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Side-by-side financial comparison of Maplebear Inc. (CART) and North American Construction Group Ltd. (NOA). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $860.2M, roughly 1.2× North American Construction Group Ltd.). Maplebear Inc. runs the higher net margin — 8.2% vs 4.7%, a 3.5% gap on every dollar of revenue. Over the past eight quarters, North American Construction Group Ltd.'s revenue compounded faster (58.0% 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.
Shanghai Construction (Group) Corporation (SCG) is a Chinese construction and engineering company, ranked as the 16th largest construction company in the world based on 2011 revenues.
CART vs NOA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $860.2M |
| Net Profit | $81.0M | $40.5M |
| Gross Margin | 72.3% | 19.7% |
| Operating Margin | 9.9% | 15.4% |
| Net Margin | 8.2% | 4.7% |
| Revenue YoY | 12.3% | — |
| Net Profit YoY | -45.3% | — |
| EPS (diluted) | $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 | $992.0M | — | ||
| Q3 25 | $939.0M | $860.2M | ||
| Q2 25 | $914.0M | $573.3M | ||
| Q1 25 | $897.0M | $297.0M | ||
| Q4 24 | $883.0M | — | ||
| Q3 24 | $852.0M | $636.4M | ||
| Q2 24 | $823.0M | $439.5M | ||
| Q1 24 | $820.0M | $244.3M |
| Q4 25 | $81.0M | — | ||
| Q3 25 | $144.0M | $40.5M | ||
| Q2 25 | $116.0M | $26.0M | ||
| Q1 25 | $106.0M | $11.5M | ||
| Q4 24 | $148.0M | — | ||
| Q3 24 | $118.0M | $45.5M | ||
| Q2 24 | $61.0M | $34.1M | ||
| Q1 24 | $130.0M | $21.8M |
| Q4 25 | 72.3% | — | ||
| Q3 25 | 73.7% | 19.7% | ||
| Q2 25 | 74.2% | 18.1% | ||
| Q1 25 | 74.8% | 18.0% | ||
| Q4 24 | 75.2% | — | ||
| Q3 24 | 75.2% | 14.0% | ||
| Q2 24 | 75.7% | 14.3% | ||
| Q1 24 | 74.9% | 16.8% |
| Q4 25 | 9.9% | — | ||
| Q3 25 | 17.7% | 15.4% | ||
| Q2 25 | 13.6% | 13.6% | ||
| Q1 25 | 12.3% | 13.0% | ||
| Q4 24 | 17.6% | — | ||
| Q3 24 | 16.2% | 7.9% | ||
| Q2 24 | 6.3% | 8.2% | ||
| Q1 24 | 17.6% | 10.5% |
| Q4 25 | 8.2% | — | ||
| Q3 25 | 15.3% | 4.7% | ||
| Q2 25 | 12.7% | 4.5% | ||
| Q1 25 | 11.8% | 3.9% | ||
| Q4 24 | 16.8% | — | ||
| Q3 24 | 13.8% | 7.1% | ||
| Q2 24 | 7.4% | 7.8% | ||
| Q1 24 | 15.9% | 8.9% |
| Q4 25 | $0.31 | — | ||
| Q3 25 | $0.51 | — | ||
| Q2 25 | $0.41 | — | ||
| Q1 25 | $0.37 | — | ||
| Q4 24 | $0.53 | — | ||
| Q3 24 | $0.42 | — | ||
| Q2 24 | $0.20 | — | ||
| Q1 24 | $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 | $687.0M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | — |
| Total Assets | $3.7B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.3B | — | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.1B | — |
| Q4 25 | $3.7B | — | ||
| Q3 25 | $4.5B | $1.7B | ||
| Q2 25 | $4.4B | $1.7B | ||
| Q1 25 | $4.3B | $1.7B | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $3.9B | $1.5B | ||
| Q2 24 | $4.0B | $1.5B | ||
| Q1 24 | $4.1B | $1.5B |
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 | $140.7M |
| Free Cash FlowOCF − Capex | $171.0M | — |
| FCF MarginFCF / Revenue | 17.2% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | 2.26× | 3.47× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | — | ||
| Q3 25 | $287.0M | $140.7M | ||
| Q2 25 | $203.0M | $85.4M | ||
| Q1 25 | $298.0M | $19.0M | ||
| Q4 24 | $153.0M | — | ||
| Q3 24 | $185.0M | $109.5M | ||
| Q2 24 | $244.0M | $72.0M | ||
| Q1 24 | $105.0M | $31.8M |
| Q4 25 | $171.0M | — | ||
| Q3 25 | $272.0M | — | ||
| Q2 25 | $187.0M | — | ||
| Q1 25 | $280.0M | — | ||
| Q4 24 | $141.0M | — | ||
| Q3 24 | $171.0M | — | ||
| Q2 24 | $220.0M | — | ||
| Q1 24 | $91.0M | — |
| Q4 25 | 17.2% | — | ||
| Q3 25 | 29.0% | — | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 31.2% | — | ||
| Q4 24 | 16.0% | — | ||
| Q3 24 | 20.1% | — | ||
| Q2 24 | 26.7% | — | ||
| Q1 24 | 11.1% | — |
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 1.7% | — |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | 3.47× | ||
| Q2 25 | 1.75× | 3.28× | ||
| Q1 25 | 2.81× | 1.65× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 2.41× | ||
| Q2 24 | 4.00× | 2.11× | ||
| Q1 24 | 0.81× | 1.46× |
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% |
NOA
Segment breakdown not available.
