vs
Maplebear Inc.（CART）与Camping World Holdings, Inc.（CWH）财务数据对比。点击上方公司名可切换其他公司
Camping World Holdings, Inc.的季度营收约是Maplebear Inc.的1.2倍（$1.2B vs $992.0M），Maplebear Inc.净利率更高（8.2% vs -9.3%，领先17.5%），Maplebear Inc.同比增速更快（12.3% vs -2.6%），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs -7.2%）
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。
露营世界控股公司是美国知名露营房车行业企业，总部位于伊利诺伊州林肯郡，主营休闲房车销售、房车配件供应及售后维保服务，同时也售卖各类露营装备。目前公司在全美共设有202家线下门店，除线下门店经营外，还通过电话等渠道开展零售业务，2016年10月完成首次公开募股上市，募资2.51亿美元。
CART vs CWH — 直观对比
营收规模更大
CWH
是对方的1.2倍
$992.0M
营收增速更快
CART
高出14.9%
-2.6%
净利率更高
CART
高出17.5%
-9.3%
两年增速更快
CART
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.2B |
| 净利润 | $81.0M | $-109.1M |
| 毛利率 | 72.3% | 28.8% |
| 营业利润率 | 9.9% | -4.3% |
| 净利率 | 8.2% | -9.3% |
| 营收同比 | 12.3% | -2.6% |
| 净利润同比 | -45.3% | -83.3% |
| 每股收益（稀释后） | $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CARTCWH
| Q4 25 | $992.0M | $1.2B | ||
| Q3 25 | $939.0M | $1.8B | ||
| Q2 25 | $914.0M | $2.0B | ||
| Q1 25 | $897.0M | $1.4B | ||
| Q4 24 | $883.0M | $1.2B | ||
| Q3 24 | $852.0M | $1.7B | ||
| Q2 24 | $823.0M | $1.8B | ||
| Q1 24 | $820.0M | $1.4B |
净利润CARTCWH
| Q4 25 | $81.0M | $-109.1M | ||
| Q3 25 | $144.0M | $-40.4M | ||
| Q2 25 | $116.0M | $30.2M | ||
| Q1 25 | $106.0M | $-12.3M | ||
| Q4 24 | $148.0M | $-59.5M | ||
| Q3 24 | $118.0M | $5.5M | ||
| Q2 24 | $61.0M | $9.8M | ||
| Q1 24 | $130.0M | $-22.3M |
毛利率CARTCWH
| Q4 25 | 72.3% | 28.8% | ||
| Q3 25 | 73.7% | 28.6% | ||
| Q2 25 | 74.2% | 30.0% | ||
| Q1 25 | 74.8% | 30.4% | ||
| Q4 24 | 75.2% | 31.3% | ||
| Q3 24 | 75.2% | 28.9% | ||
| Q2 24 | 75.7% | 30.3% | ||
| Q1 24 | 74.9% | 29.5% |
营业利润率CARTCWH
| Q4 25 | 9.9% | -4.3% | ||
| Q3 25 | 17.7% | 4.4% | ||
| Q2 25 | 13.6% | 6.6% | ||
| Q1 25 | 12.3% | 1.5% | ||
| Q4 24 | 17.6% | -1.3% | ||
| Q3 24 | 16.2% | 3.7% | ||
| Q2 24 | 6.3% | 5.3% | ||
| Q1 24 | 17.6% | 0.3% |
净利率CARTCWH
| Q4 25 | 8.2% | -9.3% | ||
| Q3 25 | 15.3% | -2.2% | ||
| Q2 25 | 12.7% | 1.5% | ||
| Q1 25 | 11.8% | -0.9% | ||
| Q4 24 | 16.8% | -4.9% | ||
| Q3 24 | 13.8% | 0.3% | ||
| Q2 24 | 7.4% | 0.5% | ||
| Q1 24 | 15.9% | -1.6% |
每股收益（稀释后）CARTCWH
| Q4 25 | $0.31 | — | ||
| Q3 25 | $0.51 | — | ||
| Q2 25 | $0.41 | — | ||
| Q1 25 | $0.37 | — | ||
| Q4 24 | $0.53 | — | ||
| Q3 24 | $0.42 | — | ||
| Q2 24 | $0.20 | — | ||
| Q1 24 | $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 | $687.0M | $215.0M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $2.5B | $228.6M |
