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Maplebear Inc.（CART）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是Maplebear Inc.的1.2倍（$1.2B vs $992.0M），利氏兄弟拍卖行净利率更高（9.1% vs 8.2%，领先1.0%），Maplebear Inc.同比增速更快（12.3% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $171.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
CART vs RBA — 直观对比
营收规模更大
RBA
是对方的1.2倍
$992.0M
营收增速更快
CART
高出6.9%
5.4%
净利率更高
RBA
高出1.0%
8.2%
自由现金流更多
RBA
多$15.5M
$171.0M
两年增速更快
CART
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.2B |
| 净利润 | $81.0M | $109.7M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | 14.7% |
| 净利率 | 8.2% | 9.1% |
| 营收同比 | 12.3% | 5.4% |
| 净利润同比 | -45.3% | -7.4% |
| 每股收益（稀释后） | $0.31 | $0.53 |
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CARTRBA
| Q4 25 | $992.0M | $1.2B | ||
| Q3 25 | $939.0M | $1.1B | ||
| Q2 25 | $914.0M | $1.2B | ||
| Q1 25 | $897.0M | $1.1B | ||
| Q4 24 | $883.0M | $1.1B | ||
| Q3 24 | $852.0M | $981.8M | ||
| Q2 24 | $823.0M | $1.1B | ||
| Q1 24 | $820.0M | $1.1B |
净利润CARTRBA
| Q4 25 | $81.0M | $109.7M | ||
| Q3 25 | $144.0M | $95.5M | ||
| Q2 25 | $116.0M | $109.8M | ||
| Q1 25 | $106.0M | $113.4M | ||
| Q4 24 | $148.0M | $118.5M | ||
| Q3 24 | $118.0M | $76.1M | ||
| Q2 24 | $61.0M | $111.1M | ||
| Q1 24 | $130.0M | $107.4M |
毛利率CARTRBA
| 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CARTRBA
| Q4 25 | 9.9% | 14.7% | ||
| Q3 25 | 17.7% | 14.5% | ||
| Q2 25 | 13.6% | 15.9% | ||
| Q1 25 | 12.3% | 17.1% | ||
| Q4 24 | 17.6% | 18.1% | ||
| Q3 24 | 16.2% | 15.6% | ||
| Q2 24 | 6.3% | 18.4% | ||
| Q1 24 | 17.6% | 18.7% |
净利率CARTRBA
| Q4 25 | 8.2% | 9.1% | ||
| Q3 25 | 15.3% | 8.7% | ||
| Q2 25 | 12.7% | 9.3% | ||
| Q1 25 | 11.8% | 10.2% | ||
| Q4 24 | 16.8% | 10.4% | ||
| Q3 24 | 13.8% | 7.8% | ||
| Q2 24 | 7.4% | 10.1% | ||
| Q1 24 | 15.9% | 10.1% |
每股收益（稀释后）CARTRBA
| Q4 25 | $0.31 | $0.53 | ||
| Q3 25 | $0.51 | $0.43 | ||
| Q2 25 | $0.41 | $0.53 | ||
| Q1 25 | $0.37 | $0.55 | ||
| Q4 24 | $0.53 | $0.58 | ||
| Q3 24 | $0.42 | $0.36 | ||
| Q2 24 | $0.20 | $0.54 | ||
| Q1 24 | $0.43 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $2.5B | $5.6B |
| 总资产 | $3.7B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CARTRBA
| Q4 25 | $687.0M | $531.5M | ||
| Q3 25 | $1.7B | $674.7M | ||
| Q2 25 | $1.6B | $710.2M | ||
| Q1 25 | $1.6B | $578.1M | ||
| Q4 24 | $1.4B | $533.9M | ||
| Q3 24 | $1.3B | $650.7M | ||
| Q2 24 | $1.4B | $599.5M | ||
| Q1 24 | $1.5B | $462.8M |
总债务CARTRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益CARTRBA
| Q4 25 | $2.5B | $5.6B | ||
| Q3 25 | $3.5B | $5.5B | ||
| Q2 25 | $3.3B | $5.5B | ||
| Q1 25 | $3.2B | $5.3B | ||
| Q4 24 | $3.1B | $5.2B | ||
| Q3 24 | $2.9B | $5.2B | ||
| Q2 24 | $3.0B | $5.2B | ||
| Q1 24 | $3.1B | $5.1B |
总资产CARTRBA
| Q4 25 | $3.7B | $12.1B | ||
| Q3 25 | $4.5B | $12.2B | ||
| Q2 25 | $4.4B | $12.2B | ||
| Q1 25 | $4.3B | $11.9B | ||
| Q4 24 | $4.1B | $11.8B | ||
| Q3 24 | $3.9B | $11.9B | ||
| Q2 24 | $4.0B | $12.1B | ||
| Q1 24 | $4.1B | $12.0B |
负债/权益比CARTRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $186.5M |
| 自由现金流率自由现金流/营收 | 17.2% | 15.5% |
| 资本支出强度资本支出/营收 | 1.2% | 5.7% |
| 现金转化率经营现金流/净利润 | 2.26× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $719.2M |
8季度趋势，按日历期对齐
经营现金流CARTRBA
| Q4 25 | $183.0M | $255.2M | ||
| Q3 25 | $287.0M | $239.7M | ||
| Q2 25 | $203.0M | $326.5M | ||
| Q1 25 | $298.0M | $156.8M | ||
| Q4 24 | $153.0M | $184.5M | ||
| Q3 24 | $185.0M | $285.4M | ||
| Q2 24 | $244.0M | $337.3M | ||
| Q1 24 | $105.0M | $124.8M |
自由现金流CARTRBA
| Q4 25 | $171.0M | $186.5M | ||
| Q3 25 | $272.0M | $188.5M | ||
| Q2 25 | $187.0M | $241.7M | ||
| Q1 25 | $280.0M | $102.5M | ||
| Q4 24 | $141.0M | $127.9M | ||
| Q3 24 | $171.0M | $248.5M | ||
| Q2 24 | $220.0M | $308.6M | ||
| Q1 24 | $91.0M | $79.6M |
自由现金流率CARTRBA
| Q4 25 | 17.2% | 15.5% | ||
| Q3 25 | 29.0% | 17.3% | ||
| Q2 25 | 20.5% | 20.4% | ||
| Q1 25 | 31.2% | 9.2% | ||
| Q4 24 | 16.0% | 11.2% | ||
| Q3 24 | 20.1% | 25.3% | ||
| Q2 24 | 26.7% | 28.2% | ||
| Q1 24 | 11.1% | 7.5% |
资本支出强度CARTRBA
| Q4 25 | 1.2% | 5.7% | ||
| Q3 25 | 1.6% | 4.7% | ||
| Q2 25 | 1.8% | 7.2% | ||
| Q1 25 | 2.0% | 4.9% | ||
| Q4 24 | 1.4% | 5.0% | ||
| Q3 24 | 1.6% | 3.8% | ||
| Q2 24 | 2.9% | 2.6% | ||
| Q1 24 | 1.7% | 4.2% |
现金转化率CARTRBA
| Q4 25 | 2.26× | 2.33× | ||
| Q3 25 | 1.99× | 2.51× | ||
| Q2 25 | 1.75× | 2.97× | ||
| Q1 25 | 2.81× | 1.38× | ||
| Q4 24 | 1.03× | 1.56× | ||
| Q3 24 | 1.57× | 3.75× | ||
| Q2 24 | 4.00× | 3.04× | ||
| Q1 24 | 0.81× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
