Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Chipotle Mexican Grill Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 1.23 1.23 1.25 1.13 1.00
Adjusted 1.23 1.23 1.25 1.14 1.01
Liquidity Ratio
Current Ratio
Reported 1.52 1.57 1.28 1.58 1.73
Adjusted 1.92 1.98 1.59 1.93 2.05
Solvency Ratios
Debt to Equity
Reported 0.00 0.00 0.00 0.00 0.00
Adjusted 1.15 1.20 1.41 1.36 1.37
Debt to Capital
Reported 0.00 0.00 0.00 0.00 0.00
Adjusted 0.54 0.55 0.58 0.58 0.58
Financial Leverage
Reported 2.52 2.63 2.93 2.90 2.96
Adjusted 2.33 2.39 2.61 2.56 2.60
Profitability Ratios
Net Profit Margin
Reported 13.56% 12.45% 10.41% 8.65% 5.94%
Adjusted 13.33% 12.54% 10.19% 8.73% 8.18%
Return on Equity (ROE)
Reported 41.97% 40.13% 37.97% 28.42% 17.61%
Adjusted 38.35% 36.89% 33.30% 25.45% 21.42%
Return on Assets (ROA)
Reported 16.67% 15.27% 12.98% 9.81% 5.95%
Adjusted 16.42% 15.42% 12.74% 9.93% 8.23%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Chipotle Mexican Grill Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Chipotle Mexican Grill Inc. adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Chipotle Mexican Grill Inc. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Chipotle Mexican Grill Inc. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Chipotle Mexican Grill Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Chipotle Mexican Grill Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Chipotle Mexican Grill Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Chipotle Mexican Grill Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Chipotle Mexican Grill Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Revenue 11,313,853 9,871,649 8,634,652 7,547,061 5,984,634
Total assets 9,204,374 8,044,362 6,927,504 6,652,958 5,982,896
Activity Ratio
Total asset turnover1 1.23 1.23 1.25 1.13 1.00
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted revenue2 11,342,750 9,898,258 8,661,372 7,575,662 6,017,189
Adjusted total assets3 9,207,327 8,047,104 6,928,684 6,654,908 5,984,484
Activity Ratio
Adjusted total asset turnover4 1.23 1.23 1.25 1.14 1.01

Based on: 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).

1 2024 Calculation
Total asset turnover = Revenue ÷ Total assets
= 11,313,853 ÷ 9,204,374 = 1.23

2 Adjusted revenue. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= 11,342,750 ÷ 9,207,327 = 1.23

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Chipotle Mexican Grill Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Current assets 1,780,587 1,620,713 1,175,837 1,381,564 1,420,237
Current liabilities 1,168,768 1,030,625 921,880 873,682 822,199
Liquidity Ratio
Current ratio1 1.52 1.57 1.28 1.58 1.73
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 1,783,540 1,623,455 1,177,017 1,383,514 1,421,825
Adjusted current liabilities3 930,191 820,945 738,809 717,331 694,449
Liquidity Ratio
Adjusted current ratio4 1.92 1.98 1.59 1.93 2.05

Based on: 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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 1,780,587 ÷ 1,168,768 = 1.52

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 1,783,540 ÷ 930,191 = 1.92

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Chipotle Mexican Grill Inc. adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Total debt
Shareholders’ equity 3,655,546 3,062,207 2,368,023 2,297,374 2,020,135
Solvency Ratio
Debt to equity1 0.00 0.00 0.00 0.00 0.00
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 4,540,618 4,051,625 3,731,410 3,520,314 3,157,052
Adjusted shareholders’ equity3 3,943,284 3,363,738 2,650,897 2,597,440 2,298,895
Solvency Ratio
Adjusted debt to equity4 1.15 1.20 1.41 1.36 1.37

Based on: 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 0 ÷ 3,655,546 = 0.00

