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Side-by-side financial comparison of BELDEN INC. (BDC) and Maplebear Inc. (CART). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $720.1M, roughly 1.4× BELDEN INC.). BELDEN INC. runs the higher net margin — 9.4% vs 8.2%, a 1.3% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 8.1%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $121.3M). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (15.9% CAGR vs 10.0%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
Maplebear Inc., doing business as Instacart, is an American retail media and delivery company based in San Francisco that operates a grocery delivery and pick-up service in the United States and Canada accessible via a website and mobile app. It allows customers to order groceries, and alcohol where legal, from participating retailers with the shopping being done by a personal shopper, who picks, packs, and delivers the order.
BDC vs CART — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $720.1M | $992.0M |
| Net Profit | $67.9M | $81.0M |
| Gross Margin | 36.6% | 72.3% |
| Operating Margin | 12.2% | 9.9% |
| Net Margin | 9.4% | 8.2% |
| Revenue YoY | 8.1% | 12.3% |
| Net Profit YoY | 16.3% | -45.3% |
| EPS (diluted) | $1.70 | $0.31 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $720.1M | $992.0M | ||
| Q3 25 | $698.2M | $939.0M | ||
| Q2 25 | $672.0M | $914.0M | ||
| Q1 25 | $624.9M | $897.0M | ||
| Q4 24 | $666.0M | $883.0M | ||
| Q3 24 | $654.9M | $852.0M | ||
| Q2 24 | $604.3M | $823.0M | ||
| Q1 24 | $535.7M | $820.0M |
| Q4 25 | $67.9M | $81.0M | ||
| Q3 25 | $56.7M | $144.0M | ||
| Q2 25 | $61.0M | $116.0M | ||
| Q1 25 | $51.9M | $106.0M | ||
| Q4 24 | $58.4M | $148.0M | ||
| Q3 24 | $53.7M | $118.0M | ||
| Q2 24 | $49.0M | $61.0M | ||
| Q1 24 | $37.3M | $130.0M |
| Q4 25 | 36.6% | 72.3% | ||
| Q3 25 | 37.7% | 73.7% | ||
| Q2 25 | 38.5% | 74.2% | ||
| Q1 25 | 39.3% | 74.8% | ||
| Q4 24 | 37.5% | 75.2% | ||
| Q3 24 | 37.3% | 75.2% | ||
| Q2 24 | 37.5% | 75.7% | ||
| Q1 24 | 37.6% | 74.9% |
| Q4 25 | 12.2% | 9.9% | ||
| Q3 25 | 10.9% | 17.7% | ||
| Q2 25 | 11.8% | 13.6% | ||
| Q1 25 | 11.6% | 12.3% | ||
| Q4 24 | 10.4% | 17.6% | ||
| Q3 24 | 11.5% | 16.2% | ||
| Q2 24 | 11.4% | 6.3% | ||
| Q1 24 | 9.9% | 17.6% |
| Q4 25 | 9.4% | 8.2% | ||
| Q3 25 | 8.1% | 15.3% | ||
| Q2 25 | 9.1% | 12.7% | ||
| Q1 25 | 8.3% | 11.8% | ||
| Q4 24 | 8.8% | 16.8% | ||
| Q3 24 | 8.2% | 13.8% | ||
| Q2 24 | 8.1% | 7.4% | ||
| Q1 24 | 7.0% | 15.9% |
| Q4 25 | $1.70 | $0.31 | ||
| Q3 25 | $1.41 | $0.51 | ||
| Q2 25 | $1.53 | $0.41 | ||
| Q1 25 | $1.27 | $0.37 | ||
| Q4 24 | $1.41 | $0.53 | ||
| Q3 24 | $1.30 | $0.42 | ||
| Q2 24 | $1.19 | $0.20 | ||
