Chipotle Mexican Grill Inc., current enterprise value calculation

Current share price (P)	$34.08
No. shares of common stock outstanding	1,302,423,000
US$ in thousands
Common equity (market value)¹	44,386,576)
Total equity	44,386,576)
Add: Total debt (book value)	—)
Total equity and debt	44,386,576)
Less: Cash and cash equivalents	350,545)
Less: Current investments	698,591)
Enterprise value (EV)	43,337,440)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 34.08 × 1,302,423,000

Chipotle Mexican Grill Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$39.93	$57.51	$52.41	$32.14	$31.23
No. shares of common stock outstanding¹	1,302,423,000	1,355,337,000	1,371,058,450	1,381,092,350	1,401,597,400
US$ in thousands
Common equity (market value)³	52,005,750)	77,945,431)	71,857,173)	44,388,308)	43,771,887)
Total equity	52,005,750)	77,945,431)	71,857,173)	44,388,308)	43,771,887)
Add: Total debt (book value)	—)	—)	—)	—)	—)
Total equity and debt	52,005,750)	77,945,431)	71,857,173)	44,388,308)	43,771,887)
Less: Cash and cash equivalents	350,545)	748,537)	560,609)	384,000)	815,374)
Less: Current investments	698,591)	674,378)	734,838)	515,136)	260,945)
Enterprise value (EV)	50,956,614)	76,522,516)	70,561,726)	43,489,172)	42,695,568)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 39.93 × 1,302,423,000

The enterprise value (EV) exhibited a generally increasing trend between 2021 and 2024, followed by a decrease in 2025. Throughout the observed period, the enterprise value closely tracked the values of common equity, total equity, and total equity plus debt, suggesting these components are the primary drivers of EV changes.

Overall Trend: From December 31, 2021, to December 31, 2024, the enterprise value increased from US$42,695,568 thousand to US$76,522,516 thousand, representing a substantial growth of approximately 79.1%. However, a notable decline occurred in 2025, with the enterprise value decreasing to US$50,956,614 thousand, a reduction of approximately 33.4% from the prior year.
Relationship to Equity Values: The values for common equity, total equity, and total equity plus debt are identical across all observed periods. This indicates that the company has no reported debt during this timeframe. Consequently, the enterprise value consistently remains close to the equity values, differing only by minor amounts likely due to rounding or the inclusion of minority interest or preferred stock (not explicitly shown).
Year-over-Year Changes: The largest year-over-year increase in enterprise value occurred between 2022 and 2023, rising from US$43,489,172 thousand to US$70,561,726 thousand, an increase of approximately 62.2%. The increase from 2023 to 2024 was more moderate, at approximately 8.5%. The most significant decrease occurred between 2024 and 2025, with a decline of approximately 33.4%.

The substantial decrease in enterprise value in 2025 warrants further investigation to determine the underlying causes. Potential factors could include a decline in market sentiment, changes in growth expectations, or other company-specific events impacting investor valuation of equity.

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Chipotle Mexican Grill Inc. (NYSE:CMG)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)