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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.

29.89 0.69 −2.26%
Market cap
$38.7B
P/E
27.4×
Fwd P/E
26.5×
Dividend yield
—
F-score
5/9
Altman Z
6.99
Beneish M
−2.60
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 7.25
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 2 — 2 — — — — — 1 — —
Insider Ownership 1.36%

Capital & Financial Ratios $m

Market Cap 38,700.00
Revenue 12,423.76
Net Income 1,419.41
Free Cash Flow 1,568.99
Net Debt (677.86)
Current Ratio 0.72 (below 1: weak)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 27.42
Fwd P/E 26.50
P/S ratio 3.07
P/B ratio 17.36 (above 6: high)
Past 5Y EPS Growth 35.41% (at or above 15%: strong)
This Y EPS Growth (1.83%) (below 0%: weak)
Next Y EPS Growth 19.42% (at or above 15%: strong)
Next Y revenue growth 9.25%
Next 5Y EPS Growth 10.76%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.0×, against a ten-year median of 4.3×; over the ten years it ranged from 1.6× in 2017 to 8.4× in 2024.
P/E against its own 10 years 0.81%
10-year low 10-year high
P/S against its own 10 years 21.27%
10-year low 10-year high
P/B against its own 10 years 49.32%
10-year low 10-year high
EV/Sales against its own 10 years 23.26%
10-year low 10-year high
EV/FCF against its own 10 years 0.07%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,295 1,423 1,049 678
Receivables 168 211 248 100
Inventory 39 49 50 47
Other — — — —
1,621 1,781 1,467 941
2023 2024 2025 Q'26
Payables 198 211 213 255
ST’ Debt — — — —
Other — — — —
1,031 1,169 1,188 1,315

Compound Annual Growth %

10y 5y 3y
Sales 10.23% 14.79% 11.36%
Cash Flow 11.96% 26.07% 16.90%
Earnings 12.44% 33.98% 19.54%
Book Value 2.89% 6.98% 6.13%

Revenue $m

Mar Jun Sep Dec Year
’26 3,088 3,349 — — —
’25 2,875 3,063 3,003 2,984 11,926
’24 2,702 2,973 2,794 2,845 11,314
’23 2,369 2,515 2,472 2,516 9,872
’22 2,021 2,213 2,220 2,181 8,635
’21 1,742 1,893 1,952 1,961 7,547
’20 1,411 1,365 1,601 1,608 5,985
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 651 681 — — —
’25 557 561 570 426 2,114
’24 569 563 446 527 2,105
’23 455 583 480 265 1,783
’22 283 287 352 402 1,323
’21 306 257 281 438 1,282
’20 182 123 244 115 664
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 471 463 — — —
’25 412 401 406 228 1,448
’24 437 422 299 374 1,532
’23 335 445 349 94 1,223
’22 187 186 213 258 844
’21 219 134 172 318 844
’20 104 35 162 (11) 290
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.23 0.32 — — —
’25 0.28 0.32 0.29 0.25 1.14
’24 0.26 0.33 0.28 0.24 1.11
’23 0.21 0.25 0.23 0.20 0.89
’22 0.11 0.19 0.18 0.16 0.64
’21 0.09 0.13 0.14 0.09 0.46
’20 0.05 0.01 0.06 0.13 0.25
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 7.06 5.26 4.95 8.48 8.30 25.13 23.93 26.88 44.08 29.75

