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Maplebear Inc.（CART）与BLUE OWL CAPITAL INC.（OWL）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BLUE OWL CAPITAL INC.的1.3倍（$992.0M vs $755.6M），Maplebear Inc.净利率更高（8.2% vs 6.3%，领先1.9%），BLUE OWL CAPITAL INC.同比增速更快（19.7% vs 12.3%），BLUE OWL CAPITAL INC.自由现金流更多（$359.1M vs $171.0M），过去两年BLUE OWL CAPITAL INC.的营收复合增速更高（21.3% 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。
Blue Owl Capital Inc.是美国另类投资资产管理机构，于纽约证券交易所挂牌上市，股票代码为OWL，总部设在纽约市，在伦敦、迪拜、中国香港等全球多地设有办事处，专注为各类客户提供专业的另类资产管理解决方案。
CART vs OWL — 直观对比
营收规模更大
CART
是对方的1.3倍
$755.6M
营收增速更快
OWL
高出7.3%
12.3%
净利率更高
CART
高出1.9%
6.3%
自由现金流更多
OWL
多$188.1M
$171.0M
两年增速更快
OWL
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $755.6M |
| 净利润 | $81.0M | $47.7M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | 22.2% |
| 净利率 | 8.2% | 6.3% |
| 营收同比 | 12.3% | 19.7% |
| 净利润同比 | -45.3% | 129.8% |
| 每股收益（稀释后） | $0.31 | $0.07 |
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CARTOWL
| Q4 25 | $992.0M | $755.6M | ||
| Q3 25 | $939.0M | $728.0M | ||
| Q2 25 | $914.0M | $703.1M | ||
| Q1 25 | $897.0M | $683.5M | ||
| Q4 24 | $883.0M | $631.4M | ||
| Q3 24 | $852.0M | $600.9M | ||
| Q2 24 | $823.0M | $549.8M | ||
| Q1 24 | $820.0M | $513.3M |
净利润CARTOWL
| Q4 25 | $81.0M | $47.7M | ||
| Q3 25 | $144.0M | $6.3M | ||
| Q2 25 | $116.0M | $17.4M | ||
| Q1 25 | $106.0M | $7.4M | ||
| Q4 24 | $148.0M | $20.7M | ||
| Q3 24 | $118.0M | $29.8M | ||
| Q2 24 | $61.0M | $33.9M | ||
| Q1 24 | $130.0M | $25.1M |
毛利率CARTOWL
| 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CARTOWL
| Q4 25 | 9.9% | 22.2% | ||
| Q3 25 | 17.7% | 7.6% | ||
| Q2 25 | 13.6% | 12.0% | ||
| Q1 25 | 12.3% | 5.9% | ||
| Q4 24 | 17.6% | 11.7% | ||
| Q3 24 | 16.2% | 18.7% | ||
| Q2 24 | 6.3% | 28.4% | ||
| Q1 24 | 17.6% | 24.7% |
净利率CARTOWL
| Q4 25 | 8.2% | 6.3% | ||
| Q3 25 | 15.3% | 0.9% | ||
| Q2 25 | 12.7% | 2.5% | ||
| Q1 25 | 11.8% | 1.1% | ||
| Q4 24 | 16.8% | 3.3% | ||
| Q3 24 | 13.8% | 5.0% | ||
| Q2 24 | 7.4% | 6.2% | ||
| Q1 24 | 15.9% | 4.9% |
每股收益（稀释后）CARTOWL
| Q4 25 | $0.31 | $0.07 | ||
| Q3 25 | $0.51 | $0.01 | ||
| Q2 25 | $0.41 | $0.02 | ||
| Q1 25 | $0.37 | $0.00 | ||
| Q4 24 | $0.53 | $0.06 | ||
| Q3 24 | $0.42 | $0.04 | ||
| Q2 24 | $0.20 | $0.06 | ||
| Q1 24 | $0.43 | $0.04 |
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 | $194.5M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $2.5B | $2.2B |
| 总资产 | $3.7B | $12.5B |
| 负债/权益比越低杠杆越低 | — | 1.51× |
8季度趋势，按日历期对齐
现金及短期投资CARTOWL
| Q4 25 | $687.0M | $194.5M | ||
| Q3 25 | $1.7B | $137.3M | ||
| Q2 25 | $1.6B | $117.6M | ||
| Q1 25 | $1.6B | $97.6M | ||
| Q4 24 | $1.4B | $152.1M | ||
