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Maplebear Inc.（CART）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
Maplebear Inc.的季度营收约是罗塞塔石碑的1.7倍（$992.0M vs $586.5M），Maplebear Inc.净利率更高（8.2% vs -21.0%，领先29.2%），罗塞塔石碑同比增速更快（73.0% vs 12.3%），Maplebear Inc.自由现金流更多（$171.0M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 10.0%）
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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
CART vs STEP — 直观对比
营收规模更大
CART
是对方的1.7倍
$586.5M
营收增速更快
STEP
高出60.7%
12.3%
净利率更高
CART
高出29.2%
-21.0%
自由现金流更多
CART
多$144.3M
$26.7M
两年增速更快
STEP
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $586.5M |
| 净利润 | $81.0M | $-123.5M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | -33.2% |
| 净利率 | 8.2% | -21.0% |
| 营收同比 | 12.3% | 73.0% |
| 净利润同比 | -45.3% | 35.7% |
| 每股收益（稀释后） | $0.31 | $-1.55 |
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CARTSTEP
| Q4 25 | $992.0M | $586.5M | ||
| Q3 25 | $939.0M | $454.2M | ||
| Q2 25 | $914.0M | $364.3M | ||
| Q1 25 | $897.0M | $377.7M | ||
| Q4 24 | $883.0M | $339.0M | ||
| Q3 24 | $852.0M | $271.7M | ||
| Q2 24 | $823.0M | $186.4M | ||
| Q1 24 | $820.0M | $356.8M |
净利润CARTSTEP
| Q4 25 | $81.0M | $-123.5M | ||
| Q3 25 | $144.0M | $-366.1M | ||
| Q2 25 | $116.0M | $-38.4M | ||
| Q1 25 | $106.0M | $-18.5M | ||
| Q4 24 | $148.0M | $-192.0M | ||
| Q3 24 | $118.0M | $17.6M | ||
| Q2 24 | $61.0M | $13.3M | ||
| Q1 24 | $130.0M | $30.8M |
毛利率CARTSTEP
| 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CARTSTEP
| Q4 25 | 9.9% | -33.2% | ||
| Q3 25 | 17.7% | -148.8% | ||
| Q2 25 | 13.6% | -5.6% | ||
| Q1 25 | 12.3% | 2.6% | ||
| Q4 24 | 17.6% | -101.7% | ||
| Q3 24 | 16.2% | 21.3% | ||
| Q2 24 | 6.3% | 29.4% | ||
| Q1 24 | 17.6% | 26.5% |
净利率CARTSTEP
| Q4 25 | 8.2% | -21.0% | ||
| Q3 25 | 15.3% | -80.6% | ||
| Q2 25 | 12.7% | -10.5% | ||
| Q1 25 | 11.8% | -4.9% | ||
| Q4 24 | 16.8% | -56.6% | ||
| Q3 24 | 13.8% | 6.5% | ||
| Q2 24 | 7.4% | 7.2% | ||
| Q1 24 | 15.9% | 8.6% |
每股收益（稀释后）CARTSTEP
| Q4 25 | $0.31 | $-1.55 | ||
| Q3 25 | $0.51 | $-4.66 | ||
| Q2 25 | $0.41 | $-0.49 | ||
| Q1 25 | $0.37 | $-0.37 | ||
| Q4 24 | $0.53 | $-2.61 | ||
| Q3 24 | $0.42 | $0.26 | ||
| Q2 24 | $0.20 | $0.20 | ||
| Q1 24 | $0.43 | $0.47 |
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 | — | $270.2M |
| 股东权益账面价值 | $2.5B | $-378.8M |
| 总资产 | $3.7B | $5.2B |
| 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CARTSTEP
| Q4 25 | $687.0M | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | — |
总债务CARTSTEP
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益CARTSTEP
| Q4 25 | $2.5B | $-378.8M | ||
| Q3 25 | $3.5B | $-233.5M | ||
| Q2 25 | $3.3B | $153.9M | ||
| Q1 25 | $3.2B | $179.4M | ||
| Q4 24 | $3.1B | $209.8M | ||
| Q3 24 | $2.9B | $397.5M | ||
| Q2 24 | $3.0B | $366.9M | ||
| Q1 24 | $3.1B | $324.5M |
总资产CARTSTEP
| Q4 25 | $3.7B | $5.2B | ||
| Q3 25 | $4.5B | $5.3B | ||
| Q2 25 | $4.4B | $4.8B | ||
| Q1 25 | $4.3B | $4.6B | ||
| Q4 24 | $4.1B | $4.3B | ||
| Q3 24 | $3.9B | $4.0B | ||
| Q2 24 | $4.0B | $3.8B | ||
| Q1 24 | $4.1B | $3.8B |
负债/权益比CARTSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $26.7M |
| 自由现金流率自由现金流/营收 | 17.2% | 4.6% |
| 资本支出强度资本支出/营收 | 1.2% | 0.1% |
| 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 | $18.6M |
8季度趋势，按日历期对齐
经营现金流CARTSTEP
| Q4 25 | $183.0M | $27.2M | ||
| Q3 25 | $287.0M | $16.2M | ||
| Q2 25 | $203.0M | $46.3M | ||
| Q1 25 | $298.0M | $-66.5M | ||
| Q4 24 | $153.0M | $27.6M | ||
| Q3 24 | $185.0M | $53.7M | ||
| Q2 24 | $244.0M | $50.2M | ||
| Q1 24 | $105.0M | $7.6M |
自由现金流CARTSTEP
| Q4 25 | $171.0M | $26.7M | ||
| Q3 25 | $272.0M | $15.9M | ||
| Q2 25 | $187.0M | $45.2M | ||
| Q1 25 | $280.0M | $-69.2M | ||
| Q4 24 | $141.0M | $27.0M | ||
| Q3 24 | $171.0M | $52.4M | ||
| Q2 24 | $220.0M | $49.6M | ||
| Q1 24 | $91.0M | $6.7M |
自由现金流率CARTSTEP
| Q4 25 | 17.2% | 4.6% | ||
| Q3 25 | 29.0% | 3.5% | ||
| Q2 25 | 20.5% | 12.4% | ||
| Q1 25 | 31.2% | -18.3% | ||
| Q4 24 | 16.0% | 8.0% | ||
| Q3 24 | 20.1% | 19.3% | ||
| Q2 24 | 26.7% | 26.6% | ||
| Q1 24 | 11.1% | 1.9% |
资本支出强度CARTSTEP
| Q4 25 | 1.2% | 0.1% | ||
| Q3 25 | 1.6% | 0.1% | ||
| Q2 25 | 1.8% | 0.3% | ||
| Q1 25 | 2.0% | 0.7% | ||
| Q4 24 | 1.4% | 0.2% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 2.9% | 0.3% | ||
| Q1 24 | 1.7% | 0.3% |
现金转化率CARTSTEP
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 3.05× | ||
| Q2 24 | 4.00× | 3.76× | ||
| Q1 24 | 0.81× | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
