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Maplebear Inc.（CART）与PIPER SANDLER COMPANIES（PIPR）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PIPER SANDLER COMPANIES的1.5倍（$992.0M vs $667.0M），PIPER SANDLER COMPANIES净利率更高（17.1% vs 8.2%，领先8.9%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs 12.3%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% 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。
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
CART vs PIPR — 直观对比
营收规模更大
CART
是对方的1.5倍
$667.0M
营收增速更快
PIPR
高出25.1%
12.3%
净利率更高
PIPR
高出8.9%
8.2%
两年增速更快
PIPR
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $667.0M |
| 净利润 | $81.0M | $114.0M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | 28.3% |
| 净利率 | 8.2% | 17.1% |
| 营收同比 | 12.3% | 37.4% |
| 净利润同比 | -45.3% | 65.0% |
| 每股收益（稀释后） | $0.31 | $6.41 |
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CARTPIPR
| Q4 25 | $992.0M | $667.0M | ||
| Q3 25 | $939.0M | $480.1M | ||
| Q2 25 | $914.0M | $398.6M | ||
| Q1 25 | $897.0M | $358.6M | ||
| Q4 24 | $883.0M | $485.4M | ||
| Q3 24 | $852.0M | $360.9M | ||
| Q2 24 | $823.0M | $340.8M | ||
| Q1 24 | $820.0M | $344.4M |
净利润CARTPIPR
| Q4 25 | $81.0M | $114.0M | ||
| Q3 25 | $144.0M | $60.3M | ||
| Q2 25 | $116.0M | $42.2M | ||
| Q1 25 | $106.0M | $64.9M | ||
| Q4 24 | $148.0M | $69.1M | ||
| Q3 24 | $118.0M | $34.8M | ||
| Q2 24 | $61.0M | $34.8M | ||
| Q1 24 | $130.0M | $42.5M |
毛利率CARTPIPR
| 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CARTPIPR
| Q4 25 | 9.9% | 28.3% | ||
| Q3 25 | 17.7% | 22.4% | ||
| Q2 25 | 13.6% | 12.3% | ||
| Q1 25 | 12.3% | 8.2% | ||
| Q4 24 | 17.6% | 16.9% | ||
| Q3 24 | 16.2% | 15.4% | ||
| Q2 24 | 6.3% | 8.3% | ||
| Q1 24 | 17.6% | 15.2% |
净利率CARTPIPR
| Q4 25 | 8.2% | 17.1% | ||
| Q3 25 | 15.3% | 12.6% | ||
| Q2 25 | 12.7% | 10.6% | ||
| Q1 25 | 11.8% | 18.1% | ||
| Q4 24 | 16.8% | 14.2% | ||
| Q3 24 | 13.8% | 9.6% | ||
| Q2 24 | 7.4% | 10.2% | ||
| Q1 24 | 15.9% | 12.3% |
每股收益（稀释后）CARTPIPR
| Q4 25 | $0.31 | $6.41 | ||
| Q3 25 | $0.51 | $3.38 | ||
| Q2 25 | $0.41 | $2.38 | ||
| Q1 25 | $0.37 | $3.65 | ||
| Q4 24 | $0.53 | $3.88 | ||
| Q3 24 | $0.42 | $1.96 | ||
| Q2 24 | $0.20 | $1.97 | ||
| Q1 24 | $0.43 | $2.43 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $1.4B |
| 总资产 | $3.7B | $2.6B |
| 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CARTPIPR
| Q4 25 | $687.0M | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | — |
股东权益CARTPIPR
| Q4 25 | $2.5B | $1.4B | ||
| Q3 25 | $3.5B | $1.3B | ||
| Q2 25 | $3.3B | $1.2B | ||
| Q1 25 | $3.2B | $1.2B | ||
| Q4 24 | $3.1B | $1.2B | ||
| Q3 24 | $2.9B | $1.2B | ||
| Q2 24 | $3.0B | $1.1B | ||
| Q1 24 | $3.1B | $1.1B |
总资产CARTPIPR
| Q4 25 | $3.7B | $2.6B | ||
| Q3 25 | $4.5B | $2.2B | ||
| Q2 25 | $4.4B | $2.0B | ||
| Q1 25 | $4.3B | $1.8B | ||
| Q4 24 | $4.1B | $2.3B | ||
| Q3 24 | $3.9B | $2.0B | ||
| Q2 24 | $4.0B | $1.9B | ||
| Q1 24 | $4.1B | $1.8B |
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 | $729.8M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | — |
| 自由现金流率自由现金流/营收 | 17.2% | — |
| 资本支出强度资本支出/营收 | 1.2% | — |
| 现金转化率经营现金流/净利润 | 2.26× | 6.40× |
| 过去12个月自由现金流最近4个季度 | $910.0M | — |
8季度趋势，按日历期对齐
经营现金流CARTPIPR
| Q4 25 | $183.0M | $729.8M | ||
| Q3 25 | $287.0M | $31.9M | ||
| Q2 25 | $203.0M | $32.1M | ||
| Q1 25 | $298.0M | $-207.2M | ||
| Q4 24 | $153.0M | $163.8M | ||
| Q3 24 | $185.0M | $80.1M | ||
| Q2 24 | $244.0M | $266.5M | ||
| Q1 24 | $105.0M | $-197.2M |
自由现金流CARTPIPR
| Q4 25 | $171.0M | — | ||
| Q3 25 | $272.0M | — | ||
| Q2 25 | $187.0M | — | ||
| Q1 25 | $280.0M | — | ||
| Q4 24 | $141.0M | — | ||
| Q3 24 | $171.0M | — | ||
| Q2 24 | $220.0M | — | ||
| Q1 24 | $91.0M | — |
自由现金流率CARTPIPR
| Q4 25 | 17.2% | — | ||
| Q3 25 | 29.0% | — | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 31.2% | — | ||
| Q4 24 | 16.0% | — | ||
| Q3 24 | 20.1% | — | ||
| Q2 24 | 26.7% | — | ||
| Q1 24 | 11.1% | — |
资本支出强度CARTPIPR
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 1.7% | — |
现金转化率CARTPIPR
| Q4 25 | 2.26× | 6.40× | ||
| Q3 25 | 1.99× | 0.53× | ||
| Q2 25 | 1.75× | 0.76× | ||
| Q1 25 | 2.81× | -3.19× | ||
| Q4 24 | 1.03× | 2.37× | ||
| Q3 24 | 1.57× | 2.30× | ||
| Q2 24 | 4.00× | 7.66× | ||
| Q1 24 | 0.81× | -4.64× |
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% |
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
