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CART

9/9 Score

Instacart (Maplebear Inc.)

Analysis Date: February 21, 2026

Maplebear Inc., doing business as Instacart, provides online grocery shopping services to households in North America. The company connects the consumer with a personal shopper to shop and deliver a range of products, such as food, alcohol, consumer health, pet care, ready-made meals, and others. The company offers its services through a mobile application or website. The company was incorporated in 2012 and is based in San Francisco, California.

Buffettology Criteria

All 9 of 9 criteria passed

  • High ROE

    Return on Equity > 12%

    Value: 13.9%

  • High ROIC

    Return on Invested Capital > 9%

    Value: 15.6%

  • Cash Machine

    FCF / Assets > 5%

    Value: 24.7%

  • Fair Valuation

    Earnings Yield > 3.5%

    Value: 4.8%

  • Share Buybacks

    Share Count is Dropping

    Value: -1.2%

  • Defensible Moat

    Gross Profit Margin > 40%

    Value: 73.6%

  • Simple Business

    Not in a speculative sector (e.g., Biotech)

    Value: Consumer Cyclical

  • Conservative Debt

    Debt to Equity < 1.5

    Value: 0.03x

  • Consistent Growth

    5-Year Growth is Positive

    Value: 776.0%

Analysis Summary

This looks like a business that's checking a lot of the right boxes. A strong return on invested capital coupled with a robust moat suggests we're looking at a company that can likely fend off competition and compound value over the long haul. With conservative debt and a cash-generative model, it certainly warrants a closer look for the cigar butt – or rather, the whole cigar – in our portfolio.

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