| Q3 24 | $1.3B | $115.9M | ||
| Q2 24 | $1.4B | $436.8M | ||
| Q1 24 | $1.5B | $155.8M |
总债务CARTOWL
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.1B |
股东权益CARTOWL
| Q4 25 | $2.5B | $2.2B | ||
| Q3 25 | $3.5B | $2.3B | ||
| Q2 25 | $3.3B | $2.4B | ||
| Q1 25 | $3.2B | $2.3B | ||
| Q4 24 | $3.1B | $2.1B | ||
| Q3 24 | $2.9B | $2.0B | ||
| Q2 24 | $3.0B | $1.7B | ||
| Q1 24 | $3.1B | $1.6B |
总资产CARTOWL
| Q4 25 | $3.7B | $12.5B | ||
| Q3 25 | $4.5B | $12.5B | ||
| Q2 25 | $4.4B | $12.3B | ||
| Q1 25 | $4.3B | $12.3B | ||
| Q4 24 | $4.1B | $11.0B | ||
| Q3 24 | $3.9B | $10.8B | ||
| Q2 24 | $4.0B | $9.7B | ||
| Q1 24 | $4.1B | $9.0B |
负债/权益比CARTOWL
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | — | 1.38× | ||
| Q1 25 | — | 1.37× | ||
| Q4 24 | — | 1.22× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.41× | ||
| Q1 24 | — | 1.26× |
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 | $382.9M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $359.1M |
| 自由现金流率自由现金流/营收 | 17.2% | 47.5% |
| 资本支出强度资本支出/营收 | 1.2% | 3.1% |
| 现金转化率经营现金流/净利润 | 2.26× | 8.03× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流CARTOWL
| Q4 25 | $183.0M | $382.9M | ||
| Q3 25 | $287.0M | $433.1M | ||
| Q2 25 | $203.0M | $422.5M | ||
| Q1 25 | $298.0M | $17.6M | ||
| Q4 24 | $153.0M | $324.0M | ||
| Q3 24 | $185.0M | $326.0M | ||
| Q2 24 | $244.0M | $302.3M | ||
| Q1 24 | $105.0M | $47.2M |
自由现金流CARTOWL
| Q4 25 | $171.0M | $359.1M | ||
| Q3 25 | $272.0M | $422.5M | ||
| Q2 25 | $187.0M | $412.5M | ||
| Q1 25 | $280.0M | $4.2M | ||
| Q4 24 | $141.0M | $310.1M | ||
| Q3 24 | $171.0M | $314.8M | ||
| Q2 24 | $220.0M | $269.4M | ||
| Q1 24 | $91.0M | $41.1M |
自由现金流率CARTOWL
| Q4 25 | 17.2% | 47.5% | ||
| Q3 25 | 29.0% | 58.0% | ||
| Q2 25 | 20.5% | 58.7% | ||
| Q1 25 | 31.2% | 0.6% | ||
| Q4 24 | 16.0% | 49.1% | ||
| Q3 24 | 20.1% | 52.4% | ||
| Q2 24 | 26.7% | 49.0% | ||
| Q1 24 | 11.1% | 8.0% |
资本支出强度CARTOWL
| Q4 25 | 1.2% | 3.1% | ||
| Q3 25 | 1.6% | 1.5% | ||
| Q2 25 | 1.8% | 1.4% | ||
| Q1 25 | 2.0% | 2.0% | ||
| Q4 24 | 1.4% | 2.2% | ||
| Q3 24 | 1.6% | 1.9% | ||
| Q2 24 | 2.9% | 6.0% | ||
| Q1 24 | 1.7% | 1.2% |
现金转化率CARTOWL
| Q4 25 | 2.26× | 8.03× | ||
| Q3 25 | 1.99× | 68.64× | ||
| Q2 25 | 1.75× | 24.25× | ||
| Q1 25 | 2.81× | 2.37× | ||
| Q4 24 | 1.03× | 15.62× | ||
| Q3 24 | 1.57× | 10.94× | ||
| Q2 24 | 4.00× | 8.91× | ||
| Q1 24 | 0.81× | 1.88× |
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% |
OWL
| Credit Platform | $455.0M | 60% |
| GP Strategic Capital Platform | $157.0M | 21% |
| Administrative Service | $87.6M | 12% |
| IPI Partners LLC | $33.8M | 4% |
| Other | $22.2M | 3% |
