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Maplebear Inc.（CART）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
维多利亚的秘密的季度营收约是Maplebear Inc.的1.5倍（$1.5B vs $992.0M），Maplebear Inc.净利率更高（8.2% vs -2.5%，领先10.7%），Maplebear Inc.同比增速更快（12.3% vs 9.3%），Maplebear Inc.自由现金流更多（$171.0M vs $-232.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs -15.9%）
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。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
CART vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.5倍
$992.0M
营收增速更快
CART
高出3.1%
9.3%
净利率更高
CART
高出10.7%
-2.5%
自由现金流更多
CART
多$403.0M
$-232.0M
两年增速更快
CART
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.5B |
| 净利润 | $81.0M | $-37.0M |
| 毛利率 | 72.3% | 36.4% |
| 营业利润率 | 9.9% | -1.3% |
| 净利率 | 8.2% | -2.5% |
| 营收同比 | 12.3% | 9.3% |
| 净利润同比 | -45.3% | 33.9% |
| 每股收益（稀释后） | $0.31 | $-0.46 |
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CARTVSCO
| Q4 25 | $992.0M | $1.5B | ||
| Q3 25 | $939.0M | $1.5B | ||
| Q2 25 | $914.0M | $1.4B | ||
| Q1 25 | $897.0M | $2.1B | ||
| Q4 24 | $883.0M | $1.3B | ||
| Q3 24 | $852.0M | $1.4B | ||
| Q2 24 | $823.0M | $1.4B | ||
| Q1 24 | $820.0M | $2.1B |
净利润CARTVSCO
| Q4 25 | $81.0M | $-37.0M | ||
| Q3 25 | $144.0M | $16.0M | ||
| Q2 25 | $116.0M | $-2.0M | ||
| Q1 25 | $106.0M | $193.0M | ||
| Q4 24 | $148.0M | $-56.0M | ||
| Q3 24 | $118.0M | $32.0M | ||
| Q2 24 | $61.0M | $-4.0M | ||
| Q1 24 | $130.0M | $180.0M |
毛利率CARTVSCO
| Q4 25 | 72.3% | 36.4% | ||
| Q3 25 | 73.7% | 35.6% | ||
| Q2 25 | 74.2% | 35.0% | ||
| Q1 25 | 74.8% | 38.6% | ||
| Q4 24 | 75.2% | 34.7% | ||
| Q3 24 | 75.2% | 35.4% | ||
| Q2 24 | 75.7% | 36.9% | ||
| Q1 24 | 74.9% | 39.7% |
营业利润率CARTVSCO
| Q4 25 | 9.9% | -1.3% | ||
| Q3 25 | 17.7% | 2.8% | ||
| Q2 25 | 13.6% | 1.5% | ||
| Q1 25 | 12.3% | 12.8% | ||
| Q4 24 | 17.6% | -3.5% | ||
| Q3 24 | 16.2% | 4.4% | ||
| Q2 24 | 6.3% | 1.9% | ||
| Q1 24 | 17.6% | 12.4% |
净利率CARTVSCO
| Q4 25 | 8.2% | -2.5% | ||
| Q3 25 | 15.3% | 1.1% | ||
| Q2 25 | 12.7% | -0.1% | ||
| Q1 25 | 11.8% | 9.2% | ||
| Q4 24 | 16.8% | -4.2% | ||
| Q3 24 | 13.8% | 2.3% | ||
| Q2 24 | 7.4% | -0.3% | ||
| Q1 24 | 15.9% | 8.6% |
每股收益（稀释后）CARTVSCO
| Q4 25 | $0.31 | $-0.46 | ||
| Q3 25 | $0.51 | $0.20 | ||
| Q2 25 | $0.41 | $-0.02 | ||
| Q1 25 | $0.37 | $2.41 | ||
| Q4 24 | $0.53 | $-0.71 | ||
| Q3 24 | $0.42 | $0.40 | ||
| Q2 24 | $0.20 | $-0.05 | ||
| Q1 24 | $0.43 | $2.32 |
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 | $249.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $653.0M |
