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Maplebear Inc.（CART）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
Maplebear Inc.的季度营收约是明晟的1.2倍（$992.0M vs $822.5M），明晟净利率更高（34.6% vs 8.2%，领先26.4%），Maplebear Inc.同比增速更快（12.3% vs 10.6%），明晟自由现金流更多（$488.7M vs $171.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% 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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
CART vs MSCI — 直观对比
营收规模更大
CART
是对方的1.2倍
$822.5M
营收增速更快
CART
高出1.7%
10.6%
净利率更高
MSCI
高出26.4%
8.2%
自由现金流更多
MSCI
多$317.7M
$171.0M
两年增速更快
CART
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $822.5M |
| 净利润 | $81.0M | $284.7M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | 56.4% |
| 净利率 | 8.2% | 34.6% |
| 营收同比 | 12.3% | 10.6% |
| 净利润同比 | -45.3% | -6.8% |
| 每股收益（稀释后） | $0.31 | $3.81 |
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CARTMSCI
| Q4 25 | $992.0M | $822.5M | ||
| Q3 25 | $939.0M | $793.4M | ||
| Q2 25 | $914.0M | $772.7M | ||
| Q1 25 | $897.0M | $745.8M | ||
| Q4 24 | $883.0M | $743.5M | ||
| Q3 24 | $852.0M | $724.7M | ||
| Q2 24 | $823.0M | $707.9M | ||
| Q1 24 | $820.0M | $680.0M |
净利润CARTMSCI
| Q4 25 | $81.0M | $284.7M | ||
| Q3 25 | $144.0M | $325.4M | ||
| Q2 25 | $116.0M | $303.6M | ||
| Q1 25 | $106.0M | $288.6M | ||
| Q4 24 | $148.0M | $305.5M | ||
| Q3 24 | $118.0M | $280.9M | ||
| Q2 24 | $61.0M | $266.8M | ||
| Q1 24 | $130.0M | $256.0M |
毛利率CARTMSCI
| 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CARTMSCI
| Q4 25 | 9.9% | 56.4% | ||
| Q3 25 | 17.7% | 56.4% | ||
| Q2 25 | 13.6% | 55.0% | ||
| Q1 25 | 12.3% | 50.6% | ||
| Q4 24 | 17.6% | 54.5% | ||
| Q3 24 | 16.2% | 55.4% | ||
| Q2 24 | 6.3% | 54.0% | ||
| Q1 24 | 17.6% | 49.9% |
净利率CARTMSCI
| Q4 25 | 8.2% | 34.6% | ||
| Q3 25 | 15.3% | 41.0% | ||
| Q2 25 | 12.7% | 39.3% | ||
| Q1 25 | 11.8% | 38.7% | ||
| Q4 24 | 16.8% | 41.1% | ||
| Q3 24 | 13.8% | 38.8% | ||
| Q2 24 | 7.4% | 37.7% | ||
| Q1 24 | 15.9% | 37.6% |
每股收益（稀释后）CARTMSCI
| Q4 25 | $0.31 | $3.81 | ||
| Q3 25 | $0.51 | $4.25 | ||
| Q2 25 | $0.41 | $3.92 | ||
| Q1 25 | $0.37 | $3.71 | ||
| Q4 24 | $0.53 | $3.89 | ||
| Q3 24 | $0.42 | $3.57 | ||
| Q2 24 | $0.20 | $3.37 | ||
| Q1 24 | $0.43 | $3.22 |
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 | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $2.5B | $-2.7B |
| 总资产 | $3.7B | $5.7B |
| 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CARTMSCI
