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Maplebear Inc.（CART）与OPEN TEXT CORP（OTEX）财务数据对比。点击上方公司名可切换其他公司
OPEN TEXT CORP的季度营收约是Maplebear Inc.的1.3倍（$1.3B vs $992.0M），OPEN TEXT CORP净利率更高（13.5% vs 8.2%，领先5.3%），Maplebear Inc.同比增速更快（12.3% vs 2.2%），OPEN TEXT CORP自由现金流更多（$305.0M vs $171.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs -3.0%）
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。
Open Text Corporation是全球知名的跨国软件企业，专注于信息管理类软件的研发与销售，业务覆盖全球众多国家和地区，可为各行业客户提供成熟的信息管理解决方案，助力企业高效管理数据资产，推进数字化转型落地。
CART vs OTEX — 直观对比
营收规模更大
OTEX
是对方的1.3倍
$992.0M
营收增速更快
CART
高出10.1%
2.2%
净利率更高
OTEX
高出5.3%
8.2%
自由现金流更多
OTEX
多$134.0M
$171.0M
两年增速更快
CART
近两年复合增速
-3.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.3B |
| 净利润 | $81.0M | $172.7M |
| 毛利率 | 72.3% | 73.1% |
| 营业利润率 | 9.9% | 15.7% |
| 净利率 | 8.2% | 13.5% |
| 营收同比 | 12.3% | 2.2% |
| 净利润同比 | -45.3% | — |
| 每股收益（稀释后） | $0.31 | $0.70 |
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CARTOTEX
| Q1 26 | — | $1.3B | ||
| Q4 25 | $992.0M | $1.3B | ||
| Q3 25 | $939.0M | $1.3B | ||
| Q2 25 | $914.0M | $1.3B | ||
| Q1 25 | $897.0M | $1.3B | ||
| Q4 24 | $883.0M | $1.3B | ||
| Q3 24 | $852.0M | $1.3B | ||
| Q2 24 | $823.0M | $1.4B |
净利润CARTOTEX
| Q1 26 | — | $172.7M | ||
| Q4 25 | $81.0M | $168.1M | ||
| Q3 25 | $144.0M | $146.6M | ||
| Q2 25 | $116.0M | $28.8M | ||
| Q1 25 | $106.0M | $92.8M | ||
| Q4 24 | $148.0M | $229.9M | ||
| Q3 24 | $118.0M | $84.4M | ||
| Q2 24 | $61.0M | $248.2M |
毛利率CARTOTEX
| Q1 26 | — | 73.1% | ||
| Q4 25 | 72.3% | 74.0% | ||
| Q3 25 | 73.7% | 72.8% | ||
| Q2 25 | 74.2% | 72.3% | ||
| Q1 25 | 74.8% | 71.6% | ||
| Q4 24 | 75.2% | 73.3% | ||
| Q3 24 | 75.2% | 71.7% | ||
| Q2 24 | 75.7% | 72.5% |
营业利润率CARTOTEX
| Q1 26 | — | 15.7% | ||
| Q4 25 | 9.9% | 22.0% | ||
| Q3 25 | 17.7% | 21.0% | ||
| Q2 25 | 13.6% | 13.9% | ||
| Q1 25 | 12.3% | 16.7% | ||
| Q4 24 | 17.6% | 22.2% | ||
| Q3 24 | 16.2% | 16.3% | ||
| Q2 24 | 6.3% | 14.2% |
净利率CARTOTEX
| Q1 26 | — | 13.5% | ||
| Q4 25 | 8.2% | 12.7% | ||
| Q3 25 | 15.3% | 11.4% | ||
| Q2 25 | 12.7% | 2.2% | ||
| Q1 25 | 11.8% | 7.4% | ||
| Q4 24 | 16.8% | 17.2% | ||
| Q3 24 | 13.8% | 6.6% | ||
| Q2 24 | 7.4% | 18.2% |
每股收益（稀释后）CARTOTEX
| Q1 26 | — | $0.70 | ||
| Q4 25 | $0.31 | $0.66 | ||
| Q3 25 | $0.51 | $0.58 | ||
| Q2 25 | $0.41 | $0.11 | ||
| Q1 25 | $0.37 | $0.35 | ||
| Q4 24 | $0.53 | $0.87 | ||
| Q3 24 | $0.42 | $0.32 | ||
| Q2 24 | $0.20 | $0.91 |
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 | $1.3B |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $2.5B | $4.0B |
| 总资产 | $3.7B | $13.3B |
| 负债/权益比越低杠杆越低 | — | 1.57× |
8季度趋势，按日历期对齐
现金及短期投资CARTOTEX
| Q1 26 | — | $1.3B | ||
