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 $15.3B against $11.8B — 1.3× the size. Wayfair Inc. has negative trailing earnings, so its P/E is not meaningful; Maplebear Inc. trades at 26.2×. 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 26.23 n/m 24.35
P/S 2.93 1.10 0.69
P/B 5.04 n/m 1.66
Price to free cash flow 9.95 25.22 15.23
EV/EBITDA 15.15 31.65 19.14
EV/Sales 2.69 1.23 0.75
Earnings yield 3.81% (2.29%) (0.17%)
Free cash flow yield 10.05% 3.97% 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% 10.80%
EPS growth (last fiscal year) 1.27% 39.15% 14.02%
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) 0.10
Current ratio 2.28 0.74 1.48
Net debt to EBITDA (1.44) 5.11 (0.25)

Dividend

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

Size

Metric CART W Internet Retail median
Market cap 11.84b 15.33b 413.81m

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