Maplebear Inc. (CART) vs Wayfair Inc. (W)

Maplebear Inc. and Wayfair Inc. are both Internet Retail companies. Wayfair Inc. is the larger, with a market value of $13.4B against $10.0B — 1.3× the size. Wayfair Inc. has negative trailing earnings, so its P/E is not meaningful; Maplebear Inc. trades at 22.7×. Maplebear Inc. grew revenue faster over the last twelve months: 12.6% against 7.46%. Maplebear Inc. has the higher net margin (11.8% vs −2.49%) and the higher return on invested capital (27.3% vs 0.00%). Across the 19 metrics below, Maplebear Inc. leads on 15 and Wayfair Inc. on 4.

Valuation

Metric CART W Internet Retail median
P/E 22.73 n/m 22.73
P/S 2.54 1.01 0.64
P/B 4.37 n/m 1.65
Price to free cash flow 8.63 23.08 14.11
EV/EBITDA 12.95 29.25 15.68
EV/Sales 2.30 1.13 0.76
Earnings yield 4.40% (2.50%) (0.11%)
Free cash flow yield 11.59% 4.33% 0.00%

Profitability

Metric CART W Internet Retail median
Gross margin 72.58% 30.05% 43.51%
Operating margin 14.80% 1.67% 0.08%
Net margin 11.80% (2.49%) 0.56%
Free cash flow margin 29.45% 4.36% 0.00%
Return on equity 16.75% 11.66% 0.00%
Return on assets 11.86% (10.26%) 0.00%
Return on invested capital 27.26% 0.00% 0.00%

Growth

Metric CART W Internet Retail median
Revenue growth (TTM) 12.61% 7.46% 10.60%
EPS growth (last fiscal year) 1.27% 39.15% —
Revenue growth, 5-year CAGR 20.43% (2.51%) 10.81%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CART W Internet Retail median
Debt to equity 0.00 (1.00) 0.13
Current ratio 2.28 0.74 1.49
Net debt to EBITDA (1.44) 5.11 (0.25)

Dividend

Metric CART W Internet Retail median
Dividend yield — — —
Payout ratio — 0.00 0.00

Size

Metric CART W Internet Retail median
Market cap 10.01b 13.38b 443.85m

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