vs
Maplebear Inc.（CART）与Royalty Pharma plc（RPRX）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Royalty Pharma plc的1.6倍（$992.0M vs $622.0M），Royalty Pharma plc净利率更高（34.4% vs 8.2%，领先26.3%），Maplebear Inc.同比增速更快（12.3% vs 4.8%），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 4.6%）
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。
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
CART vs RPRX — 直观对比
营收规模更大
CART
是对方的1.6倍
$622.0M
营收增速更快
CART
高出7.6%
4.8%
净利率更高
RPRX
高出26.3%
8.2%
两年增速更快
CART
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $622.0M |
| 净利润 | $81.0M | $214.2M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | 62.4% |
| 净利率 | 8.2% | 34.4% |
| 营收同比 | 12.3% | 4.8% |
| 净利润同比 | -45.3% | 2.9% |
| 每股收益（稀释后） | $0.31 | $0.49 |
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CARTRPRX
| Q4 25 | $992.0M | $622.0M | ||
| Q3 25 | $939.0M | $609.3M | ||
| Q2 25 | $914.0M | $578.7M | ||
| Q1 25 | $897.0M | $568.2M | ||
| Q4 24 | $883.0M | $593.6M | ||
| Q3 24 | $852.0M | $564.7M | ||
| Q2 24 | $823.0M | $537.3M | ||
| Q1 24 | $820.0M | $568.0M |
净利润CARTRPRX
| Q4 25 | $81.0M | $214.2M | ||
| Q3 25 | $144.0M | $288.2M | ||
| Q2 25 | $116.0M | $30.2M | ||
| Q1 25 | $106.0M | $238.3M | ||
| Q4 24 | $148.0M | $208.2M | ||
| Q3 24 | $118.0M | $544.0M | ||
| Q2 24 | $61.0M | $102.0M | ||
| Q1 24 | $130.0M | $4.8M |
毛利率CARTRPRX
| 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CARTRPRX
| Q4 25 | 9.9% | 62.4% | ||
| Q3 25 | 17.7% | 70.1% | ||
| Q2 25 | 13.6% | 36.3% | ||
| Q1 25 | 12.3% | 94.0% | ||
| Q4 24 | 17.6% | 60.9% | ||
| Q3 24 | 16.2% | — | ||
| Q2 24 | 6.3% | 50.2% | ||
| Q1 24 | 17.6% | -13.0% |
净利率CARTRPRX
| Q4 25 | 8.2% | 34.4% | ||
| Q3 25 | 15.3% | 47.3% | ||
| Q2 25 | 12.7% | 5.2% | ||
| Q1 25 | 11.8% | 41.9% | ||
| Q4 24 | 16.8% | 35.1% | ||
| Q3 24 | 13.8% | 96.3% | ||
| Q2 24 | 7.4% | 19.0% | ||
| Q1 24 | 15.9% | 0.8% |
每股收益（稀释后）CARTRPRX
| Q4 25 | $0.31 | $0.49 | ||
| Q3 25 | $0.51 | $0.67 | ||
| Q2 25 | $0.41 | $0.07 | ||
| Q1 25 | $0.37 | $0.55 | ||
| Q4 24 | $0.53 | $0.46 | ||
| Q3 24 | $0.42 | $1.21 | ||
| Q2 24 | $0.20 | $0.23 | ||
| Q1 24 | $0.43 | $0.01 |
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 | $618.7M |
| 总债务越低越好 | — | $9.0B |
| 股东权益账面价值 | $2.5B | $9.7B |
| 总资产 | $3.7B | $19.6B |
| 负债/权益比越低杠杆越低 | — | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资CARTRPRX
| Q4 25 | $687.0M | $618.7M | ||
| Q3 25 | $1.7B | $938.9M | ||
| Q2 25 | $1.6B | $631.9M | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $1.4B | $929.0M | ||
| Q3 24 | $1.3B | $950.1M | ||
| Q2 24 | $1.4B | $1.8B | ||
| Q1 24 | $1.5B | $843.0M |
总债务CARTRPRX
| Q4 25 | — | $9.0B | ||
| Q3 25 | — | $8.9B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $7.6B | ||
| Q3 24 | — | $7.6B | ||
| Q2 24 | — | $7.6B | ||
| Q1 24 | — | $6.1B |
股东权益CARTRPRX
| Q4 25 | $2.5B | $9.7B | ||
| Q3 25 | $3.5B | $9.6B | ||
| Q2 25 | $3.3B | $9.5B | ||
| Q1 25 | $3.2B | $9.8B | ||
| Q4 24 | $3.1B | $10.3B | ||
| Q3 24 | $2.9B | $10.3B | ||
| Q2 24 | $3.0B | $9.8B | ||
| Q1 24 | $3.1B | $9.9B |
总资产CARTRPRX
| Q4 25 | $3.7B | $19.6B | ||
| Q3 25 | $4.5B | $19.3B | ||
| Q2 25 | $4.4B | $18.3B | ||
| Q1 25 | $4.3B | $17.6B | ||
| Q4 24 | $4.1B | $18.2B | ||
| Q3 24 | $3.9B | $18.0B | ||
| Q2 24 | $4.0B | $17.7B | ||
| Q1 24 | $4.1B | $16.1B |
负债/权益比CARTRPRX
| Q4 25 | — | 0.92× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.84× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.62× |
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 | $827.1M |
| 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× | 3.86× |
| 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CARTRPRX
| Q4 25 | $183.0M | $827.1M | ||
| Q3 25 | $287.0M | $702.6M | ||
| Q2 25 | $203.0M | $364.0M | ||
| Q1 25 | $298.0M | $596.1M | ||
| Q4 24 | $153.0M | $742.5M | ||
| Q3 24 | $185.0M | $703.6M | ||
| Q2 24 | $244.0M | $658.2M | ||
| Q1 24 | $105.0M | $664.6M |
自由现金流CARTRPRX
| 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CARTRPRX
| 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CARTRPRX
| 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CARTRPRX
| Q4 25 | 2.26× | 3.86× | ||
| Q3 25 | 1.99× | 2.44× | ||
| Q2 25 | 1.75× | 12.06× | ||
| Q1 25 | 2.81× | 2.50× | ||
| Q4 24 | 1.03× | 3.57× | ||
| Q3 24 | 1.57× | 1.29× | ||
| Q2 24 | 4.00× | 6.45× | ||
| Q1 24 | 0.81× | 139.10× |
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% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
