Chipotle Mexican Grill Inc., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	1,534,110)	1,228,737)	899,101)	652,984)	355,766)
Net noncash charges	445,148)	459,420)	345,437)	431,672)	462,191)
Changes in operating assets and liabilities	125,818)	95,320)	78,641)	197,425)	(154,110)
Net cash provided by operating activities	2,105,076)	1,783,477)	1,323,179)	1,282,081)	663,847)
Interest paid, net of tax¹	—)	—)	—)	—)	—)
Purchases of leasehold improvements, property and equipment	(593,603)	(560,731)	(479,164)	(442,475)	(373,352)
Proceeds from sale of equipment	20,113)	—)	—)	4,035)	—)
Free cash flow to the firm (FCFF)	1,531,586)	1,222,746)	844,015)	843,641)	290,495)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Chipotle Mexican Grill Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Chipotle Mexican Grill Inc. FCFF increased from 2022 to 2023 and from 2023 to 2024.

Chipotle Mexican Grill Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	23.70%	24.20%	23.90%	19.70%	21.00%
Interest Paid, Net of Tax
Interest paid, before tax	—)	—)	—)	—)	—)
Less: Interest paid, tax²	—)	—)	—)	—)	—)
Interest paid, net of tax	—)	—)	—)	—)	—)

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 See details »

² 2024 Calculation
Interest paid, tax = Interest paid × EITR
= 0 × 23.70% = 0

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Chipotle Mexican Grill Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	70,477,712)
Free cash flow to the firm (FCFF)	1,531,586)
Valuation Ratio
EV/FCFF	46.02
Benchmarks
EV/FCFF, Competitors¹
Airbnb Inc.	23.29
Booking Holdings Inc.	19.06
McDonald’s Corp.	30.54
Starbucks Corp.	37.54
EV/FCFF, Sector
Consumer Services	28.30
EV/FCFF, Industry
Consumer Discretionary	43.32

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Chipotle Mexican Grill Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	76,522,516)	70,561,726)	43,489,172)	42,695,568)	42,516,905)
Free cash flow to the firm (FCFF)²	1,531,586)	1,222,746)	844,015)	843,641)	290,495)
Valuation Ratio
EV/FCFF³	49.96	57.71	51.53	50.61	146.36
Benchmarks
EV/FCFF, Competitors⁴
Airbnb Inc.	—	23.35	22.46	42.36	—
Booking Holdings Inc.	19.06	17.62	14.11	36.39	—
McDonald’s Corp.	—	30.11	35.39	26.32	34.80
Starbucks Corp.	32.92	32.25	42.44	28.09	281.97
EV/FCFF, Sector
Consumer Services	—	26.60	27.99	31.26	115.64
EV/FCFF, Industry
Consumer Discretionary	—	33.08	50.80	60.24	46.23

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 See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 76,522,516 ÷ 1,531,586 = 49.96

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Chipotle Mexican Grill Inc. EV/FCFF ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Chipotle Mexican Grill Inc. (NYSE:CMG)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical