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Side-by-side financial comparison of Maplebear Inc. (CART) and Distribution Solutions Group, Inc. (DSGR). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $518.0M, roughly 1.9× Distribution Solutions Group, Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs 1.2%, a 6.9% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 10.7%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $32.9M). Over the past eight quarters, Distribution Solutions Group, Inc.'s revenue compounded faster (13.1% CAGR vs 10.0%).
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.
Univar Solutions Inc. is a global chemical and ingredients distributor and provider of value-added services.
CART vs DSGR — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $518.0M |
| Net Profit | $81.0M | $6.5M |
| Gross Margin | 72.3% | 32.9% |
| Operating Margin | 9.9% | 4.6% |
| Net Margin | 8.2% | 1.2% |
| Revenue YoY | 12.3% | 10.7% |
| Net Profit YoY | -45.3% | -70.6% |
| EPS (diluted) | $0.31 | $0.14 |
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 | $992.0M | — | ||
| Q3 25 | $939.0M | $518.0M | ||
| Q2 25 | $914.0M | $502.4M | ||
| Q1 25 | $897.0M | $478.0M | ||
| Q4 24 | $883.0M | $480.5M | ||
| Q3 24 | $852.0M | $468.0M | ||
| Q2 24 | $823.0M | $439.5M | ||
| Q1 24 | $820.0M | $416.1M |
| Q4 25 | $81.0M | — | ||
| Q3 25 | $144.0M | $6.5M | ||
| Q2 25 | $116.0M | $5.0M | ||
| Q1 25 | $106.0M | $3.3M | ||
| Q4 24 | $148.0M | $-25.9M | ||
| Q3 24 | $118.0M | $21.9M | ||
| Q2 24 | $61.0M | $1.9M | ||
| Q1 24 | $130.0M | $-5.2M |
| Q4 25 | 72.3% | — | ||
| Q3 25 | 73.7% | 32.9% | ||
| Q2 25 | 74.2% | 33.9% | ||
| Q1 25 | 74.8% | 34.3% | ||
| Q4 24 | 75.2% | 33.3% | ||
| Q3 24 | 75.2% | 33.9% | ||
| Q2 24 | 75.7% | 34.5% | ||
| Q1 24 | 74.9% | 34.5% |
| Q4 25 | 9.9% | — | ||
| Q3 25 | 17.7% | 4.6% | ||
| Q2 25 | 13.6% | 5.3% | ||
| Q1 25 | 12.3% | 4.2% | ||
| Q4 24 | 17.6% | 4.2% | ||
| Q3 24 | 16.2% | 4.0% | ||
| Q2 24 | 6.3% | 3.2% | ||
| Q1 24 | 17.6% | 0.7% |
| Q4 25 | 8.2% | — | ||
| Q3 25 | 15.3% | 1.2% | ||
| Q2 25 | 12.7% | 1.0% | ||
| Q1 25 | 11.8% | 0.7% | ||
| Q4 24 | 16.8% | -5.4% | ||
| Q3 24 | 13.8% | 4.7% | ||
| Q2 24 | 7.4% | 0.4% | ||
| Q1 24 | 15.9% | -1.3% |
| Q4 25 | $0.31 | — | ||
| Q3 25 | $0.51 | $0.14 | ||
| Q2 25 | $0.41 | $0.11 | ||
| Q1 25 | $0.37 | $0.07 | ||
| Q4 24 | $0.53 | $-0.55 | ||
| Q3 24 | $0.42 | $0.46 | ||
| Q2 24 | $0.20 | $0.04 | ||
| Q1 24 | $0.43 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $687.0M | $69.2M |
| Total DebtLower is stronger | — | $665.5M |
| Stockholders' EquityBook value | $2.5B | $653.9M |
| Total Assets | $3.7B | $1.8B |
| Debt / EquityLower = less leverage | — | 1.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | — | ||
