Maplebear
CART · Food Retail
$56.44
9.2%Grocery Outlet
GO · Food Retail
$13.30
4.3%The short version
- Grocery Outlet is the larger business, with $4.7B of revenue in fiscal 2025 against $3.7B for Maplebear.
- Maplebear grew revenue faster (10.8%, against 7.3%).
- Maplebear kept more of each dollar of sales as operating profit (13.3% operating margin, against −4.7% operating margin).
- Maplebear turned more of its sales into free cash flow (24.3% FCF margin, against 0.5% FCF margin).
- Maplebear earned a higher return on the capital invested in it (22.5%, against −11.6%).
| Latest fiscal year | CART · FY25 | GO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.0B | $1.3B |
| Revenue | $3.7B | $4.7B |
| Free cash flow | $910M | $23.8M |
| Net income | $447M | −$225M |
| Growth | ||
| Revenue growth | 10.8% | 7.3% |
| 5-year growth | — | 8.4% |
| Share count change | −3.3% | −1.6% |
| Profitability | ||
| Gross margin | 73.7% | 30.3% |
| Operating margin | 13.3% | −4.7% |
| Net margin | 12.0% | −4.8% |
| FCF margin | 24.3% | 0.5% |
| Return on capital | 22.5% | −11.6% |
| Return on equity | 15.9% | −20.6% |
| Balance sheet | ||
| Net debt | −$687M | $426M |
| Net debt / EBITDA | −1.2x | — |
| Dividends and buybacks | $1.4B | $0.0M |
| Valuation & quality | ||
| P/E | 30.8x | — |
| Piotroski F-score | 6 | 5 |
FY17
CART —
GO $2.1B
FY18
CART —
GO $2.3B
FY19
CART —
GO $2.6B
FY20
CART —
GO $3.1B
FY21
CART $1.8B
GO $3.1B
FY22
CART $2.6B
GO $3.6B
FY23
CART $3.0B
GO $4.0B
FY24
CART $3.4B
GO $4.4B
FY25
CART $3.7B
GO $4.7B
CART
GO
FY17
CART —
GO 3.7%
FY18
CART —
GO 3.6%
FY19
CART —
GO 2.7%
FY20
CART —
GO 3.4%
FY21
CART −4.7%
GO 2.9%
FY22
CART 2.4%
GO 2.7%
FY23
CART −70.4%
GO 3.2%
FY24
CART 14.5%
GO 1.8%
FY25
CART 13.3%
GO −4.7%
CART
GO
FY17
CART —
GO $13.6M
FY18
CART —
GO $41.1M
FY19
CART —
GO $35.6M
FY20
CART —
GO $56.3M
FY21
CART −$217M
GO $42.2M
FY22
CART $253M
GO $55.0M
FY23
CART $532M
GO $134M
FY24
CART $623M
GO −$74.7M
FY25
CART $910M
GO $23.8M
CART
GO
FY17
CART —
GO —
FY18
CART —
GO —
FY19
CART —
GO 5.4%
FY20
CART —
GO 8.7%
FY21
CART —
GO 5.5%
FY22
CART —
GO 6.0%
FY23
CART —
GO 6.9%
FY24
CART 24.6%
GO 3.7%
FY25
CART 22.5%
GO −11.6%
CART
GO
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