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Chipotle Mexican Grill (CMG)

Market Price (9/18/2025): $40.0 | Market Cap: $53.8 Bil
Sector: Consumer Discretionary | Industry: Restaurants

Chipotle Mexican Grill (CMG)

Market Price (9/18/2025): $40.0
Market Cap: $53.8 Bil
Sector: Consumer Discretionary
Industry: Restaurants

Investment Highlights

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 2.1 Bil		 Weak multi-year price returns
2Y Excs Rtn is -45%, 3Y Excs Rtn is -47%		 Expensive valuation multiples
P/SPrice/Sales ratio is 4.6x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 27x
1 Low stock price volatility
Vol 12M is 34%		  
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 2.1 Bil
1 Low stock price volatility
Vol 12M is 34%
2 Weak multi-year price returns
2Y Excs Rtn is -45%, 3Y Excs Rtn is -47%
3 Expensive valuation multiples
P/SPrice/Sales ratio is 4.6x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 27x

Market Valuation

 9/18/252024202320222021
Share Price CYE$40.00$60.30$45.74$27.75$34.97
Market Cap CYE ($ Bil)53.882.162.838.449.2
Total Debt ($ Bil)4.84.54.13.73.5
Total Cash ($ Bil)1.51.41.30.91.1
Enterprise Value ($ Bil)57.086.666.942.152.7
Valuation Ratios     
P/S TTM4.77.36.44.56.5
P/EBIT TTM26.941.638.631.958.2
P/E TTM34.953.851.343.075.3
Sector Ratios     
P/S TTM (Sector)0.80.80.90.81.3
P/EBIT TTM (Sector)7.26.97.05.57.4
P/E TTM (Sector)9.58.18.97.39.2
 9/18/2520242023
Share Price CYE$40.00$60.30$45.74
Market Cap CYE ($ Bil)53.882.162.8
Total Debt ($ Bil)4.84.54.1
Total Cash ($ Bil)1.51.41.3
Enterprise Value ($ Bil)57.086.666.9
Valuation Ratios   
P/S TTM4.77.36.4
P/EBIT TTM26.941.638.6
P/E TTM34.953.851.3
Sector Ratios   
P/S TTM (Sector)0.80.80.9
P/EBIT TTM (Sector)7.26.97.0
P/E TTM (Sector)9.58.18.9

Market Cap Chart

Business Description

Chipotle Mexican Grill, Inc., together with its subsidiaries, owns and operates Chipotle Mexican Grill restaurants. As of February 15, 2022, it owned and operated approximately 3,000 restaurants in the United States, Canada, the United Kingdom, France, Germany, and rest of Europe. The company was founded in 1993 and is headquartered in Newport Beach, California. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
CMG Return66%26%-21%65%32%-34%131%
Peers Return30%22%-7%24%17%-6%102%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MCD, SBUX, YUM, TXRH, CMG. See CMG Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

Interactive Breakdown

Chipotle Mexican Grill Interactive Breakdown Analysis

Better Bets than Chipotle Mexican Grill (CMG)

