Maplebear vs United Natural Foods
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KIRAβs take AI analyst
I put Maplebear and United Natural Foods side by side, using each oneβs latest annual report. Here is what stands out:
- United Natural Foods is the larger business, with $31.2B of revenue in fiscal 2026 against $3.7B for Maplebear, about 8.3 times as much.
- Maplebear grew revenue faster (10.8%, against β2.0%).
- Maplebear kept more of each dollar of sales as operating profit (13.3% operating margin, against 0.7%).
- Maplebear turned more of its sales into free cash flow (24.3% FCF margin, against 1.0%).
- Maplebear earned a higher return on the capital invested in it (22.5%, against 5.3%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Maplebear
CART
9/10
Revenue growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
United Natural Foods
UNFI
0/10
Side by side
Best in the row
| Latest fiscal year | CART FY25 | UNFI FY26 |
|---|---|---|
| Size | ||
| Market cap | $15.2B | $3.0B |
| Revenue | $3.7B | $31.2B |
| Free cash flow | $910M | $323M |
| Net income | $447M | $84.0M |
| Growth | ||
| Revenue growth | 10.8% | β2.0% |
| 5-year growth | β | 2.9% |
| Share count change | β3.3% | 4.3% |
| Profitability | ||
| Gross margin | 73.7% | 13.5% |
| Operating margin | 13.3% | 0.7% |
| Net margin | 12.0% | 0.3% |
| FCF margin | 24.3% | 1.0% |
| Return on capital | 22.5% | 5.3% |
| Return on equity | 15.9% | 5.3% |
| Balance sheet | ||
| Net debt | β$687M | $1.5B |
| Net debt / EBITDA | β1.2x | 3.0x |
| Dividends and buybacks | $1.4B | $50.0M |
| Valuation & quality | ||
| P/E | 33.3x | β |
| Piotroski F-score | 6 | 6 |
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.