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Maplebear Inc.（CART）与EPLUS INC（PLUS）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EPLUS INC的1.6倍（$992.0M vs $614.8M），Maplebear Inc.净利率更高（8.2% vs 5.7%，领先2.5%），EPLUS INC同比增速更快（20.3% vs 12.3%），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 2.3%）
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。
ePlus Inc.是美国的科技咨询解决方案提供商，业务覆盖网络安全、云计算、网络架构、协作办公、人工智能及前沿技术领域，为超5000家客户提供定制化解决方案、专业咨询与托管服务，助力企业实现数字化转型与技术升级。
CART vs PLUS — 直观对比
营收规模更大
CART
是对方的1.6倍
$614.8M
营收增速更快
PLUS
高出8.0%
12.3%
净利率更高
CART
高出2.5%
5.7%
两年增速更快
CART
近两年复合增速
2.3%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $614.8M |
| 净利润 | $81.0M | $35.1M |
| 毛利率 | 72.3% | 25.8% |
| 营业利润率 | 9.9% | 7.1% |
| 净利率 | 8.2% | 5.7% |
| 营收同比 | 12.3% | 20.3% |
| 净利润同比 | -45.3% | 45.2% |
| 每股收益（稀释后） | $0.31 | $1.33 |
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CARTPLUS
| Q4 25 | $992.0M | $614.8M | ||
| Q3 25 | $939.0M | $608.8M | ||
| Q2 25 | $914.0M | $637.3M | ||
| Q1 25 | $897.0M | — | ||
| Q4 24 | $883.0M | $493.2M | ||
| Q3 24 | $852.0M | $493.4M | ||
| Q2 24 | $823.0M | $535.7M | ||
| Q1 24 | $820.0M | — |
净利润CARTPLUS
| Q4 25 | $81.0M | $35.1M | ||
| Q3 25 | $144.0M | $34.9M | ||
| Q2 25 | $116.0M | $37.7M | ||
| Q1 25 | $106.0M | — | ||
| Q4 24 | $148.0M | $24.1M | ||
| Q3 24 | $118.0M | $31.3M | ||
| Q2 24 | $61.0M | $27.3M | ||
| Q1 24 | $130.0M | — |
毛利率CARTPLUS
| Q4 25 | 72.3% | 25.8% | ||
| Q3 25 | 73.7% | 26.6% | ||
| Q2 25 | 74.2% | 23.3% | ||
| Q1 25 | 74.8% | — | ||
| Q4 24 | 75.2% | 25.4% | ||
| Q3 24 | 75.2% | 25.8% | ||
| Q2 24 | 75.7% | 23.7% | ||
| Q1 24 | 74.9% | — |
营业利润率CARTPLUS
| Q4 25 | 9.9% | 7.1% | ||
| Q3 25 | 17.7% | 8.0% | ||
| Q2 25 | 13.6% | 5.7% | ||
| Q1 25 | 12.3% | — | ||
| Q4 24 | 17.6% | 3.3% | ||
| Q3 24 | 16.2% | 5.5% | ||
| Q2 24 | 6.3% | 5.9% | ||
| Q1 24 | 17.6% | — |
净利率CARTPLUS
| Q4 25 | 8.2% | 5.7% | ||
| Q3 25 | 15.3% | 5.7% | ||
| Q2 25 | 12.7% | 5.9% | ||
| Q1 25 | 11.8% | — | ||
| Q4 24 | 16.8% | 4.9% | ||
| Q3 24 | 13.8% | 6.3% | ||
| Q2 24 | 7.4% | 5.1% | ||
| Q1 24 | 15.9% | — |
每股收益（稀释后）CARTPLUS
| Q4 25 | $0.31 | $1.33 | ||
| Q3 25 | $0.51 | $1.32 | ||
| Q2 25 | $0.41 | $1.43 | ||
| Q1 25 | $0.37 | — | ||
| Q4 24 | $0.53 | $0.91 | ||
| Q3 24 | $0.42 | $1.17 | ||
| Q2 24 | $0.20 | $1.02 | ||
| 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 | $326.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $1.1B |
| 总资产 | $3.7B | $1.8B |
| 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CARTPLUS
| Q4 25 | $687.0M | $326.3M | ||
| Q3 25 | $1.7B | $402.2M | ||
| Q2 25 | $1.6B | $480.2M | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.4B | $253.1M | ||
| Q3 24 | $1.3B | $187.5M | ||
| Q2 24 | $1.4B | $349.9M | ||
| Q1 24 | $1.5B | — |
股东权益CARTPLUS
| Q4 25 | $2.5B | $1.1B | ||
| Q3 25 | $3.5B | $1.0B | ||
| Q2 25 | $3.3B | $1.0B | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $3.1B | $962.3M | ||
| Q3 24 | $2.9B | $947.0M | ||
| Q2 24 | $3.0B | $921.9M | ||
| Q1 24 | $3.1B | — |
总资产CARTPLUS
| Q4 25 | $3.7B | $1.8B | ||
| Q3 25 | $4.5B | $1.8B | ||
| Q2 25 | $4.4B | $1.8B | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.1B | $1.8B | ||
| Q3 24 | $3.9B | $1.7B | ||
| Q2 24 | $4.0B | $1.7B | ||
| Q1 24 | $4.1B | — |
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 | $-87.4M |
| 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× | -2.49× |
| 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CARTPLUS
| Q4 25 | $183.0M | $-87.4M | ||
| Q3 25 | $287.0M | $-34.8M | ||
| Q2 25 | $203.0M | $-99.0M | ||
| Q1 25 | $298.0M | — | ||
| Q4 24 | $153.0M | $65.7M | ||
| Q3 24 | $185.0M | $-21.6M | ||
| Q2 24 | $244.0M | $97.1M | ||
| Q1 24 | $105.0M | — |
自由现金流CARTPLUS
| 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CARTPLUS
| 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CARTPLUS
| 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CARTPLUS
| Q4 25 | 2.26× | -2.49× | ||
| Q3 25 | 1.99× | -1.00× | ||
| Q2 25 | 1.75× | -2.63× | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | 2.72× | ||
| Q3 24 | 1.57× | -0.69× | ||
| Q2 24 | 4.00× | 3.55× | ||
| 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% |
PLUS
| All Others Customer End Market | $107.0M | 17% |
| Technology Customer End Market | $89.4M | 15% |
| Health Care Customer End Market | $81.5M | 13% |
| Financial Services Customer End Market | $66.1M | 11% |
| Professional Services Reporting Unit | $64.1M | 10% |
| Security | $61.1M | 10% |
| State And Local Government And Educational Institutions | $59.9M | 10% |
| Managed Services Reporting Unit | $48.8M | 8% |
| Other Product | $21.1M | 3% |
| Collaboration | $13.4M | 2% |
