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Maplebear Inc.（CART）与UNITED THERAPEUTICS Corp（UTHR）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UNITED THERAPEUTICS Corp的1.3倍（$992.0M vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 8.2%，领先37.9%），Maplebear Inc.同比增速更快（12.3% vs 7.4%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $171.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 8.0%）
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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
CART vs UTHR — 直观对比
营收规模更大
CART
是对方的1.3倍
$790.2M
营收增速更快
CART
高出5.0%
7.4%
净利率更高
UTHR
高出37.9%
8.2%
自由现金流更多
UTHR
多$2.3M
$171.0M
两年增速更快
CART
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $790.2M |
| 净利润 | $81.0M | $364.3M |
| 毛利率 | 72.3% | 86.9% |
| 营业利润率 | 9.9% | 45.1% |
| 净利率 | 8.2% | 46.1% |
| 营收同比 | 12.3% | 7.4% |
| 净利润同比 | -45.3% | 20.9% |
| 每股收益（稀释后） | $0.31 | $7.66 |
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CARTUTHR
| Q4 25 | $992.0M | $790.2M | ||
| Q3 25 | $939.0M | $799.5M | ||
| Q2 25 | $914.0M | $798.6M | ||
| Q1 25 | $897.0M | $794.4M | ||
| Q4 24 | $883.0M | $735.9M | ||
| Q3 24 | $852.0M | $748.9M | ||
| Q2 24 | $823.0M | $714.9M | ||
| Q1 24 | $820.0M | $677.7M |
净利润CARTUTHR
| Q4 25 | $81.0M | $364.3M | ||
| Q3 25 | $144.0M | $338.7M | ||
| Q2 25 | $116.0M | $309.5M | ||
| Q1 25 | $106.0M | $322.2M | ||
| Q4 24 | $148.0M | $301.3M | ||
| Q3 24 | $118.0M | $309.1M | ||
| Q2 24 | $61.0M | $278.1M | ||
| Q1 24 | $130.0M | $306.6M |
毛利率CARTUTHR
| Q4 25 | 72.3% | 86.9% | ||
| Q3 25 | 73.7% | 87.4% | ||
| Q2 25 | 74.2% | 89.0% | ||
| Q1 25 | 74.8% | 88.4% | ||
| Q4 24 | 75.2% | 89.7% | ||
| Q3 24 | 75.2% | 88.9% | ||
| Q2 24 | 75.7% | 89.1% | ||
| Q1 24 | 74.9% | 89.2% |
营业利润率CARTUTHR
| Q4 25 | 9.9% | 45.1% | ||
| Q3 25 | 17.7% | 48.6% | ||
| Q2 25 | 13.6% | 45.6% | ||
| Q1 25 | 12.3% | 48.2% | ||
| Q4 24 | 17.6% | 48.6% | ||
| Q3 24 | 16.2% | 45.8% | ||
| Q2 24 | 6.3% | 44.7% | ||
| Q1 24 | 17.6% | 52.6% |
净利率CARTUTHR
| Q4 25 | 8.2% | 46.1% | ||
| Q3 25 | 15.3% | 42.4% | ||
| Q2 25 | 12.7% | 38.8% | ||
| Q1 25 | 11.8% | 40.6% | ||
| Q4 24 | 16.8% | 40.9% | ||
| Q3 24 | 13.8% | 41.3% | ||
| Q2 24 | 7.4% | 38.9% | ||
| Q1 24 | 15.9% | 45.2% |
每股收益（稀释后）CARTUTHR
| Q4 25 | $0.31 | $7.66 | ||
| Q3 25 | $0.51 | $7.16 | ||
| Q2 25 | $0.41 | $6.41 | ||
| Q1 25 | $0.37 | $6.63 | ||
| Q4 24 | $0.53 | $6.23 | ||
| Q3 24 | $0.42 | $6.39 | ||
| Q2 24 | $0.20 | $5.85 | ||
| Q1 24 | $0.43 | $6.17 |