| Q3 25 | $1.7B | $69.2M | ||
| Q2 25 | $1.6B | $47.4M | ||
| Q1 25 | $1.6B | $65.4M | ||
| Q4 24 | $1.4B | $66.5M | ||
| Q3 24 | $1.3B | $61.3M | ||
| Q2 24 | $1.4B | $46.8M | ||
| Q1 24 | $1.5B | $73.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | $665.5M | ||
| Q2 25 | — | $675.0M | ||
| Q1 25 | — | $712.4M | ||
| Q4 24 | — | $693.9M | ||
| Q3 24 | — | $704.1M | ||
| Q2 24 | — | $573.7M | ||
| Q1 24 | — | $535.7M |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $3.5B | $653.9M | ||
| Q2 25 | $3.3B | $649.4M | ||
| Q1 25 | $3.2B | $636.7M | ||
| Q4 24 | $3.1B | $640.5M | ||
| Q3 24 | $2.9B | $680.8M | ||
| Q2 24 | $3.0B | $653.3M | ||
| Q1 24 | $3.1B | $654.7M |
| Q4 25 | $3.7B | — | ||
| Q3 25 | $4.5B | $1.8B | ||
| Q2 25 | $4.4B | $1.8B | ||
| Q1 25 | $4.3B | $1.8B | ||
| Q4 24 | $4.1B | $1.7B | ||
| Q3 24 | $3.9B | $1.8B | ||
| Q2 24 | $4.0B | $1.6B | ||
| Q1 24 | $4.1B | $1.5B |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.02× | ||
| Q2 25 | — | 1.04× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.88× | ||
| Q1 24 | — | 0.82× |
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 | $183.0M | $38.4M |
| Free Cash FlowOCF − Capex | $171.0M | $32.9M |
| FCF MarginFCF / Revenue | 17.2% | 6.3% |
| Capex IntensityCapex / Revenue | 1.2% | 1.1% |
| Cash ConversionOCF / Net Profit | 2.26× | 5.95× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | — | ||
| Q3 25 | $287.0M | $38.4M | ||
| Q2 25 | $203.0M | $33.3M | ||
| Q1 25 | $298.0M | $-4.8M | ||
| Q4 24 | $153.0M | $45.7M | ||
| Q3 24 | $185.0M | $-17.3M | ||
| Q2 24 | $244.0M | $21.4M | ||
| Q1 24 | $105.0M | $6.6M |
| Q4 25 | $171.0M | — | ||
| Q3 25 | $272.0M | $32.9M | ||
| Q2 25 | $187.0M | $28.7M | ||
| Q1 25 | $280.0M | $-10.4M | ||
| Q4 24 | $141.0M | $41.1M | ||
| Q3 24 | $171.0M | $-20.5M | ||
| Q2 24 | $220.0M | $18.0M | ||
| Q1 24 | $91.0M | $4.2M |
| Q4 25 | 17.2% | — | ||
| Q3 25 | 29.0% | 6.3% | ||
| Q2 25 | 20.5% | 5.7% | ||
| Q1 25 | 31.2% | -2.2% | ||
| Q4 24 | 16.0% | 8.6% | ||
| Q3 24 | 20.1% | -4.4% | ||
| Q2 24 | 26.7% | 4.1% | ||
| Q1 24 | 11.1% | 1.0% |
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.6% | 1.1% | ||
| Q2 25 | 1.8% | 0.9% | ||
| Q1 25 | 2.0% | 1.2% | ||
| Q4 24 | 1.4% | 1.0% | ||
| Q3 24 | 1.6% | 0.7% | ||
| Q2 24 | 2.9% | 0.8% | ||
| Q1 24 | 1.7% | 0.6% |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | 5.95× | ||
| Q2 25 | 1.75× | 6.66× | ||
| Q1 25 | 2.81× | -1.46× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | -0.79× | ||
| Q2 24 | 4.00× | 11.28× | ||
| Q1 24 | 0.81× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
DSGR
| Test Equity Segment | $206.5M | 40% |
| Gexpro Services Segment | $130.5M | 25% |
| Lawson Segment | $121.5M | 23% |
| Canada Branch Division Segment | $60.0M | 12% |
