vs
Maplebear Inc.（CART）与凯悦酒店集团（H）财务数据对比。点击上方公司名可切换其他公司
凯悦酒店集团的季度营收约是Maplebear Inc.的1.8倍（$1.8B vs $992.0M），Maplebear Inc.净利率更高（8.2% vs -1.1%，领先9.3%），Maplebear Inc.同比增速更快（12.3% vs 11.7%），凯悦酒店集团自由现金流更多（$236.0M vs $171.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 2.2%）
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。
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
CART vs H — 直观对比
营收规模更大
H
是对方的1.8倍
$992.0M
营收增速更快
CART
高出0.7%
11.7%
净利率更高
CART
高出9.3%
-1.1%
自由现金流更多
H
多$65.0M
$171.0M
两年增速更快
CART
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.8B |
| 净利润 | $81.0M | $-20.0M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | 0.4% |
| 净利率 | 8.2% | -1.1% |
| 营收同比 | 12.3% | 11.7% |
| 净利润同比 | -45.3% | 64.3% |
| 每股收益（稀释后） | $0.31 | $-0.20 |
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CARTH
| Q4 25 | $992.0M | $1.8B | ||
| Q3 25 | $939.0M | $1.8B | ||
| Q2 25 | $914.0M | $1.8B | ||
| Q1 25 | $897.0M | $1.7B | ||
| Q4 24 | $883.0M | $1.6B | ||
| Q3 24 | $852.0M | $1.6B | ||
| Q2 24 | $823.0M | $1.7B | ||
| Q1 24 | $820.0M | $1.7B |
净利润CARTH
| Q4 25 | $81.0M | $-20.0M | ||
| Q3 25 | $144.0M | $-49.0M | ||
| Q2 25 | $116.0M | $-3.0M | ||
| Q1 25 | $106.0M | $20.0M | ||
| Q4 24 | $148.0M | $-56.0M | ||
| Q3 24 | $118.0M | $471.0M | ||
| Q2 24 | $61.0M | $359.0M | ||
| Q1 24 | $130.0M | $522.0M |
毛利率CARTH
| 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CARTH
| Q4 25 | 9.9% | 0.4% | ||
| Q3 25 | 17.7% | -1.0% | ||
| Q2 25 | 13.6% | 2.1% | ||
| Q1 25 | 12.3% | 3.0% | ||
| Q4 24 | 17.6% | -3.0% | ||
| Q3 24 | 16.2% | 37.3% | ||
| Q2 24 | 6.3% | 27.1% | ||
| Q1 24 | 17.6% | 31.6% |
净利率CARTH
| Q4 25 | 8.2% | -1.1% | ||
| Q3 25 | 15.3% | -2.7% | ||
| Q2 25 | 12.7% | -0.2% | ||
| Q1 25 | 11.8% | 1.2% | ||
| Q4 24 | 16.8% | -3.5% | ||
| Q3 24 | 13.8% | 28.9% | ||
| Q2 24 | 7.4% | 21.1% | ||
| Q1 24 | 15.9% | 30.5% |
每股收益（稀释后）CARTH
| Q4 25 | $0.31 | $-0.20 | ||
| Q3 25 | $0.51 | $-0.51 | ||
| Q2 25 | $0.41 | $-0.03 | ||
| Q1 25 | $0.37 | $0.19 | ||
| Q4 24 | $0.53 | $-0.37 | ||
| Q3 24 | $0.42 | $4.63 | ||
| Q2 24 | $0.20 | $3.46 | ||
| Q1 24 | $0.43 | $4.93 |
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 | $813.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $3.3B |
| 总资产 | $3.7B | $14.0B |
| 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CARTH
| Q4 25 | $687.0M | $813.0M | ||
| Q3 25 | $1.7B | $749.0M | ||
| Q2 25 | $1.6B | $912.0M | ||
| Q1 25 | $1.6B | $1.8B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.4B | $2.0B | ||
| Q1 24 | $1.5B | $794.0M |
总债务CARTH
| Q4 25 | — | — | ||
| Q3 25 | — | $6.0B | ||
| Q2 25 | — | $6.0B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.1B |
股东权益CARTH
| Q4 25 | $2.5B | $3.3B | ||
| Q3 25 | $3.5B | $3.5B | ||
| Q2 25 | $3.3B | $3.6B | ||
| Q1 25 | $3.2B | $3.5B | ||
| Q4 24 | $3.1B | $3.5B | ||
| Q3 24 | $2.9B | $3.7B | ||
| Q2 24 | $3.0B | $3.9B | ||
| Q1 24 | $3.1B | $3.7B |
总资产CARTH
| Q4 25 | $3.7B | $14.0B | ||
| Q3 25 | $4.5B | $15.7B | ||
| Q2 25 | $4.4B | $15.9B | ||
| Q1 25 | $4.3B | $14.0B | ||
| Q4 24 | $4.1B | $13.3B | ||
| Q3 24 | $3.9B | $11.9B | ||
| Q2 24 | $4.0B | $12.8B | ||
| Q1 24 | $4.1B | $11.7B |
负债/权益比CARTH
| Q4 25 | — | — | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | 0.84× |
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 | $313.0M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $236.0M |
| 自由现金流率自由现金流/营收 | 17.2% | 13.2% |
| 资本支出强度资本支出/营收 | 1.2% | 4.3% |
| 现金转化率经营现金流/净利润 | 2.26× | — |
| 过去12个月自由现金流最近4个季度 | $910.0M | $159.0M |
8季度趋势，按日历期对齐
经营现金流CARTH
| Q4 25 | $183.0M | $313.0M | ||
| Q3 25 | $287.0M | $-20.0M | ||
| Q2 25 | $203.0M | $-67.0M | ||
| Q1 25 | $298.0M | $153.0M | ||
| Q4 24 | $153.0M | $235.0M | ||
| Q3 24 | $185.0M | $-21.0M | ||
| Q2 24 | $244.0M | $177.0M | ||
| Q1 24 | $105.0M | $242.0M |
自由现金流CARTH
| Q4 25 | $171.0M | $236.0M | ||
| Q3 25 | $272.0M | $-89.0M | ||
| Q2 25 | $187.0M | $-111.0M | ||
| Q1 25 | $280.0M | $123.0M | ||
| Q4 24 | $141.0M | $184.0M | ||
| Q3 24 | $171.0M | $-64.0M | ||
| Q2 24 | $220.0M | $135.0M | ||
| Q1 24 | $91.0M | $208.0M |
自由现金流率CARTH
| Q4 25 | 17.2% | 13.2% | ||
| Q3 25 | 29.0% | -5.0% | ||
| Q2 25 | 20.5% | -6.1% | ||
| Q1 25 | 31.2% | 7.2% | ||
| Q4 24 | 16.0% | 11.5% | ||
| Q3 24 | 20.1% | -3.9% | ||
| Q2 24 | 26.7% | 7.9% | ||
| Q1 24 | 11.1% | 12.1% |
资本支出强度CARTH
| Q4 25 | 1.2% | 4.3% | ||
| Q3 25 | 1.6% | 3.9% | ||
| Q2 25 | 1.8% | 2.4% | ||
| Q1 25 | 2.0% | 1.7% | ||
| Q4 24 | 1.4% | 3.2% | ||
| Q3 24 | 1.6% | 2.6% | ||
| Q2 24 | 2.9% | 2.5% | ||
| Q1 24 | 1.7% | 2.0% |
现金转化率CARTH
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | 7.65× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | -0.04× | ||
| Q2 24 | 4.00× | 0.49× | ||
| Q1 24 | 0.81× | 0.46× |
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% |
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
