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Maplebear Inc.（CART）与ETSY INC（ETSY）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ETSY INC的1.1倍（$992.0M vs $881.6M），ETSY INC净利率更高（12.6% vs 8.2%，领先4.4%），Maplebear Inc.同比增速更快（12.3% vs 3.5%），ETSY INC自由现金流更多（$315.9M vs $171.0M），过去两年ETSY INC的营收复合增速更高（16.8% 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。
Etsy是美国电商企业，主打手工制品、复古商品及手工耗材交易，平台品类覆盖珠宝首饰、服饰、家居装饰、家具、玩具、艺术品等。平台规定复古商品需至少有20年历史，卖家可开设独立店铺，每件上架商品收取0.2美元挂牌费，2013年起平台也允许量产商品入驻销售。
CART vs ETSY — 直观对比
营收规模更大
CART
是对方的1.1倍
$881.6M
营收增速更快
CART
高出8.9%
3.5%
净利率更高
ETSY
高出4.4%
8.2%
自由现金流更多
ETSY
多$144.9M
$171.0M
两年增速更快
ETSY
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $881.6M |
| 净利润 | $81.0M | $110.7M |
| 毛利率 | 72.3% | 73.1% |
| 营业利润率 | 9.9% | 14.7% |
| 净利率 | 8.2% | 12.6% |
| 营收同比 | 12.3% | 3.5% |
| 净利润同比 | -45.3% | -14.8% |
| 每股收益（稀释后） | $0.31 | $1.00 |
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CARTETSY
| Q4 25 | $992.0M | $881.6M | ||
| Q3 25 | $939.0M | $678.0M | ||
| Q2 25 | $914.0M | $672.7M | ||
| Q1 25 | $897.0M | $651.2M | ||
| Q4 24 | $883.0M | $852.2M | ||
| Q3 24 | $852.0M | $662.4M | ||
| Q2 24 | $823.0M | $647.8M | ||
| Q1 24 | $820.0M | $646.0M |
净利润CARTETSY
| Q4 25 | $81.0M | $110.7M | ||
| Q3 25 | $144.0M | $75.5M | ||
| Q2 25 | $116.0M | $28.8M | ||
| Q1 25 | $106.0M | $-52.1M | ||
| Q4 24 | $148.0M | $129.9M | ||
| Q3 24 | $118.0M | $57.4M | ||
| Q2 24 | $61.0M | $53.0M | ||
| Q1 24 | $130.0M | $63.0M |
毛利率CARTETSY
| Q4 25 | 72.3% | 73.1% | ||
| Q3 25 | 73.7% | 71.3% | ||
| Q2 25 | 74.2% | 71.2% | ||
| Q1 25 | 74.8% | 70.5% | ||
| Q4 24 | 75.2% | 74.5% | ||
| Q3 24 | 75.2% | 72.0% | ||
| Q2 24 | 75.7% | 71.6% | ||
| Q1 24 | 74.9% | 71.0% |
营业利润率CARTETSY
| Q4 25 | 9.9% | 14.7% | ||
| Q3 25 | 17.7% | 12.2% | ||
| Q2 25 | 13.6% | 11.4% | ||
| Q1 25 | 12.3% | -3.4% | ||
| Q4 24 | 17.6% | 18.2% | ||
| Q3 24 | 16.2% | 13.1% | ||
| Q2 24 | 6.3% | 10.8% | ||
| Q1 24 | 17.6% | 10.5% |
净利率CARTETSY
| Q4 25 | 8.2% | 12.6% | ||
| Q3 25 | 15.3% | 11.1% | ||
| Q2 25 | 12.7% | 4.3% | ||
| Q1 25 | 11.8% | -8.0% | ||
| Q4 24 | 16.8% | 15.2% | ||
| Q3 24 | 13.8% | 8.7% | ||
| Q2 24 | 7.4% | 8.2% | ||
| Q1 24 | 15.9% | 9.8% |
每股收益（稀释后）CARTETSY
| Q4 25 | $0.31 | $1.00 | ||
| Q3 25 | $0.51 | $0.63 | ||
| Q2 25 | $0.41 | $0.25 | ||
| Q1 25 | $0.37 | $-0.49 | ||
| Q4 24 | $0.53 | $1.01 | ||
| Q3 24 | $0.42 | $0.45 | ||
| Q2 24 | $0.20 | $0.41 | ||
| Q1 24 | $0.43 | $0.48 |
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 | $1.4B |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $2.5B | $-1.1B |
