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Maplebear Inc.（CART）与STEPAN CO（SCL）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STEPAN CO的1.6倍（$992.0M vs $604.5M），Maplebear Inc.净利率更高（8.2% vs 3.3%，领先4.9%），Maplebear Inc.同比增速更快（12.3% vs 1.9%），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 4.2%）
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。
斯特潘公司是一家美国特种化学品制造商，总部位于伊利诺伊州诺斯布鲁克，1932年由小阿尔弗雷德·C·斯特潘创立，现有约2000名员工，目前由创始人的孙子小F·奎因·斯特潘执掌。该公司是全球最大的阴离子表面活性剂商品生产商，产品用于提升洗涤剂、洗发水、牙膏及化妆品的起泡与清洁能力。
CART vs SCL — 直观对比
营收规模更大
CART
是对方的1.6倍
$604.5M
营收增速更快
CART
高出10.4%
1.9%
净利率更高
CART
高出4.9%
3.3%
两年增速更快
CART
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $604.5M |
| 净利润 | $81.0M | $19.7M |
| 毛利率 | 72.3% | 10.7% |
| 营业利润率 | 9.9% | 4.7% |
| 净利率 | 8.2% | 3.3% |
| 营收同比 | 12.3% | 1.9% |
| 净利润同比 | -45.3% | — |
| 每股收益（稀释后） | $0.31 | $0.86 |
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CARTSCL
| Q1 26 | — | $604.5M | ||
| Q4 25 | $992.0M | $553.9M | ||
| Q3 25 | $939.0M | $590.3M | ||
| Q2 25 | $914.0M | $594.7M | ||
| Q1 25 | $897.0M | $593.3M | ||
| Q4 24 | $883.0M | $525.6M | ||
| Q3 24 | $852.0M | $546.8M | ||
| Q2 24 | $823.0M | $556.4M |
净利润CARTSCL
| Q1 26 | — | $19.7M | ||
| Q4 25 | $81.0M | $5.0M | ||
| Q3 25 | $144.0M | $10.8M | ||
| Q2 25 | $116.0M | $11.3M | ||
| Q1 25 | $106.0M | $19.7M | ||
| Q4 24 | $148.0M | $3.4M | ||
| Q3 24 | $118.0M | $23.6M | ||
| Q2 24 | $61.0M | $9.5M |
毛利率CARTSCL
| Q1 26 | — | 10.7% | ||
| Q4 25 | 72.3% | 9.3% | ||
| Q3 25 | 73.7% | 12.0% | ||
| Q2 25 | 74.2% | 12.1% | ||
| Q1 25 | 74.8% | 12.7% | ||
| Q4 24 | 75.2% | 10.8% | ||
| Q3 24 | 75.2% | 13.8% | ||
| Q2 24 | 75.7% | 12.5% |
营业利润率CARTSCL
| Q1 26 | — | 4.7% | ||
| Q4 25 | 9.9% | 1.9% | ||
| Q3 25 | 17.7% | 3.7% | ||
| Q2 25 | 13.6% | 3.0% | ||
| Q1 25 | 12.3% | 4.8% | ||
| Q4 24 | 17.6% | 1.5% | ||
| Q3 24 | 16.2% | 4.4% | ||
| Q2 24 | 6.3% | 3.4% |
净利率CARTSCL
| Q1 26 | — | 3.3% | ||
| Q4 25 | 8.2% | 0.9% | ||
| Q3 25 | 15.3% | 1.8% | ||
| Q2 25 | 12.7% | 1.9% | ||
| Q1 25 | 11.8% | 3.3% | ||
| Q4 24 | 16.8% | 0.6% | ||
| Q3 24 | 13.8% | 4.3% | ||
| Q2 24 | 7.4% | 1.7% |
每股收益（稀释后）CARTSCL
| Q1 26 | — | $0.86 | ||
| Q4 25 | $0.31 | $0.22 | ||
| Q3 25 | $0.51 | $0.47 | ||
| Q2 25 | $0.41 | $0.50 | ||
| Q1 25 | $0.37 | $0.86 | ||
| Q4 24 | $0.53 | $0.14 | ||
| Q3 24 | $0.42 | $1.03 | ||
| Q2 24 | $0.20 | $0.42 |
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 | — | $328.4M |
| 股东权益账面价值 | $2.5B | $1.2B |
| 总资产 | $3.7B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资CARTSCL
| Q1 26 | — | — | ||
| Q4 25 | $687.0M | $132.7M | ||
