Financials Instacart

Equities

CART

US5653941030

Internet Services

Market Closed - Nasdaq Other stock markets 04:00:00 2024-06-07 pm EDT			5-day change	1st Jan Change
32.98 ^USD	-2.37%		+8.20%	+40.52%

Jun. 06	Sector Update: Consumer Stocks Rise in Afternoon Trading	MT
Jun. 06	Top Midday Stories: Microsoft, Nvidia Subjects of US Antitrust Investigations; Robinhood Buys Bitstamp; Starbucks Partners With GrubHub	MT

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	6,577	8,730	-	-
Enterprise Value (EV) ¹	4,391	6,608	6,025	5,486
P/E ratio	-1.89 x	31.5 x	25.9 x	22.5 x
Yield	-	0.02%	-	-
Capitalization / Revenue	2.16 x	2.61 x	2.4 x	2.22 x
EV / Revenue	1.44 x	1.98 x	1.66 x	1.39 x
EV / EBITDA	6.85 x	7.97 x	6.32 x	5.12 x
EV / FCF	8.25 x	10.3 x	8.03 x	7.48 x
FCF Yield	12.1%	9.7%	12.5%	13.4%
Price to Book	1.75 x	2.51 x	2.08 x	1.88 x
Nbr of stocks (in thousands)	280,216	264,699	-	-
Reference price ²	23.47	32.98	32.98	32.98
Announcement Date	2/13/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	-	3,042	3,341	3,632	3,941
EBITDA ¹	-	641	828.6	953.3	1,072
EBIT ¹	-	-2,142	368.2	444	461
Operating Margin	-	-70.41%	11.02%	12.23%	11.7%
Earnings before Tax (EBT) ¹	-	-2,061	404.3	496	577.6
Net income ¹	428	-1,622	330.3	410.1	454
Net margin	-	-53.32%	9.89%	11.29%	11.52%
EPS ²	0.9600	-12.43	1.048	1.274	1.468
Free Cash Flow ¹	-	532	640.6	750.7	733.4
FCF margin	-	17.49%	19.18%	20.67%	18.61%
FCF Conversion (EBITDA)	-	83%	77.32%	78.75%	68.39%
FCF Conversion (Net income)	-	-	193.95%	183.04%	161.53%
Dividend per Share ²	-	-	0.008180	-	-
Announcement Date	8/25/23	2/13/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	764	803	820	803.3	832.1	881.9	898	869
EBITDA ¹	163	199	198	187.2	204.2	237.3	217.8	214.3
EBIT ¹	-2,457	46	144	44.01	67.86	104	102.8	83.03
Operating Margin	-321.6%	5.73%	17.56%	5.48%	8.15%	11.8%	11.45%	9.55%
Earnings before Tax (EBT) ¹	-2,439	72	165	54.01	74.82	113.5	103.3	99.85
Net income ¹	-1,999	135	130	41.36	61.1	92.9	87.54	85.1
Net margin	-261.65%	16.81%	15.85%	5.15%	7.34%	10.53%	9.75%	9.79%
EPS ²	-20.86	0.4400	0.4300	0.1208	0.1807	0.2833	0.2660	0.2640
Dividend per Share ²	-	-	-	0.004040	0.004120	0.004120	-	-
Announcement Date	11/8/23	2/13/24	5/8/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-
Net Cash position ¹	-	2,186	2,122	2,704	3,244
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	532	641	751	733
ROE (net income / shareholders' equity)	-	-88%	8.93%	9.72%	9.94%
ROA (Net income/ Total Assets)	-	26.9%	9.57%	12.1%	10.7%
Assets ¹	-	-6,031	3,452	3,378	4,251
Book Value Per Share ²	-	13.40	13.10	15.90	17.50
Cash Flow per Share ²	-	4.490	2.040	2.170	1.620
Capex ¹	-	54	57.5	66.3	73.1
Capex / Sales	-	1.78%	1.72%	1.83%	1.85%
Announcement Date	8/25/23	2/13/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Instacart

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

32.98 USD

Average target price

42.7 USD

Spread / Average Target

+29.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Internet Services

	1st Jan change	Capi.
INSTACART	+40.52%	8.73B
TENCENT HOLDINGS LIMITED	+27.66%	443B
NETFLIX, INC.	+31.75%	276B
UBER TECHNOLOGIES, INC.	+12.57%	145B
AIRBNB, INC.	+7.73%	93.11B
PROSUS N.V.	+24.74%	90.17B
SPOTIFY TECHNOLOGY S.A.	+64.02%	61.13B
DOORDASH, INC.	+14.54%	46.32B
NASPERS LIMITED	+23.05%	35.73B
COSTAR GROUP, INC.	-12.79%	31.13B

Other Internet Services