Instacart (Maplebear Inc.) (CART) Key Metrics
CART valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $11.83B
- Enterprise value
- $9.13B
- P/E (TTM)
- 27.2
- Forward P/E
- 13.0
- PEG ratio
- 1.74
- Price / sales
- 3.0 10-yr median 3.4
- Price / book
- 4.3 10-yr median 3.9
- EV / EBITDA
- 12.9
- Dividend yield
- —
- Beta
- 0.87
CART key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCART valuation Price multiples at each fiscal year-end price.
CART returns How much profit the business earns on the capital it uses.
CART per-share figures Results divided by the shares outstanding at year-end.
CART financial health Debt, liquidity and how easily interest is covered.
CART efficiency & capital use Working capital cycle and where the cash goes.
CART valuation history
CART returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CART debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CART cash returned to shareholders
CART price vs earnings per share
CART key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $12.58B | $11.98B | $3.07B | — | — | — | — | — |
| Enterprise value | $11.93B | $10.48B | $919.6M | — | — | — | — | — |
| P/E ratio | 28.1 | 26.2 | — | — | — | — | — | — |
| Price / sales | 3.4 | 3.5 | 1.0 | — | — | — | — | — |
| Price / book | 5.0 | 3.9 | 0.8 | — | — | — | — | — |
| Price / free cash flow | 13.8 | 19.2 | 5.8 | — | — | — | — | — |
| Price / operating cash flow | 13.0 | 17.4 | 5.2 | — | — | — | — | — |
| EV / sales | 3.2 | 3.1 | 0.3 | — | — | — | — | — |
| EV / EBITDA | 18.2 | 16.9 | — | — | — | — | — | — |
| EV / free cash flow | 13.1 | 16.8 | 1.7 | — | — | — | — | — |
| Earnings yield | 3.6% | 3.8% | −52.9% | — | — | — | — | — |
| Free cash flow yield | 7.2% | 5.2% | 17.3% | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 11.0% | 11.7% | 1.2% | — | — | — | — | — |
| Share price at fiscal year-end | $44.98 | $41.42 | $23.47 | — | — | — | — | — |
| Per share | ||||||||
| Revenue per share | $13.38 | $11.68 | $23.29 | $9.22 | $6.63 | $5.34 | $3.91 | — |
| Earnings per share | $1.60 | $1.58 | −$12.42 | $1.55 | −$0.26 | −$0.25 | −$9.71 | — |
| Operating cash flow per share | $3.47 | $2.38 | $4.49 | $1.00 | −$0.74 | −$0.33 | −$8.97 | — |
| Free cash flow per share | $3.26 | $2.15 | $4.06 | $0.91 | −$0.82 | −$0.35 | −$9.27 | — |
| Cash per share | $2.46 | $5.26 | $16.74 | $6.47 | $5.40 | $5.15 | — | — |
| Book value per share | $9.01 | $10.70 | $28.71 | $9.97 | $8.13 | $5.70 | — | — |
| Tangible book value per share | $7.35 | $9.42 | $25.69 | $8.45 | $6.93 | $5.63 | — | — |
| Capex per share | $0.22 | $0.22 | $0.43 | $0.09 | $0.08 | $0.03 | $0.29 | — |
| Debt per share | $0.13 | $0.09 | $0.31 | $0.18 | $0.20 | $0.18 | — | — |
| Shares outstanding | 279.6M | 289.2M | 130.6M | 276.7M | 276.7M | 276.7M | 54.7M | — |
| Change in shares outstanding | −3.3% | +121.4% | −52.8% | 0.0% | 0.0% | +405.7% | — | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | 15.9% | 13.4% | −49.8% | 17.1% | −3.8% | −4.4% | — | 5.9% |
| Return on invested capital (ROIC) | 23.1% | 25.3% | −129.1% | 6.8% | −13.5% | −29.3% | — | 11.4% |
| Return on assets (ROA) | 11.5% | 10.3% | −38.6% | 12.9% | −2.9% | −3.3% | — | 0.6% |
| Return on tangible assets | 13.9% | 12.2% | −37.4% | 13.2% | −2.8% | −3.4% | — | 0.6% |
| Free cash flow margin | 24.3% | 18.4% | 17.4% | 9.8% | −12.3% | −6.6% | −236.9% | 27.8% |
| Income quality (OCF / net income) | 2.17 | 1.50 | — | 0.65 | — | — | — | 1.55 |
| Financial health | ||||||||
| Total debt | $36.0M | $26.0M | $40.0M | $49.0M | $54.0M | $51.0M | — | $16.2M |
| Cash & short-term investments | $687.0M | $1.52B | $2.19B | $1.79B | $1.50B | $1.43B | — | $40.5M |
| Net debt | −$651.0M | −$1.50B | −$2.15B | −$1.74B | −$1.44B | −$1.37B | — | −$24.3M |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | — | 0.32 |
| Debt / assets | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | — | 0.03 |
| Net debt / EBITDA | −0.99 | −2.42 | — | −14.75 | — | — | — | −2.63 |
| Current ratio | 2.40 | 3.38 | 4.51 | 3.45 | 4.05 | 4.85 | — | 296.52 |
| Quick ratio | 2.40 | 3.38 | 4.51 | 3.35 | 4.04 | 4.85 | — | 296.52 |
| Interest coverage | — | — | — | — | — | — | — | 0.8 |
