Maplebear vs Casey's
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KIRAβs take AI analyst
I put Maplebear and Casey's side by side, using each oneβs latest annual report. Here is what stands out:
- 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'sβs earnings: a P/E of 33.9x against 33.3x for Maplebear.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Maplebear
CART
6/8
Revenue growthNet marginFCF marginReturn on capitalNet debt / EBITDAShare count change
Casey's
CASY
2/8
Return on equityPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | CART FY25 | CASY FY26 |
|---|---|---|
| Size | ||
| Market cap | $15.2B | $26.1B |
| Revenue | $3.7B | $17.6B |
| Free cash flow | $910M | $722M |
| Net income | $447M | $714M |
| Growth | ||
| Revenue growth | 10.8% | 10.2% |
| 5-year growth | β | 15.1% |
| Share count change | β3.3% | β0.2% |
| Profitability | ||
| Gross margin | 73.7% | β |
| Operating margin | 13.3% | β |
| 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 | β$687M | $1.9B |
| Net debt / EBITDA | β1.2x | 1.3x |
| Dividends and buybacks | $1.4B | $284M |
| Valuation & quality | ||
| P/E | 33.3x | 33.9x |
| Piotroski F-score | 6 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.