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Maplebear Inc.（CART）与DROPBOX, INC.（DBX）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DROPBOX, INC.的1.6倍（$992.0M vs $636.2M），DROPBOX, INC.净利率更高（17.1% vs 8.2%，领先8.9%），Maplebear Inc.同比增速更快（12.3% vs -1.1%），DROPBOX, INC.自由现金流更多（$224.9M vs $171.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 0.4%）
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。
Dropbox是总部位于美国加利福尼亚州旧金山的云服务企业，2007年由麻省理工学院学生德鲁·休斯顿与阿拉什·费尔多西创立，初创阶段获得创业孵化器Y Combinator的种子投资，核心业务包含云存储、文件同步、个人云及配套客户端软件等服务。
CART vs DBX — 直观对比
营收规模更大
CART
是对方的1.6倍
$636.2M
营收增速更快
CART
高出13.5%
-1.1%
净利率更高
DBX
高出8.9%
8.2%
自由现金流更多
DBX
多$53.9M
$171.0M
两年增速更快
CART
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $636.2M |
| 净利润 | $81.0M | $108.7M |
| 毛利率 | 72.3% | 79.2% |
| 营业利润率 | 9.9% | 25.5% |
| 净利率 | 8.2% | 17.1% |
| 营收同比 | 12.3% | -1.1% |
| 净利润同比 | -45.3% | 5.7% |
| 每股收益（稀释后） | $0.31 | $0.43 |
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CARTDBX
| Q4 25 | $992.0M | $636.2M | ||
| Q3 25 | $939.0M | $634.4M | ||
| Q2 25 | $914.0M | $625.7M | ||
| Q1 25 | $897.0M | $624.7M | ||
| Q4 24 | $883.0M | $643.6M | ||
| Q3 24 | $852.0M | $638.8M | ||
| Q2 24 | $823.0M | $634.5M | ||
| Q1 24 | $820.0M | $631.3M |
净利润CARTDBX
| Q4 25 | $81.0M | $108.7M | ||
| Q3 25 | $144.0M | $123.8M | ||
| Q2 25 | $116.0M | $125.6M | ||
| Q1 25 | $106.0M | $150.3M | ||
| Q4 24 | $148.0M | $102.8M | ||
| Q3 24 | $118.0M | $106.7M | ||
| Q2 24 | $61.0M | $110.5M | ||
| Q1 24 | $130.0M | $132.3M |
毛利率CARTDBX
| Q4 25 | 72.3% | 79.2% | ||
| Q3 25 | 73.7% | 79.8% | ||
| Q2 25 | 74.2% | 80.2% | ||
| Q1 25 | 74.8% | 81.3% | ||
| Q4 24 | 75.2% | 81.2% | ||
| Q3 24 | 75.2% | 82.5% | ||
| Q2 24 | 75.7% | 83.1% | ||
| Q1 24 | 74.9% | 83.2% |
营业利润率CARTDBX
| Q4 25 | 9.9% | 25.5% | ||
| Q3 25 | 17.7% | 27.5% | ||
| Q2 25 | 13.6% | 26.9% | ||
| Q1 25 | 12.3% | 29.4% | ||
| Q4 24 | 17.6% | 13.7% | ||
| Q3 24 | 16.2% | 20.0% | ||
| Q2 24 | 6.3% | 20.0% | ||
| Q1 24 | 17.6% | 22.7% |
净利率CARTDBX
| Q4 25 | 8.2% | 17.1% | ||
| Q3 25 | 15.3% | 19.5% | ||
| Q2 25 | 12.7% | 20.1% | ||
| Q1 25 | 11.8% | 24.1% | ||
| Q4 24 | 16.8% | 16.0% | ||
| Q3 24 | 13.8% | 16.7% | ||
| Q2 24 | 7.4% | 17.4% | ||
| Q1 24 | 15.9% | 21.0% |
每股收益（稀释后）CARTDBX
| Q4 25 | $0.31 | $0.43 | ||
| Q3 25 | $0.51 | $0.47 | ||
| Q2 25 | $0.41 | $0.45 | ||
| Q1 25 | $0.37 | $0.51 | ||
| Q4 24 | $0.53 | $0.33 | ||
| Q3 24 | $0.42 | $0.34 | ||
| Q2 24 | $0.20 | $0.34 | ||
| Q1 24 | $0.43 | $0.39 |
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 | $891.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $-1.8B |
