Maplebear Inc. Common Stock (CART)

FairStock Score: 49/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that earn good returns on capital, carry little debt, and can be bought at a sensible price. Maplebear, known as Instacart, is a grocery technology and advertising platform. Its filed results show a real turnaround: in fiscal year 2023 it lost $1.6B, then earned $457M in fiscal year 2024 and $447M in fiscal year 2025. For fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $1.0B, net income $111M, and diluted EPS $0.45, versus fiscal Q2 2025, the quarter ended 2025-06-30, revenue of $914M, net income $116M, and diluted EPS $0.41. So sales are growing, but profit slipped year over year in that quarter. FairStock's calculations show revenue growth of 13.60%, profit growth of 35.85%, ROE of 16.00%, ROCE of 9.36%, and a debt-to-equity ratio of just 0.01. The balance sheet looks strong, with an Altman Z-Score of 4.67, and trailing free cash flow is $1.2B, a 10.2% FCF yield. That cash generation is attractive. The trouble is price. At the 2026-10-13 close of $49.65, FairStock puts the P/E at 27.13, P/B at 4.98, EV/EBITDA at 15.17, and PEG at 0.76. The Graham Number is only $20.26, giving a margin of safety of -145.06%, meaning the price is far above a conservative asset-and-earnings yardstick. Piotroski is 5/9 and the FairStock Score is 49/100. Instacart may have a useful network in grocery delivery and ads, but the numbers do not yet prove a wide moat. I see a financially healthier business, yet not a bargain.

In plain English: Instacart is a technology partner that helps grocery stores sell and deliver online and helps brands advertise. The company is now solidly profitable and produces a lot of cash, with little debt, but sales growth is moderate and the stock price looks rich compared with its earnings and accounting value. At the 2026-10-13 close of $49.65, investors are paying a high price for those profits, so the shares look expensive rather than cheap or fair.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer