vs
Maplebear Inc.（CART）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
希悦尔的季度营收约是Maplebear Inc.的1.4倍（$1.4B vs $992.0M），Maplebear Inc.净利率更高（8.2% vs 3.1%，领先5.0%），Maplebear Inc.同比增速更快（12.3% vs 2.6%），希悦尔自由现金流更多（$257.7M vs $171.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 2.7%）
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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
CART vs SEE — 直观对比
营收规模更大
SEE
是对方的1.4倍
$992.0M
营收增速更快
CART
高出9.7%
2.6%
净利率更高
CART
高出5.0%
3.1%
自由现金流更多
SEE
多$86.7M
$171.0M
两年增速更快
CART
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.4B |
| 净利润 | $81.0M | $43.8M |
| 毛利率 | 72.3% | 28.6% |
| 营业利润率 | 9.9% | 11.4% |
| 净利率 | 8.2% | 3.1% |
| 营收同比 | 12.3% | 2.6% |
| 净利润同比 | -45.3% | 700.0% |
| 每股收益（稀释后） | $0.31 | $0.30 |
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CARTSEE
| Q4 25 | $992.0M | $1.4B | ||
| Q3 25 | $939.0M | $1.3B | ||
| Q2 25 | $914.0M | $1.3B | ||
| Q1 25 | $897.0M | $1.3B | ||
| Q4 24 | $883.0M | $1.4B | ||
| Q3 24 | $852.0M | $1.3B | ||
| Q2 24 | $823.0M | $1.3B | ||
| Q1 24 | $820.0M | $1.3B |
净利润CARTSEE
| Q4 25 | $81.0M | $43.8M | ||
| Q3 25 | $144.0M | $255.1M | ||
| Q2 25 | $116.0M | $93.1M | ||
| Q1 25 | $106.0M | $113.5M | ||
| Q4 24 | $148.0M | $-7.3M | ||
| Q3 24 | $118.0M | $91.7M | ||
| Q2 24 | $61.0M | $98.3M | ||
| Q1 24 | $130.0M | $82.0M |
毛利率CARTSEE
| Q4 25 | 72.3% | 28.6% | ||
| Q3 25 | 73.7% | 29.8% | ||
| Q2 25 | 74.2% | 30.7% | ||
| Q1 25 | 74.8% | 30.9% | ||
| Q4 24 | 75.2% | 30.0% | ||
| Q3 24 | 75.2% | 30.1% | ||
| Q2 24 | 75.7% | 31.2% | ||
| Q1 24 | 74.9% | 30.3% |
营业利润率CARTSEE
| Q4 25 | 9.9% | 11.4% | ||
| Q3 25 | 17.7% | 13.8% | ||
| Q2 25 | 13.6% | 15.0% | ||
| Q1 25 | 12.3% | 14.5% | ||
| Q4 24 | 17.6% | 11.7% | ||
| Q3 24 | 16.2% | 13.9% | ||
| Q2 24 | 6.3% | 15.4% | ||
| Q1 24 | 17.6% | 14.0% |
净利率CARTSEE
| Q4 25 | 8.2% | 3.1% | ||
| Q3 25 | 15.3% | 19.0% | ||
| Q2 25 | 12.7% | 7.0% | ||
| Q1 25 | 11.8% | 9.0% | ||
| Q4 24 | 16.8% | -0.5% | ||
| Q3 24 | 13.8% | 6.9% | ||
| Q2 24 | 7.4% | 7.4% | ||
| Q1 24 | 15.9% | 6.2% |
每股收益（稀释后）CARTSEE
| Q4 25 | $0.31 | $0.30 | ||
| Q3 25 | $0.51 | $1.73 | ||
| Q2 25 | $0.41 | $0.63 | ||
| Q1 25 | $0.37 | $0.77 | ||
| Q4 24 | $0.53 | $-0.05 | ||
| Q3 24 | $0.42 | $0.63 | ||
| Q2 24 | $0.20 | $0.67 | ||
| Q1 24 | $0.43 | $0.56 |
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 | $344.0M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $2.5B | $1.2B |
| 总资产 | $3.7B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资CARTSEE
