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Maplebear Inc.（CART）与DoorDash（DASH）财务数据对比。点击上方公司名可切换其他公司
DoorDash的季度营收约是Maplebear Inc.的4.0倍（$4.0B vs $992.0M），Maplebear Inc.净利率更高（8.2% vs 5.4%，领先2.8%），DoorDash同比增速更快（37.7% vs 12.3%），DoorDash自由现金流更多（$367.0M vs $171.0M），过去两年DoorDash的营收复合增速更高（25.5% 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。
DoorDash是美国头部在线订餐及配送平台，也是美国规模最大的外卖配送服务商，占据当地外卖配送市场56%的份额，便民配送品类市场占比更是高达60%。截至2020年12月31日，平台合作商户超45万家，服务消费者超2000万，注册配送员数量突破100万。
CART vs DASH — 直观对比
营收规模更大
DASH
是对方的4.0倍
$992.0M
营收增速更快
DASH
高出25.3%
12.3%
净利率更高
CART
高出2.8%
5.4%
自由现金流更多
DASH
多$196.0M
$171.0M
两年增速更快
DASH
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $4.0B |
| 净利润 | $81.0M | $213.0M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | 3.7% |
| 净利率 | 8.2% | 5.4% |
| 营收同比 | 12.3% | 37.7% |
| 净利润同比 | -45.3% | 51.1% |
| 每股收益（稀释后） | $0.31 | $0.49 |
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CARTDASH
| Q4 25 | $992.0M | $4.0B | ||
| Q3 25 | $939.0M | $3.4B | ||
| Q2 25 | $914.0M | $3.3B | ||
| Q1 25 | $897.0M | $3.0B | ||
| Q4 24 | $883.0M | $2.9B | ||
| Q3 24 | $852.0M | $2.7B | ||
| Q2 24 | $823.0M | $2.6B | ||
| Q1 24 | $820.0M | $2.5B |
净利润CARTDASH
| Q4 25 | $81.0M | $213.0M | ||
| Q3 25 | $144.0M | $244.0M | ||
| Q2 25 | $116.0M | $285.0M | ||
| Q1 25 | $106.0M | $193.0M | ||
| Q4 24 | $148.0M | $141.0M | ||
| Q3 24 | $118.0M | $162.0M | ||
| Q2 24 | $61.0M | $-157.0M | ||
| Q1 24 | $130.0M | $-23.0M |
毛利率CARTDASH
| 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CARTDASH
| Q4 25 | 9.9% | 3.7% | ||
| Q3 25 | 17.7% | 7.5% | ||
| Q2 25 | 13.6% | 5.0% | ||
| Q1 25 | 12.3% | 5.1% | ||
| Q4 24 | 17.6% | 4.1% | ||
| Q3 24 | 16.2% | 4.0% | ||
| Q2 24 | 6.3% | -7.6% | ||
| Q1 24 | 17.6% | -2.4% |
净利率CARTDASH
| Q4 25 | 8.2% | 5.4% | ||
| Q3 25 | 15.3% | 7.1% | ||
| Q2 25 | 12.7% | 8.7% | ||
| Q1 25 | 11.8% | 6.4% | ||
| Q4 24 | 16.8% | 4.9% | ||
| Q3 24 | 13.8% | 6.0% | ||
| Q2 24 | 7.4% | -6.0% | ||
| Q1 24 | 15.9% | -0.9% |
每股收益（稀释后）CARTDASH
| Q4 25 | $0.31 | $0.49 | ||
| Q3 25 | $0.51 | $0.55 | ||
| Q2 25 | $0.41 | $0.65 | ||
| Q1 25 | $0.37 | $0.44 | ||
| Q4 24 | $0.53 | $0.35 | ||
| Q3 24 | $0.42 | $0.38 | ||
| Q2 24 | $0.20 | $-0.38 | ||
| Q1 24 | $0.43 | $-0.06 |
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 | $4.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $10.0B |