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 | $2.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $7.1B |
| 总资产 | $3.7B | $7.9B |
| 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CARTUTHR
| Q4 25 | $687.0M | $2.9B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.6B | $3.0B | ||
| Q1 25 | $1.6B | $3.3B | ||
| Q4 24 | $1.4B | $3.3B | ||
| Q3 24 | $1.3B | $3.3B | ||
| Q2 24 | $1.4B | $3.0B | ||
| Q1 24 | $1.5B | $2.7B |
股东权益CARTUTHR
| Q4 25 | $2.5B | $7.1B | ||
| Q3 25 | $3.5B | $6.6B | ||
| Q2 25 | $3.3B | $7.2B | ||
| Q1 25 | $3.2B | $6.8B | ||
| Q4 24 | $3.1B | $6.4B | ||
| Q3 24 | $2.9B | $6.1B | ||
| Q2 24 | $3.0B | $5.7B | ||
| Q1 24 | $3.1B | $5.3B |
总资产CARTUTHR
| Q4 25 | $3.7B | $7.9B | ||
| Q3 25 | $4.5B | $7.4B | ||
| Q2 25 | $4.4B | $7.9B | ||
| Q1 25 | $4.3B | $7.7B | ||
| Q4 24 | $4.1B | $7.4B | ||
| Q3 24 | $3.9B | $7.1B | ||
| Q2 24 | $4.0B | $6.7B | ||
| Q1 24 | $4.1B | $6.5B |
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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $173.3M |
| 自由现金流率自由现金流/营收 | 17.2% | 21.9% |
| 资本支出强度资本支出/营收 | 1.2% | 21.9% |
| 现金转化率经营现金流/净利润 | 2.26× | 0.95× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $1.0B |
8季度趋势，按日历期对齐
经营现金流CARTUTHR
| Q4 25 | $183.0M | $346.2M | ||
| Q3 25 | $287.0M | $562.1M | ||
| Q2 25 | $203.0M | $191.7M | ||
| Q1 25 | $298.0M | $461.2M | ||
| Q4 24 | $153.0M | $341.2M | ||
| Q3 24 | $185.0M | $377.2M | ||
| Q2 24 | $244.0M | $232.2M | ||
| Q1 24 | $105.0M | $376.5M |
自由现金流CARTUTHR
| Q4 25 | $171.0M | $173.3M | ||
| Q3 25 | $272.0M | $351.6M | ||
| Q2 25 | $187.0M | $129.5M | ||
| Q1 25 | $280.0M | $386.3M | ||
| Q4 24 | $141.0M | $254.5M | ||
| Q3 24 | $171.0M | $300.7M | ||
| Q2 24 | $220.0M | $187.1M | ||
| Q1 24 | $91.0M | $338.3M |
自由现金流率CARTUTHR
| Q4 25 | 17.2% | 21.9% | ||
| Q3 25 | 29.0% | 44.0% | ||
| Q2 25 | 20.5% | 16.2% | ||
| Q1 25 | 31.2% | 48.6% | ||
| Q4 24 | 16.0% | 34.6% | ||
| Q3 24 | 20.1% | 40.2% | ||
| Q2 24 | 26.7% | 26.2% | ||
| Q1 24 | 11.1% | 49.9% |
资本支出强度CARTUTHR
| Q4 25 | 1.2% | 21.9% | ||
| Q3 25 | 1.6% | 26.3% | ||
| Q2 25 | 1.8% | 7.8% | ||
| Q1 25 | 2.0% | 9.4% | ||
| Q4 24 | 1.4% | 11.8% | ||
| Q3 24 | 1.6% | 10.2% | ||
| Q2 24 | 2.9% | 6.3% | ||
| Q1 24 | 1.7% | 5.6% |
现金转化率CARTUTHR
| Q4 25 | 2.26× | 0.95× | ||
| Q3 25 | 1.99× | 1.66× | ||
| Q2 25 | 1.75× | 0.62× | ||
| Q1 25 | 2.81× | 1.43× | ||
| Q4 24 | 1.03× | 1.13× | ||
| Q3 24 | 1.57× | 1.22× | ||
| Q2 24 | 4.00× | 0.83× | ||
| Q1 24 | 0.81× | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
