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Maplebear Inc.（CART）与CF Industries（CF）财务数据对比。点击上方公司名可切换其他公司
CF Industries的季度营收约是Maplebear Inc.的1.9倍（$1.9B vs $992.0M），CF Industries净利率更高（26.4% vs 8.2%，领先18.3%），CF Industries同比增速更快（22.8% vs 12.3%），CF Industries自由现金流更多（$313.0M vs $171.0M），过去两年CF Industries的营收复合增速更高（12.8% vs 10.0%）
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。
CF Industries Holdings Inc.是美国知名农用肥料生产及分销商，1946年成立时名为中央农民肥料公司，总部位于芝加哥郊区的伊利诺伊州诺斯布鲁克。公司主营氨、尿素、硝酸铵等肥料产品，最初为区域农业供应合作社联盟，成立56年后完成股份化改制，转为公开上市企业。
CART vs CF — 直观对比
营收规模更大
CF
是对方的1.9倍
$992.0M
营收增速更快
CF
高出10.5%
12.3%
净利率更高
CF
高出18.3%
8.2%
自由现金流更多
CF
多$142.0M
$171.0M
两年增速更快
CF
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.9B |
| 净利润 | $81.0M | $495.0M |
| 毛利率 | 72.3% | 40.9% |
| 营业利润率 | 9.9% | 33.0% |
| 净利率 | 8.2% | 26.4% |
| 营收同比 | 12.3% | 22.8% |
| 净利润同比 | -45.3% | 26.3% |
| 每股收益（稀释后） | $0.31 | $2.56 |
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CARTCF
| Q4 25 | $992.0M | $1.9B | ||
| Q3 25 | $939.0M | $1.7B | ||
| Q2 25 | $914.0M | $1.9B | ||
| Q1 25 | $897.0M | $1.7B | ||
| Q4 24 | $883.0M | $1.5B | ||
| Q3 24 | $852.0M | $1.4B | ||
| Q2 24 | $823.0M | $1.6B | ||
| Q1 24 | $820.0M | $1.5B |
净利润CARTCF
| Q4 25 | $81.0M | $495.0M | ||
| Q3 25 | $144.0M | $460.0M | ||
| Q2 25 | $116.0M | $492.0M | ||
| Q1 25 | $106.0M | $351.0M | ||
| Q4 24 | $148.0M | $392.0M | ||
| Q3 24 | $118.0M | $341.0M | ||
| Q2 24 | $61.0M | $506.0M | ||
| Q1 24 | $130.0M | $238.0M |
毛利率CARTCF
| Q4 25 | 72.3% | 40.9% | ||
| Q3 25 | 73.7% | 38.1% | ||
| Q2 25 | 74.2% | 39.9% | ||
| Q1 25 | 74.8% | 34.4% | ||
| Q4 24 | 75.2% | 34.4% | ||
| Q3 24 | 75.2% | 32.4% | ||
| Q2 24 | 75.7% | 43.2% | ||
| Q1 24 | 74.9% | 27.8% |
营业利润率CARTCF
| Q4 25 | 9.9% | 33.0% | ||
| Q3 25 | 17.7% | 35.0% | ||
| Q2 25 | 13.6% | 34.3% | ||
| Q1 25 | 12.3% | 27.4% | ||
| Q4 24 | 17.6% | 28.9% | ||
| Q3 24 | 16.2% | 26.6% | ||
| Q2 24 | 6.3% | 40.6% | ||
| Q1 24 | 17.6% | 20.6% |
净利率CARTCF
| Q4 25 | 8.2% | 26.4% | ||
| Q3 25 | 15.3% | 27.7% | ||
| Q2 25 | 12.7% | 26.0% | ||
| Q1 25 | 11.8% | 21.1% | ||
| Q4 24 | 16.8% | 25.7% | ||
| Q3 24 | 13.8% | 24.9% | ||
| Q2 24 | 7.4% | 32.2% | ||
| Q1 24 | 15.9% | 16.2% |
每股收益（稀释后）CARTCF
| Q4 25 | $0.31 | $2.56 | ||
| Q3 25 | $0.51 | $2.19 | ||
| Q2 25 | $0.41 | $2.37 | ||
| Q1 25 | $0.37 | $1.85 | ||
| Q4 24 | $0.53 | $1.86 | ||
| Q3 24 | $0.42 | $1.55 | ||
| Q2 24 | $0.20 | $2.30 | ||
| Q1 24 | $0.43 | $1.03 |
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 | $687.0M | — |
| 总债务越低越好 | — | $3.2B |
| 股东权益账面价值 | $2.5B | $4.8B |
| 总资产 | $3.7B | $14.1B |
| 负债/权益比越低杠杆越低 | — | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资CARTCF
