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) Beneish M-score
Maplebear Inc.'s Beneish M-score for fiscal 2025 is −3.09; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.09 | (0.55) |
| FY2024 | −2.54 | 1.96 |
| FY2023 | −4.50 | (2.37) |
| FY2022 | −2.13 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.00 | — | 0.92 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 1.16 | — | 0.47 | |
| Sales growth index | 1.11 | — | 0.99 | |
| Depreciation index | 0.80 | — | 0.09 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | (0.14) | — | −0.66 | |
| Leverage index | 1.28 | — | −0.42 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.09 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| W Wayfair Inc. compare | −3.8× |
| ETSY Etsy, Inc. compare | −3.4× |
| CART Maplebear Inc. | −3.1× |
| CPNG Coupang, Inc. compare | −2.9× |
| GLBE Global-e Online Ltd. compare | −2.9× |
| CHWY Chewy compare | −2.9× |
| VIPS Vipshop Holdings Limited compare | −2.5× |
| JD JD.com, Inc. compare | −2.4× |
| EBAY eBay Inc. compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI