Chipotle Mexican Grill, Inc.
CMG Consumer Cyclical Restaurants
Chipotle Mexican Grill, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.9 billion, up 5.41% from fiscal 2024. In the quarter to June 2026, revenue grew 9.31%, EPS was flat and free cash flow grew 15.6%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for five consecutive years, operating cash flow growth for five.
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Chipotle Mexican Grill, Inc. (CMG) Altman Z-score
Chipotle Mexican Grill, Inc.'s Altman Z-score for fiscal 2025 is 6.99, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.99 | (4.17) |
| FY2024 | 11.16 | 0.56 |
| FY2023 | 10.60 | 2.69 |
| FY2022 | 7.90 | (1.32) |
| FY2021 | 9.23 | 1.32 |
| FY2020 | 7.91 | 1.56 |
| FY2019 | 6.35 | (6.70) |
| FY2018 | 13.05 | 1.36 |
| FY2017 | 11.70 | (2.59) |
| FY2016 | 14.28 | (4.65) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.03 | — | 0.04 | |
| Retained earnings / total assets | 0.07 | — | 0.10 | |
| EBIT / total assets | 0.22 | — | 0.71 | |
| Market value of equity / total liabilities | 8.03 | — | 4.82 | |
| Sales / total assets | 1.33 | — | 1.33 | |
| Altman Z-score | Safe zone | 6.99 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.36 | ||
Z and Z″ put Chipotle Mexican Grill, Inc. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CMG Chipotle Mexican Grill, Inc. | 7.0× |
| TXRH Texas Roadhouse, Inc. compare | 5.7× |
| MCD McDonald's Corporation compare | 4.9× |
| YUMC Yum China compare | 4.0× |
| DPZ Domino's Pizza Inc compare | 3.3× |
| DRI Darden Restaurants, Inc. compare | 2.6× |
| YUM Yum! Brands, Inc. compare | 2.5× |
| SBUX Starbucks Corporation compare | 2.4× |
| QSR Restaurant Brands International Inc. compare | 1.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on CMG
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement