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Maplebear Inc.（CART）与朗美通（LITE）财务数据对比。点击上方公司名可切换其他公司
Maplebear Inc.的季度营收约是朗美通的1.5倍（$992.0M vs $665.5M），朗美通净利率更高（11.8% vs 8.2%，领先3.6%），朗美通同比增速更快（65.5% vs 12.3%），Maplebear Inc.自由现金流更多（$171.0M vs $43.1M），过去两年朗美通的营收复合增速更高（34.8% 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。
朗美通控股（Lumentum Holdings Inc.）是全球知名光电产品供应商，前身为美国捷迪讯（JDSU）旗下光电器件及激光业务板块，2015年8月随捷迪讯分拆独立运营，总部位于美国加利福尼亚州米尔皮塔斯，主营光通信网络设备、激光器、定制光学解决方案等多元产品。
CART vs LITE — 直观对比
营收规模更大
CART
是对方的1.5倍
$665.5M
营收增速更快
LITE
高出53.1%
12.3%
净利率更高
LITE
高出3.6%
8.2%
自由现金流更多
CART
多$127.9M
$43.1M
两年增速更快
LITE
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $665.5M |
| 净利润 | $81.0M | $78.2M |
| 毛利率 | 72.3% | 36.1% |
| 营业利润率 | 9.9% | 9.7% |
| 净利率 | 8.2% | 11.8% |
| 营收同比 | 12.3% | 65.5% |
| 净利润同比 | -45.3% | 228.4% |
| 每股收益（稀释后） | $0.31 | $0.89 |
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CARTLITE
| Q4 25 | $992.0M | $665.5M | ||
| Q3 25 | $939.0M | $533.8M | ||
| Q2 25 | $914.0M | $480.7M | ||
| Q1 25 | $897.0M | $425.2M | ||
| Q4 24 | $883.0M | $402.2M | ||
| Q3 24 | $852.0M | $336.9M | ||
| Q2 24 | $823.0M | $308.3M | ||
| Q1 24 | $820.0M | $366.5M |
净利润CARTLITE
| Q4 25 | $81.0M | $78.2M | ||
| Q3 25 | $144.0M | $4.2M | ||
| Q2 25 | $116.0M | $213.3M | ||
| Q1 25 | $106.0M | $-44.1M | ||
| Q4 24 | $148.0M | $-60.9M | ||
| Q3 24 | $118.0M | $-82.4M | ||
| Q2 24 | $61.0M | $-252.5M | ||
| Q1 24 | $130.0M | $-127.0M |
毛利率CARTLITE
| Q4 25 | 72.3% | 36.1% | ||
| Q3 25 | 73.7% | 34.0% | ||
| Q2 25 | 74.2% | 33.3% | ||
| Q1 25 | 74.8% | 28.8% | ||
| Q4 24 | 75.2% | 24.8% | ||
| Q3 24 | 75.2% | 23.1% | ||
| Q2 24 | 75.7% | 16.6% | ||
| Q1 24 | 74.9% | 16.2% |
营业利润率CARTLITE
| Q4 25 | 9.9% | 9.7% | ||
| Q3 25 | 17.7% | 1.3% | ||
| Q2 25 | 13.6% | -1.7% | ||
| Q1 25 | 12.3% | -8.9% | ||
| Q4 24 | 17.6% | -12.8% | ||
| Q3 24 | 16.2% | -24.5% | ||
| Q2 24 | 6.3% | -43.3% | ||
| Q1 24 | 17.6% | -31.3% |
净利率CARTLITE
| Q4 25 | 8.2% | 11.8% | ||
| Q3 25 | 15.3% | 0.8% | ||
| Q2 25 | 12.7% | 44.4% | ||
| Q1 25 | 11.8% | -10.4% | ||
| Q4 24 | 16.8% | -15.1% | ||
| Q3 24 | 13.8% | -24.5% | ||
| Q2 24 | 7.4% | -81.9% | ||
| Q1 24 | 15.9% | -34.7% |
每股收益（稀释后）CARTLITE
| Q4 25 | $0.31 | $0.89 | ||
| Q3 25 | $0.51 | $0.05 | ||
| Q2 25 | $0.41 | $3.10 | ||
| Q1 25 | $0.37 | $-0.64 | ||
| Q4 24 | $0.53 | $-0.88 | ||
| Q3 24 | $0.42 | $-1.21 | ||
| Q2 24 | $0.20 | $-3.75 | ||
| Q1 24 | $0.43 | $-1.88 |
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 | $1.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $846.6M |
| 总资产 | $3.7B | $4.8B |
| 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CARTLITE
| Q4 25 | $687.0M | $1.2B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.6B | $877.1M | ||
| Q1 25 | $1.6B | $866.7M | ||
| Q4 24 | $1.4B | $896.7M | ||
| Q3 24 | $1.3B | $916.1M | ||
| Q2 24 | $1.4B | $887.0M | ||
| Q1 24 | $1.5B | $870.9M |
股东权益CARTLITE
| Q4 25 | $2.5B | $846.6M | ||
| Q3 25 | $3.5B | $780.8M | ||
| Q2 25 | $3.3B | $1.1B | ||
| Q1 25 | $3.2B | $879.5M | ||
| Q4 24 | $3.1B | $872.3M | ||
| Q3 24 | $2.9B | $895.9M | ||
| Q2 24 | $3.0B | $957.3M | ||
| Q1 24 | $3.1B | $1.2B |
总资产CARTLITE
| Q4 25 | $3.7B | $4.8B | ||
| Q3 25 | $4.5B | $4.6B | ||
| Q2 25 | $4.4B | $4.2B | ||
| Q1 25 | $4.3B | $4.0B | ||
| Q4 24 | $4.1B | $4.0B | ||
| Q3 24 | $3.9B | $4.0B | ||
| Q2 24 | $4.0B | $3.9B | ||
| Q1 24 | $4.1B | $4.2B |
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 | $126.7M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $43.1M |
| 自由现金流率自由现金流/营收 | 17.2% | 6.5% |
| 资本支出强度资本支出/营收 | 1.2% | 12.6% |
| 现金转化率经营现金流/净利润 | 2.26× | 1.62× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $-29.5M |
8季度趋势，按日历期对齐
经营现金流CARTLITE
| Q4 25 | $183.0M | $126.7M | ||
| Q3 25 | $287.0M | $57.9M | ||
| Q2 25 | $203.0M | $64.0M | ||
| Q1 25 | $298.0M | $-1.6M | ||
| Q4 24 | $153.0M | $24.3M | ||
| Q3 24 | $185.0M | $39.6M | ||
| Q2 24 | $244.0M | $35.5M | ||
| Q1 24 | $105.0M | $-7.0M |
自由现金流CARTLITE
| Q4 25 | $171.0M | $43.1M | ||
| Q3 25 | $272.0M | $-18.3M | ||
| Q2 25 | $187.0M | $10.1M | ||
| Q1 25 | $280.0M | $-64.4M | ||
| Q4 24 | $141.0M | $-15.9M | ||
| Q3 24 | $171.0M | $-34.5M | ||
| Q2 24 | $220.0M | $10.9M | ||
| Q1 24 | $91.0M | $-26.6M |
自由现金流率CARTLITE
| Q4 25 | 17.2% | 6.5% | ||
| Q3 25 | 29.0% | -3.4% | ||
| Q2 25 | 20.5% | 2.1% | ||
| Q1 25 | 31.2% | -15.1% | ||
| Q4 24 | 16.0% | -4.0% | ||
| Q3 24 | 20.1% | -10.2% | ||
| Q2 24 | 26.7% | 3.5% | ||
| Q1 24 | 11.1% | -7.3% |
资本支出强度CARTLITE
| Q4 25 | 1.2% | 12.6% | ||
| Q3 25 | 1.6% | 14.3% | ||
| Q2 25 | 1.8% | 11.2% | ||
| Q1 25 | 2.0% | 14.8% | ||
| Q4 24 | 1.4% | 10.0% | ||
| Q3 24 | 1.6% | 22.0% | ||
| Q2 24 | 2.9% | 8.0% | ||
| Q1 24 | 1.7% | 5.3% |
现金转化率CARTLITE
| Q4 25 | 2.26× | 1.62× | ||
| Q3 25 | 1.99× | 13.79× | ||
| Q2 25 | 1.75× | 0.30× | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 4.00× | — | ||
| 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% |
LITE
| Components | $443.7M | 67% |
| Systems | $221.8M | 33% |
