vs
Maplebear Inc.（CART）与莫德纳（MRNA）财务数据对比。点击上方公司名可切换其他公司
莫德纳的季度营收约是Maplebear Inc.的1.0倍（$1.0B vs $992.0M），Maplebear Inc.净利率更高（8.2% vs -19.7%，领先27.9%），Maplebear Inc.同比增速更快（12.3% vs -45.4%），Maplebear Inc.自由现金流更多（$171.0M vs $-880.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs -45.0%）
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。
莫德纳是一家总部位于美国马萨诸塞州剑桥市的生物制药企业，深耕RNA治疗领域，核心业务聚焦mRNA疫苗研发。其疫苗通过信使RNA（mRNA）分子拷贝传递蛋白合成指令以触发人体免疫反应，公司名称由“修饰”“RNA”与“现代”三个词组合而来。
CART vs MRNA — 直观对比
营收规模更大
MRNA
是对方的1.0倍
$992.0M
营收增速更快
CART
高出57.8%
-45.4%
净利率更高
CART
高出27.9%
-19.7%
自由现金流更多
CART
多$1.1B
$-880.0M
两年增速更快
CART
近两年复合增速
-45.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.0B |
| 净利润 | $81.0M | $-200.0M |
| 毛利率 | 72.3% | 79.6% |
| 营业利润率 | 9.9% | -25.6% |
| 净利率 | 8.2% | -19.7% |
| 营收同比 | 12.3% | -45.4% |
| 净利润同比 | -45.3% | -1638.5% |
| 每股收益（稀释后） | $0.31 | $-0.51 |
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CARTMRNA
| Q4 25 | $992.0M | — | ||
| Q3 25 | $939.0M | $1.0B | ||
| Q2 25 | $914.0M | — | ||
| Q1 25 | $897.0M | — | ||
| Q4 24 | $883.0M | $966.0M | ||
| Q3 24 | $852.0M | $1.9B | ||
| Q2 24 | $823.0M | — | ||
| Q1 24 | $820.0M | — |
净利润CARTMRNA
| Q4 25 | $81.0M | — | ||
| Q3 25 | $144.0M | $-200.0M | ||
| Q2 25 | $116.0M | — | ||
| Q1 25 | $106.0M | — | ||
| Q4 24 | $148.0M | $-1.1B | ||
| Q3 24 | $118.0M | $13.0M | ||
| Q2 24 | $61.0M | — | ||
| Q1 24 | $130.0M | — |
毛利率CARTMRNA
| Q4 25 | 72.3% | — | ||
| Q3 25 | 73.7% | 79.6% | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 74.8% | — | ||
| Q4 24 | 75.2% | 23.5% | ||
| Q3 24 | 75.2% | 72.4% | ||
| Q2 24 | 75.7% | — | ||
| Q1 24 | 74.9% | — |
营业利润率CARTMRNA
| Q4 25 | 9.9% | — | ||
| Q3 25 | 17.7% | -25.6% | ||
| Q2 25 | 13.6% | — | ||
| Q1 25 | 12.3% | — | ||
| Q4 24 | 17.6% | -129.0% | ||
| Q3 24 | 16.2% | -3.8% | ||
| Q2 24 | 6.3% | — | ||
| Q1 24 | 17.6% | — |
净利率CARTMRNA
| Q4 25 | 8.2% | — | ||
| Q3 25 | 15.3% | -19.7% | ||
| Q2 25 | 12.7% | — | ||
| Q1 25 | 11.8% | — | ||
| Q4 24 | 16.8% | -115.9% | ||
| Q3 24 | 13.8% | 0.7% | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 15.9% | — |
每股收益（稀释后）CARTMRNA
| Q4 25 | $0.31 | — | ||
| Q3 25 | $0.51 | $-0.51 | ||
| Q2 25 | $0.41 | — | ||
| Q1 25 | $0.37 | — | ||
| Q4 24 | $0.53 | $-2.91 | ||
| Q3 24 | $0.42 | $0.03 | ||
| Q2 24 | $0.20 | — | ||
| Q1 24 | $0.43 | — |
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 | $1.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $9.3B |
| 总资产 | $3.7B | $12.1B |
| 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CARTMRNA
| Q4 25 | $687.0M | — | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.4B | $1.9B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | — |
股东权益CARTMRNA
| Q4 25 | $2.5B | — | ||
| Q3 25 | $3.5B | $9.3B | ||
| Q2 25 | $3.3B | — | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $3.1B | $10.9B | ||
| Q3 24 | $2.9B | $11.9B | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.1B | — |
总资产CARTMRNA
| Q4 25 | $3.7B | — | ||
| Q3 25 | $4.5B | $12.1B | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.1B | $14.1B | ||
| Q3 24 | $3.9B | $15.8B | ||
| Q2 24 | $4.0B | — | ||
| Q1 24 | $4.1B | — |
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 | $-847.0M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $-880.0M |
| 自由现金流率自由现金流/营收 | 17.2% | -86.6% |
| 资本支出强度资本支出/营收 | 1.2% | 3.2% |
| 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 | $-1.9B |
8季度趋势，按日历期对齐
经营现金流CARTMRNA
| Q4 25 | $183.0M | — | ||
| Q3 25 | $287.0M | $-847.0M | ||
| Q2 25 | $203.0M | — | ||
| Q1 25 | $298.0M | — | ||
| Q4 24 | $153.0M | $825.0M | ||
| Q3 24 | $185.0M | $-1.6B | ||
| Q2 24 | $244.0M | — | ||
| Q1 24 | $105.0M | — |
自由现金流CARTMRNA
| Q4 25 | $171.0M | — | ||
| Q3 25 | $272.0M | $-880.0M | ||
| Q2 25 | $187.0M | — | ||
| Q1 25 | $280.0M | — | ||
| Q4 24 | $141.0M | $303.0M | ||
| Q3 24 | $171.0M | $-1.7B | ||
| Q2 24 | $220.0M | — | ||
| Q1 24 | $91.0M | — |
自由现金流率CARTMRNA
| Q4 25 | 17.2% | — | ||
| Q3 25 | 29.0% | -86.6% | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 31.2% | — | ||
| Q4 24 | 16.0% | 31.4% | ||
| Q3 24 | 20.1% | -92.2% | ||
| Q2 24 | 26.7% | — | ||
| Q1 24 | 11.1% | — |
资本支出强度CARTMRNA
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.6% | 3.2% | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 1.4% | 54.0% | ||
| Q3 24 | 1.6% | 8.1% | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 1.7% | — |
现金转化率CARTMRNA
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | -120.46× | ||
| 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% |
MRNA
| COVID19 | $971.0M | 96% |
| Other Revenue | $20.0M | 2% |
| Grant | $14.0M | 1% |
| Collaboration Arrangement Including Arrangements With Affiliate | $7.0M | 1% |
| License And Royalty | $2.0M | 0% |