| Q1 24 | $0.90 | $0.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $389.9M | $687.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $2.5B |
| Total Assets | $3.5B | $3.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $389.9M | $687.0M | ||
| Q3 25 | $314.3M | $1.7B | ||
| Q2 25 | $301.5M | $1.6B | ||
| Q1 25 | $259.0M | $1.6B | ||
| Q4 24 | $370.3M | $1.4B | ||
| Q3 24 | $323.0M | $1.3B | ||
| Q2 24 | $564.8M | $1.4B | ||
| Q1 24 | $506.8M | $1.5B |
| Q4 25 | $1.3B | $2.5B | ||
| Q3 25 | $1.2B | $3.5B | ||
| Q2 25 | $1.2B | $3.3B | ||
| Q1 25 | $1.2B | $3.2B | ||
| Q4 24 | $1.3B | $3.1B | ||
| Q3 24 | $1.2B | $2.9B | ||
| Q2 24 | $1.2B | $3.0B | ||
| Q1 24 | $1.2B | $3.1B |
| Q4 25 | $3.5B | $3.7B | ||
| Q3 25 | $3.4B | $4.5B | ||
| Q2 25 | $3.4B | $4.4B | ||
| Q1 25 | $3.3B | $4.3B | ||
| Q4 24 | $3.3B | $4.1B | ||
| Q3 24 | $3.3B | $3.9B | ||
| Q2 24 | $3.5B | $4.0B | ||
| Q1 24 | $3.1B | $4.1B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $160.4M | $183.0M |
| Free Cash FlowOCF − Capex | $121.3M | $171.0M |
| FCF MarginFCF / Revenue | 16.8% | 17.2% |
| Capex IntensityCapex / Revenue | 5.4% | 1.2% |
| Cash ConversionOCF / Net Profit | 2.36× | 2.26× |
| TTM Free Cash FlowTrailing 4 quarters | $218.7M | $910.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $160.4M | $183.0M | ||
| Q3 25 | $105.0M | $287.0M | ||
| Q2 25 | $82.0M | $203.0M | ||
| Q1 25 | $7.4M | $298.0M | ||
| Q4 24 | $174.7M | $153.0M | ||
| Q3 24 | $91.7M | $185.0M | ||
| Q2 24 | $83.0M | $244.0M | ||
| Q1 24 | $2.7M | $105.0M |
| Q4 25 | $121.3M | $171.0M | ||
| Q3 25 | $65.3M | $272.0M | ||
| Q2 25 | $56.9M | $187.0M | ||
| Q1 25 | $-24.8M | $280.0M | ||
| Q4 24 | $116.4M | $141.0M | ||
| Q3 24 | $67.2M | $171.0M | ||
| Q2 24 | $61.0M | $220.0M | ||
| Q1 24 | $-21.5M | $91.0M |
| Q4 25 | 16.8% | 17.2% | ||
| Q3 25 | 9.4% | 29.0% | ||
| Q2 25 | 8.5% | 20.5% | ||
| Q1 25 | -4.0% | 31.2% | ||
| Q4 24 | 17.5% | 16.0% | ||
| Q3 24 | 10.3% | 20.1% | ||
| Q2 24 | 10.1% | 26.7% | ||
| Q1 24 | -4.0% | 11.1% |
| Q4 25 | 5.4% | 1.2% | ||
| Q3 25 | 5.7% | 1.6% | ||
| Q2 25 | 3.7% | 1.8% | ||
| Q1 25 | 5.2% | 2.0% | ||
| Q4 24 | 8.8% | 1.4% | ||
| Q3 24 | 3.7% | 1.6% | ||
| Q2 24 | 3.6% | 2.9% | ||
| Q1 24 | 4.5% | 1.7% |
| Q4 25 | 2.36× | 2.26× | ||
| Q3 25 | 1.85× | 1.99× | ||
| Q2 25 | 1.34× | 1.75× | ||
| Q1 25 | 0.14× | 2.81× | ||
| Q4 24 | 2.99× | 1.03× | ||
| Q3 24 | 1.71× | 1.57× | ||
| Q2 24 | 1.69× | 4.00× | ||
| Q1 24 | 0.07× | 0.81× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
| Automation Solutions Segment | $397.7M | 55% |
| Broadband Solutions | $164.8M | 23% |
| Smart Buildings Solutions | $157.7M | 22% |
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
