Maplebear Inc. (CART) vs Etsy, Inc. (ETSY)

Maplebear Inc. and Etsy, Inc. are both Internet Retail companies. Maplebear Inc. is the larger, with a market value of $11.8B against $8.2B — 1.4× the size. Maplebear Inc. trades at the lower P/E: 26.2× against 40.2×. Maplebear Inc. grew revenue faster over the last twelve months: 12.6% against 6.74%. Maplebear Inc. has the higher net margin (11.8% vs 7.11%) and the lower return on invested capital (27.3% vs 47.1%). Across the 21 metrics below, Maplebear Inc. leads on 18 and Etsy, Inc. on 3.

Valuation

Metric CART ETSY Internet Retail median
P/E 26.23 40.16 24.35
P/S 2.93 2.73 0.69
P/B 5.04 n/m 1.66
Price to free cash flow 9.95 13.23 15.23
EV/EBITDA 15.15 19.14 19.14
EV/Sales 2.69 3.40 0.75
Earnings yield 3.81% 2.49% (0.17%)
Free cash flow yield 10.05% 7.56% 0.00%

Profitability

Metric CART ETSY Internet Retail median
Gross margin 72.58% 71.40% 43.51%
Operating margin 14.80% 14.31% 0.08%
Net margin 11.80% 7.11% 0.56%
Free cash flow margin 29.45% 20.86% 0.00%
Return on equity 16.75% (16.61%) 0.00%
Return on assets 11.86% 8.38% 0.00%
Return on invested capital 27.26% 47.13% 0.00%

Growth

Metric CART ETSY Internet Retail median
Revenue growth (TTM) 12.61% 6.74% 10.80%
EPS growth (last fiscal year) 1.27% (40.85%) 14.02%
Revenue growth, 5-year CAGR 20.43% 10.81% 10.81%
Net income growth, 5-year CAGR 0.00% (14.14%) 0.00%

Health

Metric CART ETSY Internet Retail median
Debt to equity 0.00 (2.20) 0.10
Current ratio 2.28 1.48 1.48
Net debt to EBITDA (1.44) 3.96 (0.25)

Dividend

Metric CART ETSY Internet Retail median
Dividend yield — — 1.79%
Payout ratio — — 0.25

Size

Metric CART ETSY Internet Retail median
Market cap 11.84b 8.19b 413.81m

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