Maplebear vs Sprouts Farmers Market
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The short version
- Sprouts Farmers Market is the larger business, with $8.8B of revenue in fiscal 2025 against $3.7B for Maplebear, about 2.4 times as much.
- Sprouts Farmers Market grew revenue faster (14.1%, against 10.8%).
- Maplebear kept more of each dollar of sales as operating profit (13.3% operating margin, against 7.8%).
- Maplebear turned more of its sales into free cash flow (24.3% FCF margin, against 5.3%).
- Sprouts Farmers Market earned a higher return on the capital invested in it (46.9%, against 22.5%).
- Investors pay more for each dollar of Maplebear’s earnings: a P/E of 30.8x against 12.7x for Sprouts Farmers Market.
| Latest fiscal year | CART · FY25 | SFM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.0B | $6.3B |
| Revenue | $3.7B | $8.8B |
| Free cash flow | $910M | $468M |
| Net income | $447M | $524M |
| Growth | ||
| Revenue growth | 10.8% | 14.1% |
| 5-year growth | — | 6.4% |
| Share count change | −3.3% | −2.6% |
| Profitability | ||
| Gross margin | 73.7% | 38.8% |
| Operating margin | 13.3% | 7.8% |
| Net margin | 12.0% | 6.0% |
| FCF margin | 24.3% | 5.3% |
| Return on capital | 22.5% | 46.9% |
| Return on equity | 15.9% | 38.4% |
| Balance sheet | ||
| Net debt | −$687M | −$244M |
| Net debt / EBITDA | −1.2x | −0.3x |
| Dividends and buybacks | $1.4B | $472M |
| Valuation & quality | ||
| P/E | 30.8x | 12.7x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
CART —
SFM $4.0B
FY17
CART —
SFM $4.7B
FY18
CART —
SFM $5.2B
FY19
CART —
SFM $5.6B
FY20
CART —
SFM $6.5B
FY21
CART $1.8B
SFM $6.1B
FY22
CART $2.6B
SFM $6.4B
FY23
CART $3.0B
SFM $6.8B
FY24
CART $3.4B
SFM $7.7B
FY25
CART $3.7B
SFM $8.8B
CART
SFM
Operating margin
FY16
CART —
SFM 5.3%
FY17
CART —
SFM 4.9%
FY18
CART —
SFM 4.3%
FY19
CART —
SFM 3.9%
FY20
CART —
SFM 6.1%
FY21
CART −4.7%
SFM 5.5%
FY22
CART 2.4%
SFM 5.6%
FY23
CART −70.4%
SFM 5.1%
FY24
CART 14.5%
SFM 6.5%
FY25
CART 13.3%
SFM 7.8%
CART
SFM
Free cash flow
FY16
CART —
SFM $73.3M
FY17
CART —
SFM $111M
FY18
CART —
SFM $117M
FY19
CART —
SFM $172M
FY20
CART —
SFM $372M
FY21
CART −$217M
SFM $262M
FY22
CART $253M
SFM $247M
FY23
CART $532M
SFM $240M
FY24
CART $623M
SFM $415M
FY25
CART $910M
SFM $468M
CART
SFM
Return on capital
FY16
CART —
SFM 15.1%
FY17
CART —
SFM 18.4%
FY18
CART —
SFM 17.9%
FY19
CART —
SFM —
FY20
CART —
SFM —
FY21
CART —
SFM —
FY22
CART —
SFM 27.0%
FY23
CART —
SFM 25.2%
FY24
CART 24.6%
SFM 35.3%
FY25
CART 22.5%
SFM 46.9%
CART
SFM
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.