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阿普塔集团（ATR）与Maplebear Inc.（CART）财务数据对比。点击上方公司名可切换其他公司
Maplebear Inc.的季度营收约是阿普塔集团的1.0倍（$992.0M vs $962.7M），Maplebear Inc.净利率更高（8.2% vs 7.7%，领先0.4%），阿普塔集团同比增速更快（13.5% vs 12.3%），Maplebear Inc.自由现金流更多（$171.0M vs $96.9M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 2.6%）
阿普塔集团（AptarGroup, Inc.）是总部位于美国的全球性制造企业，主营消费品分配包装产品及药物给药装置的研发与生产，目前在全球18个国家设有生产运营基地，服务医药、快消等多领域客户。
Maplebear Inc. 以Instacart为品牌开展业务，是总部位于美国旧金山的零售媒体及配送企业，在美国和加拿大运营生鲜杂货配送与自提服务。用户可通过官网及移动应用从合作商户订购食品杂货，在法律允许的地区还可选购酒类商品，所有订单由专属采购专员负责拣选、打包并配送上门。
ATR vs CART — 直观对比
营收规模更大
CART
是对方的1.0倍
$962.7M
营收增速更快
ATR
高出1.2%
12.3%
净利率更高
CART
高出0.4%
7.7%
自由现金流更多
CART
多$74.1M
$96.9M
两年增速更快
CART
近两年复合增速
2.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $962.7M | $992.0M |
| 净利润 | $74.3M | $81.0M |
| 毛利率 | — | 72.3% |
| 营业利润率 | 11.0% | 9.9% |
| 净利率 | 7.7% | 8.2% |
| 营收同比 | 13.5% | 12.3% |
| 净利润同比 | -26.4% | -45.3% |
| 每股收益（稀释后） | $1.13 | $0.31 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ATRCART
| Q4 25 | $962.7M | $992.0M | ||
| Q3 25 | $961.1M | $939.0M | ||
| Q2 25 | $966.0M | $914.0M | ||
| Q1 25 | $887.3M | $897.0M | ||
| Q4 24 | $848.1M | $883.0M | ||
| Q3 24 | $909.3M | $852.0M | ||
| Q2 24 | $910.1M | $823.0M | ||
| Q1 24 | $915.4M | $820.0M |
净利润ATRCART
| Q4 25 | $74.3M | $81.0M | ||
| Q3 25 | $127.9M | $144.0M | ||
| Q2 25 | $111.7M | $116.0M | ||
| Q1 25 | $78.8M | $106.0M | ||
| Q4 24 | $100.9M | $148.0M | ||
| Q3 24 | $100.0M | $118.0M | ||
| Q2 24 | $90.5M | $61.0M | ||
| Q1 24 | $83.1M | $130.0M |
毛利率ATRCART
| 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% |
营业利润率ATRCART
| Q4 25 | 11.0% | 9.9% | ||
| Q3 25 | 14.2% | 17.7% | ||
| Q2 25 | 14.9% | 13.6% | ||
| Q1 25 | 12.8% | 12.3% | ||
| Q4 24 | 14.2% | 17.6% | ||
| Q3 24 | 15.2% | 16.2% | ||
| Q2 24 | 13.8% | 6.3% | ||
| Q1 24 | 12.2% | 17.6% |
净利率ATRCART
| Q4 25 | 7.7% | 8.2% | ||
| Q3 25 | 13.3% | 15.3% | ||
| Q2 25 | 11.6% | 12.7% | ||
| Q1 25 | 8.9% | 11.8% | ||
| Q4 24 | 11.9% | 16.8% | ||
| Q3 24 | 11.0% | 13.8% | ||
| Q2 24 | 9.9% | 7.4% | ||
| Q1 24 | 9.1% | 15.9% |
每股收益（稀释后）ATRCART
| Q4 25 | $1.13 | $0.31 | ||
| Q3 25 | $1.92 | $0.51 | ||
| Q2 25 | $1.67 | $0.41 | ||
| Q1 25 | $1.17 | $0.37 | ||
| Q4 24 | $1.48 | $0.53 | ||
| Q3 24 | $1.48 | $0.42 | ||
| Q2 24 | $1.34 | $0.20 | ||
| Q1 24 | $1.23 | $0.43 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $409.5M | $687.0M |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $2.7B | $2.5B |
| 总资产 | $5.3B | $3.7B |
| 负债/权益比越低杠杆越低 | 0.43× | — |
8季度趋势，按日历期对齐
现金及短期投资ATRCART
| Q4 25 | $409.5M | $687.0M | ||
| Q3 25 | $264.8M | $1.7B | ||
| Q2 25 | $169.8M | $1.6B | ||
| Q1 25 | $136.8M | $1.6B | ||
