vs
Side-by-side financial comparison of Maplebear Inc. (CART) and PIPER SANDLER COMPANIES (PIPR). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $667.0M, roughly 1.5× PIPER SANDLER COMPANIES). PIPER SANDLER COMPANIES runs the higher net margin — 17.1% vs 8.2%, a 8.9% gap on every dollar of revenue. On growth, PIPER SANDLER COMPANIES posted the faster year-over-year revenue change (37.4% vs 12.3%). Over the past eight quarters, PIPER SANDLER COMPANIES's revenue compounded faster (39.2% 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.
Piper Sandler Companies is an American multinational investment bank and financial services company, focused on mergers and acquisitions, financial restructuring, public offerings, public finance, institutional brokerage, investment management, and securities research. Through its principal subsidiary, Piper Sandler & Co., the company targets corporations, institutional investors, and public entities.
CART vs PIPR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $667.0M |
| Net Profit | $81.0M | $114.0M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 28.3% |
| Net Margin | 8.2% | 17.1% |
| Revenue YoY | 12.3% | 37.4% |
| Net Profit YoY | -45.3% | 65.0% |
| EPS (diluted) | $0.31 | $6.41 |
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 | $667.0M | ||
| Q3 25 | $939.0M | $480.1M | ||
| Q2 25 | $914.0M | $398.6M | ||
| Q1 25 | $897.0M | $358.6M | ||
| Q4 24 | $883.0M | $485.4M | ||
| Q3 24 | $852.0M | $360.9M | ||
| Q2 24 | $823.0M | $340.8M | ||
| Q1 24 | $820.0M | $344.4M |
| Q4 25 | $81.0M | $114.0M | ||
| Q3 25 | $144.0M | $60.3M | ||
| Q2 25 | $116.0M | $42.2M | ||
| Q1 25 | $106.0M | $64.9M | ||
| Q4 24 | $148.0M | $69.1M | ||
| Q3 24 | $118.0M | $34.8M | ||
| Q2 24 | $61.0M | $34.8M | ||
| Q1 24 | $130.0M | $42.5M |
| 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% | 28.3% | ||
| Q3 25 | 17.7% | 22.4% | ||
| Q2 25 | 13.6% | 12.3% | ||
| Q1 25 | 12.3% | 8.2% | ||
| Q4 24 | 17.6% | 16.9% | ||
| Q3 24 | 16.2% | 15.4% | ||
| Q2 24 | 6.3% | 8.3% | ||
| Q1 24 | 17.6% | 15.2% |
| Q4 25 | 8.2% | 17.1% | ||
| Q3 25 | 15.3% | 12.6% | ||
| Q2 25 | 12.7% | 10.6% | ||
| Q1 25 | 11.8% | 18.1% | ||
| Q4 24 | 16.8% | 14.2% | ||
| Q3 24 | 13.8% | 9.6% | ||
| Q2 24 | 7.4% | 10.2% | ||
| Q1 24 | 15.9% | 12.3% |
| Q4 25 | $0.31 | $6.41 | ||
| Q3 25 | $0.51 | $3.38 | ||
| Q2 25 | $0.41 | $2.38 | ||
| Q1 25 | $0.37 | $3.65 | ||
| Q4 24 | $0.53 | $3.88 | ||
| Q3 24 | $0.42 | $1.96 | ||
| Q2 24 | $0.20 | $1.97 | ||
| Q1 24 | $0.43 | $2.43 |
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 | $1.4B |
| Total Assets | $3.7B | $2.6B |
| 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 | $1.4B | ||
| 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 | $1.2B | ||
| Q2 24 | $3.0B | $1.1B | ||
| Q1 24 | $3.1B | $1.1B |
| Q4 25 | $3.7B | $2.6B | ||
| Q3 25 | $4.5B | $2.2B | ||
| Q2 25 | $4.4B | $2.0B | ||
| Q1 25 | $4.3B | $1.8B | ||
| Q4 24 | $4.1B | $2.3B | ||
| Q3 24 | $3.9B | $2.0B | ||
| Q2 24 | $4.0B | $1.9B | ||
| Q1 24 | $4.1B | $1.8B |
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 | $729.8M |
| Free Cash FlowOCF − Capex | $171.0M | — |
| FCF MarginFCF / Revenue | 17.2% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | 2.26× | 6.40× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $729.8M | ||
| Q3 25 | $287.0M | $31.9M | ||
| Q2 25 | $203.0M | $32.1M | ||
| Q1 25 | $298.0M | $-207.2M | ||
| Q4 24 | $153.0M | $163.8M | ||
| Q3 24 | $185.0M | $80.1M | ||
| Q2 24 | $244.0M | $266.5M | ||
| Q1 24 | $105.0M | $-197.2M |
| 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× | 6.40× | ||
| Q3 25 | 1.99× | 0.53× | ||
| Q2 25 | 1.75× | 0.76× | ||
| Q1 25 | 2.81× | -3.19× | ||
| Q4 24 | 1.03× | 2.37× | ||
| Q3 24 | 1.57× | 2.30× | ||
| Q2 24 | 4.00× | 7.66× | ||
| Q1 24 | 0.81× | -4.64× |
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% |
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
