vs
Maplebear Inc.（CART）与NGL Energy Partners LP（NGL）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NGL Energy Partners LP的1.1倍（$992.0M vs $909.8M），Maplebear Inc.净利率更高（8.2% vs 5.2%，领先3.0%），Maplebear Inc.同比增速更快（12.3% vs -41.3%），Maplebear Inc.自由现金流更多（$171.0M vs $45.7M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs -6.4%）
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。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
CART vs NGL — 直观对比
营收规模更大
CART
是对方的1.1倍
$909.8M
营收增速更快
CART
高出53.6%
-41.3%
净利率更高
CART
高出3.0%
5.2%
自由现金流更多
CART
多$125.3M
$45.7M
两年增速更快
CART
近两年复合增速
-6.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $909.8M |
| 净利润 | $81.0M | $47.2M |
| 毛利率 | 72.3% | 29.0% |
| 营业利润率 | 9.9% | 12.1% |
| 净利率 | 8.2% | 5.2% |
| 营收同比 | 12.3% | -41.3% |
| 净利润同比 | -45.3% | 249.3% |
| 每股收益（稀释后） | $0.31 | — |
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CARTNGL
| Q4 25 | $992.0M | $909.8M | ||
| Q3 25 | $939.0M | $674.7M | ||
| Q2 25 | $914.0M | $622.2M | ||
| Q1 25 | $897.0M | $971.1M | ||
| Q4 24 | $883.0M | $982.4M | ||
| Q3 24 | $852.0M | $756.5M | ||
| Q2 24 | $823.0M | $759.2M | ||
| Q1 24 | $820.0M | $1.0B |
净利润CARTNGL
| Q4 25 | $81.0M | $47.2M | ||
| Q3 25 | $144.0M | $29.3M | ||
| Q2 25 | $116.0M | $68.9M | ||
| Q1 25 | $106.0M | $13.7M | ||
| Q4 24 | $148.0M | $13.5M | ||
| Q3 24 | $118.0M | $2.5M | ||
| Q2 24 | $61.0M | $9.7M | ||
| Q1 24 | $130.0M | $-236.8M |
毛利率CARTNGL
| Q4 25 | 72.3% | 29.0% | ||
| Q3 25 | 73.7% | 37.6% | ||
| Q2 25 | 74.2% | 38.5% | ||
| Q1 25 | 74.8% | 26.9% | ||
| Q4 24 | 75.2% | 25.1% | ||
| Q3 24 | 75.2% | 30.9% | ||
| Q2 24 | 75.7% | 29.0% | ||
| Q1 24 | 74.9% | 21.8% |
营业利润率CARTNGL
| Q4 25 | 9.9% | 12.1% | ||
| Q3 25 | 17.7% | 14.0% | ||
| Q2 25 | 13.6% | 15.7% | ||
| Q1 25 | 12.3% | 8.4% | ||
| Q4 24 | 17.6% | 8.6% | ||
| Q3 24 | 16.2% | 10.8% | ||
| Q2 24 | 6.3% | 10.8% | ||
| Q1 24 | 17.6% | -9.4% |
净利率CARTNGL
| Q4 25 | 8.2% | 5.2% | ||
| Q3 25 | 15.3% | 4.3% | ||
| Q2 25 | 12.7% | 11.1% | ||
| Q1 25 | 11.8% | 1.4% | ||
| Q4 24 | 16.8% | 1.4% | ||
| Q3 24 | 13.8% | 0.3% | ||
| Q2 24 | 7.4% | 1.3% | ||
| Q1 24 | 15.9% | -22.8% |
每股收益（稀释后）CARTNGL
| Q4 25 | $0.31 | — | ||
| Q3 25 | $0.51 | — | ||
| Q2 25 | $0.41 | — | ||
| Q1 25 | $0.37 | — | ||
| Q4 24 | $0.53 | — | ||
| Q3 24 | $0.42 | — | ||
| 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 | $6.5M |
| 总债务越低越好 | — | $2.9B |
| 股东权益账面价值 | $2.5B | — |