2 Adjusted total debt. See details »

3 Adjusted shareholders’ equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 4,540,618 ÷ 3,943,284 = 1.15

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Chipotle Mexican Grill Inc. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Total debt
Total capital 3,655,546 3,062,207 2,368,023 2,297,374 2,020,135
Solvency Ratio
Debt to capital1 0.00 0.00 0.00 0.00 0.00
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 4,540,618 4,051,625 3,731,410 3,520,314 3,157,052
Adjusted total capital3 8,483,902 7,415,363 6,382,307 6,117,754 5,455,947
Solvency Ratio
Adjusted debt to capital4 0.54 0.55 0.58 0.58 0.58

Based on: 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 3,655,546 = 0.00

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 4,540,618 ÷ 8,483,902 = 0.54

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Chipotle Mexican Grill Inc. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Total assets 9,204,374 8,044,362 6,927,504 6,652,958 5,982,896
Shareholders’ equity 3,655,546 3,062,207 2,368,023 2,297,374 2,020,135
Solvency Ratio
Financial leverage1 2.52 2.63 2.93 2.90 2.96
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 9,207,327 8,047,104 6,928,684 6,654,908 5,984,484
Adjusted shareholders’ equity3 3,943,284 3,363,738 2,650,897 2,597,440 2,298,895
Solvency Ratio
Adjusted financial leverage4 2.33 2.39 2.61 2.56 2.60

Based on: 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 9,204,374 ÷ 3,655,546 = 2.52

2 Adjusted total assets. See details »

3 Adjusted shareholders’ equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 9,207,327 ÷ 3,943,284 = 2.33

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Chipotle Mexican Grill Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Net income 1,534,110 1,228,737 899,101 652,984 355,766
Revenue 11,313,853 9,871,649 8,634,652 7,547,061 5,984,634
Profitability Ratio
Net profit margin1 13.56% 12.45% 10.41% 8.65% 5.94%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 1,512,262 1,241,009 882,846 660,993 492,407
Adjusted revenue3 11,342,750 9,898,258 8,661,372 7,575,662 6,017,189
Profitability Ratio
Adjusted net profit margin4 13.33% 12.54% 10.19% 8.73% 8.18%

Based on: 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).

1 2024 Calculation
Net profit margin = 100 × Net income ÷ Revenue
= 100 × 1,534,110 ÷ 11,313,853 = 13.56%

2 Adjusted net income. See details »

3 Adjusted revenue. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenue
= 100 × 1,512,262 ÷ 11,342,750 = 13.33%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Chipotle Mexican Grill Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Net income 1,534,110 1,228,737 899,101 652,984 355,766
Shareholders’ equity 3,655,546 3,062,207 2,368,023 2,297,374 2,020,135
Profitability Ratio
ROE1 41.97% 40.13% 37.97% 28.42% 17.61%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 1,512,262 1,241,009 882,846 660,993 492,407
Adjusted shareholders’ equity3 3,943,284 3,363,738 2,650,897 2,597,440 2,298,895
Profitability Ratio
Adjusted ROE4 38.35% 36.89% 33.30% 25.45% 21.42%

Based on: 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).

1 2024 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 1,534,110 ÷ 3,655,546 = 41.97%

2 Adjusted net income. See details »

3 Adjusted shareholders’ equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 1,512,262 ÷ 3,943,284 = 38.35%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Chipotle Mexican Grill Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in thousands)
Net income 1,534,110 1,228,737 899,101 652,984 355,766
Total assets 9,204,374 8,044,362 6,927,504 6,652,958 5,982,896
Profitability Ratio
ROA1 16.67% 15.27% 12.98% 9.81% 5.95%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 1,512,262 1,241,009 882,846 660,993 492,407
Adjusted total assets3 9,207,327 8,047,104 6,928,684 6,654,908 5,984,484
Profitability Ratio
Adjusted ROA4 16.42% 15.42% 12.74% 9.93% 8.23%

Based on: 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).

1 2024 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 1,534,110 ÷ 9,204,374 = 16.67%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 1,512,262 ÷ 9,207,327 = 16.42%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Chipotle Mexican Grill Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.