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The Moat Index

MAPLEBEAR INC.

CART · Technology · $11.1B mkt cap · FY2025 filings · Wide moat ·

On the watchlist

89/ 100
Wide moat

The four filters

Pricing power98

Median gross margin 73.7% over 5y, very stable.

Returns on capital88

Median ROIC 21.3%, above the 9% hurdle in 67% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline64

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale
129% above value
Owner earnings (normalized)
$438.0M
Est. intrinsic value / share
$20.04
Recent price
$45.82
Discount to value
129% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

6 years of fundamentals

The business, in plain English

MAPLEBEAR INC. booked $3.7B of revenue in FY2025 in the Technology sector and kept 73.7% of it as gross profit — a high-margin business by that measure. After every other cost, 11.9% of each revenue dollar reached the bottom line.

It earned 21.3% on invested capital in FY2025, with a median of 21.3% across 3 filed years. The Returns on Capital filter above scores it 88/100.

CART's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Capital Discipline the weakest (64/100), which is how CART lands at 89/100 — a Wide moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2020–FY2025 · 6 fiscal years, normalized from CART’s SEC filings

RevenueSales, as filed$3.7B FY2025
$0$2B$4B2020202220242025
Gross marginRevenue kept after cost of goods73.7% FY2025
0%50%2020202220242025
Return on invested capitalOperating profit on the capital employed21.3% FY2025
−100%−50%0%2020202220242025
Owner earningsCash an owner could take out$477.0M FY2025
−$1B$02020202220242025

Gaps in a line mean that item isn’t in CART’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

1 logged reading since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale88.7 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026

Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CART has read Wide moat for every logged capture since Jul 18, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Track record

How MAPLEBEAR INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

As-of scores 2023–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

As-of Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored CART on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatAs-of Moat Score96189Indexed price · log scale (2024 = 100)2023202420252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, CART did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#24 of 579 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #22OLED UNIVERSAL DISPLAY CORPORATION89.4Wide moat
  2. #23DUOL Duolingo, Inc.88.8Wide moat
  3. #25ABNB Airbnb, Inc.88.2Wide moat
  4. #26JKHY JACK HENRY & ASSOCIATES, INC.87.8Wide moat

Compare CART with its nearest peers →All Technology companies on the Index →

Common questions about CART

Does MAPLEBEAR INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores MAPLEBEAR INC. (CART) 88.7 out of 100 — a Wide moat. The four filters behind that score (each 0–100): pricing power 98, returns on capital 88, balance-sheet safety 100, capital discipline 64.
Is CART stock trading below its intrinsic value?
Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $20.04 per share versus a recent price of $45.82 — 129% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has CART's Moat Score changed over time?
The record logs 1 reading since Jul 18, 2026; the latest reads 88.7 out of 100 (wide moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CART. See the disclaimer.