| 总资产 | $3.7B | $19.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CARTDASH
| Q4 25 | $687.0M | $4.4B | ||
| Q3 25 | $1.7B | $3.3B | ||
| Q2 25 | $1.6B | $3.9B | ||
| Q1 25 | $1.6B | $4.5B | ||
| Q4 24 | $1.4B | $4.0B | ||
| Q3 24 | $1.3B | $3.7B | ||
| Q2 24 | $1.4B | $3.4B | ||
| Q1 24 | $1.5B | $3.1B |
股东权益CARTDASH
| Q4 25 | $2.5B | $10.0B | ||
| Q3 25 | $3.5B | $9.5B | ||
| Q2 25 | $3.3B | $8.9B | ||
| Q1 25 | $3.2B | $8.4B | ||
| Q4 24 | $3.1B | $7.8B | ||
| Q3 24 | $2.9B | $7.6B | ||
| Q2 24 | $3.0B | $7.2B | ||
| Q1 24 | $3.1B | $7.0B |
总资产CARTDASH
| Q4 25 | $3.7B | $19.7B | ||
| Q3 25 | $4.5B | $18.0B | ||
| Q2 25 | $4.4B | $16.9B | ||
| Q1 25 | $4.3B | $13.6B | ||
| Q4 24 | $4.1B | $12.8B | ||
| Q3 24 | $3.9B | $12.3B | ||
| Q2 24 | $4.0B | $11.8B | ||
| Q1 24 | $4.1B | $11.4B |
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 | $421.0M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $367.0M |
| 自由现金流率自由现金流/营收 | 17.2% | 9.3% |
| 资本支出强度资本支出/营收 | 1.2% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.26× | 1.98× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $2.2B |
8季度趋势，按日历期对齐
经营现金流CARTDASH
| Q4 25 | $183.0M | $421.0M | ||
| Q3 25 | $287.0M | $871.0M | ||
| Q2 25 | $203.0M | $504.0M | ||
| Q1 25 | $298.0M | $635.0M | ||
| Q4 24 | $153.0M | $518.0M | ||
| Q3 24 | $185.0M | $531.0M | ||
| Q2 24 | $244.0M | $530.0M | ||
| Q1 24 | $105.0M | $553.0M |
自由现金流CARTDASH
| Q4 25 | $171.0M | $367.0M | ||
| Q3 25 | $272.0M | $808.0M | ||
| Q2 25 | $187.0M | $438.0M | ||
| Q1 25 | $280.0M | $561.0M | ||
| Q4 24 | $141.0M | $486.0M | ||
| Q3 24 | $171.0M | $499.0M | ||
| Q2 24 | $220.0M | $507.0M | ||
| Q1 24 | $91.0M | $536.0M |
自由现金流率CARTDASH
| Q4 25 | 17.2% | 9.3% | ||
| Q3 25 | 29.0% | 23.4% | ||
| Q2 25 | 20.5% | 13.3% | ||
| Q1 25 | 31.2% | 18.5% | ||
| Q4 24 | 16.0% | 16.9% | ||
| Q3 24 | 20.1% | 18.4% | ||
| Q2 24 | 26.7% | 19.3% | ||
| Q1 24 | 11.1% | 21.3% |
资本支出强度CARTDASH
| Q4 25 | 1.2% | 1.4% | ||
| Q3 25 | 1.6% | 1.8% | ||
| Q2 25 | 1.8% | 2.0% | ||
| Q1 25 | 2.0% | 2.4% | ||
| Q4 24 | 1.4% | 1.1% | ||
| Q3 24 | 1.6% | 1.2% | ||
| Q2 24 | 2.9% | 0.9% | ||
| Q1 24 | 1.7% | 0.7% |
现金转化率CARTDASH
| Q4 25 | 2.26× | 1.98× | ||
| Q3 25 | 1.99× | 3.57× | ||
| Q2 25 | 1.75× | 1.77× | ||
| Q1 25 | 2.81× | 3.29× | ||
| Q4 24 | 1.03× | 3.67× | ||
| Q3 24 | 1.57× | 3.28× | ||
| Q2 24 | 4.00× | — | ||
| 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% |
DASH
暂无分部数据
