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Side-by-side financial comparison of Maplebear Inc. (CART) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $665.5M, roughly 1.5× Natera, Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs 7.1%, a 1.1% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 12.3%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $37.8M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% 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.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
CART vs NTRA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $665.5M |
| Net Profit | $81.0M | $47.3M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | -3.4% |
| Net Margin | 8.2% | 7.1% |
| Revenue YoY | 12.3% | 39.8% |
| Net Profit YoY | -45.3% | 187.9% |
| EPS (diluted) | $0.31 | $0.36 |
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 | $665.5M | ||
| Q3 25 | $939.0M | $592.2M | ||
| Q2 25 | $914.0M | $546.6M | ||
| Q1 25 | $897.0M | $501.8M | ||
| Q4 24 | $883.0M | $476.1M | ||
| Q3 24 | $852.0M | $439.8M | ||
| Q2 24 | $823.0M | $413.4M | ||
| Q1 24 | $820.0M | $367.7M |
| Q4 25 | $81.0M | $47.3M | ||
| Q3 25 | $144.0M | $-87.5M | ||
| Q2 25 | $116.0M | $-100.9M | ||
| Q1 25 | $106.0M | $-66.9M | ||
| Q4 24 | $148.0M | $-53.8M | ||
| Q3 24 | $118.0M | $-31.6M | ||
| Q2 24 | $61.0M | $-37.5M | ||
| Q1 24 | $130.0M | $-67.6M |
| Q4 25 | 72.3% | — | ||
| Q3 25 | 73.7% | — | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 74.8% | — | ||
| Q4 24 | 75.2% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 75.7% | — | ||
| Q1 24 | 74.9% | — |
| Q4 25 | 9.9% | -3.4% | ||
| Q3 25 | 17.7% | -16.5% | ||
| Q2 25 | 13.6% | -20.2% | ||
| Q1 25 | 12.3% | -15.8% | ||
| Q4 24 | 17.6% | -13.6% | ||
| Q3 24 | 16.2% | -8.9% | ||
| Q2 24 | 6.3% | -10.6% | ||
| Q1 24 | 17.6% | -20.2% |
| Q4 25 | 8.2% | 7.1% | ||
| Q3 25 | 15.3% | -14.8% | ||
| Q2 25 | 12.7% | -18.5% | ||
| Q1 25 | 11.8% | -13.3% | ||
| Q4 24 | 16.8% | -11.3% | ||
| Q3 24 | 13.8% | -7.2% | ||
| Q2 24 | 7.4% | -9.1% | ||
| Q1 24 | 15.9% | -18.4% |
| Q4 25 | $0.31 | $0.36 | ||
| Q3 25 | $0.51 | $-0.64 | ||
| Q2 25 | $0.41 | $-0.74 | ||
| Q1 25 | $0.37 | $-0.50 | ||
| Q4 24 | $0.53 | $-0.41 | ||
| Q3 24 | $0.42 | $-0.26 | ||
| Q2 24 | $0.20 | $-0.30 | ||
| Q1 24 | $0.43 | $-0.56 |
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 | $1.7B |
| Total Assets | $3.7B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | — | ||
| Q3 25 | $1.7B | $1.0M | ||
| Q2 25 | $1.6B | $16.0M | ||
| Q1 25 | $1.6B | $17.8M | ||
| Q4 24 | $1.4B | $22.7M | ||
| Q3 24 | $1.3B | $29.5M | ||
| Q2 24 | $1.4B | $90.3M | ||
| Q1 24 | $1.5B | $69.1M |
| Q4 25 | $2.5B | $1.7B | ||
| Q3 25 | $3.5B | $1.3B | ||
| Q2 25 | $3.3B | $1.2B | ||
| Q1 25 | $3.2B | $1.2B | ||
| Q4 24 | $3.1B | $1.2B | ||
| Q3 24 | $2.9B | $878.5M | ||
| Q2 24 | $3.0B | $836.5M | ||
| Q1 24 | $3.1B | $794.1M |
| Q4 25 | $3.7B | $2.4B | ||
| Q3 25 | $4.5B | $1.8B | ||
| Q2 25 | $4.4B | $1.8B | ||
| Q1 25 | $4.3B | $1.7B | ||
| Q4 24 | $4.1B | $1.7B | ||
| Q3 24 | $3.9B | $1.6B | ||
| 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 | $73.9M |
| Free Cash FlowOCF − Capex | $171.0M | $37.8M |
| FCF MarginFCF / Revenue | 17.2% | 5.7% |
| Capex IntensityCapex / Revenue | 1.2% | 5.4% |
| Cash ConversionOCF / Net Profit | 2.26× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $73.9M | ||
| Q3 25 | $287.0M | $59.4M | ||
| Q2 25 | $203.0M | $37.6M | ||
| Q1 25 | $298.0M | $44.5M | ||
| Q4 24 | $153.0M | $52.9M | ||
| Q3 24 | $185.0M | $51.8M | ||
| Q2 24 | $244.0M | $4.0M | ||
| Q1 24 | $105.0M | $27.0M |
| Q4 25 | $171.0M | $37.8M | ||
| Q3 25 | $272.0M | $37.0M | ||
| Q2 25 | $187.0M | $11.7M | ||
| Q1 25 | $280.0M | $22.6M | ||
| Q4 24 | $141.0M | $34.8M | ||
| Q3 24 | $171.0M | $35.5M | ||
| Q2 24 | $220.0M | $-7.7M | ||
| Q1 24 | $91.0M | $6.7M |
| Q4 25 | 17.2% | 5.7% | ||
| Q3 25 | 29.0% | 6.2% | ||
| Q2 25 | 20.5% | 2.1% | ||
| Q1 25 | 31.2% | 4.5% | ||
| Q4 24 | 16.0% | 7.3% | ||
| Q3 24 | 20.1% | 8.1% | ||
| Q2 24 | 26.7% | -1.9% | ||
| Q1 24 | 11.1% | 1.8% |
| Q4 25 | 1.2% | 5.4% | ||
| Q3 25 | 1.6% | 3.8% | ||
| Q2 25 | 1.8% | 4.7% | ||
| Q1 25 | 2.0% | 4.3% | ||
| Q4 24 | 1.4% | 3.8% | ||
| Q3 24 | 1.6% | 3.7% | ||
| Q2 24 | 2.9% | 2.8% | ||
| Q1 24 | 1.7% | 5.5% |
| Q4 25 | 2.26× | 1.56× | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 4.00× | — | ||
| 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% |
NTRA
Segment breakdown not available.