| 总资产 | $3.7B | $2.8B |
| 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CARTDBX
| Q4 25 | $687.0M | $891.3M | ||
| Q3 25 | $1.7B | $730.7M | ||
| Q2 25 | $1.6B | $736.3M | ||
| Q1 25 | $1.6B | $942.2M | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.3B | $517.6M | ||
| Q2 24 | $1.4B | $515.1M | ||
| Q1 24 | $1.5B | $548.9M |
股东权益CARTDBX
| Q4 25 | $2.5B | $-1.8B | ||
| Q3 25 | $3.5B | $-1.5B | ||
| Q2 25 | $3.3B | $-1.3B | ||
| Q1 25 | $3.2B | $-1.1B | ||
| Q4 24 | $3.1B | $-752.4M | ||
| Q3 24 | $2.9B | $-546.1M | ||
| Q2 24 | $3.0B | $-371.3M | ||
| Q1 24 | $3.1B | $-277.2M |
总资产CARTDBX
| Q4 25 | $3.7B | $2.8B | ||
| Q3 25 | $4.5B | $2.8B | ||
| Q2 25 | $4.4B | $2.8B | ||
| Q1 25 | $4.3B | $3.0B | ||
| Q4 24 | $4.1B | $3.3B | ||
| Q3 24 | $3.9B | $2.6B | ||
| Q2 24 | $4.0B | $2.7B | ||
| Q1 24 | $4.1B | $2.8B |
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 | $235.4M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $224.9M |
| 自由现金流率自由现金流/营收 | 17.2% | 35.4% |
| 资本支出强度资本支出/营收 | 1.2% | 1.7% |
| 现金转化率经营现金流/净利润 | 2.26× | 2.17× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $930.8M |
8季度趋势，按日历期对齐
经营现金流CARTDBX
| Q4 25 | $183.0M | $235.4M | ||
| Q3 25 | $287.0M | $302.1M | ||
| Q2 25 | $203.0M | $260.5M | ||
| Q1 25 | $298.0M | $153.8M | ||
| Q4 24 | $153.0M | $213.8M | ||
| Q3 24 | $185.0M | $274.2M | ||
| Q2 24 | $244.0M | $230.6M | ||
| Q1 24 | $105.0M | $175.5M |
自由现金流CARTDBX
| Q4 25 | $171.0M | $224.9M | ||
| Q3 25 | $272.0M | $293.7M | ||
| Q2 25 | $187.0M | $258.5M | ||
| Q1 25 | $280.0M | $153.7M | ||
| Q4 24 | $141.0M | $210.5M | ||
| Q3 24 | $171.0M | $270.1M | ||
| Q2 24 | $220.0M | $224.7M | ||
| Q1 24 | $91.0M | $166.3M |
自由现金流率CARTDBX
| Q4 25 | 17.2% | 35.4% | ||
| Q3 25 | 29.0% | 46.3% | ||
| Q2 25 | 20.5% | 41.3% | ||
| Q1 25 | 31.2% | 24.6% | ||
| Q4 24 | 16.0% | 32.7% | ||
| Q3 24 | 20.1% | 42.3% | ||
| Q2 24 | 26.7% | 35.4% | ||
| Q1 24 | 11.1% | 26.3% |
资本支出强度CARTDBX
| Q4 25 | 1.2% | 1.7% | ||
| Q3 25 | 1.6% | 1.3% | ||
| Q2 25 | 1.8% | 0.3% | ||
| Q1 25 | 2.0% | 0.0% | ||
| Q4 24 | 1.4% | 0.5% | ||
| Q3 24 | 1.6% | 0.6% | ||
| Q2 24 | 2.9% | 0.9% | ||
| Q1 24 | 1.7% | 1.5% |
现金转化率CARTDBX
| Q4 25 | 2.26× | 2.17× | ||
| Q3 25 | 1.99× | 2.44× | ||
| Q2 25 | 1.75× | 2.07× | ||
| Q1 25 | 2.81× | 1.02× | ||
| Q4 24 | 1.03× | 2.08× | ||
| Q3 24 | 1.57× | 2.57× | ||
| Q2 24 | 4.00× | 2.09× | ||
| Q1 24 | 0.81× | 1.33× |
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% |
DBX
| US | $355.3M | 56% |
| Non Us | $280.9M | 44% |