| Working capital | $1.28B | $1.90B | $2.57B | $1.95B | $1.80B | $1.56B | — | $41.7M |
| Invested capital | $1.87B | $1.60B | $1.60B | $1.02B | $808.0M | $202.0M | — | $26.0M |
| Tangible asset value | $2.05B | $2.72B | $3.35B | $2.34B | $1.92B | $1.56B | — | $50.2M |
| Net current asset value | $1.03B | $1.68B | $2.33B | $1.83B | $1.68B | $1.45B | — | −$383.0M |
| Graham number | $18.00 | $19.50 | — | $18.63 | — | — | — | — |
| Graham net-net per share | $1.30 | $4.36 | $14.15 | $5.59 | $5.09 | $4.68 | — | — |
| Capital allocation | ||||||||
| Share buybacks (net) | $1.39B | $1.40B | $36.0M | $0 | $0 | — | — | $8.6M |
| Dividends + buybacks / free cash flow | 152.1% | 225.0% | 6.8% | 0.0% | — | — | — | 187.5% |
| Capex / revenue | 1.6% | 1.9% | 1.8% | 1.0% | 1.2% | 0.5% | 7.5% | 0.0% |
| Capex / operating cash flow | 6.3% | 9.3% | 9.6% | 9.4% | — | — | — | 0.0% |
| Capex / depreciation | 0.62 | 0.96 | 0.98 | 0.55 | 0.81 | 0.35 | 3.20 | 0.00 |
| Stock-based compensation / revenue | 9.4% | 8.9% | 90.6% | 1.3% | 1.2% | 4.3% | 20.1% | 0.0% |
| R&D / revenue | 17.4% | 17.9% | 76.0% | 20.3% | 20.1% | 13.1% | 59.3% | — |
| SG&A / revenue | 35.7% | 34.7% | 58.0% | 39.2% | 37.2% | 29.5% | 103.7% | 44.6% |
| Efficiency | ||||||||
| Days sales outstanding | 104.4 | 100.9 | 101.7 | 119.8 | 134.5 | 128.5 | — | 27.9 |
| Days of inventory on hand | — | — | — | 19.3 | 0.6 | — | — | — |
| Days payables outstanding | 27.8 | 33.2 | 38.2 | 37.5 | 24.9 | 14.0 | — | — |
| Cash conversion cycle (days) | 76.6 | 67.7 | 63.5 | 101.5 | 110.2 | 114.5 | — | — |
| Receivables turnover | 3.50 | 3.62 | 3.59 | 3.05 | 2.71 | 2.84 | — | 13.08 |
| Payables turnover | 13.12 | 11.00 | 9.55 | 9.73 | 14.65 | 26.00 | — | — |
| Inventory turnover | — | — | — | 18.95 | 608.00 | — | — | — |
| Asset turnover | 0.96 | 0.76 | 0.72 | 0.77 | 0.73 | 0.70 | — | 0.03 |
| Average receivables | $1.07B | $933.5M | $847.5M | $837.0M | $676.0M | $520.0M | — | $1.3M |
| Average payables | $75.0M | $76.0M | $80.0M | $74.0M | $41.5M | $23.0M | — | — |
| Average inventory | — | — | — | $38.0M | $1.0M | — | — | — |
| Intangibles / total assets | 12.6% | 9.0% | 8.4% | 11.4% | 11.2% | 0.9% | — | 0.0% |
Computed from CART's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CART valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Instacart traded at 28.1 times earnings. Based on the latest twelve months, the trailing P/E is 27.2 and the forward P/E is 13.0. Instacart earned a return on equity of 15.9% and a return on invested capital of 23.1% in fiscal 2025. It ended the year with $36.0 million of debt and $687.0 million in cash and short-term investments, a net cash position of $651.0 million. It returned $1.4 billion to shareholders: $0 in dividends and $1.4 billion in share buybacks, 152% of free cash flow.
See the CART income statement, the CART chart for price history, or the CART stock overview for the latest quote and news.
CART key metrics FAQ
What is Instacart's P/E ratio?
Instacart's trailing P/E ratio is 27.2 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 13.0. At the end of fiscal 2025 it was 28.1.
What is Instacart's EV/EBITDA?
Instacart's enterprise value was 18.2 times EBITDA at the end of fiscal 2025 (enterprise value $11.9 billion, EBITDA $655.0 million); the current EV/EBITDA is 12.9.
What is Instacart's return on equity?
Instacart's return on equity (ROE) was 15.9% in fiscal 2025: net income of $447.0 million on average shareholders' equity of $2.8 billion.
What is Instacart's ROIC?
Instacart's return on invested capital was 23.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Instacart have?
Instacart had total debt of $36.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
Does Instacart buy back its shares?
Yes. Instacart spent $1.4 billion on net share repurchases in fiscal 2025 Shares outstanding changed −3.3% over the year, to 279.6M..
What is Instacart's free cash flow yield?
Instacart generated $911.0 million of free cash flow in fiscal 2025, a free cash flow yield of 7.2% on its market value at year-end ($12.6 billion).
What is Instacart's current ratio?
Instacart's current ratio was 2.40 at the end of fiscal 2025: current assets were 2.40 times current liabilities.