Instacart (CART): Assessing Valuation After Leadership Change and WellTheory Partnership

Maplebear (CART) recently completed a leadership transition as Chris Rogers took over as Board Chair. The company also unveiled a partnership with WellTheory to support autoimmune care using Instacart Health Fresh Funds.

See our latest analysis for Maplebear.

Recent leadership changes and the new WellTheory partnership have put Maplebear back in the spotlight, with investors responding positively, as shown by a 10% share price return over the past month. While momentum has picked up in the short term, Maplebear’s one-year total shareholder return remains slightly negative, suggesting that confidence is still rebuilding after a mixed year.

If the latest strategic shift has you curious about other opportunities, now's a great moment to discover fast growing stocks with high insider ownership.

The question now is whether Maplebear’s recent moves have created real value that the market has yet to fully appreciate, or if these catalysts are already reflected in the current share price and may limit further upside for new investors.

Most Popular Narrative: 16.7% Undervalued

Maplebear’s latest fair value narrative sets its estimated worth at $50.67, a notable premium to the last close price of $42.20. This suggests that there could be overlooked upside for investors who trust the narrative’s long-term outlook.

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, creating new recurring revenue streams and driving higher-margin, non-transaction-based revenues (e.g., advertising, in-store tech). This makes the business model less volatile and supports sustainable margin expansion and earnings resilience.

Read the complete narrative.

Curious what powers this bold valuation? The underlying narrative leans on sharply rising margins, revenue acceleration, and a premium profit multiple that rivals sector leaders. Discover the factors behind Maplebear’s projected lift and see what’s fueling the optimism behind that price target. Read the full breakdown to uncover the specifics.

Result: Fair Value of $50.67 (UNDERVALUED)

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

However, rising labor costs and intensifying competition could threaten Instacart’s margins and growth. These factors may serve as possible catalysts for a shift in the current outlook.

Find out about the key risks to this Maplebear narrative.

Another View: Multiples Paint a Different Story

Looking at valuation through earnings multiples, Maplebear trades at 21.9 times earnings, which is noticeably higher than both its industry average of 20 times and peer group average of 19.7 times. The fair ratio is 17.9 times, so shares could face pressure if the market shifts toward this benchmark. Does the premium reflect strength, or does it point to downside risk if sentiment turns?

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

Build Your Own Maplebear Narrative

If you see things differently or believe your own analysis leads to a better story, you can easily build a personal Maplebear view in just a few minutes. Do it your way.

A good starting point is our analysis highlighting 3 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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