 CMGBetter Performance than CMG
MetricValueIndustry (Restaurants)
Rev Chg LTM8.6%YUM (11.3%), QSR (21.8%), TXRH (14.6%), BROS (29.8%), CAVA (28.2%)
Rev Chg 3Y Avg12.5%QSR (14.2%), TXRH (14.5%), BROS (33.7%), WING (31.2%), EAT (12.5%)
Op Mgn LTM17.3%MCD (46.1%), YUM (30.8%), QSR (25.8%), DPZ (18.9%), WING (25.5%)
CFO/Rev LTM18.1%MCD (37.6%), YUM (23.2%), BROS (18.8%), BH (23.0%), BH-A (23.0%)
FCF/Rev LTM12.7%MCD (26.5%), YUM (19.4%), QSR (14.9%), DPZ (12.8%), NATH (13.1%)
Total Yield2.9%MCD (6.1%), SBUX (5.7%), YUM (5.3%), DRI (7.0%), QSR (9.2%)
 CMGBetter Performance than CMG
MetricValueAll Other Sectors
Rev Chg LTM8.6%NVDA (71.6%), MSFT (14.9%), GOOGL (13.1%), META (19.4%), AVGO (28.0%)
Rev Chg 3Y Avg12.5%NVDA (92.0%), MSFT (12.5%), META (13.0%), AVGO (24.0%), BRK-B (16.6%)
Op Mgn LTM17.3%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM18.1%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), META (56.4%)
FCF/Rev LTM12.7%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield2.9%MSFT (3.3%), AAPL (3.2%), GOOGL (4.1%), META (3.7%), BRK-B (5.9%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Chipotle Mexican Grill Earnings Notes  
2With CMG Down 18% in a Month, Is It Time to Compare It Against MSFT?Counter-Intuitive Comparisons 
3CMG Drops 18% in a Month, But Does BKNG Offer Better Fundamentals?Counter-Intuitive Comparisons 
4CMG Lost 11% In A Month. Do You Buy Or Wait?Return 
5How Does CMG Stack Up Against Its Peers?Peer Comparison 
6Better Bet Than CMG Stock: Pay Less Than Chipotle Mexican Grill To Get More From META, RCL   
7Better Bet Than CMG Stock: Pay Less Than Chipotle Mexican Grill To Get More From RCL, CCL   
8Is The 24.1% Decline In Chipotle Mexican Grill (CMG) Stock A Dip Buying Opportunity?Actionable 
9Is The 24.0% Decline In Chipotle Mexican Grill (CMG) Stock A Dip Buying Opportunity?Actionable 
10Is The 23.8% Decline In Chipotle Mexican Grill (CMG) Stock A Dip Buying Opportunity?Actionable 
11ARTICLES  
12S&P 500 Stocks Trading At 52-Week Low September 13th, 2025
13S&P 500 Stocks Trading At 52-Week Low September 10th, 2025
14S&P 500 Stocks Trading At 52-Week Low September 9th, 2025
15S&P 500 Stocks Trading At 52-Week Low September 5th, 2025
16CMG Dropped 18% In A Month. Have You Fully Evaluated The Risk? August 16th, 2025
Title
0DASHBOARDS
1S&P 500 Stocks Trading At 52-Week Low
2S&P 500 Stocks Trading At 52-Week Low
3S&P 500 Stocks Trading At 52-Week Low
4S&P 500 Stocks Trading At 52-Week Low
5CMG Dropped 18% In A Month. Have You Fully Evaluated The Risk?
6ARTICLES
7Chipotle Mexican Grill Earnings Notes
8With CMG Down 18% in a Month, Is It Time to Compare It Against MSFT?
9CMG Drops 18% in a Month, But Does BKNG Offer Better Fundamentals?
10CMG Lost 11% In A Month. Do You Buy Or Wait?
11How Does CMG Stack Up Against Its Peers?
12Better Bet Than CMG Stock: Pay Less Than Chipotle Mexican Grill To Get More From META, RCL 
13Better Bet Than CMG Stock: Pay Less Than Chipotle Mexican Grill To Get More From RCL, CCL 
14Is The 24.1% Decline In Chipotle Mexican Grill (CMG) Stock A Dip Buying Opportunity?
15Is The 24.0% Decline In Chipotle Mexican Grill (CMG) Stock A Dip Buying Opportunity?
16Is The 23.8% Decline In Chipotle Mexican Grill (CMG) Stock A Dip Buying Opportunity?

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2BDSXBiodesix1090.6%-79.7%
3CLSDClearside Biomedical987.7%-74.7%
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2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Chipotle Mexican Grill

Financials

CMGMCDSBUXYUMTXRHMedian
NameChipotle.McDonald.StarbucksYum Bran.Texas Ro. 
Mkt Price39.67304.9783.22148.26164.30148.26
Mkt Cap53.4217.994.641.410.953.4
Rev LTM11,57826,06036,6897,9075,67111,578
Op Inc LTM1,99912,0233,8362,4395232,439
FCF LTM1,4666,8972,2541,5343731,534
FCF 3Y Avg1,3396,8773,0211,3942961,394
CFO LTM2,0929,7934,9011,8347422,092
CFO 3Y Avg1,9209,3735,5231,6826331,920

Growth & Margins

CMGMCDSBUXYUMTXRHMedian
NameChipotle.McDonald.StarbucksYum Bran.Texas Ro. 
Rev Chg LTM8.6%1.2%0.6%11.3%14.6%8.6%
Rev Chg 3Y Avg12.5%3.4%4.7%5.9%14.5%5.9%
Rev Chg Q3.0%5.4%3.8%9.6%12.7%5.4%
QoQ Delta Rev Chg LTM0.8%1.4%0.9%2.2%3.1%1.4%
Op Mgn LTM17.3%46.1%10.5%30.8%9.2%17.3%
Op Mgn 3Y Avg16.9%45.9%13.3%31.7%8.7%16.9%
QoQ Delta Op Mgn LTM-0.4%0.3%-1.6%-0.5%-0.2%-0.4%
CFO/Rev LTM18.1%37.6%13.4%23.2%13.1%18.1%
CFO/Rev 3Y Avg18.3%37.0%15.3%22.9%12.6%18.3%
FCF/Rev LTM12.7%26.5%6.1%19.4%6.6%12.7%
FCF/Rev 3Y Avg12.8%27.2%8.4%19.0%5.9%12.8%

