Maplebear Inc.
CART Consumer Cyclical Internet Retail
Maplebear Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.7 billion, up 10.8% from fiscal 2024. In the quarter to June 2026, revenue grew 14.1%, EPS grew 6.98% and free cash flow grew 157.2%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Maplebear Inc. (CART) Altman Z-score
Maplebear Inc.'s Altman Z-score for fiscal 2025 is 6.20, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.20 | (0.78) |
| FY2024 | 6.98 | 6.08 |
| FY2023 | 0.90 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.35 | — | 0.42 | |
| Retained earnings / total assets | (1.22) | — | −1.70 | |
| EBIT / total assets | 0.14 | — | 0.45 | |
| Market value of equity / total liabilities | 10.05 | — | 6.03 | |
| Sales / total assets | 1.01 | — | 1.01 | |
| Altman Z-score | Safe zone | 6.20 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.48 | ||
Z and Z″ put Maplebear Inc. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GLBE Global-e Online Ltd. compare | 8.3× |
| CART Maplebear Inc. | 6.2× |
| EBAY eBay Inc. compare | 6.1× |
| CHWY Chewy compare | 5.9× |
| VIPS Vipshop Holdings Limited compare | 3.8× |
| CPNG Coupang, Inc. compare | 3.7× |
| W Wayfair Inc. compare | 2.9× |
| JD JD.com, Inc. compare | 2.6× |
| ETSY Etsy, Inc. compare | 1.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets