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Maplebear Inc.（CART）与CoStar Group（CSGP）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CoStar Group的1.1倍（$992.0M vs $899.9M），Maplebear Inc.净利率更高（8.2% vs 5.2%，领先3.0%），CoStar Group同比增速更快（26.9% vs 12.3%），Maplebear Inc.自由现金流更多（$171.0M vs $101.3M），过去两年CoStar Group的营收复合增速更高（17.1% 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。
CoStar Group是1987年成立的美国商业地产服务商，总部位于弗吉尼亚州阿灵顿，业务覆盖北美、欧洲地区，为商业地产行业提供信息、分析及营销解决方案，旗下运营CoStar线上数据库、新闻网站及Apartments.com、Homes.com等多个线上平台。
CART vs CSGP — 直观对比
营收规模更大
CART
是对方的1.1倍
$899.9M
营收增速更快
CSGP
高出14.5%
12.3%
净利率更高
CART
高出3.0%
5.2%
自由现金流更多
CART
多$69.7M
$101.3M
两年增速更快
CSGP
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $899.9M |
| 净利润 | $81.0M | $46.5M |
| 毛利率 | 72.3% | 78.6% |
| 营业利润率 | 9.9% | 5.5% |
| 净利率 | 8.2% | 5.2% |
| 营收同比 | 12.3% | 26.9% |
| 净利润同比 | -45.3% | -22.2% |
| 每股收益（稀释后） | $0.31 | $0.12 |
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CARTCSGP
| Q4 25 | $992.0M | $899.9M | ||
| Q3 25 | $939.0M | $833.6M | ||
| Q2 25 | $914.0M | $781.3M | ||
| Q1 25 | $897.0M | $732.2M | ||
| Q4 24 | $883.0M | $709.4M | ||
| Q3 24 | $852.0M | $692.6M | ||
| Q2 24 | $823.0M | $677.8M | ||
| Q1 24 | $820.0M | $656.4M |
净利润CARTCSGP
| Q4 25 | $81.0M | $46.5M | ||
| Q3 25 | $144.0M | $-30.9M | ||
| Q2 25 | $116.0M | $6.2M | ||
| Q1 25 | $106.0M | $-14.8M | ||
| Q4 24 | $148.0M | $59.8M | ||
| Q3 24 | $118.0M | $53.0M | ||
| Q2 24 | $61.0M | $19.2M | ||
| Q1 24 | $130.0M | $6.7M |
毛利率CARTCSGP
| Q4 25 | 72.3% | 78.6% | ||
| Q3 25 | 73.7% | 79.3% | ||
| Q2 25 | 74.2% | 78.5% | ||
| Q1 25 | 74.8% | 79.1% | ||
| Q4 24 | 75.2% | 80.1% | ||
| Q3 24 | 75.2% | 79.7% | ||
| Q2 24 | 75.7% | 80.0% | ||
| Q1 24 | 74.9% | 78.5% |
营业利润率CARTCSGP
| Q4 25 | 9.9% | 5.5% | ||
| Q3 25 | 17.7% | -6.1% | ||
| Q2 25 | 13.6% | -3.5% | ||
| Q1 25 | 12.3% | -5.8% | ||
| Q4 24 | 17.6% | 5.6% | ||
| Q3 24 | 16.2% | 3.4% | ||
| Q2 24 | 6.3% | -2.4% | ||
| Q1 24 | 17.6% | -6.5% |
净利率CARTCSGP
| Q4 25 | 8.2% | 5.2% | ||
| Q3 25 | 15.3% | -3.7% | ||
| Q2 25 | 12.7% | 0.8% | ||
| Q1 25 | 11.8% | -2.0% | ||
| Q4 24 | 16.8% | 8.4% | ||
| Q3 24 | 13.8% | 7.7% | ||
| Q2 24 | 7.4% | 2.8% | ||
| Q1 24 | 15.9% | 1.0% |
每股收益（稀释后）CARTCSGP
| Q4 25 | $0.31 | $0.12 | ||
| Q3 25 | $0.51 | $-0.07 | ||
| Q2 25 | $0.41 | $0.01 | ||
| Q1 25 | $0.37 | $-0.04 | ||
| Q4 24 | $0.53 | $0.14 | ||
| Q3 24 | $0.42 | $0.13 | ||
| Q2 24 | $0.20 | $0.05 | ||
| Q1 24 | $0.43 | $0.02 |
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 | $1.6B |
| 总债务越低越好 | — | $140.0M |
| 股东权益账面价值 | $2.5B | $8.3B |
| 总资产 | $3.7B | $10.5B |
| 负债/权益比越低杠杆越低 | — | 0.02× |
