Instacart (CART): Evaluating Valuation After New Partnerships and Enterprise Tech Expansion

Instacart (CART) has been busy, rolling out a series of new partnerships, including teaming up with Pet Supplies Plus and Grubhub, as well as launching initiatives with BMO and Restaurant Depot. These moves are expanding its reach and service offerings across multiple sectors.

See our latest analysis for Maplebear.

Maplebear has been making headlines with high-profile partnerships and rapid adoption of its enterprise tech, but that has not translated into gains for shareholders this year. The latest share price is $36.86, with a year-to-date share price return of -14.4% and a 1-year total shareholder return of -17.7%. This shows that near-term momentum has faded despite the company’s long-term expansion efforts and revenue growth.

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With shares trading well below analyst price targets, despite new partnerships and continued revenue growth, investors are left to weigh whether Maplebear’s current weakness presents a buying opportunity or if the market is already factoring in future gains.

Most Popular Narrative: 33.6% Undervalued

Maplebear’s most-followed valuation narrative points to a fair value of $55.50, well above its last close at $36.86. This highlights a striking difference between market sentiment and consensus future expectations.

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

Read the complete narrative.

Which bold forecast justifies such a premium? The secret sauce driving valuation could be a powerful mix of recurring revenue and margin expansion, paired with some aggressive financial forecasting. Want to see the full story that’s moving markets? The real numbers behind this fair value might surprise you.

Result: Fair Value of $55.50 (UNDERVALUED)

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

However, rising labor costs and intensifying competition could challenge Maplebear’s ability to hit ambitious profit margin and revenue growth targets in the coming years.

Find out about the key risks to this Maplebear narrative.

Build Your Own Maplebear Narrative

If you see things differently or want to dig deeper into the numbers yourself, putting together your own perspective takes 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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