Recent partnership news around Instacart’s enterprise platform is back in focus for Maplebear (CART) after the company powered Costco’s new same-day delivery sites in France and Spain and expanded tools for Allegiance retailers.

These enterprise wins come as Maplebear’s share price trades at US$34.64, with a 7 day share price return of 8.37% decline and a year to date share price return of 21.11% decline. Its 1 year total shareholder return of 31.16% decline suggests momentum has recently been fading despite product and geographic expansion.

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With Maplebear trading at US$34.64 despite recent enterprise wins, current pricing reflects a mix of growth efforts and softer recent returns. This raises the question: is the stock still underappreciated, or are markets already baking in future gains?

Most Popular Narrative: 31% Undervalued

With Maplebear at $34.64 versus a narrative fair value of $50.22, the current price sits well below what the most followed model suggests.

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 is making the business model less volatile and supporting sustainable margin expansion and earnings resilience.

Want to see what sits behind that confidence in higher margin, recurring revenue and stickier partners? The narrative leans heavily on targeted growth, rising profitability and a premium earnings multiple that depends on those assumptions holding up.

Result: Fair Value of $50.22 (UNDERVALUED)

However, you still need to weigh risks such as higher labor and regulatory costs, tougher competition, and ad spend pressure that could challenge this margin focused story.

Build Your Own Maplebear Narrative

If that story does not quite fit how you see Maplebear or you prefer to rely on your own work, you can build a fully customized view in just a few minutes, starting with 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.