Maplebear Inc. (CART) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-121.0%

-$12.10

vs $57.57 price

Levered DCF

$143.07

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

8.22

Safe zone

Rating

A+

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	26.3×	24.51×	-1.89×	120.36×	-129.62×	-134.8×	-3.47×
P/B	4.67×	3.54×	0.82×	3.38×	4.15×	5.92×	0×
P/S	3.14×	3.24×	1.01×	3.65×	5.08×	6.31×	8.62×
EV / EBITDA	17.03×	15.44×	-0.48×	66.04×	-182.89×	-148.31×	0×
Gross margin	73.7%	75.3%	74.9%	71.8%	66.8%	59.5%	-8.4%
Operating margin	13.3%	14.5%	-70.4%	2.4%	-4.7%	-5.1%	-259.8%
Net margin	11.9%	13.5%	-53.3%	16.8%	-4.0%	-4.7%	-248.1%
Current ratio	2.4×	3.38×	4.51×	3.45×	4.05×	4.85×	0×
Debt / equity	0.01×	0.01×	0.01×	0.02×	0.02×	0.03×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.8%	14.8%	-43.3%	15.5%	-3.2%	-4.4%	0.0%
Return on invested capital	14.4%	12.2%	-42.1%	2.1%	-3.6%	-4.4%	0.0%
Return on assets	12.1%	11.1%	-34.3%	11.7%	-2.5%	-3.3%	0.0%
Free cash flow yield	7.7%	5.7%	17.3%	2.7%	-2.4%	-1.1%	-27.5%
Earnings yield	3.8%	4.2%	-52.9%	4.6%	-0.8%	-0.8%	-28.8%
Enterprise value	$11.2B	$9.6B	$968.6M	$7.8B	$8.2B	$8.2B	$0
Net debt / EBITDA	-0.92×	-2.27×	1.05×	-12.97×	24.29×	21.2×	0×
Cash conversion cycle (days)	84	75	68	76	130	114	0