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Maplebear Inc.（CART）与RH（RH）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RH的1.1倍（$992.0M vs $883.8M），Maplebear Inc.净利率更高（8.2% vs 4.1%，领先4.1%），Maplebear Inc.同比增速更快（12.3% vs 8.9%），Maplebear Inc.自由现金流更多（$171.0M vs $83.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 9.4%）
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。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
CART vs RH — 直观对比
营收规模更大
CART
是对方的1.1倍
$883.8M
营收增速更快
CART
高出3.5%
8.9%
净利率更高
CART
高出4.1%
4.1%
自由现金流更多
CART
多$88.0M
$83.0M
两年增速更快
CART
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $883.8M |
| 净利润 | $81.0M | $36.3M |
| 毛利率 | 72.3% | 44.1% |
| 营业利润率 | 9.9% | 12.0% |
| 净利率 | 8.2% | 4.1% |
| 营收同比 | 12.3% | 8.9% |
| 净利润同比 | -45.3% | 9.3% |
| 每股收益（稀释后） | $0.31 | $1.83 |
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CARTRH
| Q4 25 | $992.0M | $883.8M | ||
| Q3 25 | $939.0M | $899.2M | ||
| Q2 25 | $914.0M | $814.0M | ||
| Q1 25 | $897.0M | $812.4M | ||
| Q4 24 | $883.0M | $811.7M | ||
| Q3 24 | $852.0M | $829.7M | ||
| Q2 24 | $823.0M | $727.0M | ||
| Q1 24 | $820.0M | $738.3M |
净利润CARTRH
| Q4 25 | $81.0M | $36.3M | ||
| Q3 25 | $144.0M | $51.7M | ||
| Q2 25 | $116.0M | $8.0M | ||
| Q1 25 | $106.0M | $13.9M | ||
| Q4 24 | $148.0M | $33.2M | ||
| Q3 24 | $118.0M | $29.0M | ||
| Q2 24 | $61.0M | $-3.6M | ||
| Q1 24 | $130.0M | $11.4M |
毛利率CARTRH
| Q4 25 | 72.3% | 44.1% | ||
| Q3 25 | 73.7% | 45.5% | ||
| Q2 25 | 74.2% | 43.7% | ||
| Q1 25 | 74.8% | 44.7% | ||
| Q4 24 | 75.2% | 44.5% | ||
| Q3 24 | 75.2% | 45.2% | ||
| Q2 24 | 75.7% | 43.5% | ||
| Q1 24 | 74.9% | 43.5% |
营业利润率CARTRH
| Q4 25 | 9.9% | 12.0% | ||
| Q3 25 | 17.7% | 14.3% | ||
| Q2 25 | 13.6% | 6.9% | ||
| Q1 25 | 12.3% | 8.7% | ||
| Q4 24 | 17.6% | 12.5% | ||
| Q3 24 | 16.2% | 11.6% | ||
| Q2 24 | 6.3% | 7.5% | ||
| Q1 24 | 17.6% | 8.7% |
净利率CARTRH
| Q4 25 | 8.2% | 4.1% | ||
| Q3 25 | 15.3% | 5.8% | ||
| Q2 25 | 12.7% | 1.0% | ||
| Q1 25 | 11.8% | 1.7% | ||
| Q4 24 | 16.8% | 4.1% | ||
| Q3 24 | 13.8% | 3.5% | ||
| Q2 24 | 7.4% | -0.5% | ||
| Q1 24 | 15.9% | 1.5% |
每股收益（稀释后）CARTRH
| Q4 25 | $0.31 | $1.83 | ||
| Q3 25 | $0.51 | $2.62 | ||
| Q2 25 | $0.41 | $0.40 | ||
| Q1 25 | $0.37 | $0.71 | ||
| Q4 24 | $0.53 | $1.66 | ||
| Q3 24 | $0.42 | $1.45 | ||
| Q2 24 | $0.20 | $-0.20 | ||
| Q1 24 | $0.43 | $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 | $43.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $3.3M |
