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Maplebear

CART
80
Software - Services · Technology
Price
$49.83
-1.24 (-2.43%)
Market Cap
$11.71B
Exchange
NASDAQ
Winston Score
80
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Exceptional
Growth
Good
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Strong
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Share count rising — dilution

+1.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 276.7M (2021) → 279.6M (2025)

Winston Score History

The full picture

Maplebear Inc., doing business as Instacart, provides online grocery shopping services to households in North America. The company connects the consumer with a personal shopper to shop and deliver a range of products, such as food, alcohol, consumer health, pet care, ready-made meals, and others. The company offers its services through a mobile application or website. The company was incorporated in 2012 and is based in San Francisco, California.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+9.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$650M/ year

↑ Rising (+8% vs prior year)

17.4% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

33.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$967M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Maplebear is putting 17% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
72.6%
Premium pricing power — 72.6% gross margin
Profit after running costs
Operating Margin
13.5%
Healthy — 13.5% operating margin
Return on the money invested
ROCE
25.0%
Exceptional — 25.0% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+12.6%
Fast-growing sales (+12.6% YoY)
Profit growth
EPS YoY
+3.8%
Modest earnings growth (+3.8% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
256%
Turns 256% of profit into real cash
Spare cash per sale
FCF Margin
29.4%
Converts sales into free cash efficiently (29.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.01
Conservative — low debt load (0.01)
Covers its interest
Interest Cover
100.00x
—
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
26.1x
Growth-priced — P/E 26.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+13.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (26.1 → 12.4)

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Dividends

Not applicable for this business.
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