A Fresh Look at Instacart (CART) Valuation Following New Partnerships in Retail Ads and Healthcare

Tough decisions always come up after a big announcement, and right now, Maplebear (CART) has investors’ attention. The company just revealed two partnerships: one to embed Instacart Carrot Ads into Vroom Delivery’s 3,500 convenience stores nationwide, and another with Pear Suite to bring food-as-medicine programs to Medicaid communities. Both moves could deepen Instacart’s role in advertising and healthcare, areas that have the power to shape the company’s future revenue streams.

This cluster of deals follows a year that has seen Maplebear’s stock drift down just over 1% compared to last September, signaling muted optimism even as annual revenue and net income grew by 8% and 15% respectively. Although momentum has faded compared to previous quarters, these partnerships suggest management is pushing for new growth levers. Investors have seen Maplebear court retailers, health plans, and advertisers, but now the company is clearly focusing on scale and integration across its core platforms.

The big question for anyone watching CART is whether these new initiatives are underappreciated by the market, or if all the future growth is already factored into today’s share price.

Most Popular Narrative: 30.7% Undervalued

Based on the most widely followed narrative, Maplebear is considered significantly undervalued, with a calculated fair value well above its current market price.

Deepening enterprise partnerships and a growing suite of omnichannel retailer integrations (such as Storefront, Carrot Ads, Caper Carts, Carrot Tags) are increasing stickiness with major retail chains. This creates new recurring revenue streams and drives higher-margin, non-transaction-based revenues (for example, advertising, in-store tech). As a result, the business model becomes less volatile and supports sustainable margin expansion and earnings resilience.

What is the secret behind this bullish valuation? There are bold predictions for Maplebear's future earnings power and profit margins that could surprise many investors. If you want to find out what expectations are fueling this discount and which aggressive growth metrics analysts are betting on, keep reading for the full breakdown.

Result: Fair Value of $59.88 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, ongoing regulatory uncertainty and rising labor costs could weigh on margins, making it tougher for Maplebear to deliver on these optimistic forecasts.

Find out about the key risks to this Maplebear narrative.

Another View: Market Comparison

Looking at Maplebear’s value through earnings multiples tells a more cautious story. Compared to the broader US industry, shares trade at a premium. This raises debate over whether future growth is truly being underestimated. Which view comes closer to reality?

See what the numbers say about this price — find out in our valuation breakdown.

Stay updated when valuation signals shift by adding Maplebear to your watchlist or portfolio. Alternatively, explore our screener to discover other companies that fit your criteria.

Build Your Own Maplebear Narrative

Don't just take this view for granted. Dive into the numbers yourself and put together your own take on Maplebear’s story in minutes. Do it your way

A good starting point is our analysis highlighting 4 key rewards investors are optimistic about regarding Maplebear.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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