Instacart - Public Comps and Valuation Multiples

Instacart Overview

About Instacart

Maplebear (Instacart) is a grocery-focused delivery marketplace that connects national and regional grocers with consumers and couriers, and consumers with their favorite stores. Its app provides on-demand convenience for consumers, allows couriers to earn income, and helps grocers to scale their business through digital channels. The marketplace gathers valuable consumer behavior data, attracting consumer-packaged-goods advertisers that seek to reach consumers at the point of purchase. With approximately 600,000 shoppers and 1,800 retail partners, Instacart delivers to about 98% of households in the United States and Canada.

Founded

2012

HQ

Employees

3.3K+

Website

instacart.com

Sectors

Food Delivery
Consumer Marketplaces
Vertical Marketplaces
FoodTech

Financials

LTM Revenue $3.7B

LTM EBITDA $1.1B

EV

$9.3B

Valuation Multiples

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Instacart Financials

As of October 2025, Instacart reported last 12-month revenue of $3.7B and EBITDA of $1.1B.

In the same period, Instacart generated $2.8B in LTM gross profit and $505M in net income.

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Instacart P&L

In the most recent fiscal year, Instacart reported revenue of $3.4B and EBITDA of $556M.

Instacart expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$3.7B	XXX	$3.4B	XXX	XXX	XXX
Gross Profit	$2.8B	XXX	$2.5B	XXX	XXX	XXX
Gross Margin	75%	XXX	75%	XXX	XXX	XXX
EBITDA	$1.1B	XXX	$556M	XXX	XXX	XXX
EBITDA Margin	29%	XXX	16%	XXX	XXX	XXX
EBIT	$559M	XXX	$489M	XXX	XXX	XXX
EBIT Margin	15%	XXX	14%	XXX	XXX	XXX
Net Profit	$505M	XXX	$457M	XXX	XXX	XXX
Net Margin	14%	XXX	14%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Instacart including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $3.7B. EBITDA for the last twelve months was $1.1B. In the most recent fiscal year, Instacart achieved $3.4B in revenue and $556M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$3.7B	Analyst estimates available to subscribers	$3.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$2.8B	Analyst estimates available to subscribers	$2.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	75.0% gross margin	Analyst estimates available to subscribers	75.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$1.1B	Analyst estimates available to subscribers	$556M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	28.7% EBITDA margin	Analyst estimates available to subscribers	16.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$559M	Analyst estimates available to subscribers	$489M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	15.1% EBIT margin	Analyst estimates available to subscribers	14.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$505M	Analyst estimates available to subscribers	$457M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	13.7% net profit margin	Analyst estimates available to subscribers	13.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Instacart

This financial data table provides comprehensive performance metrics for Instacart, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Instacart generated $3.7B in revenue over the last twelve months.
The company achieved $1.1B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $2.8B.
Net income over the last twelve months reached $505M.

Fiscal Year Performance

In the most recent fiscal year, Instacart reported $3.4B in total revenue.
Fiscal year EBITDA was $556M.
The company maintained a gross profit margin of 75.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 16.5%.
Net profit margin reached 13.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Instacart. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Instacart Stock Performance

Instacart has current market cap of $11.0B, and EV of $9.3B.

Market Cap Evolution

Instacart Stock Data

As of November 28, 2025, Instacart's stock price is $42.

See Instacart trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$9.3B	$11.0B	XXX	XXX	XXX	XXX	$1.80

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Instacart Valuation Multiples

Instacart's trades at 2.8x EV/Revenue multiple, and 16.8x EV/EBITDA.

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Instacart Financial Valuation Multiples

As of November 28, 2025, Instacart has market cap of $11.0B and EV of $9.3B.

Equity research analysts estimate Instacart's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Instacart has a P/E ratio of 21.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$11.0B	XXX	$11.0B	XXX	XXX	XXX
EV (current)	$9.3B	XXX	$9.3B	XXX	XXX	XXX
EV/Revenue	2.5x	XXX	2.8x	XXX	XXX	XXX
EV/EBITDA	8.8x	XXX	16.8x	XXX	XXX	XXX
EV/EBIT	16.7x	XXX	19.1x	XXX	XXX	XXX
EV/Gross Profit	3.4x	XXX	n/a	XXX	XXX	XXX
P/E	21.8x	XXX	24.1x	XXX	XXX	XXX
EV/FCF	10.3x	XXX	15.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Instacart Margins & Growth Rates

Instacart's last 12 month revenue growth is 9%

Instacart's revenue per employee in the last FY averaged $1.0M, while opex per employee averaged $0.6M for the same period.

Instacart's rule of 40 is -59% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Instacart's rule of X is 52% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Instacart Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	9%	XXX	10%	XXX	XXX	XXX
EBITDA Margin	29%	XXX	16%	XXX	XXX	XXX
EBITDA Growth	14%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-59%	XXX	26%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	52%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.0M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	24%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	18%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	61%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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