| Q4 25 | $687.0M | $515.3M | ||
| Q3 25 | $1.7B | $400.1M | ||
| Q2 25 | $1.6B | $347.3M | ||
| Q1 25 | $1.6B | $360.7M | ||
| Q4 24 | $1.4B | $409.4M | ||
| Q3 24 | $1.3B | $501.0M | ||
| Q2 24 | $1.4B | $451.4M | ||
| Q1 24 | $1.5B | $519.3M |
总债务CARTMSCI
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
股东权益CARTMSCI
| Q4 25 | $2.5B | $-2.7B | ||
| Q3 25 | $3.5B | $-1.9B | ||
| Q2 25 | $3.3B | $-886.2M | ||
| Q1 25 | $3.2B | $-958.6M | ||
| Q4 24 | $3.1B | $-940.0M | ||
| Q3 24 | $2.9B | $-751.0M | ||
| Q2 24 | $3.0B | $-734.5M | ||
| Q1 24 | $3.1B | $-650.5M |
总资产CARTMSCI
| Q4 25 | $3.7B | $5.7B | ||
| Q3 25 | $4.5B | $5.4B | ||
| Q2 25 | $4.4B | $5.4B | ||
| Q1 25 | $4.3B | $5.3B | ||
| Q4 24 | $4.1B | $5.4B | ||
| Q3 24 | $3.9B | $5.4B | ||
| Q2 24 | $4.0B | $5.5B | ||
| Q1 24 | $4.1B | $5.5B |
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 | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $488.7M |
| 自由现金流率自由现金流/营收 | 17.2% | 59.4% |
| 资本支出强度资本支出/营收 | 1.2% | 1.5% |
| 现金转化率经营现金流/净利润 | 2.26× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $1.5B |
8季度趋势，按日历期对齐
经营现金流CARTMSCI
| Q4 25 | $183.0M | $501.1M | ||
| Q3 25 | $287.0M | $449.4M | ||
| Q2 25 | $203.0M | $336.1M | ||
| Q1 25 | $298.0M | $301.7M | ||
| Q4 24 | $153.0M | $430.6M | ||
| Q3 24 | $185.0M | $421.6M | ||
| Q2 24 | $244.0M | $349.2M | ||
| Q1 24 | $105.0M | $300.1M |
自由现金流CARTMSCI
| Q4 25 | $171.0M | $488.7M | ||
| Q3 25 | $272.0M | $445.5M | ||
| Q2 25 | $187.0M | $324.7M | ||
| Q1 25 | $280.0M | $290.2M | ||
| Q4 24 | $141.0M | $416.4M | ||
| Q3 24 | $171.0M | $415.0M | ||
| Q2 24 | $220.0M | $340.6M | ||
| Q1 24 | $91.0M | $295.9M |
自由现金流率CARTMSCI
| Q4 25 | 17.2% | 59.4% | ||
| Q3 25 | 29.0% | 56.2% | ||
| Q2 25 | 20.5% | 42.0% | ||
| Q1 25 | 31.2% | 38.9% | ||
| Q4 24 | 16.0% | 56.0% | ||
| Q3 24 | 20.1% | 57.3% | ||
| Q2 24 | 26.7% | 48.1% | ||
| Q1 24 | 11.1% | 43.5% |
资本支出强度CARTMSCI
| Q4 25 | 1.2% | 1.5% | ||
| Q3 25 | 1.6% | 0.5% | ||
| Q2 25 | 1.8% | 1.5% | ||
| Q1 25 | 2.0% | 1.5% | ||
| Q4 24 | 1.4% | 1.9% | ||
| Q3 24 | 1.6% | 0.9% | ||
| Q2 24 | 2.9% | 1.2% | ||
| Q1 24 | 1.7% | 0.6% |
现金转化率CARTMSCI
| Q4 25 | 2.26× | 1.76× | ||
| Q3 25 | 1.99× | 1.38× | ||
| Q2 25 | 1.75× | 1.11× | ||
| Q1 25 | 2.81× | 1.05× | ||
| Q4 24 | 1.03× | 1.41× | ||
| Q3 24 | 1.57× | 1.50× | ||
| Q2 24 | 4.00× | 1.31× | ||
| Q1 24 | 0.81× | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
