vs
Maplebear Inc.（CART）与Hilton Grand Vacations Inc.（HGV）财务数据对比。点击上方公司名可切换其他公司
Hilton Grand Vacations Inc.的季度营收约是Maplebear Inc.的1.2倍（$1.2B vs $992.0M），Maplebear Inc.净利率更高（8.2% vs 4.0%，领先4.1%），Maplebear Inc.同比增速更快（12.3% vs 3.7%），Maplebear Inc.自由现金流更多（$171.0M vs $147.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 7.4%）
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。
希尔顿度假大酒店公司（Hilton Grand Vacations Inc.）总部位于美国佛罗里达州奥兰多，是一家跨国企业。该公司通过与希尔顿全球的独家授权协议，运营管理希尔顿旗下的分时度假和度假所有权品牌。其原为希尔顿全球的全资子公司，2017年分拆为独立上市公司。
CART vs HGV — 直观对比
营收规模更大
HGV
是对方的1.2倍
$992.0M
营收增速更快
CART
高出8.6%
3.7%
净利率更高
CART
高出4.1%
4.0%
自由现金流更多
CART
多$24.0M
$147.0M
两年增速更快
CART
近两年复合增速
7.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.2B |
| 净利润 | $81.0M | $48.0M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | 7.8% |
| 净利率 | 8.2% | 4.0% |
| 营收同比 | 12.3% | 3.7% |
| 净利润同比 | -45.3% | 140.0% |
| 每股收益（稀释后） | $0.31 | $0.53 |
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CARTHGV
| Q4 25 | $992.0M | $1.2B | ||
| Q3 25 | $939.0M | $1.2B | ||
| Q2 25 | $914.0M | $1.1B | ||
| Q1 25 | $897.0M | $1.0B | ||
| Q4 24 | $883.0M | $1.1B | ||
| Q3 24 | $852.0M | $1.2B | ||
| Q2 24 | $823.0M | $1.1B | ||
| Q1 24 | $820.0M | $1.0B |
净利润CARTHGV
| Q4 25 | $81.0M | $48.0M | ||
| Q3 25 | $144.0M | $25.0M | ||
| Q2 25 | $116.0M | $25.0M | ||
| Q1 25 | $106.0M | $-17.0M | ||
| Q4 24 | $148.0M | $20.0M | ||
| Q3 24 | $118.0M | $29.0M | ||
| Q2 24 | $61.0M | $2.0M | ||
| Q1 24 | $130.0M | $-4.0M |
毛利率CARTHGV
| 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CARTHGV
| Q4 25 | 9.9% | 7.8% | ||
| Q3 25 | 17.7% | 3.9% | ||
| Q2 25 | 13.6% | 3.8% | ||
| Q1 25 | 12.3% | -0.6% | ||
| Q4 24 | 17.6% | 4.3% | ||
| Q3 24 | 16.2% | 7.9% | ||
| Q2 24 | 6.3% | 0.6% | ||
| Q1 24 | 17.6% | -1.3% |
净利率CARTHGV
| Q4 25 | 8.2% | 4.0% | ||
| Q3 25 | 15.3% | 2.1% | ||
| Q2 25 | 12.7% | 2.2% | ||
| Q1 25 | 11.8% | -1.7% | ||
| Q4 24 | 16.8% | 1.7% | ||
| Q3 24 | 13.8% | 2.5% | ||
| Q2 24 | 7.4% | 0.2% | ||
| Q1 24 | 15.9% | -0.4% |
每股收益（稀释后）CARTHGV
| Q4 25 | $0.31 | $0.53 | ||
| Q3 25 | $0.51 | $0.28 | ||
| Q2 25 | $0.41 | $0.25 | ||
| Q1 25 | $0.37 | $-0.17 | ||
| Q4 24 | $0.53 | $0.19 | ||
| Q3 24 | $0.42 | $0.28 | ||
| Q2 24 | $0.20 | $0.02 | ||
| Q1 24 | $0.43 | $-0.04 |
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 | $239.0M |
| 总债务越低越好 | — | $4.5B |
| 股东权益账面价值 | $2.5B | $1.3B |
| 总资产 | $3.7B | $11.5B |
| 负债/权益比越低杠杆越低 | — | 3.53× |
8季度趋势，按日历期对齐
现金及短期投资CARTHGV
| Q4 25 | $687.0M | $239.0M | ||
| Q3 25 | $1.7B | $215.0M | ||
| Q2 25 | $1.6B | $269.0M | ||
| Q1 25 | $1.6B | $259.0M | ||
| Q4 24 | $1.4B | $328.0M | ||
| Q3 24 | $1.3B | $297.0M | ||
| Q2 24 | $1.4B | $328.0M | ||
| Q1 24 | $1.5B | $355.0M |
总债务CARTHGV
| Q4 25 | — | $4.5B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $5.1B |
股东权益CARTHGV
| Q4 25 | $2.5B | $1.3B | ||
| Q3 25 | $3.5B | $1.4B | ||
| Q2 25 | $3.3B | $1.5B | ||
| Q1 25 | $3.2B | $1.6B | ||
| Q4 24 | $3.1B | $1.8B | ||
| Q3 24 | $2.9B | $1.8B | ||
| Q2 24 | $3.0B | $1.9B | ||
| Q1 24 | $3.1B | $2.0B |
总资产CARTHGV
| Q4 25 | $3.7B | $11.5B | ||
| Q3 25 | $4.5B | $11.7B | ||
| Q2 25 | $4.4B | $11.7B | ||
| Q1 25 | $4.3B | $11.8B | ||
| Q4 24 | $4.1B | $11.4B | ||
| Q3 24 | $3.9B | $11.2B | ||
| Q2 24 | $4.0B | $11.5B | ||
| Q1 24 | $4.1B | $11.7B |
负债/权益比CARTHGV
| Q4 25 | — | 3.53× | ||
| Q3 25 | — | 3.41× | ||
| Q2 25 | — | 3.07× | ||
| Q1 25 | — | 2.83× | ||
| Q4 24 | — | 2.63× | ||
| Q3 24 | — | 2.73× | ||
| Q2 24 | — | 2.55× | ||
| Q1 24 | — | 2.57× |
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 | $167.0M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $147.0M |
| 自由现金流率自由现金流/营收 | 17.2% | 12.3% |
| 资本支出强度资本支出/营收 | 1.2% | 1.7% |
| 现金转化率经营现金流/净利润 | 2.26× | 3.48× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $230.0M |
8季度趋势，按日历期对齐
经营现金流CARTHGV
| Q4 25 | $183.0M | $167.0M | ||
| Q3 25 | $287.0M | $34.0M | ||
| Q2 25 | $203.0M | $61.0M | ||
| Q1 25 | $298.0M | $38.0M | ||
| Q4 24 | $153.0M | $105.0M | ||
| Q3 24 | $185.0M | $91.0M | ||
| Q2 24 | $244.0M | $113.0M | ||
| Q1 24 | $105.0M | $0 |
自由现金流CARTHGV
| Q4 25 | $171.0M | $147.0M | ||
| Q3 25 | $272.0M | $13.0M | ||
| Q2 25 | $187.0M | $46.0M | ||
| Q1 25 | $280.0M | $24.0M | ||
| Q4 24 | $141.0M | $90.0M | ||
| Q3 24 | $171.0M | $81.0M | ||
| Q2 24 | $220.0M | $106.0M | ||
| Q1 24 | $91.0M | — |
自由现金流率CARTHGV
| Q4 25 | 17.2% | 12.3% | ||
| Q3 25 | 29.0% | 1.1% | ||
| Q2 25 | 20.5% | 4.0% | ||
| Q1 25 | 31.2% | 2.4% | ||
| Q4 24 | 16.0% | 7.8% | ||
| Q3 24 | 20.1% | 6.9% | ||
| Q2 24 | 26.7% | 9.6% | ||
| Q1 24 | 11.1% | — |
资本支出强度CARTHGV
| Q4 25 | 1.2% | 1.7% | ||
| Q3 25 | 1.6% | 1.8% | ||
| Q2 25 | 1.8% | 1.3% | ||
| Q1 25 | 2.0% | 1.4% | ||
| Q4 24 | 1.4% | 1.3% | ||
| Q3 24 | 1.6% | 0.9% | ||
| Q2 24 | 2.9% | 0.6% | ||
| Q1 24 | 1.7% | 1.0% |
现金转化率CARTHGV
| Q4 25 | 2.26× | 3.48× | ||
| Q3 25 | 1.99× | 1.36× | ||
| Q2 25 | 1.75× | 2.44× | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | 5.25× | ||
| Q3 24 | 1.57× | 3.14× | ||
| Q2 24 | 4.00× | 56.50× | ||
| Q1 24 | 0.81× | — |
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% |
HGV
| Sales Of Vacation Ownership Intervals Net | $492.0M | 41% |
| Fee For Services Commissions Package Sales And Other Fees | $169.0M | 14% |
| Cost Reimbursements | $141.0M | 12% |
| Resort Management | $118.0M | 10% |
| Other | $116.0M | 10% |
| Club Management | $101.0M | 8% |
| Related Party | $42.0M | 4% |
| Ancillary Services | $13.0M | 1% |