| 总资产 | $3.7B | $5.0B |
| 负债/权益比越低杠杆越低 | — | 6.44× |
8季度趋势，按日历期对齐
现金及短期投资CARTCWH
| Q4 25 | $687.0M | $215.0M | ||
| Q3 25 | $1.7B | $230.5M | ||
| Q2 25 | $1.6B | $118.1M | ||
| Q1 25 | $1.6B | $20.9M | ||
| Q4 24 | $1.4B | $208.4M | ||
| Q3 24 | $1.3B | $28.4M | ||
| Q2 24 | $1.4B | $23.7M | ||
| Q1 24 | $1.5B | $29.7M |
总债务CARTCWH
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.6B |
股东权益CARTCWH
| Q4 25 | $2.5B | $228.6M | ||
| Q3 25 | $3.5B | $296.2M | ||
| Q2 25 | $3.3B | $340.5M | ||
| Q1 25 | $3.2B | $310.5M | ||
| Q4 24 | $3.1B | $326.6M | ||
| Q3 24 | $2.9B | $151.6M | ||
| Q2 24 | $3.0B | $149.7M | ||
| Q1 24 | $3.1B | $142.8M |
总资产CARTCWH
| Q4 25 | $3.7B | $5.0B | ||
| Q3 25 | $4.5B | $5.0B | ||
| Q2 25 | $4.4B | $5.2B | ||
| Q1 25 | $4.3B | $5.1B | ||
| Q4 24 | $4.1B | $4.9B | ||
| Q3 24 | $3.9B | $4.7B | ||
| Q2 24 | $4.0B | $5.0B | ||
| Q1 24 | $4.1B | $5.1B |
负债/权益比CARTCWH
| Q4 25 | — | 6.44× | ||
| Q3 25 | — | 5.00× | ||
| Q2 25 | — | 4.42× | ||
| Q1 25 | — | 4.87× | ||
| Q4 24 | — | 4.64× | ||
| Q3 24 | — | 10.09× | ||
| Q2 24 | — | 10.28× | ||
| Q1 24 | — | 11.00× |
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 | $-227.2M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | — |
| 自由现金流率自由现金流/营收 | 17.2% | — |
| 资本支出强度资本支出/营收 | 1.2% | — |
| 现金转化率经营现金流/净利润 | 2.26× | — |
| 过去12个月自由现金流最近4个季度 | $910.0M | — |
8季度趋势，按日历期对齐
经营现金流CARTCWH
| Q4 25 | $183.0M | $-227.2M | ||
| Q3 25 | $287.0M | $139.8M | ||
| Q2 25 | $203.0M | $187.9M | ||
| Q1 25 | $298.0M | $-232.5M | ||
| Q4 24 | $153.0M | $-163.4M | ||
| Q3 24 | $185.0M | $324.2M | ||
| Q2 24 | $244.0M | $152.3M | ||
| Q1 24 | $105.0M | $-68.0M |
自由现金流CARTCWH
| 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 | — |
自由现金流率CARTCWH
| 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% | — |
资本支出强度CARTCWH
| 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% | — |
现金转化率CARTCWH
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | 6.22× | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 58.93× | ||
| Q2 24 | 4.00× | 15.59× | ||
| Q1 24 | 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
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
CWH
| New Vehicles | $457.8M | 39% |
| Used Vehicles | $386.5M | 33% |
| Products Service And Other | $160.5M | 14% |
| Finance And Insurance Net | $111.4M | 9% |
| Good Sam Services And Plans | $48.0M | 4% |
| Good Sam Club | $10.5M | 1% |