Valuation

CMGMCDSBUXYUMTXRHMedian
NameChipotle.McDonald.StarbucksYum Bran.Texas Ro. 
Mkt Cap53.4217.994.641.410.953.4
P/S4.68.42.65.21.94.6
P/EBIT26.718.023.216.920.920.9
P/E34.626.035.928.924.928.9
P/CFO25.522.319.322.614.722.3
Total Yield2.9%6.1%5.7%5.3%4.8%5.3%
Dividend Yield0.0%2.3%2.9%1.9%0.8%1.9%
FCF Yield 3Y Avg1.9%3.4%3.0%3.6%2.8%3.0%
D/E0.10.30.30.30.10.3
Net D/E0.10.20.20.30.10.2

Returns

CMGMCDSBUXYUMTXRHMedian
NameChipotle.McDonald.StarbucksYum Bran.Texas Ro. 
1M Rtn-8.6%-0.6%-10.1%-0.2%-5.1%-5.1%
3M Rtn-23.5%5.9%-9.2%7.7%-14.5%-9.2%
6M Rtn-19.0%0.5%-15.0%-5.0%-2.7%-5.0%
12M Rtn-32.2%6.2%-11.5%14.2%0.7%0.7%
3Y Rtn17.1%28.2%-1.6%35.7%91.1%28.2%
1M Excs Rtn-10.9%-3.0%-12.4%-2.6%-7.5%-7.5%
3M Excs Rtn-33.1%-5.4%-18.9%-3.9%-25.5%-18.9%
6M Excs Rtn-34.5%-16.0%-31.7%-22.4%-18.5%-22.4%
12M Excs Rtn-46.6%-12.1%-30.7%-4.2%-15.6%-15.6%
3Y Excs Rtn-47.1%-35.1%-59.7%-26.7%29.2%-35.1%

Comparison Analyses

Title
0How Does CMG Stack Up Against Its Peers?
1Chipotle Mexican Grill vs. Yum Brands: With Return Forecast Of 33%, Chipotle Mexican Grill Is A Better Bet
2Chipotle Mexican Grill vs. JetBlue Airways: With Return Forecast Of 8.5%, JetBlue Airways Is A Better Bet
3Chipotle Mexican Grill vs. McDonald's: With Return Forecast Of 7.4%, McDonald's Is A Better Bet
4Chipotle Mexican Grill vs. Restaurant Brands: With Return Forecast Of 81%, Restaurant Brands Is A Better Bet
5With 35% Gains On The Table, CMG May Outshine YUM
6CMG Could Deliver 35% Returns And Outperform SBUX
7Chipotle Mexican Grill vs. Texas Roadhouse: With Return Forecast Of 20%, Texas Roadhouse Is A Better Bet
8Chipotle Mexican Grill vs. The Hershey Company: With Return Forecast Of 32%, Chipotle Mexican Grill Is A Better Bet
9Chipotle Mexican Grill vs. Southern Copper: With Return Forecast Of 32%, Chipotle Mexican Grill Is A Better Bet

