TakeoverPE & activists

CARTMaplebear Inc.

Services-Business Services, NEC · $13.2B market cap · 3,600 employees

0.5×

Less likely than average to be taken private

Top 34% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

5of 15 firedHow well they predict deals →
10 other checks
  • 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
  • Goodwill-heavyNo
    12% of assets
    Over 40% of assets
  • 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
  • Recurring revenueNo
    5 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target

Deal filings

FiledFormAcquirerPricePremium
Oct 29, 20268-KDoorDash, Inc.——

Key numbers

Revenue
$3.7BFY2021: $1.8BFY2022: $2.6BFY2023: $3.0BFY2024: $3.4BFY2025: $3.7B
11% YoY
Operating margin
13.3%FY2021: -4.7%FY2022: 2.4%FY2023: -70.4%FY2024: 14.5%FY2025: 13.3%
8.1% YoY
EBITDA
$589MFY2021: −$70MFY2022: $96MFY2023: −$2.1BFY2024: $545MFY2025: $589M
8.1% YoY
Net debt / EBITDA
—

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.8B$2.6B$3.0B$3.4B$3.7B 11% FY2021: $1.8BFY2022: $2.6BFY2023: $3.0BFY2024: $3.4BFY2025: $3.7B
Operating income−$86M$62M−$2.1B$489M$498M 1.8% FY2021: −$86MFY2022: $62MFY2023: −$2.1BFY2024: $489MFY2025: $498M
Net income−$73M$428M−$1.6B$457M$447M 2.2% FY2021: −$73MFY2022: $428MFY2023: −$1.6BFY2024: $457MFY2025: $447M
Operating cash flow−$204M$277M$586M$687M$971M 41% FY2021: −$204MFY2022: $277MFY2023: $586MFY2024: $687MFY2025: $971M
Capex$13M$24M$54M$64M$61M 4.7% FY2021: $13MFY2022: $24MFY2023: $54MFY2024: $64MFY2025: $61M
Stock-based comp$22M$33M$2.8B$300M$352M 17% FY2021: $22MFY2022: $33MFY2023: $2.8BFY2024: $300MFY2025: $352M
Buybacks$0$0$36M$1.4B$1.4B 1.1% FY2021: $0FY2022: $0FY2023: $36MFY2024: $1.4BFY2025: $1.4B

13D filers

FiledFilerFormStakeIntent
Oct 30, 2026SC US (TTGP), LTD.SCHEDULE 13D/A0.1%Active
Aug 17, 2026SC US (TTGP), LTD.SCHEDULE 13D/A0.2%Passive
Aug 12, 2026SC US (TTGP), LTD.SCHEDULE 13D/A0.2%Passive
May 11, 2026SC US (TTGP), LTD.SCHEDULE 13D/A0.1%Passive
Jun 3, 2025SC US (TTGP), LTD.SCHEDULE 13D/A0.1%Passive
Nov 21, 2024SC US (TTGP), LTD.SC 13D/A0.0%Passive
Sep 9, 2024SC US (TTGP), LTD.SC 13D/A13.4%Passive
Sep 4, 2024SC US (TTGP), LTD.SC 13D/A—Passive
Aug 28, 2024SC US (TTGP), LTD.SC 13D/A—Passive
Aug 13, 2024SC US (TTGP), LTD.SC 13D/A16.1%Passive

Insider trading

−$34Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $34M · 35 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——133192
FY2024——123155
FY2023——70114