8季度趋势，按日历期对齐
现金及短期投资CARTCSGP
| Q4 25 | $687.0M | $1.6B | ||
| Q3 25 | $1.7B | $1.9B | ||
| Q2 25 | $1.6B | $3.6B | ||
| Q1 25 | $1.6B | $3.7B | ||
| Q4 24 | $1.4B | $4.7B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | — |
总债务CARTCSGP
| Q4 25 | — | $140.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.0B |
股东权益CARTCSGP
| Q4 25 | $2.5B | $8.3B | ||
| Q3 25 | $3.5B | $8.6B | ||
| Q2 25 | $3.3B | $8.6B | ||
| Q1 25 | $3.2B | $8.6B | ||
| Q4 24 | $3.1B | $7.6B | ||
| Q3 24 | $2.9B | $7.5B | ||
| Q2 24 | $3.0B | $7.4B | ||
| Q1 24 | $3.1B | $7.3B |
总资产CARTCSGP
| Q4 25 | $3.7B | $10.5B | ||
| Q3 25 | $4.5B | $10.8B | ||
| Q2 25 | $4.4B | $10.5B | ||
| Q1 25 | $4.3B | $10.4B | ||
| Q4 24 | $4.1B | $9.3B | ||
| Q3 24 | $3.9B | $9.1B | ||
| Q2 24 | $4.0B | $9.1B | ||
| Q1 24 | $4.1B | $9.0B |
负债/权益比CARTCSGP
| Q4 25 | — | 0.02× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.14× |
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 | $162.1M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $101.3M |
| 自由现金流率自由现金流/营收 | 17.2% | 11.3% |
| 资本支出强度资本支出/营收 | 1.2% | 6.8% |
| 现金转化率经营现金流/净利润 | 2.26× | 3.49× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $123.0M |
8季度趋势，按日历期对齐
经营现金流CARTCSGP
| Q4 25 | $183.0M | $162.1M | ||
| Q3 25 | $287.0M | $68.2M | ||
| Q2 25 | $203.0M | $146.5M | ||
| Q1 25 | $298.0M | $53.2M | ||
| Q4 24 | $153.0M | $94.6M | ||
| Q3 24 | $185.0M | $100.3M | ||
| Q2 24 | $244.0M | $58.1M | ||
| Q1 24 | $105.0M | $139.6M |
自由现金流CARTCSGP
| Q4 25 | $171.0M | $101.3M | ||
| Q3 25 | $272.0M | $-5.5M | ||
| Q2 25 | $187.0M | $27.7M | ||
| Q1 25 | $280.0M | $-500.0K | ||
| Q4 24 | $141.0M | $25.2M | ||
| Q3 24 | $171.0M | $40.2M | ||
| Q2 24 | $220.0M | $-14.7M | ||
| Q1 24 | $91.0M | $-237.1M |
自由现金流率CARTCSGP
| Q4 25 | 17.2% | 11.3% | ||
| Q3 25 | 29.0% | -0.7% | ||
| Q2 25 | 20.5% | 3.5% | ||
| Q1 25 | 31.2% | -0.1% | ||
| Q4 24 | 16.0% | 3.6% | ||
| Q3 24 | 20.1% | 5.8% | ||
| Q2 24 | 26.7% | -2.2% | ||
| Q1 24 | 11.1% | -36.1% |
资本支出强度CARTCSGP
| Q4 25 | 1.2% | 6.8% | ||
| Q3 25 | 1.6% | 8.8% | ||
| Q2 25 | 1.8% | 15.2% | ||
| Q1 25 | 2.0% | 7.3% | ||
| Q4 24 | 1.4% | 9.8% | ||
| Q3 24 | 1.6% | 8.7% | ||
| Q2 24 | 2.9% | 10.7% | ||
| Q1 24 | 1.7% | 57.4% |
现金转化率CARTCSGP
| Q4 25 | 2.26× | 3.49× | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | 23.63× | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | 1.58× | ||
| Q3 24 | 1.57× | 1.89× | ||
| Q2 24 | 4.00× | 3.03× | ||
| Q1 24 | 0.81× | 20.84× |
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% |
CSGP
| Co Star | $503.8M | 56% |
| Other | $283.0M | 31% |
| Loop Net | $94.7M | 11% |
