Price to Book Value (P/BV)
since 2005
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Chipotle Mexican Grill Inc. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Calculation
Chipotle Mexican Grill Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | = | ÷ | = | ÷ | |||||||
| Feb 5, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 5, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 7, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 5, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 4, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 5, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 17, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.
The price-to-book value (P/BV) ratio for the period examined exhibits considerable fluctuation. Initially, the ratio demonstrates a high level of volatility, moving from 5.68 to 4.44, then increasing to 6.13 before a significant decline to 2.76. Following this, the ratio generally trends upward, peaking at 10.16 and 11.27 before settling around the 8 to 11 range for several years.
A period of substantial increase begins around 2017, with the P/BV ratio rising from 5.45 to 11.19, continuing to 14.09 and reaching a high of 21.52 in 2021. This is followed by a slight decrease to 19.05 and 18.74, before increasing again to 23.47. The most recent observations show a decrease to 21.32, 18.37, and finally to 18.37.
- Initial Period (2006-2009)
- The P/BV ratio during this timeframe is characterized by instability. A substantial drop in 2009 suggests a potential disconnect between market valuation and book value, possibly reflecting broader economic conditions or company-specific challenges.
- Growth and Stabilization (2010-2016)
- From 2010 through 2016, the P/BV ratio demonstrates a more consistent, though not linear, upward trend. This suggests increasing investor confidence and a growing premium placed on the company’s net asset value. The ratio fluctuates between approximately 6 and 11 during this period.
- Significant Expansion (2017-2021)
- The period from 2017 to 2021 is marked by a pronounced increase in the P/BV ratio. This indicates a substantial re-evaluation of the company by the market, with investors willing to pay a significantly higher price for each dollar of book value. This could be attributed to strong growth prospects, improved profitability, or changing market sentiment.
- Recent Fluctuations (2022-2026)
- The most recent years show a leveling off and then a slight decline in the P/BV ratio. While still elevated compared to earlier periods, the decrease from a peak of 23.47 to 18.37 suggests a potential correction or a shift in investor expectations. The ratio remains above the levels observed prior to 2017.
The book value per share consistently increased throughout the period, although the rate of increase varied. This upward trend in book value likely contributed to the overall increase in the P/BV ratio, particularly during the expansionary phase from 2017 to 2021. However, the P/BV ratio’s fluctuations indicate that market sentiment and external factors also played a significant role in determining the company’s valuation.
Comparison to Competitors
Chipotle Mexican Grill Inc., P/BV, long-term trends, comparison to competitors
| Chipotle Mexican Grill Inc. | Airbnb Inc. | Booking Holdings Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|
| Feb 4, 2026 | ||||||
| Feb 5, 2025 | ||||||
| Feb 8, 2024 | ||||||
| Feb 9, 2023 | ||||||
| Feb 11, 2022 | ||||||
| Feb 10, 2021 | ||||||
| Feb 5, 2020 | ||||||
| Feb 8, 2019 | ||||||
| Feb 8, 2018 | ||||||
| Feb 7, 2017 | ||||||
| Feb 5, 2016 | ||||||
| Feb 4, 2015 | ||||||
| Feb 5, 2014 | ||||||
| Feb 8, 2013 | ||||||
| Feb 10, 2012 | ||||||
| Feb 17, 2011 | ||||||
| Feb 19, 2010 | ||||||
| Feb 19, 2009 | ||||||
| Feb 26, 2008 | ||||||
| Feb 23, 2007 | ||||||
| Mar 17, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Consumer Services)
Chipotle Mexican Grill Inc., P/BV, long-term trends, comparison to sector (consumer services)
| Chipotle Mexican Grill Inc. | Consumer Services | |
|---|---|---|
| Feb 4, 2026 | ||
| Feb 5, 2025 | ||
| Feb 8, 2024 | ||
| Feb 9, 2023 | ||
| Feb 11, 2022 | ||
| Feb 10, 2021 | ||
| Feb 5, 2020 | ||
| Feb 8, 2019 | ||
| Feb 8, 2018 | ||
| Feb 7, 2017 | ||
| Feb 5, 2016 | ||
| Feb 4, 2015 | ||
| Feb 5, 2014 | ||
| Feb 8, 2013 | ||
| Feb 10, 2012 | ||
| Feb 17, 2011 | ||
| Feb 19, 2010 | ||
| Feb 19, 2009 | ||
| Feb 26, 2008 | ||
| Feb 23, 2007 | ||
| Mar 17, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Discretionary)
Chipotle Mexican Grill Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Chipotle Mexican Grill Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 4, 2026 | ||
| Feb 5, 2025 | ||
| Feb 8, 2024 | ||
| Feb 9, 2023 | ||
| Feb 11, 2022 | ||
| Feb 10, 2021 | ||
| Feb 5, 2020 | ||
| Feb 8, 2019 | ||
| Feb 8, 2018 | ||
| Feb 7, 2017 | ||
| Feb 5, 2016 | ||
| Feb 4, 2015 | ||
| Feb 5, 2014 | ||
| Feb 8, 2013 | ||
| Feb 10, 2012 | ||
| Feb 17, 2011 | ||
| Feb 19, 2010 | ||
| Feb 19, 2009 | ||
| Feb 26, 2008 | ||
| Feb 23, 2007 | ||
| Mar 17, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).