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Side-by-side financial comparison of Maplebear Inc. (CART) and Keysight Technologies (KEYS). Click either name above to swap in a different company.
Keysight Technologies is the larger business by last-quarter revenue ($1.4B vs $992.0M, roughly 1.4× Maplebear Inc.). Keysight Technologies runs the higher net margin — 16.4% vs 8.2%, a 8.3% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 10.3%). Keysight Technologies produced more free cash flow last quarter ($187.0M vs $171.0M). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs 6.2%).
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.
Keysight Technologies, Inc. is an American company that manufactures electronics test and measurement equipment and software. The company was formed as a spin-off of Agilent Technologies, which inherited and rebranded the test and measurement product lines developed and produced, from the late 1960s to the turn of the millennium, by Hewlett-Packard's Test and Measurement division. Its name is a portmanteau of key and insight.
CART vs KEYS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.4B |
| Net Profit | $81.0M | $233.0M |
| Gross Margin | 72.3% | 61.2% |
| Operating Margin | 9.9% | 15.3% |
| Net Margin | 8.2% | 16.4% |
| Revenue YoY | 12.3% | 10.3% |
| Net Profit YoY | -45.3% | 419.2% |
| EPS (diluted) | $0.31 | $1.35 |
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 | $1.4B | ||
| Q3 25 | $939.0M | $1.4B | ||
| Q2 25 | $914.0M | $1.3B | ||
| Q1 25 | $897.0M | $1.3B | ||
| Q4 24 | $883.0M | $1.3B | ||
| Q3 24 | $852.0M | $1.2B | ||
| Q2 24 | $823.0M | $1.2B | ||
| Q1 24 | $820.0M | $1.3B |
| Q4 25 | $81.0M | $233.0M | ||
| Q3 25 | $144.0M | $191.0M | ||
| Q2 25 | $116.0M | $257.0M | ||
| Q1 25 | $106.0M | $169.0M | ||
| Q4 24 | $148.0M | $-73.0M | ||
| Q3 24 | $118.0M | $389.0M | ||
| Q2 24 | $61.0M | $126.0M | ||
| Q1 24 | $130.0M | $172.0M |
| Q4 25 | 72.3% | 61.2% | ||
| Q3 25 | 73.7% | 61.7% | ||
| Q2 25 | 74.2% | 62.3% | ||
| Q1 25 | 74.8% | 63.2% | ||
| Q4 24 | 75.2% | 62.3% | ||
| Q3 24 | 75.2% | 62.0% | ||
| Q2 24 | 75.7% | 62.7% | ||
| Q1 24 | 74.9% | 64.6% |
| Q4 25 | 9.9% | 15.3% | ||
| Q3 25 | 17.7% | 17.3% | ||
| Q2 25 | 13.6% | 15.8% | ||
| Q1 25 | 12.3% | 16.8% | ||
| Q4 24 | 17.6% | 17.9% | ||
| Q3 24 | 16.2% | 16.8% | ||
| Q2 24 | 6.3% | 14.6% | ||
| Q1 24 | 17.6% | 17.6% |
| Q4 25 | 8.2% | 16.4% | ||
| Q3 25 | 15.3% | 14.1% | ||
| Q2 25 | 12.7% | 19.7% | ||
| Q1 25 | 11.8% | 13.0% | ||
| Q4 24 | 16.8% | -5.7% | ||
| Q3 24 | 13.8% | 32.0% | ||
| Q2 24 | 7.4% | 10.4% | ||
| Q1 24 | 15.9% | 13.7% |
| Q4 25 | $0.31 | $1.35 | ||
| Q3 25 | $0.51 | $1.10 | ||
| Q2 25 | $0.41 | $1.49 | ||
| Q1 25 | $0.37 | $0.97 | ||
| Q4 24 | $0.53 | $-0.41 | ||
| Q3 24 | $0.42 | $2.22 | ||
| Q2 24 | $0.20 | $0.72 | ||
| Q1 24 | $0.43 | $0.98 |
