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Maplebear Inc.（CART）与Deckers Brands（DECK）财务数据对比。点击上方公司名可切换其他公司
Deckers Brands的季度营收约是Maplebear Inc.的2.0倍（$2.0B vs $992.0M），Deckers Brands净利率更高（24.6% vs 8.2%，领先16.4%），Maplebear Inc.同比增速更快（12.3% vs 7.1%），Deckers Brands自由现金流更多（$1.0B vs $171.0M），过去两年Deckers Brands的营收复合增速更高（42.8% 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。
Deckers Brands是1973年成立的美国鞋履设计与分销企业，总部位于加利福尼亚州戈利塔，由道格·奥托与卡尔·F·洛普克共同创立。公司旗下拥有UGG、Teva、Hoka等全球知名鞋履品牌，产品覆盖休闲、户外等多个领域，销往世界多地。
CART vs DECK — 直观对比
营收规模更大
DECK
是对方的2.0倍
$992.0M
营收增速更快
CART
高出5.2%
7.1%
净利率更高
DECK
高出16.4%
8.2%
自由现金流更多
DECK
多$849.3M
$171.0M
两年增速更快
DECK
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $2.0B |
| 净利润 | $81.0M | $481.1M |
| 毛利率 | 72.3% | 59.8% |
| 营业利润率 | 9.9% | 31.4% |
| 净利率 | 8.2% | 24.6% |
| 营收同比 | 12.3% | 7.1% |
| 净利润同比 | -45.3% | 5.3% |
| 每股收益（稀释后） | $0.31 | $3.33 |
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CARTDECK
| Q4 25 | $992.0M | $2.0B | ||
| Q3 25 | $939.0M | $1.4B | ||
| Q2 25 | $914.0M | $964.5M | ||
| Q1 25 | $897.0M | $1.0B | ||
| Q4 24 | $883.0M | $1.8B | ||
| Q3 24 | $852.0M | $1.3B | ||
| Q2 24 | $823.0M | $825.3M | ||
| Q1 24 | $820.0M | $959.8M |
净利润CARTDECK
| Q4 25 | $81.0M | $481.1M | ||
| Q3 25 | $144.0M | $268.2M | ||
| Q2 25 | $116.0M | $139.2M | ||
| Q1 25 | $106.0M | $151.4M | ||
| Q4 24 | $148.0M | $456.7M | ||
| Q3 24 | $118.0M | $242.3M | ||
| Q2 24 | $61.0M | $115.6M | ||
| Q1 24 | $130.0M | $127.5M |
毛利率CARTDECK
| Q4 25 | 72.3% | 59.8% | ||
| Q3 25 | 73.7% | 56.2% | ||
| Q2 25 | 74.2% | 55.8% | ||
| Q1 25 | 74.8% | 56.7% | ||
| Q4 24 | 75.2% | 60.3% | ||
| Q3 24 | 75.2% | 55.9% | ||
| Q2 24 | 75.7% | 56.9% | ||
| Q1 24 | 74.9% | 56.2% |
营业利润率CARTDECK
| Q4 25 | 9.9% | 31.4% | ||
| Q3 25 | 17.7% | 22.8% | ||
| Q2 25 | 13.6% | 17.1% | ||
| Q1 25 | 12.3% | 17.0% | ||
| Q4 24 | 17.6% | 31.0% | ||
| Q3 24 | 16.2% | 23.3% | ||
| Q2 24 | 6.3% | 16.1% | ||
| Q1 24 | 17.6% | 15.0% |
净利率CARTDECK
| Q4 25 | 8.2% | 24.6% | ||
| Q3 25 | 15.3% | 18.7% | ||
| Q2 25 | 12.7% | 14.4% | ||
| Q1 25 | 11.8% | 14.8% | ||
| Q4 24 | 16.8% | 25.0% | ||
| Q3 24 | 13.8% | 18.5% | ||
| Q2 24 | 7.4% | 14.0% | ||
| Q1 24 | 15.9% | 13.3% |
每股收益（稀释后）CARTDECK
| Q4 25 | $0.31 | $3.33 | ||
| Q3 25 | $0.51 | $1.82 | ||
| Q2 25 | $0.41 | $0.93 | ||
| Q1 25 | $0.37 | $-2.78 | ||
| Q4 24 | $0.53 | $3.00 | ||
| Q3 24 | $0.42 | $1.59 | ||
| Q2 24 | $0.20 | $4.52 | ||
| Q1 24 | $0.43 | $4.82 |
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 | $2.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $2.6B |
| 总资产 | $3.7B | $4.1B |
| 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CARTDECK
| Q4 25 | $687.0M | $2.1B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.6B | $1.7B | ||
| Q1 25 | $1.6B | $1.9B | ||
| Q4 24 | $1.4B | $2.2B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.4B | $1.4B | ||
| Q1 24 | $1.5B | $1.5B |
股东权益CARTDECK
| Q4 25 | $2.5B | $2.6B | ||
| Q3 25 | $3.5B | $2.5B | ||
| Q2 25 | $3.3B | $2.5B | ||
| Q1 25 | $3.2B | $2.5B | ||
| Q4 24 | $3.1B | $2.6B | ||
| Q3 24 | $2.9B | $2.2B | ||
| Q2 24 | $3.0B | $2.1B | ||
| Q1 24 | $3.1B | $2.1B |
总资产CARTDECK
| Q4 25 | $3.7B | $4.1B | ||
| Q3 25 | $4.5B | $3.8B | ||
| Q2 25 | $4.4B | $3.8B | ||
| Q1 25 | $4.3B | $3.6B | ||
| Q4 24 | $4.1B | $4.0B | ||
| Q3 24 | $3.9B | $3.4B | ||
| Q2 24 | $4.0B | $3.3B | ||
| Q1 24 | $4.1B | $3.1B |
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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $1.0B |
| 自由现金流率自由现金流/营收 | 17.2% | 52.1% |
| 资本支出强度资本支出/营收 | 1.2% | 1.1% |
| 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 | $929.1M |
8季度趋势，按日历期对齐
经营现金流CARTDECK
| Q4 25 | $183.0M | $1.0B | ||
| Q3 25 | $287.0M | $8.1M | ||
| Q2 25 | $203.0M | $36.1M | ||
| Q1 25 | $298.0M | $-73.0M | ||
| Q4 24 | $153.0M | $1.1B | ||
| Q3 24 | $185.0M | $-90.5M | ||
| Q2 24 | $244.0M | $112.7M | ||
| Q1 24 | $105.0M | $-28.7M |
自由现金流CARTDECK
| Q4 25 | $171.0M | $1.0B | ||
| Q3 25 | $272.0M | $-13.9M | ||
| Q2 25 | $187.0M | $12.2M | ||
| Q1 25 | $280.0M | $-89.4M | ||
| Q4 24 | $141.0M | $1.1B | ||
| Q3 24 | $171.0M | $-113.4M | ||
| Q2 24 | $220.0M | $90.1M | ||
| Q1 24 | $91.0M | $-44.0M |
自由现金流率CARTDECK
| Q4 25 | 17.2% | 52.1% | ||
| Q3 25 | 29.0% | -1.0% | ||
| Q2 25 | 20.5% | 1.3% | ||
| Q1 25 | 31.2% | -8.8% | ||
| Q4 24 | 16.0% | 58.6% | ||
| Q3 24 | 20.1% | -8.6% | ||
| Q2 24 | 26.7% | 10.9% | ||
| Q1 24 | 11.1% | -4.6% |
资本支出强度CARTDECK
| Q4 25 | 1.2% | 1.1% | ||
| Q3 25 | 1.6% | 1.5% | ||
| Q2 25 | 1.8% | 2.5% | ||
| Q1 25 | 2.0% | 1.6% | ||
| Q4 24 | 1.4% | 1.3% | ||
| Q3 24 | 1.6% | 1.7% | ||
| Q2 24 | 2.9% | 2.7% | ||
| Q1 24 | 1.7% | 1.6% |
现金转化率CARTDECK
| Q4 25 | 2.26× | 2.17× | ||
| Q3 25 | 1.99× | 0.03× | ||
| Q2 25 | 1.75× | 0.26× | ||
| Q1 25 | 2.81× | -0.48× | ||
| Q4 24 | 1.03× | 2.40× | ||
| Q3 24 | 1.57× | -0.37× | ||
| Q2 24 | 4.00× | 0.97× | ||
| Q1 24 | 0.81× | -0.22× |
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% |
DECK
| UGG Brand Segment | $1.3B | 67% |
| Hoka Brand Segment | $628.9M | 32% |
| Other Brands Segment | $23.2M | 1% |