| 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CARTETSY
| Q4 25 | $687.0M | $1.4B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $1.6B | $649.2M | ||
| Q4 24 | $1.4B | $811.2M | ||
| Q3 24 | $1.3B | $818.9M | ||
| Q2 24 | $1.4B | $759.2M | ||
| Q1 24 | $1.5B | $788.8M |
总债务CARTETSY
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益CARTETSY
| Q4 25 | $2.5B | $-1.1B | ||
| Q3 25 | $3.5B | $-1.1B | ||
| Q2 25 | $3.3B | $-1.1B | ||
| Q1 25 | $3.2B | $-910.3M | ||
| Q4 24 | $3.1B | $-758.9M | ||
| Q3 24 | $2.9B | $-624.3M | ||
| Q2 24 | $3.0B | $-635.0M | ||
| Q1 24 | $3.1B | $-583.8M |
总资产CARTETSY
| Q4 25 | $3.7B | $2.8B | ||
| Q3 25 | $4.5B | $2.7B | ||
| Q2 25 | $4.4B | $2.6B | ||
| Q1 25 | $4.3B | $2.1B | ||
| Q4 24 | $4.1B | $2.4B | ||
| Q3 24 | $3.9B | $2.4B | ||
| Q2 24 | $4.0B | $2.4B | ||
| Q1 24 | $4.1B | $2.5B |
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 | $317.1M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $315.9M |
| 自由现金流率自由现金流/营收 | 17.2% | 35.8% |
| 资本支出强度资本支出/营收 | 1.2% | 0.1% |
| 现金转化率经营现金流/净利润 | 2.26× | 2.86× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $678.0M |
8季度趋势，按日历期对齐
经营现金流CARTETSY
| Q4 25 | $183.0M | $317.1M | ||
| Q3 25 | $287.0M | $219.0M | ||
| Q2 25 | $203.0M | $108.1M | ||
| Q1 25 | $298.0M | $49.2M | ||
| Q4 24 | $153.0M | $315.0M | ||
| Q3 24 | $185.0M | $217.4M | ||
| Q2 24 | $244.0M | $151.1M | ||
| Q1 24 | $105.0M | $69.0M |
自由现金流CARTETSY
| Q4 25 | $171.0M | $315.9M | ||
| Q3 25 | $272.0M | $215.0M | ||
| Q2 25 | $187.0M | $101.3M | ||
| Q1 25 | $280.0M | $45.9M | ||
| Q4 24 | $141.0M | $310.9M | ||
| Q3 24 | $171.0M | $213.2M | ||
| Q2 24 | $220.0M | $147.4M | ||
| Q1 24 | $91.0M | $66.8M |
自由现金流率CARTETSY
| Q4 25 | 17.2% | 35.8% | ||
| Q3 25 | 29.0% | 31.7% | ||
| Q2 25 | 20.5% | 15.1% | ||
| Q1 25 | 31.2% | 7.1% | ||
| Q4 24 | 16.0% | 36.5% | ||
| Q3 24 | 20.1% | 32.2% | ||
| Q2 24 | 26.7% | 22.8% | ||
| Q1 24 | 11.1% | 10.3% |
资本支出强度CARTETSY
| Q4 25 | 1.2% | 0.1% | ||
| Q3 25 | 1.6% | 0.6% | ||
| Q2 25 | 1.8% | 1.0% | ||
| Q1 25 | 2.0% | 0.5% | ||
| Q4 24 | 1.4% | 0.5% | ||
| Q3 24 | 1.6% | 0.6% | ||
| Q2 24 | 2.9% | 0.6% | ||
| Q1 24 | 1.7% | 0.3% |
现金转化率CARTETSY
| Q4 25 | 2.26× | 2.86× | ||
| Q3 25 | 1.99× | 2.90× | ||
| Q2 25 | 1.75× | 3.75× | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | 2.42× | ||
| Q3 24 | 1.57× | 3.79× | ||
| Q2 24 | 4.00× | 2.85× | ||
| Q1 24 | 0.81× | 1.10× |
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% |
ETSY
| Marketplace Revenue | $612.4M | 69% |
| Services Revenue | $269.2M | 31% |