| 总资产 | $3.7B | $4.8B |
| 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CARTRH
| Q4 25 | $687.0M | $43.1M | ||
| Q3 25 | $1.7B | $34.6M | ||
| Q2 25 | $1.6B | $46.1M | ||
| Q1 25 | $1.6B | $30.4M | ||
| Q4 24 | $1.4B | $87.0M | ||
| Q3 24 | $1.3B | $78.3M | ||
| Q2 24 | $1.4B | $101.8M | ||
| Q1 24 | $1.5B | $123.7M |
股东权益CARTRH
| Q4 25 | $2.5B | $3.3M | ||
| Q3 25 | $3.5B | $-40.9M | ||
| Q2 25 | $3.3B | $-110.8M | ||
| Q1 25 | $3.2B | $-163.6M | ||
| Q4 24 | $3.1B | $-183.0M | ||
| Q3 24 | $2.9B | $-234.7M | ||
| Q2 24 | $3.0B | $-289.9M | ||
| Q1 24 | $3.1B | $-297.4M |
总资产CARTRH
| Q4 25 | $3.7B | $4.8B | ||
| Q3 25 | $4.5B | $4.7B | ||
| Q2 25 | $4.4B | $4.7B | ||
| Q1 25 | $4.3B | $4.6B | ||
| Q4 24 | $4.1B | $4.5B | ||
| Q3 24 | $3.9B | $4.4B | ||
| Q2 24 | $4.0B | $4.2B | ||
| Q1 24 | $4.1B | $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 | $131.9M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $83.0M |
| 自由现金流率自由现金流/营收 | 17.2% | 9.4% |
| 资本支出强度资本支出/营收 | 1.2% | 5.5% |
| 现金转化率经营现金流/净利润 | 2.26× | 3.64× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $128.1M |
8季度趋势，按日历期对齐
经营现金流CARTRH
| Q4 25 | $183.0M | $131.9M | ||
| Q3 25 | $287.0M | $137.7M | ||
| Q2 25 | $203.0M | $86.6M | ||
| Q1 25 | $298.0M | $-18.8M | ||
| Q4 24 | $153.0M | $-31.4M | ||
| Q3 24 | $185.0M | $11.2M | ||
| Q2 24 | $244.0M | $56.1M | ||
| Q1 24 | $105.0M | $-114.0M |
自由现金流CARTRH
| Q4 25 | $171.0M | $83.0M | ||
| Q3 25 | $272.0M | $80.7M | ||
| Q2 25 | $187.0M | $34.1M | ||
| Q1 25 | $280.0M | $-69.7M | ||
| Q4 24 | $141.0M | $-96.0M | ||
| Q3 24 | $171.0M | $-37.9M | ||
| Q2 24 | $220.0M | $-10.1M | ||
| Q1 24 | $91.0M | $-251.5M |
自由现金流率CARTRH
| Q4 25 | 17.2% | 9.4% | ||
| Q3 25 | 29.0% | 9.0% | ||
| Q2 25 | 20.5% | 4.2% | ||
| Q1 25 | 31.2% | -8.6% | ||
| Q4 24 | 16.0% | -11.8% | ||
| Q3 24 | 20.1% | -4.6% | ||
| Q2 24 | 26.7% | -1.4% | ||
| Q1 24 | 11.1% | -34.1% |
资本支出强度CARTRH
| Q4 25 | 1.2% | 5.5% | ||
| Q3 25 | 1.6% | 6.3% | ||
| Q2 25 | 1.8% | 6.5% | ||
| Q1 25 | 2.0% | 6.3% | ||
| Q4 24 | 1.4% | 8.0% | ||
| Q3 24 | 1.6% | 5.9% | ||
| Q2 24 | 2.9% | 9.1% | ||
| Q1 24 | 1.7% | 18.6% |
现金转化率CARTRH
| Q4 25 | 2.26× | 3.64× | ||
| Q3 25 | 1.99× | 2.66× | ||
| Q2 25 | 1.75× | 10.78× | ||
| Q1 25 | 2.81× | -1.35× | ||
| Q4 24 | 1.03× | -0.95× | ||
| Q3 24 | 1.57× | 0.39× | ||
| Q2 24 | 4.00× | — | ||
| Q1 24 | 0.81× | -10.01× |
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% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
