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Maplebear Inc.（CART）与WATSCO INC（WSO）财务数据对比。点击上方公司名可切换其他公司
WATSCO INC的季度营收约是Maplebear Inc.的1.6倍（$1.6B vs $992.0M），Maplebear Inc.净利率更高（8.2% vs 4.5%，领先3.6%），Maplebear Inc.同比增速更快（12.3% vs -10.0%），WATSCO INC自由现金流更多（$388.5M vs $171.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 0.4%）
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。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
CART vs WSO — 直观对比
营收规模更大
WSO
是对方的1.6倍
$992.0M
营收增速更快
CART
高出22.3%
-10.0%
净利率更高
CART
高出3.6%
4.5%
自由现金流更多
WSO
多$217.5M
$171.0M
两年增速更快
CART
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.6B |
| 净利润 | $81.0M | $71.7M |
| 毛利率 | 72.3% | 27.1% |
| 营业利润率 | 9.9% | 6.4% |
| 净利率 | 8.2% | 4.5% |
| 营收同比 | 12.3% | -10.0% |
| 净利润同比 | -45.3% | -25.9% |
| 每股收益（稀释后） | $0.31 | $1.82 |
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CARTWSO
| Q4 25 | $992.0M | $1.6B | ||
| Q3 25 | $939.0M | $2.1B | ||
| Q2 25 | $914.0M | $2.1B | ||
| Q1 25 | $897.0M | $1.5B | ||
| Q4 24 | $883.0M | $1.8B | ||
| Q3 24 | $852.0M | $2.2B | ||
| Q2 24 | $823.0M | $2.1B | ||
| Q1 24 | $820.0M | $1.6B |
净利润CARTWSO
| Q4 25 | $81.0M | $71.7M | ||
| Q3 25 | $144.0M | $161.6M | ||
| Q2 25 | $116.0M | $183.6M | ||
| Q1 25 | $106.0M | $80.1M | ||
| Q4 24 | $148.0M | $96.8M | ||
| Q3 24 | $118.0M | $171.0M | ||
| Q2 24 | $61.0M | $181.4M | ||
| Q1 24 | $130.0M | $87.0M |
毛利率CARTWSO
| Q4 25 | 72.3% | 27.1% | ||
| Q3 25 | 73.7% | 27.5% | ||
| Q2 25 | 74.2% | 29.3% | ||
| Q1 25 | 74.8% | 28.1% | ||
| Q4 24 | 75.2% | 26.7% | ||
| Q3 24 | 75.2% | 26.2% | ||
| Q2 24 | 75.7% | 27.1% | ||
| Q1 24 | 74.9% | 27.5% |
营业利润率CARTWSO
| Q4 25 | 9.9% | 6.4% | ||
| Q3 25 | 17.7% | 11.4% | ||
| Q2 25 | 13.6% | 13.2% | ||
| Q1 25 | 12.3% | 7.3% | ||
| Q4 24 | 17.6% | 7.8% | ||
| Q3 24 | 16.2% | 11.6% | ||
| Q2 24 | 6.3% | 12.6% | ||
| Q1 24 | 17.6% | 8.1% |
净利率CARTWSO
| Q4 25 | 8.2% | 4.5% | ||
| Q3 25 | 15.3% | 7.8% | ||
| Q2 25 | 12.7% | 8.9% | ||
| Q1 25 | 11.8% | 5.2% | ||
| Q4 24 | 16.8% | 5.5% | ||
| Q3 24 | 13.8% | 7.9% | ||
| Q2 24 | 7.4% | 8.5% | ||
| Q1 24 | 15.9% | 5.6% |
每股收益（稀释后）CARTWSO
| Q4 25 | $0.31 | $1.82 | ||
| Q3 25 | $0.51 | $3.98 | ||
| Q2 25 | $0.41 | $4.52 | ||
| Q1 25 | $0.37 | $1.93 | ||
| Q4 24 | $0.53 | $2.42 | ||
| Q3 24 | $0.42 | $4.22 | ||
| Q2 24 | $0.20 | $4.49 | ||
| Q1 24 | $0.43 | $2.17 |
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 | $733.3M |
| 总债务越低越好 | — | $361.6M |
| 股东权益账面价值 | $2.5B | $2.8B |
| 总资产 | $3.7B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资CARTWSO
| Q4 25 | $687.0M | $733.3M | ||
| Q3 25 | $1.7B | $524.3M | ||
| Q2 25 | $1.6B | $293.0M | ||
| Q1 25 | $1.6B | $431.8M | ||
| Q4 24 | $1.4B | $781.9M | ||
| Q3 24 | $1.3B | $550.0M | ||
| Q2 24 | $1.4B | $424.9M | ||
| Q1 24 | $1.5B | $478.9M |
总债务CARTWSO
| Q4 25 | — | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M | ||
| Q1 24 | — | $306.3M |
股东权益CARTWSO
| Q4 25 | $2.5B | $2.8B | ||
| Q3 25 | $3.5B | $2.8B | ||
| Q2 25 | $3.3B | $2.8B | ||
| Q1 25 | $3.2B | $2.7B | ||
| Q4 24 | $3.1B | $2.7B | ||
| Q3 24 | $2.9B | $2.7B | ||
| Q2 24 | $3.0B | $2.6B | ||
| Q1 24 | $3.1B | $2.5B |
总资产CARTWSO
| Q4 25 | $3.7B | $4.4B | ||
| Q3 25 | $4.5B | $4.6B | ||
| Q2 25 | $4.4B | $4.7B | ||
| Q1 25 | $4.3B | $4.5B | ||
| Q4 24 | $4.1B | $4.5B | ||
| Q3 24 | $3.9B | $4.5B | ||
| Q2 24 | $4.0B | $4.4B | ||
| Q1 24 | $4.1B | $4.4B |
负债/权益比CARTWSO
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $399.8M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $388.5M |
| 自由现金流率自由现金流/营收 | 17.2% | 24.6% |
| 资本支出强度资本支出/营收 | 1.2% | 0.7% |
| 现金转化率经营现金流/净利润 | 2.26× | 5.57× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $535.1M |
8季度趋势，按日历期对齐
经营现金流CARTWSO
| Q4 25 | $183.0M | $399.8M | ||
| Q3 25 | $287.0M | $354.9M | ||
| Q2 25 | $203.0M | $-7.4M | ||
| Q1 25 | $298.0M | $-177.6M | ||
| Q4 24 | $153.0M | $378.9M | ||
| Q3 24 | $185.0M | $232.8M | ||
| Q2 24 | $244.0M | $57.7M | ||
| Q1 24 | $105.0M | $103.7M |
自由现金流CARTWSO
| Q4 25 | $171.0M | $388.5M | ||
| Q3 25 | $272.0M | $346.1M | ||
| Q2 25 | $187.0M | $-14.3M | ||
| Q1 25 | $280.0M | $-185.2M | ||
| Q4 24 | $141.0M | $370.9M | ||
| Q3 24 | $171.0M | $223.0M | ||
| Q2 24 | $220.0M | $51.3M | ||
| Q1 24 | $91.0M | $97.9M |
自由现金流率CARTWSO
| Q4 25 | 17.2% | 24.6% | ||
| Q3 25 | 29.0% | 16.7% | ||
| Q2 25 | 20.5% | -0.7% | ||
| Q1 25 | 31.2% | -12.1% | ||
| Q4 24 | 16.0% | 21.1% | ||
| Q3 24 | 20.1% | 10.3% | ||
| Q2 24 | 26.7% | 2.4% | ||
| Q1 24 | 11.1% | 6.3% |
资本支出强度CARTWSO
| Q4 25 | 1.2% | 0.7% | ||
| Q3 25 | 1.6% | 0.4% | ||
| Q2 25 | 1.8% | 0.3% | ||
| Q1 25 | 2.0% | 0.5% | ||
| Q4 24 | 1.4% | 0.5% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 2.9% | 0.3% | ||
| Q1 24 | 1.7% | 0.4% |
现金转化率CARTWSO
| Q4 25 | 2.26× | 5.57× | ||
| Q3 25 | 1.99× | 2.20× | ||
| Q2 25 | 1.75× | -0.04× | ||
| Q1 25 | 2.81× | -2.22× | ||
| Q4 24 | 1.03× | 3.91× | ||
| Q3 24 | 1.57× | 1.36× | ||
| Q2 24 | 4.00× | 0.32× | ||
| Q1 24 | 0.81× | 1.19× |
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% |
WSO
暂无分部数据