| Q3 25 | $1.7B | $118.5M | ||
| Q2 25 | $1.6B | $88.9M | ||
| Q1 25 | $1.6B | $107.5M | ||
| Q4 24 | $1.4B | $99.7M | ||
| Q3 24 | $1.3B | $147.3M | ||
| Q2 24 | $1.4B | $124.7M |
总债务CARTSCL
| Q1 26 | — | $328.4M | ||
| Q4 25 | — | $626.7M | ||
| Q3 25 | — | $655.5M | ||
| Q2 25 | — | $658.0M | ||
| Q1 25 | — | $659.3M | ||
| Q4 24 | — | $625.4M | ||
| Q3 24 | — | $688.5M | ||
| Q2 24 | — | $657.1M |
股东权益CARTSCL
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $3.5B | $1.2B | ||
| 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 | $1.2B |
总资产CARTSCL
| Q1 26 | — | $2.3B | ||
| Q4 25 | $3.7B | $2.4B | ||
| Q3 25 | $4.5B | $2.4B | ||
| Q2 25 | $4.4B | $2.4B | ||
| Q1 25 | $4.3B | $2.4B | ||
| Q4 24 | $4.1B | $2.3B | ||
| Q3 24 | $3.9B | $2.4B | ||
| Q2 24 | $4.0B | $2.3B |
负债/权益比CARTSCL
| Q1 26 | — | 0.28× | ||
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | 0.53× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | — | 0.53× | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 0.55× |
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 | — |
| 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× | — |
| 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CARTSCL
| Q1 26 | — | — | ||
| Q4 25 | $183.0M | $60.0M | ||
| Q3 25 | $287.0M | $69.8M | ||
| Q2 25 | $203.0M | $11.2M | ||
| Q1 25 | $298.0M | $6.9M | ||
| Q4 24 | $153.0M | $68.3M | ||
| Q3 24 | $185.0M | $22.7M | ||
| Q2 24 | $244.0M | $29.5M |
自由现金流CARTSCL
| Q1 26 | — | — | ||
| Q4 25 | $171.0M | $25.4M | ||
| Q3 25 | $272.0M | $40.2M | ||
| Q2 25 | $187.0M | $-14.4M | ||
| Q1 25 | $280.0M | $-25.8M | ||
| Q4 24 | $141.0M | $32.1M | ||
| Q3 24 | $171.0M | $-4.0M | ||
| Q2 24 | $220.0M | $-208.0K |
自由现金流率CARTSCL
| Q1 26 | — | — | ||
| Q4 25 | 17.2% | 4.6% | ||
| Q3 25 | 29.0% | 6.8% | ||
| Q2 25 | 20.5% | -2.4% | ||
| Q1 25 | 31.2% | -4.3% | ||
| Q4 24 | 16.0% | 6.1% | ||
| Q3 24 | 20.1% | -0.7% | ||
| Q2 24 | 26.7% | -0.0% |
资本支出强度CARTSCL
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 6.3% | ||
| Q3 25 | 1.6% | 5.0% | ||
| Q2 25 | 1.8% | 4.3% | ||
| Q1 25 | 2.0% | 5.5% | ||
| Q4 24 | 1.4% | 6.9% | ||
| Q3 24 | 1.6% | 4.9% | ||
| Q2 24 | 2.9% | 5.3% |
现金转化率CARTSCL
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | 11.99× | ||
| Q3 25 | 1.99× | 6.44× | ||
| Q2 25 | 1.75× | 0.99× | ||
| Q1 25 | 2.81× | 0.35× | ||
| Q4 24 | 1.03× | 20.38× | ||
| Q3 24 | 1.57× | 0.96× | ||
| Q2 24 | 4.00× | 3.10× |
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% |
SCL
| Surfactants | $453.7M | 75% |
| Polymers | $130.0M | 22% |
| Specialty Products | $20.8M | 3% |
