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Maplebear Inc.（CART）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
孩之宝的季度营收约是Maplebear Inc.的1.5倍（$1.4B vs $992.0M），孩之宝净利率更高（13.9% vs 8.2%，领先5.8%），孩之宝同比增速更快（31.3% vs 12.3%），孩之宝自由现金流更多（$389.5M vs $171.0M），过去两年孩之宝的营收复合增速更高（38.2% 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。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
CART vs HAS — 直观对比
营收规模更大
HAS
是对方的1.5倍
$992.0M
营收增速更快
HAS
高出18.9%
12.3%
净利率更高
HAS
高出5.8%
8.2%
自由现金流更多
HAS
多$218.5M
$171.0M
两年增速更快
HAS
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.4B |
| 净利润 | $81.0M | $201.6M |
| 毛利率 | 72.3% | 68.7% |
| 营业利润率 | 9.9% | 20.6% |
| 净利率 | 8.2% | 13.9% |
| 营收同比 | 12.3% | 31.3% |
| 净利润同比 | -45.3% | 687.8% |
| 每股收益（稀释后） | $0.31 | $1.46 |
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CARTHAS
| Q4 25 | $992.0M | $1.4B | ||
| Q3 25 | $939.0M | $1.4B | ||
| Q2 25 | $914.0M | $980.8M | ||
| Q1 25 | $897.0M | $887.1M | ||
| Q4 24 | $883.0M | $1.1B | ||
| Q3 24 | $852.0M | $1.3B | ||
| Q2 24 | $823.0M | $995.3M | ||
| Q1 24 | $820.0M | $757.3M |
净利润CARTHAS
| Q4 25 | $81.0M | $201.6M | ||
| Q3 25 | $144.0M | $233.2M | ||
| Q2 25 | $116.0M | $-855.8M | ||
| Q1 25 | $106.0M | $98.6M | ||
| Q4 24 | $148.0M | $-34.3M | ||
| Q3 24 | $118.0M | $223.2M | ||
| Q2 24 | $61.0M | $138.5M | ||
| Q1 24 | $130.0M | $58.2M |
毛利率CARTHAS
| Q4 25 | 72.3% | 68.7% | ||
| Q3 25 | 73.7% | 70.1% | ||
| Q2 25 | 74.2% | 77.0% | ||
| Q1 25 | 74.8% | 76.9% | ||
| Q4 24 | 75.2% | 67.4% | ||
| Q3 24 | 75.2% | 70.4% | ||
| Q2 24 | 75.7% | 76.1% | ||
| Q1 24 | 74.9% | 73.0% |
营业利润率CARTHAS
| Q4 25 | 9.9% | 20.6% | ||
| Q3 25 | 17.7% | 24.6% | ||
| Q2 25 | 13.6% | -81.4% | ||
| Q1 25 | 12.3% | 19.2% | ||
| Q4 24 | 17.6% | 5.4% | ||
| Q3 24 | 16.2% | 23.6% | ||
| Q2 24 | 6.3% | 21.3% | ||
| Q1 24 | 17.6% | 15.3% |
净利率CARTHAS
| Q4 25 | 8.2% | 13.9% | ||
| Q3 25 | 15.3% | 16.8% | ||
| Q2 25 | 12.7% | -87.3% | ||
| Q1 25 | 11.8% | 11.1% | ||
| Q4 24 | 16.8% | -3.1% | ||
| Q3 24 | 13.8% | 17.4% | ||
| Q2 24 | 7.4% | 13.9% | ||
| Q1 24 | 15.9% | 7.7% |
每股收益（稀释后）CARTHAS
| Q4 25 | $0.31 | $1.46 | ||
| Q3 25 | $0.51 | $1.64 | ||
| Q2 25 | $0.41 | $-6.10 | ||
| Q1 25 | $0.37 | $0.70 | ||
| Q4 24 | $0.53 | $-0.25 | ||
| Q3 24 | $0.42 | $1.59 | ||
| Q2 24 | $0.20 | $0.99 | ||
| Q1 24 | $0.43 | $0.42 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $565.5M |
| 总资产 | $3.7B | $5.6B |
| 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CARTHAS
| Q4 25 | $687.0M | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | — |
股东权益CARTHAS
| Q4 25 | $2.5B | $565.5M | ||
| Q3 25 | $3.5B | $433.8M | ||
| Q2 25 | $3.3B | $269.7M | ||
| Q1 25 | $3.2B | $1.2B | ||
| Q4 24 | $3.1B | $1.2B | ||
| Q3 24 | $2.9B | $1.3B | ||
| Q2 24 | $3.0B | $1.2B | ||
| Q1 24 | $3.1B | $1.0B |
总资产CARTHAS
| Q4 25 | $3.7B | $5.6B | ||
| Q3 25 | $4.5B | $5.5B | ||
| Q2 25 | $4.4B | $5.2B | ||
| Q1 25 | $4.3B | $6.0B | ||
| Q4 24 | $4.1B | $6.3B | ||
| Q3 24 | $3.9B | $7.2B | ||
| Q2 24 | $4.0B | $6.9B | ||
| Q1 24 | $4.1B | $6.2B |
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 | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $389.5M |
| 自由现金流率自由现金流/营收 | 17.2% | 26.9% |
| 资本支出强度资本支出/营收 | 1.2% | 0.9% |
| 现金转化率经营现金流/净利润 | 2.26× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $829.9M |
8季度趋势，按日历期对齐
经营现金流CARTHAS
| Q4 25 | $183.0M | $403.2M | ||
| Q3 25 | $287.0M | $280.6M | ||
| Q2 25 | $203.0M | $71.3M | ||
| Q1 25 | $298.0M | $138.1M | ||
| Q4 24 | $153.0M | $259.8M | ||
| Q3 24 | $185.0M | $222.5M | ||
| Q2 24 | $244.0M | $187.3M | ||
| Q1 24 | $105.0M | $177.8M |
自由现金流CARTHAS
| Q4 25 | $171.0M | $389.5M | ||
| Q3 25 | $272.0M | $260.9M | ||
| Q2 25 | $187.0M | $55.2M | ||
| Q1 25 | $280.0M | $124.3M | ||
| Q4 24 | $141.0M | $200.8M | ||
| Q3 24 | $171.0M | $174.0M | ||
| Q2 24 | $220.0M | $135.4M | ||
| Q1 24 | $91.0M | $132.0M |
自由现金流率CARTHAS
| Q4 25 | 17.2% | 26.9% | ||
| Q3 25 | 29.0% | 18.8% | ||
| Q2 25 | 20.5% | 5.6% | ||
| Q1 25 | 31.2% | 14.0% | ||
| Q4 24 | 16.0% | 18.2% | ||
| Q3 24 | 20.1% | 13.6% | ||
| Q2 24 | 26.7% | 13.6% | ||
| Q1 24 | 11.1% | 17.4% |
资本支出强度CARTHAS
| Q4 25 | 1.2% | 0.9% | ||
| Q3 25 | 1.6% | 1.4% | ||
| Q2 25 | 1.8% | 1.6% | ||
| Q1 25 | 2.0% | 1.6% | ||
| Q4 24 | 1.4% | 5.4% | ||
| Q3 24 | 1.6% | 3.8% | ||
| Q2 24 | 2.9% | 5.2% | ||
| Q1 24 | 1.7% | 6.0% |
现金转化率CARTHAS
| Q4 25 | 2.26× | 2.00× | ||
| Q3 25 | 1.99× | 1.20× | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | 1.40× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 1.00× | ||
| Q2 24 | 4.00× | 1.35× | ||
| Q1 24 | 0.81× | 3.05× |
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% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
