Is the business good?
How good a business is CART?
Maplebear Inc. earns 26% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
26%
Return on invested capital · cost of capital 9.0% · 17 points above what the capital costs: growth creates value
- Operating margin
- 15%
Operating margin · Internet Retail median 7.6% · 12 months to Q1 2026
- Cash conversion
- 1.82×
Cash conversion · 1.88× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −8.5%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2021 | −4.7% |
| FY2022 | 2.4% |
| FY2023 | −70% |
| FY2024 | 14% |
| FY2025 | 13% |
Details›
- Gross margin12 months to Q1 2026
- 73%
- Operating margin12 months to Q1 2026
- 15%
- Net margin12 months to Q1 2026
- 13%
- Free cash flow margin
- 23%
- R&D as % of revenue
- 17%
- Revenue, trailing twelve months
- $3.86B
- Free cash flow, trailing twelve months
- $882M
- Net income, trailing twelve months
- $485M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 26%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Internet Retail
Ranks #10 of 18 by Smart Score