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 | $1.9B |
| Total DebtLower is stronger | — | $2.5B |
| Stockholders' EquityBook value | $2.5B | $5.9B |
| Total Assets | $3.7B | $11.3B |
| Debt / EquityLower = less leverage | — | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $1.9B | ||
| Q3 25 | $1.7B | $2.6B | ||
| Q2 25 | $1.6B | $3.1B | ||
| Q1 25 | $1.6B | $2.1B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.4B | $1.7B | ||
| Q1 24 | $1.5B | $1.7B |
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $1.8B |
| Q4 25 | $2.5B | $5.9B | ||
| Q3 25 | $3.5B | $5.7B | ||
| Q2 25 | $3.3B | $5.5B | ||
| Q1 25 | $3.2B | $5.2B | ||
| Q4 24 | $3.1B | $5.1B | ||
| Q3 24 | $2.9B | $5.2B | ||
| Q2 24 | $3.0B | $4.9B | ||
| Q1 24 | $3.1B | $4.8B |
| Q4 25 | $3.7B | $11.3B | ||
| Q3 25 | $4.5B | $10.7B | ||
| Q2 25 | $4.4B | $10.5B | ||
| Q1 25 | $4.3B | $9.4B | ||
| Q4 24 | $4.1B | $9.3B | ||
| Q3 24 | $3.9B | $9.3B | ||
| Q2 24 | $4.0B | $9.0B | ||
| Q1 24 | $4.1B | $9.1B |
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.46× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.35× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.38× |
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 | $225.0M |
| Free Cash FlowOCF − Capex | $171.0M | $187.0M |
| FCF MarginFCF / Revenue | 17.2% | 13.2% |
| Capex IntensityCapex / Revenue | 1.2% | 2.7% |
| Cash ConversionOCF / Net Profit | 2.26× | 0.97× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $225.0M | ||
| Q3 25 | $287.0M | $322.0M | ||
| Q2 25 | $203.0M | $484.0M | ||
| Q1 25 | $298.0M | $378.0M | ||
| Q4 24 | $153.0M | $359.0M | ||
| Q3 24 | $185.0M | $255.0M | ||
| Q2 24 | $244.0M | $110.0M | ||
| Q1 24 | $105.0M | $328.0M |
| Q4 25 | $171.0M | $187.0M | ||
| Q3 25 | $272.0M | $291.0M | ||
| Q2 25 | $187.0M | $457.0M | ||
| Q1 25 | $280.0M | $346.0M | ||
| Q4 24 | $141.0M | $321.0M | ||
| Q3 24 | $171.0M | $222.0M | ||
| Q2 24 | $220.0M | $74.0M | ||
| Q1 24 | $91.0M | $281.0M |
| Q4 25 | 17.2% | 13.2% | ||
| Q3 25 | 29.0% | 21.5% | ||
| Q2 25 | 20.5% | 35.0% | ||
| Q1 25 | 31.2% | 26.7% | ||
| Q4 24 | 16.0% | 24.9% | ||
| Q3 24 | 20.1% | 18.2% | ||
| Q2 24 | 26.7% | 6.1% | ||
| Q1 24 | 11.1% | 22.3% |
| Q4 25 | 1.2% | 2.7% | ||
| Q3 25 | 1.6% | 2.3% | ||
| Q2 25 | 1.8% | 2.1% | ||
| Q1 25 | 2.0% | 2.5% | ||
| Q4 24 | 1.4% | 3.0% | ||
| Q3 24 | 1.6% | 2.7% | ||
| Q2 24 | 2.9% | 3.0% | ||
| Q1 24 | 1.7% | 3.7% |
| Q4 25 | 2.26× | 0.97× | ||
| Q3 25 | 1.99× | 1.69× | ||
| Q2 25 | 1.75× | 1.88× | ||
| Q1 25 | 2.81× | 2.24× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 0.66× | ||
| Q2 24 | 4.00× | 0.87× | ||
| Q1 24 | 0.81× | 1.91× |
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% |
KEYS
| Transferred At Point In Time | $790.0M | 56% |
| Electronicindustrial | $429.0M | 30% |
| Transferred Over Time | $200.0M | 14% |