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/24/20254/24/20252/5/202510/30/20247/25/20244/25/20242/8/202410/27/20237/28/20234/27/20232/9/202310/26/2022
Key Financials Quarterly            
Total Revenue3,0632,8752,8452,7942,9732,7022,5162,4722,5152,3692,1812,220
Ebitda666581513586684537469490534459387422
Operating Income575494429501601454384412456382313350
Net Income436387332387456359282313342292224257
EPS0.320.290.240.280.330.260.210.230.250.210.170.19
Key Financials TTM            
Total Revenue TTM11,57811,48711,31410,98510,66310,2059,8729,5369,2848,9838,6358,415
Ebitda TTM2,3462,3642,3202,2762,1812,0311,9531,8711,8021,6851,4981,347
Operating Income TTM1,9992,0251,9851,9401,8501,7051,6331,5631,5011,3931,2111,068
Net Income TTM1,5421,5611,5341,4841,4101,2961,2291,1701,1141,032899809
Growth Rates Quarterly            
Total Revenue Growth3.0%6.4%13.1%13.0%18.2%14.1%15.4%11.3%13.6%17.2%11.2%13.7%
EBITDA Growth-2.7%8.1%9.4%19.4%28.1%17.1%21.1%16.3%28.1%68.9%64.0%34.5%
Operating Income Growth-4.3%8.7%11.9%21.7%31.9%18.8%22.4%17.6%31.1%91.2%84.4%40.0%
Net Income Growth-4.3%7.6%17.6%23.7%33.3%23.2%26.1%21.8%31.5%84.2%67.6%25.8%
Margins Quarterly            
EBITDA Margin21.7%20.2%18.0%21.0%23.0%19.9%18.6%19.8%21.2%19.4%17.8%19.0%
Operating Income Margin18.8%17.2%15.1%17.9%20.2%16.8%15.2%16.7%18.1%16.1%14.4%15.8%
Net Income Margin14.2%13.4%11.7%13.9%15.3%13.3%11.2%12.7%13.6%12.3%10.3%11.6%
Cash & Debt            
Total Cash1,5461,4151,4231,3671,4901,4201,2951,4541,3561,063899784
Total Debt4,7814,6334,5414,4834,2794,1574,0524,0183,8883,7723,7313,729
Net Debt / (Cash)3,2343,2183,1183,1162,7892,7382,7562,5642,5322,7092,8322,945
Cash Flows Quarterly            
FCF from Operations561557527446563569265480583455402352
Cash Flows TTM            
FCF from Operations TTM2,0922,0932,1051,8441,8781,8981,7831,9201,7911,4951,3231,360
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases4435543394901452715521695127200108
Return on Invested Capital (ROIC) Quarterly            
ROIC32.2%28.5%24.9%30.0%37.4%51.7%41.1%48.7%54.9%43.7%32.6%36.0%
Return on Invested Capital (ROIC) TTM            
ROIC TTM28.3%28.9%29.1%28.6%29.0%47.4%44.9%46.3%45.0%38.8%32.5%28.0%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single Segment9,8728,6357,5475,9855,586
Total9,8728,6357,5475,9855,586


Price Behavior

CMG Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.700.930.900.880.880.88
Up Beta1.223.193.171.141.081.03
Down Beta0.500.011.280.760.770.89
Up Capture36%-140%-57%29%41%45%
Bmk +ve Days10223571142415
Stock +ve Days8142754116395
Down Capture87%211%47%92%97%94%
Bmk -ve Days11192754106334
Stock -ve Days12263470130353

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity23,667,047
Short Interest: % Change Since 815202510.1%
Average Daily Volume14,396,169
Days-to-Cover Short Interest1.64
Basic Shares Quantity1,344,955,000
Short % of Basic Shares1.8%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/2025-13.3%-17.1%-18.7%
4/23/20251.6%3.6%4.1%
2/4/2025-2.6%-4.8%-12.8%
10/29/2024-7.9%-7.1%2.6%
7/24/2024-1.9%4.9%3.2%
4/24/20246.3%7.2%7.2%
2/6/20247.2%4.5%8.1%
10/26/20234.5%12.7%22.3%
...
SUMMARY STATS   
# Positive101312
# Negative141112
Median Positive8.7%7.2%7.7%
Median Negative-4.9%-6.7%-10.4%
Max Positive14.7%17.7%30.9%
Max Negative-13.3%-17.1%-18.7%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025724202510-Q 6/30/2025
3312025424202510-Q 3/31/2025
12312024205202510-K 12/31/2024
93020241030202410-Q 9/30/2024
6302024725202410-Q 6/30/2024
3312024425202410-Q 3/31/2024
12312023208202410-K 12/31/2023
93020231027202310-Q 9/30/2023
6302023728202310-Q 6/30/2023
3312023427202310-Q 3/31/2023
12312022209202310-K 12/31/2022
93020221026202210-Q 9/30/2022
6302022727202210-Q 6/30/2022
3312022428202210-Q 3/31/2022
12312021211202210-K 12/31/2021
93020211027202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Boatwright ScottChief Executive Officer6062025Sell52.4819,000997,13317,386,384Form
1McConnell JamieChief Accountg & Admin Officer5152025Sell52.423,087161,8291,471,193Form
2Gutierrez Mauricio 3072025Buy53.009,400498,2001,664,200Form
3Garner Curtis EChief Customer & Techlgy Ofcr2112025Sell57.3115,750902,56322,622,188Form
4Garner Curtis EChief Customer & Techlgy Ofcr1102025Sell58.2415,750917,26123,907,843Form

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