| 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 | — |
总债务CARTCF
| Q4 25 | — | $3.2B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
股东权益CARTCF
| Q4 25 | $2.5B | $4.8B | ||
| Q3 25 | $3.5B | $4.8B | ||
| Q2 25 | $3.3B | $5.0B | ||
| Q1 25 | $3.2B | $4.8B | ||
| Q4 24 | $3.1B | $5.0B | ||
| Q3 24 | $2.9B | $5.2B | ||
| Q2 24 | $3.0B | $5.5B | ||
| Q1 24 | $3.1B | $5.4B |
总资产CARTCF
| Q4 25 | $3.7B | $14.1B | ||
| Q3 25 | $4.5B | $14.2B | ||
| Q2 25 | $4.4B | $13.8B | ||
| Q1 25 | $4.3B | $13.3B | ||
| Q4 24 | $4.1B | $13.5B | ||
| Q3 24 | $3.9B | $13.8B | ||
| Q2 24 | $4.0B | $13.8B | ||
| Q1 24 | $4.1B | $13.9B |
负债/权益比CARTCF
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.57× | ||
| Q2 24 | — | 0.54× | ||
| Q1 24 | — | 0.55× |
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 | $183.0M | $539.0M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $313.0M |
| 自由现金流率自由现金流/营收 | 17.2% | 16.7% |
| 资本支出强度资本支出/营收 | 1.2% | 12.1% |
| 现金转化率经营现金流/净利润 | 2.26× | 1.09× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $1.8B |
8季度趋势，按日历期对齐
经营现金流CARTCF
| Q4 25 | $183.0M | $539.0M | ||
| Q3 25 | $287.0M | $1.1B | ||
| Q2 25 | $203.0M | $563.0M | ||
| Q1 25 | $298.0M | $586.0M | ||
| Q4 24 | $153.0M | $420.0M | ||
| Q3 24 | $185.0M | $931.0M | ||
| Q2 24 | $244.0M | $475.0M | ||
| Q1 24 | $105.0M | $445.0M |
自由现金流CARTCF
| Q4 25 | $171.0M | $313.0M | ||
| Q3 25 | $272.0M | $717.0M | ||
| Q2 25 | $187.0M | $318.0M | ||
| Q1 25 | $280.0M | $454.0M | ||
| Q4 24 | $141.0M | $223.0M | ||
| Q3 24 | $171.0M | $792.0M | ||
| Q2 24 | $220.0M | $391.0M | ||
| Q1 24 | $91.0M | $347.0M |
自由现金流率CARTCF
| Q4 25 | 17.2% | 16.7% | ||
| Q3 25 | 29.0% | 43.2% | ||
| Q2 25 | 20.5% | 16.8% | ||
| Q1 25 | 31.2% | 27.3% | ||
| Q4 24 | 16.0% | 14.6% | ||
| Q3 24 | 20.1% | 57.8% | ||
| Q2 24 | 26.7% | 24.9% | ||
| Q1 24 | 11.1% | 23.6% |
资本支出强度CARTCF
| Q4 25 | 1.2% | 12.1% | ||
| Q3 25 | 1.6% | 20.9% | ||
| Q2 25 | 1.8% | 13.0% | ||
| Q1 25 | 2.0% | 7.9% | ||
| Q4 24 | 1.4% | 12.9% | ||
| Q3 24 | 1.6% | 10.1% | ||
| Q2 24 | 2.9% | 5.3% | ||
| Q1 24 | 1.7% | 6.7% |
现金转化率CARTCF
| Q4 25 | 2.26× | 1.09× | ||
| Q3 25 | 1.99× | 2.31× | ||
| Q2 25 | 1.75× | 1.14× | ||
| Q1 25 | 2.81× | 1.67× | ||
| Q4 24 | 1.03× | 1.07× | ||
| Q3 24 | 1.57× | 2.73× | ||
| Q2 24 | 4.00× | 0.94× | ||
| Q1 24 | 0.81× | 1.87× |
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
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
CF
| Ammonia | $591.0M | 32% |
| UAN | $493.0M | 26% |
| Urea | $372.0M | 20% |
| Other | $244.0M | 13% |
| Other Products | $147.0M | 8% |
| Ammonium Nitrate Segment | $25.0M | 1% |
