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Maplebear Inc.（CART）与FirstCash Holdings, Inc.（FCFS）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FirstCash Holdings, Inc.的2.0倍（$992.0M vs $501.3M），FirstCash Holdings, Inc.净利率更高（20.8% vs 8.2%，领先12.6%），FirstCash Holdings, Inc.同比增速更快（21.2% vs 12.3%），过去两年FirstCash Holdings, Inc.的营收复合增速更高（16.9% 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。
FirstCash Holdings, Inc.是总部位于美国得克萨斯州沃斯堡的典当企业，在美国及拉丁美洲多地运营线下典当零售门店，为纳斯达克证券交易所公开上市企业，在美洲典当服务领域拥有成熟的业务布局与完善的运营网络。
CART vs FCFS — 直观对比
营收规模更大
CART
是对方的2.0倍
$501.3M
营收增速更快
FCFS
高出8.8%
12.3%
净利率更高
FCFS
高出12.6%
8.2%
两年增速更快
FCFS
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $501.3M |
| 净利润 | $81.0M | $104.2M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | 28.5% |
| 净利率 | 8.2% | 20.8% |
| 营收同比 | 12.3% | 21.2% |
| 净利润同比 | -45.3% | 24.7% |
| 每股收益（稀释后） | $0.31 | $2.35 |
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CARTFCFS
| Q4 25 | $992.0M | $501.3M | ||
| Q3 25 | $939.0M | $411.0M | ||
| Q2 25 | $914.0M | $385.1M | ||
| Q1 25 | $897.0M | $371.1M | ||
| Q4 24 | $883.0M | $413.7M | ||
| Q3 24 | $852.0M | $363.1M | ||
| Q2 24 | $823.0M | $363.5M | ||
| Q1 24 | $820.0M | $366.8M |
净利润CARTFCFS
| Q4 25 | $81.0M | $104.2M | ||
| Q3 25 | $144.0M | $82.8M | ||
| Q2 25 | $116.0M | $59.8M | ||
| Q1 25 | $106.0M | $83.6M | ||
| Q4 24 | $148.0M | $83.5M | ||
| Q3 24 | $118.0M | $64.8M | ||
| Q2 24 | $61.0M | $49.1M | ||
| Q1 24 | $130.0M | $61.4M |
毛利率CARTFCFS
| 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CARTFCFS
| Q4 25 | 9.9% | 28.5% | ||
| Q3 25 | 17.7% | 27.4% | ||
| Q2 25 | 13.6% | 21.1% | ||
| Q1 25 | 12.3% | 30.0% | ||
| Q4 24 | 17.6% | 26.5% | ||
| Q3 24 | 16.2% | 23.5% | ||
| Q2 24 | 6.3% | 18.2% | ||
| Q1 24 | 17.6% | 22.3% |
净利率CARTFCFS
| Q4 25 | 8.2% | 20.8% | ||
| Q3 25 | 15.3% | 20.1% | ||
| Q2 25 | 12.7% | 15.5% | ||
| Q1 25 | 11.8% | 22.5% | ||
| Q4 24 | 16.8% | 20.2% | ||
| Q3 24 | 13.8% | 17.9% | ||
| Q2 24 | 7.4% | 13.5% | ||
| Q1 24 | 15.9% | 16.7% |
每股收益（稀释后）CARTFCFS
| Q4 25 | $0.31 | $2.35 | ||
| Q3 25 | $0.51 | $1.86 | ||
| Q2 25 | $0.41 | $1.34 | ||
| Q1 25 | $0.37 | $1.87 | ||
| Q4 24 | $0.53 | $1.86 | ||
| Q3 24 | $0.42 | $1.44 | ||
| Q2 24 | $0.20 | $1.08 | ||
| Q1 24 | $0.43 | $1.35 |
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 | $125.2M |
| 总债务越低越好 | — | $2.2B |
| 股东权益账面价值 | $2.5B | $2.3B |
| 总资产 | $3.7B | $5.3B |
| 负债/权益比越低杠杆越低 | — | 0.98× |
8季度趋势，按日历期对齐
现金及短期投资CARTFCFS
| Q4 25 | $687.0M | $125.2M | ||
| Q3 25 | $1.7B | $130.2M | ||
| Q2 25 | $1.6B | $101.5M | ||
| Q1 25 | $1.6B | $146.0M | ||
| Q4 24 | $1.4B | $175.1M | ||
| Q3 24 | $1.3B | $106.3M | ||
| Q2 24 | $1.4B | $113.7M | ||
| Q1 24 | $1.5B | $135.1M |
总债务CARTFCFS
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.5B |
股东权益CARTFCFS
| Q4 25 | $2.5B | $2.3B | ||
| Q3 25 | $3.5B | $2.2B | ||
| Q2 25 | $3.3B | $2.1B | ||
| Q1 25 | $3.2B | $2.1B | ||
| Q4 24 | $3.1B | $2.1B | ||
| Q3 24 | $2.9B | $2.0B | ||
| Q2 24 | $3.0B | $2.0B | ||
| Q1 24 | $3.1B | $2.0B |
总资产CARTFCFS
| Q4 25 | $3.7B | $5.3B | ||
| Q3 25 | $4.5B | $5.2B | ||
| Q2 25 | $4.4B | $4.5B | ||
| Q1 25 | $4.3B | $4.4B | ||
| Q4 24 | $4.1B | $4.5B | ||
| Q3 24 | $3.9B | $4.4B | ||
| Q2 24 | $4.0B | $4.3B | ||
| Q1 24 | $4.1B | $4.2B |
负债/权益比CARTFCFS
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 0.79× | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | — | 0.85× | ||
| Q3 24 | — | 0.87× | ||
| Q2 24 | — | 0.85× | ||
| Q1 24 | — | 0.75× |
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 | $206.6M |
| 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× | 1.98× |
| 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CARTFCFS
| Q4 25 | $183.0M | $206.6M | ||
| Q3 25 | $287.0M | $135.8M | ||
| Q2 25 | $203.0M | $116.9M | ||
| Q1 25 | $298.0M | $126.6M | ||
| Q4 24 | $153.0M | $198.1M | ||
| Q3 24 | $185.0M | $113.1M | ||
| Q2 24 | $244.0M | $106.2M | ||
| Q1 24 | $105.0M | $122.5M |
自由现金流CARTFCFS
| 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CARTFCFS
| 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CARTFCFS
| 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CARTFCFS
| Q4 25 | 2.26× | 1.98× | ||
| Q3 25 | 1.99× | 1.64× | ||
| Q2 25 | 1.75× | 1.95× | ||
| Q1 25 | 2.81× | 1.51× | ||
| Q4 24 | 1.03× | 2.37× | ||
| Q3 24 | 1.57× | 1.74× | ||
| Q2 24 | 4.00× | 2.16× | ||
| Q1 24 | 0.81× | 2.00× |
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% |
FCFS
| US Pawn Segment | $292.2M | 58% |
| Retail POS Payment Solutions | $209.8M | 42% |
