Forensic Analysis · Professional & Commercial Services · as of Aug 9, 2026

Maplebear Inc. (CART)

A forensic read on Maplebear Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality compounder

Forensic grade

Safe

Financial health

11.8

Distress distance

Clean

Earnings quality

Forensic signals

22.0

P / E (ttm)

17.8%

ROE

$11.8B

Market cap

10.8%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Maplebear Inc. earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 11.8, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

152% of FCF

FY2025

Shareholder returns. Returned $1.4B to shareholders (buybacks + dividends) in FY2025 — 152% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely. Counting the $352M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 191%.

n/m (stock split)

FY2023–FY2025

Share count (stock split). Diluted share count changed +114% over the last 2 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +46.3%/yr figure isn't a real buyback/dilution read here.

Key fundamentals

Latest Revenue$3.74B

Revenue Growth YoY+10.8%

Net Margin11.9%

Free Cash Flow$910.0M

Return on Equity17.8%

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Data from SEC EDGAR public filings · metrics as of Aug 9, 2026. Forensic signals flag probability, not certainty.