# Maplebear (CART.US)

Canonical: https://gigainvestors.com/s/CART

Analysis as of: 2026-10-16T07:27:14.045Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $51.13 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Bill Miller](https://gigainvestors.com/LMM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 108% since Oct 2023 · "Instacart Nearly Doubles Second-Quarter Profit on Increased Orders" (finance.yahoo.com, Aug 2025)

Story as of 2026-10-16T09:58:27.549Z; price observation 2026-10-15.

- 2025-05-05: Instacart (CART) Jumps 14% as It Buys Wynshop Despite Q1 Profit Miss ([finance.yahoo.com](https://finance.yahoo.com/news/instacart-cart-jumps-14-buys-135755244.html))

- 2025-08-21: Instacart Facing 'Increased Competition' from Amazon's Same-Day Grocery Delivery, Wedbush Says ([finance.yahoo.com](https://finance.yahoo.com/news/instacart-facing-apos-increased-competition-145509253.html))

- 2025-11-10: Instacart outlines $9.45B–$9.6B Q4 GTV target while expanding enterprise and AI initiatives ([seekingalpha.com](https://seekingalpha.com/news/4519468-instacart-outlines-9_45b-9_6b-q4-gtv-target-while-expanding-enterprise-and-ai-initiatives?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-12-22: Instacart Stops AI Pricing Tests. The Stock Drops. ([finance.yahoo.com](https://finance.yahoo.com/m/4636e92d-a891-3557-b29e-6204d07ed6dd/instacart-stops-ai-pricing.html))

- 2026-02-12: Instacart Profit Falls Following $60 Million Settlement With FTC ([finance.yahoo.com](https://finance.yahoo.com/m/21fd8b8c-da58-3fe9-9f1d-770507c8e296/instacart-profit-falls.html))

- 2026-08-07: CART Q2 Earnings Miss, Revenues Beat on GTV and Ad Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cart-q2-earnings-miss-revenues-145200511.html))

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet retail; annual sales are USD 3.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1579091/000157909126000018/cart-20251231.htm (filed 2026-02-26); FY2025: revenue 3742000000; grossProfit 2758000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CART.US: Maplebear Inc., doing business as Instacart, operates as a technology and enablement partner for the grocery industry in the United States and internationally. The company offers Instacart Marketplace which helps retailers serve customers' needs by supporting fulfillment options, shopping occasions, and categories; Instacart Enterprise platform, an end-to-end technology solution for retailers across all aspects of business; and Instacart Ads, enables brands to learn more about general consumer behavior from discovery to purchase, offering insights about how to optimize advertising spend. It also provides advertising solutions, including sponsored product ads, display ads, coupons, and brand pages; and software-as-a-service. The company's services can be provided through company's mobile application or website. Maplebear Inc., was incorporated in 2012 and is headquartered in San Francisco, California.

### Why customers stay

Margins ranged from 73.7% to 75.3% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 74.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 75.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1579091/000157909126000018/cart-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 73.7%.

### Where the cash goes

Reinvests 21.9% of cash earnings; paid no dividends in 6 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 26000000; cash acquisitions 93000000; owner earnings 449000000. Growth capex plus acquisitions / owner earnings = 0.2071269487750557.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 64000000; cash acquisitions 0; owner earnings 460000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1579091/000157909126000018/cart-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 61000000; cash acquisitions 106000000; owner earnings 485000000. Growth capex plus acquisitions / owner earnings = 0.21855670103092784.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1579091/000157909126000018/cart-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 1386000000 USD.

### Are managers owners

Insiders own 11% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CART.US SharesStats.PercentInsiders = 11.013 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 51.13 USD; reporting-to-trading FX 1; FY2025 annual sales per share 13.382399748230641; price multiple 3.820689933190807. FY2025 cash earnings/share 1.7344906140812029. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2023-09: $29.69 per share

- 2023-10: $24.63 per share

- 2023-11: $24.19 per share

- 2023-12: $23.47 per share

- 2024-01: $24.47 per share

- 2024-02: $32.54 per share

- 2024-03: $37.29 per share

- 2024-04: $34.13 per share

- 2024-05: $30.48 per share

- 2024-06: $32.14 per share

- 2024-07: $34.49 per share

- 2024-08: $35.89 per share

- 2024-09: $40.74 per share

- 2024-10: $44.10 per share

- 2024-11: $43.67 per share

- 2024-12: $41.42 per share

- 2025-01: $48.28 per share

- 2025-02: $41.09 per share

- 2025-03: $39.89 per share

- 2025-04: $39.89 per share

- 2025-05: $45.67 per share

- 2025-06: $45.24 per share

- 2025-07: $47.97 per share

- 2025-08: $43.37 per share

- 2025-09: $36.76 per share

- 2025-10: $36.86 per share

- 2025-11: $42.01 per share

- 2025-12: $44.98 per share

- 2026-01: $37.16 per share

- 2026-02: $37.51 per share

- 2026-03: $37.46 per share

- 2026-04: $42.35 per share

- 2026-05: $39.80 per share

- 2026-06: $47.35 per share

- 2026-07: $44.60 per share

- 2026-08: $50.52 per share

- 2026-09: $43.12 per share

- 2026-10: $51.13 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1579091/000157909126000018/cart-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.