-217.0M-4.7%n/a10-K, Mar 5, 20240001579091-24-000027
FY20201.48B-75.0M-70.0M-0.25-98.0M-5.1%-4.4%Market data, supplied Oct 15, 2026accession n/a
FY2019214.0M-556.0M-531.0M-9.71-507.0M-259.8%n/aMarket data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2019 to FY2025: 61.1%
  • Earnings: Earnings was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Instacart (Maplebear Inc.): accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.54 ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Piotroski F-score6/9 ComputedFY2025 10-K, filed Feb 26, 2026, 0001579091-26-000018
Named tests met4 of 30 Computed
Beta0.78 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 4 met, 20 not met, 6 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Gross margin, turnover (Robert Novy-Marx); Low beta, profitable; ROIC at or above WACC; Cash-flow yield and ROIC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; EV/EBITDA and coverage; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Low PEG, low debt (Peter Lynch); High returns and growth; High yield, low payout; Dividends and buybacks; Z-score and coverage (Edward Altman); Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(8)
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 8 figures could not be read on this company, among them PEG Ratio, Eps Growth 5Y, Rev Growth 5Y. Each blank in the table above names the rest, with its reason. 6 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 5 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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