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Maplebear Inc.（CART）与Cloudflare, Inc.（NET）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Cloudflare, Inc.的1.6倍（$992.0M vs $614.5M），Maplebear Inc.净利率更高（8.2% vs -2.0%，领先10.1%），Cloudflare, Inc.同比增速更快（33.6% vs 12.3%），Maplebear Inc.自由现金流更多（$171.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% 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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
CART vs NET — 直观对比
营收规模更大
CART
是对方的1.6倍
$614.5M
营收增速更快
NET
高出21.3%
12.3%
净利率更高
CART
高出10.1%
-2.0%
自由现金流更多
CART
多$65.8M
$105.2M
两年增速更快
NET
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $614.5M |
| 净利润 | $81.0M | $-12.1M |
| 毛利率 | 72.3% | 73.6% |
| 营业利润率 | 9.9% | -8.0% |
| 净利率 | 8.2% | -2.0% |
| 营收同比 | 12.3% | 33.6% |
| 净利润同比 | -45.3% | 6.0% |
| 每股收益（稀释后） | $0.31 | $-0.03 |
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CARTNET
| Q4 25 | $992.0M | $614.5M | ||
| Q3 25 | $939.0M | $562.0M | ||
| Q2 25 | $914.0M | $512.3M | ||
| Q1 25 | $897.0M | $479.1M | ||
| Q4 24 | $883.0M | $459.9M | ||
| Q3 24 | $852.0M | $430.1M | ||
| Q2 24 | $823.0M | $401.0M | ||
| Q1 24 | $820.0M | $378.6M |
净利润CARTNET
| Q4 25 | $81.0M | $-12.1M | ||
| Q3 25 | $144.0M | $-1.3M | ||
| Q2 25 | $116.0M | $-50.4M | ||
| Q1 25 | $106.0M | $-38.5M | ||
| Q4 24 | $148.0M | $-12.8M | ||
| Q3 24 | $118.0M | $-15.3M | ||
| Q2 24 | $61.0M | $-15.1M | ||
| Q1 24 | $130.0M | $-35.5M |
毛利率CARTNET
| Q4 25 | 72.3% | 73.6% | ||
| Q3 25 | 73.7% | 74.0% | ||
| Q2 25 | 74.2% | 74.9% | ||
| Q1 25 | 74.8% | 75.9% | ||
| Q4 24 | 75.2% | 76.4% | ||
| Q3 24 | 75.2% | 77.7% | ||
| Q2 24 | 75.7% | 77.8% | ||
| Q1 24 | 74.9% | 77.5% |
营业利润率CARTNET
| Q4 25 | 9.9% | -8.0% | ||
| Q3 25 | 17.7% | -6.7% | ||
| Q2 25 | 13.6% | -13.1% | ||
| Q1 25 | 12.3% | -11.1% | ||
| Q4 24 | 17.6% | -7.5% | ||
| Q3 24 | 16.2% | -7.2% | ||
| Q2 24 | 6.3% | -8.7% | ||
| Q1 24 | 17.6% | -14.4% |
净利率CARTNET
| Q4 25 | 8.2% | -2.0% | ||
| Q3 25 | 15.3% | -0.2% | ||
| Q2 25 | 12.7% | -9.8% | ||
| Q1 25 | 11.8% | -8.0% | ||
| Q4 24 | 16.8% | -2.8% | ||
| Q3 24 | 13.8% | -3.6% | ||
| Q2 24 | 7.4% | -3.8% | ||
| Q1 24 | 15.9% | -9.4% |
每股收益（稀释后）CARTNET
| Q4 25 | $0.31 | $-0.03 | ||
| Q3 25 | $0.51 | $0.00 | ||
| Q2 25 | $0.41 | $-0.15 | ||
| Q1 25 | $0.37 | $-0.11 | ||
| Q4 24 | $0.53 | $-0.05 | ||
| Q3 24 | $0.42 | $-0.04 | ||
| Q2 24 | $0.20 | $-0.04 | ||
| Q1 24 | $0.43 | $-0.10 |
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 | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $1.5B |
| 总资产 | $3.7B | $6.0B |
| 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CARTNET
| Q4 25 | $687.0M | $943.5M | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.6B | $1.5B | ||
| Q1 25 | $1.6B | $204.5M | ||
| Q4 24 | $1.4B | $147.7M | ||
| Q3 24 | $1.3B | $182.9M | ||
| Q2 24 | $1.4B | $157.0M | ||
| Q1 24 | $1.5B | $254.4M |
股东权益CARTNET
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $3.5B | $1.3B | ||
| Q2 25 | $3.3B | $1.2B | ||
| Q1 25 | $3.2B | $1.4B | ||
| Q4 24 | $3.1B | $1.0B | ||
| Q3 24 | $2.9B | $973.1M | ||
| Q2 24 | $3.0B | $881.5M | ||
| Q1 24 | $3.1B | $797.2M |
总资产CARTNET
| Q4 25 | $3.7B | $6.0B | ||
| Q3 25 | $4.5B | $5.8B | ||
| Q2 25 | $4.4B | $5.6B | ||
| Q1 25 | $4.3B | $3.7B | ||
| Q4 24 | $4.1B | $3.3B | ||
| Q3 24 | $3.9B | $3.1B | ||
| Q2 24 | $4.0B | $2.9B | ||
| Q1 24 | $4.1B | $2.8B |
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 | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 17.2% | 17.1% |
| 资本支出强度资本支出/营收 | 1.2% | 13.9% |
| 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 | $287.5M |
8季度趋势，按日历期对齐
经营现金流CARTNET
| Q4 25 | $183.0M | $190.4M | ||
| Q3 25 | $287.0M | $167.1M | ||
| Q2 25 | $203.0M | $99.8M | ||
| Q1 25 | $298.0M | $145.8M | ||
| Q4 24 | $153.0M | $127.3M | ||
| Q3 24 | $185.0M | $104.7M | ||
| Q2 24 | $244.0M | $74.8M | ||
| Q1 24 | $105.0M | $73.6M |
自由现金流CARTNET
| Q4 25 | $171.0M | $105.2M | ||
| Q3 25 | $272.0M | $82.5M | ||
| Q2 25 | $187.0M | $39.9M | ||
| Q1 25 | $280.0M | $59.9M | ||
| Q4 24 | $141.0M | $54.2M | ||
| Q3 24 | $171.0M | $54.5M | ||
| Q2 24 | $220.0M | $45.2M | ||
| Q1 24 | $91.0M | $41.5M |
自由现金流率CARTNET
| Q4 25 | 17.2% | 17.1% | ||
| Q3 25 | 29.0% | 14.7% | ||
| Q2 25 | 20.5% | 7.8% | ||
| Q1 25 | 31.2% | 12.5% | ||
| Q4 24 | 16.0% | 11.8% | ||
| Q3 24 | 20.1% | 12.7% | ||
| Q2 24 | 26.7% | 11.3% | ||
| Q1 24 | 11.1% | 11.0% |
资本支出强度CARTNET
| Q4 25 | 1.2% | 13.9% | ||
| Q3 25 | 1.6% | 15.1% | ||
| Q2 25 | 1.8% | 11.7% | ||
| Q1 25 | 2.0% | 17.9% | ||
| Q4 24 | 1.4% | 15.9% | ||
| Q3 24 | 1.6% | 11.7% | ||
| Q2 24 | 2.9% | 7.4% | ||
| Q1 24 | 1.7% | 8.5% |
现金转化率CARTNET
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | — | ||
| 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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