| 总资产 | $3.7B | $5.1B |
| 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CARTVSCO
| Q4 25 | $687.0M | $249.0M | ||
| Q3 25 | $1.7B | $188.0M | ||
| Q2 25 | $1.6B | $138.0M | ||
| Q1 25 | $1.6B | $227.0M | ||
| Q4 24 | $1.4B | $161.0M | ||
| Q3 24 | $1.3B | $169.0M | ||
| Q2 24 | $1.4B | $105.0M | ||
| Q1 24 | $1.5B | $270.0M |
股东权益CARTVSCO
| Q4 25 | $2.5B | $653.0M | ||
| Q3 25 | $3.5B | $680.0M | ||
| Q2 25 | $3.3B | $645.0M | ||
| Q1 25 | $3.2B | $640.0M | ||
| Q4 24 | $3.1B | $429.0M | ||
| Q3 24 | $2.9B | $472.0M | ||
| Q2 24 | $3.0B | $423.0M | ||
| Q1 24 | $3.1B | $417.0M |
总资产CARTVSCO
| Q4 25 | $3.7B | $5.1B | ||
| Q3 25 | $4.5B | $4.8B | ||
| Q2 25 | $4.4B | $4.6B | ||
| Q1 25 | $4.3B | $4.5B | ||
| Q4 24 | $4.1B | $4.9B | ||
| Q3 24 | $3.9B | $4.6B | ||
| Q2 24 | $4.0B | $4.4B | ||
| Q1 24 | $4.1B | $4.6B |
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 | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $-232.0M |
| 自由现金流率自由现金流/营收 | 17.2% | -15.8% |
| 资本支出强度资本支出/营收 | 1.2% | 3.5% |
| 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 | $309.0M |
8季度趋势，按日历期对齐
经营现金流CARTVSCO
| Q4 25 | $183.0M | $-180.0M | ||
| Q3 25 | $287.0M | $156.0M | ||
| Q2 25 | $203.0M | $-150.0M | ||
| Q1 25 | $298.0M | $674.0M | ||
| Q4 24 | $153.0M | $-248.0M | ||
| Q3 24 | $185.0M | $115.0M | ||
| Q2 24 | $244.0M | $-116.0M | ||
| Q1 24 | $105.0M | $589.0M |
自由现金流CARTVSCO
| Q4 25 | $171.0M | $-232.0M | ||
| Q3 25 | $272.0M | $88.0M | ||
| Q2 25 | $187.0M | $-193.0M | ||
| Q1 25 | $280.0M | $646.0M | ||
| Q4 24 | $141.0M | $-299.0M | ||
| Q3 24 | $171.0M | $55.0M | ||
| Q2 24 | $220.0M | $-155.0M | ||
| Q1 24 | $91.0M | $557.0M |
自由现金流率CARTVSCO
| Q4 25 | 17.2% | -15.8% | ||
| Q3 25 | 29.0% | 6.0% | ||
| Q2 25 | 20.5% | -14.3% | ||
| Q1 25 | 31.2% | 30.7% | ||
| Q4 24 | 16.0% | -22.2% | ||
| Q3 24 | 20.1% | 3.9% | ||
| Q2 24 | 26.7% | -11.4% | ||
| Q1 24 | 11.1% | 26.7% |
资本支出强度CARTVSCO
| Q4 25 | 1.2% | 3.5% | ||
| Q3 25 | 1.6% | 4.7% | ||
| Q2 25 | 1.8% | 3.2% | ||
| Q1 25 | 2.0% | 1.3% | ||
| Q4 24 | 1.4% | 3.8% | ||
| Q3 24 | 1.6% | 4.2% | ||
| Q2 24 | 2.9% | 2.9% | ||
| Q1 24 | 1.7% | 1.5% |
现金转化率CARTVSCO
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | 9.75× | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | 3.49× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 3.59× | ||
| Q2 24 | 4.00× | — | ||
| Q1 24 | 0.81× | 3.27× |
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% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
