CART
Maplebear Inc.
Next earnings Aug 5, 2026 (after close) · consensus $0.55 EPS, $1.04B rev
Last earnings -8.2% on 2026-05-06
$45.78
▼ -3.07%$45.78▲ +2.05%
over 1Y
L $32.93H $51.77
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-3.1%
1W-2.2%
1M+12.4%
3M+18.1%
YTD+4.3%
1Y+2.1%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 40 analysts
Buy
Profitable grocery-delivery platform with 74% gross margins, surging cash flow and big buybacks at a fair 27.8x P/E.
Revenue (FY2025) $3.74B · FY2025
The read
The fundamentals carry the rating, but the price is rich (~48% above our fair-value estimate) — a quality-at-a-price call. The case rests on the business, not the entry; patient buyers may wait for a pullback.
Maplebear (Instacart) has matured into a genuinely profitable, cash-generative platform rather than a cash-burning growth story. FY2025 revenue grew 10.8% to $3.74B with a high 73.7% gross margin reflecting the asset-light, advertising-enhanced marketplace model. Net income was essentially flat at $447M (down 2.2%) and operating income edged up 1.8% to $498M, but the standout is cash generation: operating cash flow jumped 41.3% to $971M on minimal capex ($61M), giving a very high free-cash conversion.
Management is returning that cash aggressively — $1.39B of buybacks reduced the share count 9.1% YoY, supporting per-share value even as net income was flat (diluted EPS still rose 1.3% to $1.60). The balance sheet is pristine for the sector: liabilities/equity of just 0.39x and $637M cash, though cash fell 50.2% as buybacks outpaced retained cash and equity declined 18.6%. The deeply negative retained earnings (-$4.49B) are a legacy of the FY2023 loss (-$1.62B) and stock-comp history, not current operations, which have been profitable for two consecutive years.
Is CART a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread~60d expiry
- Long call 46 @ ~3.07 est
- Short call 50 @ ~1.58 est
debit $149max +$251max −$149BE 47.49
BUY verdict with defined risk: the short call finances part of the long one; max loss is the net debit.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.83B | $2.55B | $3.04B | $3.38B | $3.74B |
| Gross profit | $1.23B | $1.83B | $2.28B | $2.54B | $2.76B |
| Operating income | -$86.0M | $62.0M | -$2.14B | $489M | $498M |
| Net income | -$73.0M | $428M | -$1.62B | $457M | $447M |
| Diluted EPS | -$1.12 | $0.96 | -$12.43 | $1.58 | $1.60 |
| Net margin | -4.0% | 16.8% | -53.3% | 13.5% | 11.9% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$10.1B
EV / EBITDA17.2
EV / Sales2.7
EV / FCF11.1
P / FCF11.8
PEG (trailing)—
Earnings yield4.2%
FCF yield8.5%
Quality & risk
ROIC (est.)15.6%
Free cash flow$910M
Total debt—
Net cash$637M
Altman Z-Score6.80 safe
Piotroski F-Score6/8
Capital returns
Buyback yield12.9%
Dividend yield (est.)—
Shareholder yield12.9%
Shares Δ YoY-9.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗4Period ending 2026-06-152026-06-17open ↗144Filing2026-06-15open ↗4Period ending 2026-06-022026-06-04open ↗4Period ending 2026-06-012026-06-03open ↗144Filing2026-06-02open ↗144Filing2026-06-01open ↗SDFiling2026-05-29open ↗8-KPeriod ending 2026-05-222026-05-29open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗
Frequently asked
- Is Maplebear Inc. (CART) a buy?
- CART currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Profitable grocery-delivery platform with 74% gross margins, surging cash flow and big buybacks at a fair 27.8x P/E.
- What is CART's fair value?
- A Modified-Graham model based on CART's SEC fundamentals estimates a fair value of about $23.90. It is an estimate from reported earnings, not a price target.
- Is CART overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, CART currently appears overvalued relative to its SEC-grounded earnings power.
- What is Maplebear Inc.'s quality score?
- CART scores 68.03444515095977/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001579091, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 6/21/2026, 8:48:51 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:48 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.