CART CART

Name: CART Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored April 5, 2026

Price at analysis: $38.77

Crucible Score

74.9

B+

Quality × Value Composite

KQI — Quality

71.2

Fundamental Quality Index

KVI — Value

79.3

B+

Valuation Attractiveness Index

Crucible Verdict — CART

CART earns a solid B+ rating driven by strong financial quality and moat durability, both scoring 81, though the company's 19 diversification score signals concerning concentration risk. The stock trades at a 19% discount to fair value despite an impressive 80% earnings beat rate. CART's heavy reliance on performance-based compensation and recent insider selling warrant monitoring as the company navigates its concentrated business model.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

81.4

Growth Profile

65.4

Moat Durability

81.0

Management Effectiveness⚠

70.5

Diversification & Resilience

19.2

Market Position

62.0

Weakest dimension: Diversification & Resilience (19.2)

◆ KVI Value Dimensions

DCF Margin of Safety

66.3

FCF Yield & Cash Returns

95.4

Relative Valuation

75.4

Growth-Adjusted Value

86.5

Historical Valuation

81.8

Macro Context

72.8

◆ DCF Valuation Scenarios

Bear Case

$29.42

Base Case

$46.18

Bull Case

$68.53

Price at Analysis

$38.77

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$29.42	8.0%	15.5%	9.5%
🟢 Base	$46.18	11.0%	17.5%	8.8%
🟢 Bull	$68.53	14.0%	20.0%	8.2%

Key Assumptions: Revenue growth anchored to trailing 3-year CAGR of ~11% with CART showing strong acceleration from $1.8B to $3.7B over 5 years. Operating margins have improved dramatically from -4.7% to 15.4%, with base case assuming modest further expansion to 17.5% as the platform matures and advertising revenue scales. FCF conversion is exceptionally strong at ~24% of revenue in the most recent year, with minimal capex intensity (~1.6% of revenue), supporting asset-light valuation. WACC uses 5.5% ERP given consumer cyclical exposure in a maturing grocery delivery market.

◆ Financial Snapshot

Profitability

Gross Margin73.6%

Operating Margin14.4%

Net Margin11.9%

ROIC15.8%

ROE-40.0%

Balance Sheet

Balance SheetCR: 2.40

Cash ConversionFCF/EPS: 2.04x

Capital IntensityCapex/Rev: 1.6%

Altman Z-Score5.42 (Safe)

Piotroski F-Score6/9 (Good)

Growth

Revenue CAGR19.5% CAGR

Earnings CAGR2.2% CAGR

Growth ConsistencyCV: 1.83

Segment Breadth2/2 growing (100%)

Quarterly TrendMargin↘, Exp↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

CEO Ownership26.0%

Compensation98% performance-based

Insider ActivitySelling

Capital AllocationROIC 15.8% vs WACC 9.4%

Earnings Beat Rate80% (16/20)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted April 5, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.