Instacart (CART): Evaluating Valuation as New Retail Partnerships Drive Broader Technology Adoption

If you follow Maplebear (CART), the recent news probably turned your head. Instacart just revealed a partnership with Merchants Distributors, LLC (MDI), rolling out its Storefront Pro e-commerce solution to a network of independent grocers. Shortly after this, Ahold Delhaize USA expanded its collaboration by tapping Instacart’s FoodStorm order management system for several of its brands. For investors, these moves hint at Instacart’s technology gaining real traction where it matters—on grocery shelves and in digital carts across America. All of this came after a year where Maplebear’s stock showed momentum, climbing 28% over the past twelve months, even as monthly swings have been more muted. The addition of key partnerships in the current quarter positions the company as a central player among both national and regional grocers, building on its reputation as an efficient e-commerce enabler. While quarterly bumps are to be expected, the overall trend has leaned positive as more retailers opt for Instacart’s digital toolkit. So, with Instacart capturing bigger partners and investor attention, is Maplebear poised for more upside or is the market already factoring in all that future growth?

Most Popular Narrative: 24.6% Undervalued

The prevailing narrative sees Maplebear as materially undervalued, with analysts projecting upside well above the current share price based on future growth expectations.

"Maplebear (Instacart) is positioned to benefit from the continued shift of grocery and essential goods shopping to digital channels and e-commerce, which remains underpenetrated in the grocery sector. This long-term trend expands Instacart's addressable market and is evidenced by strong GTV/order growth, accelerating retention, and increasing Instacart+ penetration. These factors are likely to drive future increases in top-line revenue."

Curious about what really drives this bold valuation call? There is a surprising combination of faster digital adoption, clever technology upgrades, and aggressive financial projections that make this fair value number stand out. Want to know which moving parts are fueling such optimism, and what analysts believe Maplebear must achieve to justify this premium?

Result: Fair Value of $59.88 (UNDERVALUED)

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

However, rising labor costs and stronger competition could slow Instacart’s momentum. These factors pose real challenges to the optimistic growth scenario analysts predict.

Find out about the key risks to this Maplebear narrative.

Another View: What Do Earnings Ratios Say?

While the fair value model points to strong upside, another common approach is looking at the company's current earnings ratio versus the industry average. This comparison suggests Maplebear is not as cheap as the first method implies. Which view tells the real story?

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

If you want to dig into the details yourself or see things from a different angle, it’s easy to build your own perspective in just a few 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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