Analyst estimates 2026–2028

Powerpack
High 10.85 9.98 10.61 17.16 28.71 39.17 35.09 46.97 69.26 61.16
People
People Employees 64,570 68,890 73,000 83,000 88,000 97,660 104,958 116,068 130,504 131,534
Revenue/emp, $m 0.06 0.06 0.07 0.07 0.07 0.08 0.08 0.09 0.09 0.09
Income, $m
Income, $m Revenue 3,904 4,476 4,865 5,586 5,985 7,547 8,635 9,872 11,314 11,926
Gross margin, % 12.76 16.89 18.73 20.45 17.40 22.62 23.88 26.20 26.67 25.38
EBT 39 276 268 458 294 813 1,182 1,621 2,010 2,010
EBT margin, % 0.99 6.16 5.52 8.20 4.91 10.77 13.68 16.42 17.77 16.85
Net income 23 176 177 350 356 653 899 1,229 1,534 1,536
Depreciation 146 163 202 213 239 255 287 319 335 361
Per share, $
Per share, $ Revenue 2.67 3.14 3.50 4.03 4.29 5.37 6.20 7.17 8.27 8.92
Earnings 0.02 0.12 0.13 0.25 0.25 0.46 0.65 0.89 1.12 1.15
Cash flow 0.24 0.33 0.45 0.52 0.48 0.91 0.95 1.29 1.54 1.58
Capex (0.18) (0.15) (0.21) (0.23) (0.27) (0.31) (0.34) (0.41) (0.42) (0.50)
Free cash flow 0.07 0.18 0.24 0.29 0.21 0.60 0.61 0.89 1.12 1.08
Book value 0.96 0.96 1.04 1.21 1.45 1.63 1.70 2.22 2.67 2.12
Shares, m 1,463 1,425 1,391 1,387 1,396 1,407 1,393 1,378 1,368 1,337
Valuation, ×
Valuation, × P/E 457.32 47.41 68.14 66.32 108.92 75.33 42.45 50.35 54.24 32.17
P/S 2.81 1.86 2.47 4.16 6.47 6.52 4.42 6.27 7.29 4.15
P/B 7.82 6.12 8.34 13.80 19.16 21.41 16.12 20.20 22.57 17.48
EV/Sales 2.70 1.75 2.33 4.00 6.31 6.38 4.32 6.14 7.17 4.06
EV/FCF 109.60 31.18 33.94 55.61 129.97 57.03 44.18 49.53 52.94 33.46
Cash, $m
Cash, $m Operating cash flow 355 468 622 722 664 1,282 1,323 1,783 2,105 2,114
Capex (259) (217) (287) (320) (373) (438) (479) (561) (573) (666)
Free cash flow 96 251 334 402 290 844 844 1,223 1,532 1,448
Balance, $m
Balance, $m Working capital 241 306 365 406 598 508 254 590 612 279
Total debt — — — 2,855 3,157 3,521 3,731 — — —
Net debt (418) (509) (677) (881) (952) (1,076) (899) (1,295) (1,423) (1,049)
Shareholders’ equity 1,402 1,364 1,441 1,683 2,020 2,297 2,368 3,062 3,656 2,831
Returns, %
Returns, % ROA 0.97 8.66 8.19 9.50 6.42 10.34 13.24 16.41 17.79 16.88
ROIC 2.19 19.78 21.12 34.59 16.97 41.20 49.37 55.11 53.65 67.91
ROE 1.30 12.74 12.58 22.41 19.21 30.25 38.54 45.26 45.67 47.36
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Chipotle Mexican Grill, Inc. vs peers in Restaurants (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MCD McDonald's Corporation $171.6B 19.7× 21.7× +3.74% (above 0%: growing) +5.73% (above 0%: growing) +57.94% (above 0%: growing) 58.01% 47.02% Compare
SBUX Starbucks Corporation $110.4B 56.0× 47.2× −1.41% (below 0%: shrinking) +85.71% (above 0%: growing) +210.96% (above 0%: growing) 69.66% 10.52% Compare
YUM Yum! Brands, Inc. $41.2B 18.8× 22.3× +12.21% (above 0%: growing) +131.34% (above 0%: growing) +8.53% (above 0%: growing) 67.73% 30.20% Compare
CMG Chipotle Mexican Grill, Inc. $38.7B 27.4× 26.5× +9.31% (above 0%: growing) 0.00% +15.63% (above 0%: growing) 25.22% 15.70%
QSR Restaurant Brands International Inc. $33.7B 20.0× 18.0× +4.56% (above 0%: growing) +151.72% (above 0%: growing) +18.89% (above 0%: growing) 49.13% 28.49% Compare
DRI Darden Restaurants, Inc. $24.3B 21.0× 17.4× +5.11% (above 0%: growing) −7.24% (below 0%: shrinking) −41.21% (below 0%: shrinking) 20.50% 9.98% Compare
YUMC Yum China $15.3B 16.5× 14.7× +12.59% (above 0%: growing) +20.69% (above 0%: growing) +3.10% (above 0%: growing) 22.21% 11.09% Compare
TXRH Texas Roadhouse, Inc. $11.2B 26.9× 26.6× +11.11% (above 0%: growing) −0.53% (below 0%: shrinking) +120.59% (above 0%: growing) 16.80% 8.50% Compare
DPZ Domino's Pizza Inc $10.0B 17.0× 16.4× +3.36% (above 0%: growing) +12.90% (above 0%: growing) −3.26% (below 0%: shrinking) 40.18% 20.39% Compare
Median of peers $29.0B 19.9× 19.9× +4.84% +16.80% +13.71% 44.66% 15.74%

All 56 Restaurants stocks →

CMG metrics, ten years each

Chipotle Mexican Grill, Inc. (CMG) key facts

  • Strength: Chipotle Mexican Grill, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.9 billion, up 5.41% from fiscal 2024.
  • Chipotle Mexican Grill, Inc. (CMG) is a Restaurants company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
  • Net income was $1.5 billion, or $1.15 per share (basic), a net margin of 12.9%.
  • As of October 16, 2026, CMG traded at $29.89, a market capitalization of $38.7 billion.
  • At that price the stock trades at 27.4× trailing-twelve-month earnings and 3.1× sales; its P/E is higher than 1% of its own readings over the past ten years.
  • Return on equity was 47.4% and debt-to-equity 0.00.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 6.99 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Chipotle Mexican Grill, Inc. (CMG) Latest News

8 Oct

Impact 5 ·

18 Mar

Impact 5 ·
stockrow.com/CMG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com