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Maplebear Inc CART

Morningstar Rating
$34.98 +1.01 (2.97%)
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Company Report

Instacart’s Pronounced Growth Likely to Subside as Home Delivery Competition Intensifies

With a network of nearly 8 million monthly active customers and over 600,000 drivers, Instacart’s grocery delivery platform boasts a strong presence across the United States. The firm benefited from a pandemic-induced surge in online grocery ordering in 2020, with its gross transaction value eclipsing $20 billion (versus $5 billion in 2019) as retailers hastily joined forces with Instacart to meet consumers’ evolving purchasing preferences that favored home delivery. In the years that followed, Instacart has managed to maintain a resounding position in the grocery delivery industry, as the platform’s more than $30 billion in gross transaction value gives it about 70% share of grocery sales placed on third-party intermediary platforms and about 30% of total grocery delivery sales (per eMarketer).

Price vs Fair Value

CART is trading at a 859% premium.
Price
$33.97
Fair Value
$55.00
Uncertainty
High
1-Star Price
$34.30
5-Star Price
$14.30
Economic Moat
Jfvg
Capital Allocation
Bfsyvsnw

Bulls Say, Bears Say

Bulls

Online ordering demand should remain strong, propelling Instacart’s top line and reinforcing the firm’s network effect.

Bears

Third-party intermediary platforms such as Uber and DoorDash already have established driver networks and could use their scale to take share from Instacart.

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News

Trading Information

Previous Close Price
$33.97
Day Range
$33.7735.05
52-Week Range
$22.1342.83
Bid/Ask
$34.91 / $35.01
Market Cap
$9.27 Bil
Volume/Avg
759,318 / 4.3 Mil

Key Statistics

Price/Earnings (Normalized)
Price/Sales
1.43
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield
3.89%

Company Profile

Maplebear (Instacart) operates a leading grocery delivery platform in the United States and Canada. The firm partners with various regional and national grocers, which offer their selection of food and other goods to customers through Instacart’s ubiquitous platform. Once an item is ordered through Instacart’s site, the item is picked and delivered to the customer’s home by one of the platform’s 600,000 shoppers, who are classified as independent contractors. Instacart collects fees based on average order value and leverages its platform’s high usage to sell advertising, mainly to consumer-packaged goods companies. Instacart currently has nearly 8 million monthly active users (or orderers) on its platform.
Sector
Consumer Cyclical
Industry
Internet Retail
Stock Style Box
Small Growth
Total Number of Employees
3,380

Competitors

Valuation

Metric
CART
DASH
UBER
Price/Earnings (Normalized)
76.84128.71
Price/Book Value
3.025.9812.48
Price/Sales
1.434.463.62
Price/Cash Flow
5.5730.5635.66
Price/Earnings
CART
DASH
UBER

Financial Strength

Metric
CART
DASH
UBER
Quick Ratio
3.421.351.02
Current Ratio
3.781.641.21
Interest Coverage
3.16
Quick Ratio
CART
DASH
UBER

Profitability

Metric
CART
DASH
UBER
Return on Assets (Normalized)
12.93%5.14%8.29%
Return on Equity (Normalized)
20.84%7.96%31.32%
Return on Invested Capital (Normalized)
17.92%5.51%13.80%
Return on Assets
CART
DASH
UBER
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