CART vs DASH: How Instacart (Maplebear) and DoorDash Compare (2026)
Last updated August 2026
Short answer
DASH is the larger of the two ($85.47B market cap): the incumbent the market prices for continued execution (25.32x forward earnings, beta 1.78). CART is the smaller challenger ($11.91B), cheaper on forward earnings (10.68x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
CART vs DASH: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | CART | DASH | What it tells you |
|---|---|---|---|
| Market cap | $11.91B | $85.47B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 10.68 | 25.32 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 28.14 | 92.53 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.78 | 1.78 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 86% of range | 37% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 4.89 | 8.39 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: CART is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how CART and DASH affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CART and DASH share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CART and DASH exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Instacart (Maplebear) (CART) do?
Maplebear Inc., which does business as Instacart, runs the largest dedicated online grocery marketplace in North America. Customers order from more than a thousand retail banners, independent contractors called shoppers pick and deliver the items, and Instacart takes fees from both sides plus a cut from the retailer. The company reports gross transaction value (GTV) as its headline volume metric, and revenue arrives in two buckets: transaction revenue (delivery fees, service fees, and retailer economics) and advertising and other revenue, which is a retail media network selling placement to consumer packaged goods brands inside the app. A third leg, the enterprise technology business, licenses Instacart's software back to grocers: Storefront Pro for retailer-branded e-commerce, Carrot Ads so retailers can run their own ad networks, FoodStorm for prepared foods, and AI-equipped Caper smart carts for in-store shopping. Chris Rogers took over as chief executive in 2025 after Fidji Simo left for OpenAI.
What does DoorDash (DASH) do?
DoorDash operates the largest food-delivery marketplace in the United States, connecting consumers, merchants, and gig-economy couriers (Dashers), and has extended that logistics network into grocery, convenience, retail, and alcohol delivery. Its DashPass subscription, advertising business, and merchant-facing tools (including the SevenRooms reservations and CRM platform acquired in 2026) aim to deepen engagement and add higher-margin revenue on top of the core delivery flywheel. Following the roughly $3.7B Deliveroo acquisition (closed October 2025) and the earlier Wolt deal, DoorDash now operates across about 40 countries, while pruning weaker markets such as Qatar, Singapore, Japan, and Uzbekistan.
CART vs DASH: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- CART drivers: Advertising is the profit engine, and it is outgrowing the marketplace; Enterprise technology turns competitors into customers.
- DASH drivers: Core US marketplace dominance; New verticals and advertising.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The clearest risk is share loss in a category everyone wants: Amazon, Walmart, DoorDash and Uber are all pushing into grocery delivery with deeper balance sheets, and outside estimates put Instacart's intermediary share at roughly 58% versus about 70% two years earlier. For DASH, competition is intense: Uber Eats leverages its Uber One subscription and rides flywheel, while Instacart leads grocery delivery, capping DoorDash's pricing power.
CART or DASH: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CART if you believe its drivers more; DASH if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CART and DASH guides.
CART vs DASH: the full fundamentals
CART. Instacart's total take rate lands near ~10% of GTV, split between ~7.2% transaction revenue and ~2.9% advertising, and the transaction portion has been notably stable while the ad portion climbs. The valuation is undemanding relative to the growth rate, with enterprise value of roughly ~$11.0 billion against trailing adjusted EBITDA that annualizes above $1.2 billion, largely because the market discounts the durability of the share position rather than the quality of the current numbers. Third quarter 2026 guidance calls for GTV of ~$10.3 billion to ~$10.55 billion and adjusted EBITDA of ~$320 million to ~$340 million.
DASH. DoorDash grew Q1 2026 revenue about 33% year over year to roughly $4.0B, with total orders of about 933 million (up 27%) and a positive GAAP net income of around $184M for the quarter. The trailing P/E near 75x reflects a company still early in its profitability ramp, while the forward multiple near 28x prices in continued rapid earnings growth. Figures are approximate and drawn from mid-2026 reporting; check the latest filings for exact numbers.
Headline figures (approximate, August 2026): CART shows revenue (ttm) ~$3.99B, gtv (ttm) ~$40B, with Q2 2026 at ~$10.35B, up ~14%, advertising and other revenue (q2 2026) ~$297M, up ~16%, or ~2.9% of GTV, adjusted ebitda (q2 2026) ~$313M, up ~19%, ~30% margin on revenue; DASH shows revenue (ttm) ~$14.7B, q1 2026 revenue (yoy) ~$4.0B (+33%), q1 2026 marketplace gov ~$31.6B (+37% YoY), q1 2026 adjusted ebitda ~$754M.
The bottom line: CART vs DASH
CART and DASH are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CART and DASH exposure against your real portfolio. It is not an investment adviser.
Wondering how CART or DASH fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Instacart (Maplebear) with AI
Connect the broker you already use and ask Walnut's AI how CART fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between CART and DASH?
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Maplebear Inc., which does business as Instacart, runs the largest dedicated online grocery marketplace in North America. DoorDash operates the largest food-delivery marketplace in the United States, connecting consumers, merchants, and gig-economy couriers (Dashers), and has extended that logistics network into grocery, convenience, retail, and alcohol delivery. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is CART or DASH the better stock?
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Neither is universally better. DASH is the larger incumbent; CART is the smaller challenger and looks cheaper on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, CART or DASH?
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On forward P/E (as of August 2026), CART trades at 10.68x and DASH at 25.32x, so CART is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both CART and DASH?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of CART vs DASH?
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CART: The clearest risk is share loss in a category everyone wants: Amazon, Walmart, DoorDash and Uber are all pushing into grocery delivery with deeper balance sheets, and outside estimates put Instacart's intermediary share at roughly 58% versus about 70% two years earlier. Order growth of ~9% is running below GTV growth of ~14%, meaning volume increasingly comes from larger baskets rather than more frequent shopping, which is a thinner form of growth. Gig worker classification remains unresolved: state laws in the AB5 mold, a pending US Supreme Court case on whether last-mile drivers can avoid mandatory arbitration, and a history of settlements (including a $46.5 million California classification settlement) all point at a cost structure that is not fully fixed. Management has flagged SNAP EBT policy changes as an external headwind, since benefit-funded grocery spending is a real slice of volume. Finally, the advertising business depends on consumer packaged goods marketing budgets, which are cyclical, and on Instacart remaining the place where those brands' shoppers actually shop. DASH: Competition is intense: Uber Eats leverages its Uber One subscription and rides flywheel, while Instacart leads grocery delivery, capping DoorDash's pricing power. Gig-worker classification and pay regulation, particularly in Europe and some US jurisdictions, could raise labor costs or force operating-model changes. The stock's high earnings multiple leaves little room for disappointment, so any slowdown in order growth or margin progress could pressure shares. Integration of Deliveroo, Wolt, and SevenRooms carries execution risk, and consumer discretionary spending on delivery is sensitive to macro conditions. Thin net margins mean profitability, while positive, is still modest relative to the market value.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell CART or DASH; figures are approximate and dated (as of August 2026). Verify current data before investing.