Maplebear vs Casey's
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The short version
- Casey's is the larger business, with $17.6B of revenue in fiscal 2026 against $3.7B for Maplebear, about 4.7 times as much.
- Maplebear grew revenue faster (10.8%, against 10.2%).
- Maplebear turned more of its sales into free cash flow (24.3% FCF margin, against 4.1%).
- Maplebear earned a higher return on the capital invested in it (22.5%, against 13.6%).
- Investors pay more for each dollar of Casey's’s earnings: a P/E of 33.7x against 30.8x for Maplebear.
| Latest fiscal year | CART · FY25 | CASY · FY26 |
|---|---|---|
| Size | ||
| Market cap | $14.0B | $25.9B |
| Revenue | $3.7B | $17.6B |
| Free cash flow | $910M | $722M |
| Net income | $447M | $714M |
| Growth | ||
| Revenue growth | 10.8% | 10.2% |
| 5-year growth | — | 15.1% |
| Share count change | −3.3% | −0.2% |
| Profitability | ||
| Gross margin | 73.7% | — |
| Operating margin | 13.3% | — |
| Net margin | 12.0% | 4.1% |
| FCF margin | 24.3% | 4.1% |
| Return on capital | 22.5% | 13.6% |
| Return on equity | 15.9% | 19.2% |
| Balance sheet | ||
| Net debt | −$687M | $1.9B |
| Net debt / EBITDA | −1.2x | 1.3x |
| Dividends and buybacks | $1.4B | $284M |
| Valuation & quality | ||
| P/E | 30.8x | 33.7x |
| Piotroski F-score | 6 | 7 |
Revenue
FY17
CART —
CASY $7.5B
FY18
CART —
CASY $8.4B
FY19
CART —
CASY $9.4B
FY20
CART —
CASY $9.2B
FY21
CART $1.8B
CASY $8.7B
FY22
CART $2.6B
CASY $13.0B
FY23
CART $3.0B
CASY $15.1B
FY24
CART $3.4B
CASY $14.9B
FY25
CART $3.7B
CASY $15.9B
FY26
CART —
CASY $17.6B
CART
CASY
Operating margin
FY17
CART —
CASY —
FY18
CART —
CASY —
FY19
CART —
CASY —
FY20
CART —
CASY —
FY21
CART −4.7%
CASY —
FY22
CART 2.4%
CASY —
FY23
CART −70.4%
CASY —
FY24
CART 14.5%
CASY —
FY25
CART 13.3%
CASY —
FY26
CART —
CASY —
CART
CASY
Free cash flow
FY17
CART —
CASY $25.9M
FY18
CART —
CASY −$158M
FY19
CART —
CASY $136M
FY20
CART —
CASY $65.3M
FY21
CART −$217M
CASY $363M
FY22
CART $253M
CASY $462M
FY23
CART $532M
CASY $405M
FY24
CART $623M
CASY $371M
FY25
CART $910M
CASY $585M
FY26
CART —
CASY $722M
CART
CASY
Return on capital
FY17
CART —
CASY 10.6%
FY18
CART —
CASY 11.6%
FY19
CART —
CASY 9.6%
FY20
CART —
CASY 11.1%
FY21
CART —
CASY 12.0%
FY22
CART —
CASY 11.4%
FY23
CART —
CASY 12.6%
FY24
CART 24.6%
CASY 12.9%
FY25
CART 22.5%
CASY 12.1%
FY26
CART —
CASY 13.6%
CART
CASY
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.