| Q4 24 | $226.2M | $1.4B | ||
| Q3 24 | $327.9M | $1.3B | ||
| Q2 24 | $223.9M | $1.4B | ||
| Q1 24 | $201.1M | $1.5B |
总债务ATRCART
| Q4 25 | $1.1B | — | ||
| Q3 25 | $546.0M | — | ||
| Q2 25 | $535.1M | — | ||
| Q1 25 | $561.2M | — | ||
| Q4 24 | $688.1M | — | ||
| Q3 24 | $822.7M | — | ||
| Q2 24 | $681.5M | — | ||
| Q1 24 | $680.4M | — |
股东权益ATRCART
| Q4 25 | $2.7B | $2.5B | ||
| Q3 25 | $2.8B | $3.5B | ||
| Q2 25 | $2.7B | $3.3B | ||
| Q1 25 | $2.5B | $3.2B | ||
| Q4 24 | $2.5B | $3.1B | ||
| Q3 24 | $2.5B | $2.9B | ||
| Q2 24 | $2.4B | $3.0B | ||
| Q1 24 | $2.3B | $3.1B |
总资产ATRCART
| Q4 25 | $5.3B | $3.7B | ||
| Q3 25 | $5.1B | $4.5B | ||
| Q2 25 | $4.9B | $4.4B | ||
| Q1 25 | $4.5B | $4.3B | ||
| Q4 24 | $4.4B | $4.1B | ||
| Q3 24 | $4.6B | $3.9B | ||
| Q2 24 | $4.5B | $4.0B | ||
| Q1 24 | $4.4B | $4.1B |
负债/权益比ATRCART
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 0.28× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.28× | — | ||
| Q1 24 | 0.29× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $183.7M | $183.0M |
| 自由现金流经营现金流 - 资本支出 | $96.9M | $171.0M |
| 自由现金流率自由现金流/营收 | 10.1% | 17.2% |
| 资本支出强度资本支出/营收 | 9.0% | 1.2% |
| 现金转化率经营现金流/净利润 | 2.47× | 2.26× |
| 过去12个月自由现金流最近4个季度 | $299.6M | $910.0M |
8季度趋势，按日历期对齐
经营现金流ATRCART
| Q4 25 | $183.7M | $183.0M | ||
| Q3 25 | $177.6M | $287.0M | ||
| Q2 25 | $126.0M | $203.0M | ||
| Q1 25 | $82.7M | $298.0M | ||
| Q4 24 | $178.2M | $153.0M | ||
| Q3 24 | $229.3M | $185.0M | ||
| Q2 24 | $143.6M | $244.0M | ||
| Q1 24 | $92.3M | $105.0M |
自由现金流ATRCART
| Q4 25 | $96.9M | $171.0M | ||
| Q3 25 | $114.3M | $272.0M | ||
| Q2 25 | $62.5M | $187.0M | ||
| Q1 25 | $25.9M | $280.0M | ||
| Q4 24 | $112.2M | $141.0M | ||
| Q3 24 | $162.7M | $171.0M | ||
| Q2 24 | $75.4M | $220.0M | ||
| Q1 24 | $16.7M | $91.0M |
自由现金流率ATRCART
| Q4 25 | 10.1% | 17.2% | ||
| Q3 25 | 11.9% | 29.0% | ||
| Q2 25 | 6.5% | 20.5% | ||
| Q1 25 | 2.9% | 31.2% | ||
| Q4 24 | 13.2% | 16.0% | ||
| Q3 24 | 17.9% | 20.1% | ||
| Q2 24 | 8.3% | 26.7% | ||
| Q1 24 | 1.8% | 11.1% |
资本支出强度ATRCART
| Q4 25 | 9.0% | 1.2% | ||
| Q3 25 | 6.6% | 1.6% | ||
| Q2 25 | 6.6% | 1.8% | ||
| Q1 25 | 6.4% | 2.0% | ||
| Q4 24 | 7.8% | 1.4% | ||
| Q3 24 | 7.3% | 1.6% | ||
| Q2 24 | 7.5% | 2.9% | ||
| Q1 24 | 8.3% | 1.7% |
现金转化率ATRCART
| Q4 25 | 2.47× | 2.26× | ||
| Q3 25 | 1.39× | 1.99× | ||
| Q2 25 | 1.13× | 1.75× | ||
| Q1 25 | 1.05× | 2.81× | ||
| Q4 24 | 1.77× | 1.03× | ||
| Q3 24 | 2.29× | 1.57× | ||
| Q2 24 | 1.59× | 4.00× | ||
| Q1 24 | 1.11× | 0.81× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ATR
| Pharma Segment | $833.1M | 87% |
| Other | $129.6M | 13% |
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
