Maplebear

CART

Software - Services · Technology

Price

$45.82

-0.41 (-0.89%)

Market Cap

$10.77B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+1.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 276.7M (2021) → 279.6M (2025)

Maplebear 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.

Winston Score History

Politician Trades

14 trades / 12mo

12 Congressional buys and 2 sells on CART in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-44.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$650M/ year

↑ Rising (+8% vs prior year)

17.4% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

33.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$637M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Maplebear is putting 17% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

71.9%

Premium pricing power — 71.9% gross margin

Operating Margin

14.0%

Healthy — 14.0% operating margin

ROCE

5.5%

Weak — 5.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+10.8%

Steady sales growth (10.8% YoY)

EPS YoY

-2.3%

Earnings shrinking (-2.3% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

217%

Turns 217% of profit into real cash

FCF Margin

24.3%

Converts sales into free cash efficiently (24.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

27.3x

Growth-priced — P/E 27.3

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+14.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.3 → 13.2)

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Dividends

Not applicable for this business.

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