| Q4 25 | $687.0M | $1.3B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.4B | $1.3B |
总债务CARTOTEX
| Q1 26 | — | $6.2B | ||
| Q4 25 | — | $6.4B | ||
| Q3 25 | — | $6.4B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.4B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $6.4B |
股东权益CARTOTEX
| Q1 26 | — | $4.0B | ||
| Q4 25 | $2.5B | $4.0B | ||
| Q3 25 | $3.5B | $4.0B | ||
| Q2 25 | $3.3B | $3.9B | ||
| Q1 25 | $3.2B | $4.1B | ||
| Q4 24 | $3.1B | $4.2B | ||
| Q3 24 | $2.9B | $4.1B | ||
| Q2 24 | $3.0B | $4.2B |
总资产CARTOTEX
| Q1 26 | — | $13.3B | ||
| Q4 25 | $3.7B | $13.6B | ||
| Q3 25 | $4.5B | $13.5B | ||
| Q2 25 | $4.4B | $13.8B | ||
| Q1 25 | $4.3B | $13.8B | ||
| Q4 24 | $4.1B | $13.7B | ||
| Q3 24 | $3.9B | $13.8B | ||
| Q2 24 | $4.0B | $14.2B |
负债/权益比CARTOTEX
| Q1 26 | — | 1.57× | ||
| Q4 25 | — | 1.58× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | — | 1.51× | ||
| Q3 24 | — | 1.55× | ||
| Q2 24 | — | 1.52× |
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 | $354.6M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $305.0M |
| 自由现金流率自由现金流/营收 | 17.2% | 23.8% |
| 资本支出强度资本支出/营收 | 1.2% | 3.9% |
| 现金转化率经营现金流/净利润 | 2.26× | 2.05× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $809.6M |
8季度趋势，按日历期对齐
经营现金流CARTOTEX
| Q1 26 | — | $354.6M | ||
| Q4 25 | $183.0M | $318.7M | ||
| Q3 25 | $287.0M | $147.8M | ||
| Q2 25 | $203.0M | $158.2M | ||
| Q1 25 | $298.0M | $402.2M | ||
| Q4 24 | $153.0M | $348.0M | ||
| Q3 24 | $185.0M | $-77.8M | ||
| Q2 24 | $244.0M | $185.2M |
自由现金流CARTOTEX
| Q1 26 | — | $305.0M | ||
| Q4 25 | $171.0M | $279.4M | ||
| Q3 25 | $272.0M | $101.2M | ||
| Q2 25 | $187.0M | $124.0M | ||
| Q1 25 | $280.0M | $373.8M | ||
| Q4 24 | $141.0M | $306.7M | ||
| Q3 24 | $171.0M | $-117.1M | ||
| Q2 24 | $220.0M | $145.2M |
自由现金流率CARTOTEX
| Q1 26 | — | 23.8% | ||
| Q4 25 | 17.2% | 21.1% | ||
| Q3 25 | 29.0% | 7.9% | ||
| Q2 25 | 20.5% | 9.5% | ||
| Q1 25 | 31.2% | 29.8% | ||
| Q4 24 | 16.0% | 23.0% | ||
| Q3 24 | 20.1% | -9.2% | ||
| Q2 24 | 26.7% | 10.7% |
资本支出强度CARTOTEX
| Q1 26 | — | 3.9% | ||
| Q4 25 | 1.2% | 3.0% | ||
| Q3 25 | 1.6% | 3.6% | ||
| Q2 25 | 1.8% | 2.6% | ||
| Q1 25 | 2.0% | 2.3% | ||
| Q4 24 | 1.4% | 3.1% | ||
| Q3 24 | 1.6% | 3.1% | ||
| Q2 24 | 2.9% | 2.9% |
现金转化率CARTOTEX
| Q1 26 | — | 2.05× | ||
| Q4 25 | 2.26× | 1.90× | ||
| Q3 25 | 1.99× | 1.01× | ||
| Q2 25 | 1.75× | 5.49× | ||
| Q1 25 | 2.81× | 4.33× | ||
| Q4 24 | 1.03× | 1.51× | ||
| Q3 24 | 1.57× | -0.92× | ||
| Q2 24 | 4.00× | 0.75× |
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% |
OTEX
| Customer support | $564.8M | 44% |
| Cloud services and subscriptions | $492.9M | 38% |
| License | $145.1M | 11% |
| Professional service and other | $79.6M | 6% |
