CARTMaplebear Inc.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (2.7×).
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Profits are tracking sales roughly one-for-one, limited operating leverage either way.
A balanced mix of margins, efficiency, and leverage. ROE 18% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CART?
Maplebear Inc. earns 32% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 23 points above what the capital costs: growth creates value
- Operating margin
- 15%
Operating margin · Internet Retail median 6.0% · 12 months to Q2 2026
- Cash conversion
- 2.73×
Cash conversion · 1.91× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −12%
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 Q2 2026
- 73%
- Operating margin12 months to Q2 2026
- 15%
- Net margin12 months to Q2 2026
- 12%
- Free cash flow margin
- 29%
- R&D as % of revenue
- 18%
- Revenue, trailing twelve months
- $3.99B
- Free cash flow, trailing twelve months
- $1.18B
- Net income, trailing twelve months
- $480M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 32%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Internet Retail
Ranks #8 of 14 by RyuScore