| Q4 25 | $687.0M | $344.0M | ||
| Q3 25 | $1.7B | $282.5M | ||
| Q2 25 | $1.6B | $354.4M | ||
| Q1 25 | $1.6B | $335.2M | ||
| Q4 24 | $1.4B | $371.8M | ||
| Q3 24 | $1.3B | $386.0M | ||
| Q2 24 | $1.4B | $388.6M | ||
| Q1 24 | $1.5B | $352.8M |
总债务CARTSEE
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
股东权益CARTSEE
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $3.5B | $1.2B | ||
| Q2 25 | $3.3B | $953.1M | ||
| Q1 25 | $3.2B | $797.9M | ||
| Q4 24 | $3.1B | $624.5M | ||
| Q3 24 | $2.9B | $771.2M | ||
| Q2 24 | $3.0B | $650.1M | ||
| Q1 24 | $3.1B | $598.3M |
总资产CARTSEE
| Q4 25 | $3.7B | $7.0B | ||
| Q3 25 | $4.5B | $7.1B | ||
| Q2 25 | $4.4B | $7.2B | ||
| Q1 25 | $4.3B | $7.0B | ||
| Q4 24 | $4.1B | $7.0B | ||
| Q3 24 | $3.9B | $7.3B | ||
| Q2 24 | $4.0B | $7.3B | ||
| Q1 24 | $4.1B | $7.2B |
负债/权益比CARTSEE
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
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 | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $257.7M |
| 自由现金流率自由现金流/营收 | 17.2% | 18.5% |
| 资本支出强度资本支出/营收 | 1.2% | 2.6% |
| 现金转化率经营现金流/净利润 | 2.26× | 6.70× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $458.5M |
8季度趋势，按日历期对齐
经营现金流CARTSEE
| Q4 25 | $183.0M | $293.6M | ||
| Q3 25 | $287.0M | $165.9M | ||
| Q2 25 | $203.0M | $136.6M | ||
| Q1 25 | $298.0M | $31.9M | ||
| Q4 24 | $153.0M | $244.2M | ||
| Q3 24 | $185.0M | $170.5M | ||
| Q2 24 | $244.0M | $188.2M | ||
| Q1 24 | $105.0M | $125.1M |
自由现金流CARTSEE
| Q4 25 | $171.0M | $257.7M | ||
| Q3 25 | $272.0M | $119.6M | ||
| Q2 25 | $187.0M | $93.2M | ||
| Q1 25 | $280.0M | $-12.0M | ||
| Q4 24 | $141.0M | $185.1M | ||
| Q3 24 | $171.0M | $115.2M | ||
| Q2 24 | $220.0M | $129.5M | ||
| Q1 24 | $91.0M | $78.0M |
自由现金流率CARTSEE
| Q4 25 | 17.2% | 18.5% | ||
| Q3 25 | 29.0% | 8.9% | ||
| Q2 25 | 20.5% | 7.0% | ||
| Q1 25 | 31.2% | -0.9% | ||
| Q4 24 | 16.0% | 13.6% | ||
| Q3 24 | 20.1% | 8.6% | ||
| Q2 24 | 26.7% | 9.7% | ||
| Q1 24 | 11.1% | 5.9% |
资本支出强度CARTSEE
| Q4 25 | 1.2% | 2.6% | ||
| Q3 25 | 1.6% | 3.4% | ||
| Q2 25 | 1.8% | 3.3% | ||
| Q1 25 | 2.0% | 3.5% | ||
| Q4 24 | 1.4% | 4.4% | ||
| Q3 24 | 1.6% | 4.1% | ||
| Q2 24 | 2.9% | 4.4% | ||
| Q1 24 | 1.7% | 3.6% |
现金转化率CARTSEE
| Q4 25 | 2.26× | 6.70× | ||
| Q3 25 | 1.99× | 0.65× | ||
| Q2 25 | 1.75× | 1.47× | ||
| Q1 25 | 2.81× | 0.28× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 1.86× | ||
| Q2 24 | 4.00× | 1.91× | ||
| Q1 24 | 0.81× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
