CARTMaplebear Inc.

Services-Business Services, NEC

Revenue: $3.7B; 11% YoY
Operating margin: 13.3%; 8.1% YoY
EBITDA: $589M; 8.1% YoY
Market cap: $13.2B
Employees: 3,600; $1M revenue each
Net debt / EBITDA: —
AI in 10-K: 5.9; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersYes
3 of 3 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
217% of net income
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
143% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentYes
79% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 80th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.9 per 10K words · 85th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.2B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingYes
−$34M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.8B	$2.6B	$3.0B	$3.4B	$3.7B	11%
Operating income	−$86M	$62M	−$2.1B	$489M	$498M	1.8%
Net income	−$73M	$428M	−$1.6B	$457M	$447M	2.2%
Operating cash flow	−$204M	$277M	$586M	$687M	$971M	41%
Capex	$13M	$24M	$54M	$64M	$61M	4.7%
Stock-based comp	$22M	$33M	$2.8B	$300M	$352M	17%
Buybacks	$0	$0	$36M	$1.4B	$1.4B	1.1%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 30, 2026	SC US (TTGP), LTD.	SCHEDULE 13D/A	0.1%	Active
Aug 17, 2026	SC US (TTGP), LTD.	SCHEDULE 13D/A	0.2%	Passive
Aug 12, 2026	SC US (TTGP), LTD.	SCHEDULE 13D/A	0.2%	Passive
May 11, 2026	SC US (TTGP), LTD.	SCHEDULE 13D/A	0.1%	Passive
Jun 3, 2025	SC US (TTGP), LTD.	SCHEDULE 13D/A	0.1%	Passive
Nov 21, 2024	SC US (TTGP), LTD.	SC 13D/A	0.0%	Passive
Sep 9, 2024	SC US (TTGP), LTD.	SC 13D/A	13.4%	Passive
Sep 4, 2024	SC US (TTGP), LTD.	SC 13D/A	—	Passive
Aug 28, 2024	SC US (TTGP), LTD.	SC 13D/A	—	Passive
Aug 13, 2024	SC US (TTGP), LTD.	SC 13D/A	16.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $34M · 35
Net: −$34M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	133	192
FY2024	—	—	123	155
FY2023	—	—	70	114