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Maplebear Inc.（CART）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是Maplebear Inc.的1.2倍（$1.2B vs $992.0M），Maplebear Inc.净利率更高（8.2% vs -35.0%，领先43.2%），Maplebear Inc.同比增速更快（12.3% vs -0.7%），Maplebear Inc.自由现金流更多（$171.0M vs $-6.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 5.2%）
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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
CART vs VAC — 直观对比
营收规模更大
VAC
是对方的1.2倍
$992.0M
营收增速更快
CART
高出13.1%
-0.7%
净利率更高
CART
高出43.2%
-35.0%
自由现金流更多
CART
多$177.0M
$-6.0M
两年增速更快
CART
近两年复合增速
5.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.2B |
| 净利润 | $81.0M | $-431.0M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | — |
| 净利率 | 8.2% | -35.0% |
| 营收同比 | 12.3% | -0.7% |
| 净利润同比 | -45.3% | -962.0% |
| 每股收益（稀释后） | $0.31 | $-12.00 |
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CARTVAC
| Q4 25 | $992.0M | $1.2B | ||
| Q3 25 | $939.0M | $1.2B | ||
| Q2 25 | $914.0M | $1.2B | ||
| Q1 25 | $897.0M | $1.1B | ||
| Q4 24 | $883.0M | $1.2B | ||
| Q3 24 | $852.0M | $1.2B | ||
| Q2 24 | $823.0M | $1.1B | ||
| Q1 24 | $820.0M | $1.1B |
净利润CARTVAC
| Q4 25 | $81.0M | $-431.0M | ||
| Q3 25 | $144.0M | $-2.0M | ||
| Q2 25 | $116.0M | $69.0M | ||
| Q1 25 | $106.0M | $56.0M | ||
| Q4 24 | $148.0M | $50.0M | ||
| Q3 24 | $118.0M | $84.0M | ||
| Q2 24 | $61.0M | $37.0M | ||
| Q1 24 | $130.0M | $47.0M |
毛利率CARTVAC
| 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CARTVAC
| Q4 25 | 9.9% | — | ||
| Q3 25 | 17.7% | — | ||
| Q2 25 | 13.6% | — | ||
| Q1 25 | 12.3% | — | ||
| Q4 24 | 17.6% | — | ||
| Q3 24 | 16.2% | — | ||
| Q2 24 | 6.3% | — | ||
| Q1 24 | 17.6% | — |
净利率CARTVAC
| Q4 25 | 8.2% | -35.0% | ||
| Q3 25 | 15.3% | -0.2% | ||
| Q2 25 | 12.7% | 6.0% | ||
| Q1 25 | 11.8% | 5.0% | ||
| Q4 24 | 16.8% | 4.0% | ||
| Q3 24 | 13.8% | 6.9% | ||
| Q2 24 | 7.4% | 3.5% | ||
| Q1 24 | 15.9% | 4.2% |
每股收益（稀释后）CARTVAC
| Q4 25 | $0.31 | $-12.00 | ||
| Q3 25 | $0.51 | $-0.07 | ||
| Q2 25 | $0.41 | $1.77 | ||
| Q1 25 | $0.37 | $1.46 | ||
| Q4 24 | $0.53 | $1.29 | ||
| Q3 24 | $0.42 | $2.12 | ||
| Q2 24 | $0.20 | $0.98 | ||
| Q1 24 | $0.43 | $1.22 |
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 | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $2.0B |
| 总资产 | $3.7B | $9.8B |
| 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CARTVAC
| Q4 25 | $687.0M | $406.0M | ||
| Q3 25 | $1.7B | $474.0M | ||
| Q2 25 | $1.6B | $205.0M | ||
| Q1 25 | $1.6B | $196.0M | ||
| Q4 24 | $1.4B | $197.0M | ||
| Q3 24 | $1.3B | $197.0M | ||
| Q2 24 | $1.4B | $206.0M | ||
| Q1 24 | $1.5B | $237.0M |
股东权益CARTVAC
| Q4 25 | $2.5B | $2.0B | ||
| Q3 25 | $3.5B | $2.5B | ||
| Q2 25 | $3.3B | $2.5B | ||
| Q1 25 | $3.2B | $2.4B | ||
| Q4 24 | $3.1B | $2.4B | ||
| Q3 24 | $2.9B | $2.4B | ||
| Q2 24 | $3.0B | $2.4B | ||
| Q1 24 | $3.1B | $2.4B |
总资产CARTVAC
| Q4 25 | $3.7B | $9.8B | ||
| Q3 25 | $4.5B | $10.1B | ||
| Q2 25 | $4.4B | $9.9B | ||
| Q1 25 | $4.3B | $9.9B | ||
| Q4 24 | $4.1B | $9.8B | ||
| Q3 24 | $3.9B | $9.7B | ||
| Q2 24 | $4.0B | $9.6B | ||
| Q1 24 | $4.1B | $9.9B |
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 | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $-6.0M |
| 自由现金流率自由现金流/营收 | 17.2% | -0.5% |
| 资本支出强度资本支出/营收 | 1.2% | 1.0% |
| 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 | $-29.0M |
8季度趋势，按日历期对齐
经营现金流CARTVAC
| Q4 25 | $183.0M | $6.0M | ||
| Q3 25 | $287.0M | $62.0M | ||
| Q2 25 | $203.0M | $-48.0M | ||
| Q1 25 | $298.0M | $8.0M | ||
| Q4 24 | $153.0M | $100.0M | ||
| Q3 24 | $185.0M | $72.0M | ||
| Q2 24 | $244.0M | $30.0M | ||
| Q1 24 | $105.0M | $3.0M |
自由现金流CARTVAC
| Q4 25 | $171.0M | $-6.0M | ||
| Q3 25 | $272.0M | $51.0M | ||
| Q2 25 | $187.0M | $-68.0M | ||
| Q1 25 | $280.0M | $-6.0M | ||
| Q4 24 | $141.0M | $86.0M | ||
| Q3 24 | $171.0M | $58.0M | ||
| Q2 24 | $220.0M | $17.0M | ||
| Q1 24 | $91.0M | $-13.0M |
自由现金流率CARTVAC
| Q4 25 | 17.2% | -0.5% | ||
| Q3 25 | 29.0% | 4.3% | ||
| Q2 25 | 20.5% | -5.9% | ||
| Q1 25 | 31.2% | -0.5% | ||
| Q4 24 | 16.0% | 6.9% | ||
| Q3 24 | 20.1% | 4.8% | ||
| Q2 24 | 26.7% | 1.6% | ||
| Q1 24 | 11.1% | -1.2% |
资本支出强度CARTVAC
| Q4 25 | 1.2% | 1.0% | ||
| Q3 25 | 1.6% | 0.9% | ||
| Q2 25 | 1.8% | 1.7% | ||
| Q1 25 | 2.0% | 1.3% | ||
| Q4 24 | 1.4% | 1.1% | ||
| Q3 24 | 1.6% | 1.1% | ||
| Q2 24 | 2.9% | 1.2% | ||
| Q1 24 | 1.7% | 1.4% |
现金转化率CARTVAC
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | -0.70× | ||
| Q1 25 | 2.81× | 0.14× | ||
| Q4 24 | 1.03× | 2.00× | ||
| Q3 24 | 1.57× | 0.86× | ||
| Q2 24 | 4.00× | 0.81× | ||
| Q1 24 | 0.81× | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