| 总资产 | $3.7B | $4.4B |
| 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CARTNGL
| Q4 25 | $687.0M | $6.5M | ||
| Q3 25 | $1.7B | $8.7M | ||
| Q2 25 | $1.6B | $5.4M | ||
| Q1 25 | $1.6B | $13.5M | ||
| Q4 24 | $1.4B | $5.7M | ||
| Q3 24 | $1.3B | $4.5M | ||
| Q2 24 | $1.4B | $5.3M | ||
| Q1 24 | $1.5B | $38.9M |
总债务CARTNGL
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.9B |
股东权益CARTNGL
| Q4 25 | $2.5B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.3B | — | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.1B | — |
总资产CARTNGL
| Q4 25 | $3.7B | $4.4B | ||
| Q3 25 | $4.5B | $4.3B | ||
| Q2 25 | $4.4B | $4.2B | ||
| Q1 25 | $4.3B | $4.6B | ||
| Q4 24 | $4.1B | $4.8B | ||
| Q3 24 | $3.9B | $4.9B | ||
| Q2 24 | $4.0B | $4.8B | ||
| Q1 24 | $4.1B | $5.0B |
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 | $182.3M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $45.7M |
| 自由现金流率自由现金流/营收 | 17.2% | 5.0% |
| 资本支出强度资本支出/营收 | 1.2% | 15.0% |
| 现金转化率经营现金流/净利润 | 2.26× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $126.7M |
8季度趋势，按日历期对齐
经营现金流CARTNGL
| Q4 25 | $183.0M | $182.3M | ||
| Q3 25 | $287.0M | $40.5M | ||
| Q2 25 | $203.0M | $33.2M | ||
| Q1 25 | $298.0M | $155.0M | ||
| Q4 24 | $153.0M | $153.8M | ||
| Q3 24 | $185.0M | $6.7M | ||
| Q2 24 | $244.0M | $-18.1M | ||
| Q1 24 | $105.0M | $152.2M |
自由现金流CARTNGL
| Q4 25 | $171.0M | $45.7M | ||
| Q3 25 | $272.0M | $9.5M | ||
| Q2 25 | $187.0M | $11.1M | ||
| Q1 25 | $280.0M | $60.4M | ||
| Q4 24 | $141.0M | $152.1M | ||
| Q3 24 | $171.0M | $-82.9M | ||
| Q2 24 | $220.0M | $-78.0M | ||
| Q1 24 | $91.0M | $119.8M |
自由现金流率CARTNGL
| Q4 25 | 17.2% | 5.0% | ||
| Q3 25 | 29.0% | 1.4% | ||
| Q2 25 | 20.5% | 1.8% | ||
| Q1 25 | 31.2% | 6.2% | ||
| Q4 24 | 16.0% | 15.5% | ||
| Q3 24 | 20.1% | -11.0% | ||
| Q2 24 | 26.7% | -10.3% | ||
| Q1 24 | 11.1% | 11.5% |
资本支出强度CARTNGL
| Q4 25 | 1.2% | 15.0% | ||
| Q3 25 | 1.6% | 4.6% | ||
| Q2 25 | 1.8% | 3.6% | ||
| Q1 25 | 2.0% | 9.7% | ||
| Q4 24 | 1.4% | 0.2% | ||
| Q3 24 | 1.6% | 11.8% | ||
| Q2 24 | 2.9% | 7.9% | ||
| Q1 24 | 1.7% | 3.1% |
现金转化率CARTNGL
| Q4 25 | 2.26× | 3.86× | ||
| Q3 25 | 1.99× | 1.38× | ||
| Q2 25 | 1.75× | 0.48× | ||
| Q1 25 | 2.81× | 11.29× | ||
| Q4 24 | 1.03× | 11.39× | ||
| Q3 24 | 1.57× | 2.74× | ||
| Q2 24 | 4.00× | -1.87× | ||
| 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% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
