Chipotle Mexican Grill Inc., current enterprise value calculation

Current share price (P)	$53.05
No. shares of common stock outstanding	1,355,337,000
US$ in thousands
Common equity (market value)¹	71,900,628)
Add: Preferred stock, $0.01 par value, no shares issued (per books)	—)
Total equity	71,900,628)
Add: Total debt (book value)	—)
Total equity and debt	71,900,628)
Less: Cash and cash equivalents	748,537)
Less: Current investments	674,378)
Enterprise value (EV)	70,477,713)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 53.05 × 1,355,337,000

Chipotle Mexican Grill Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$57.51	$52.41	$32.14	$31.23	$30.89
No. shares of common stock outstanding¹	1,355,337,000	1,371,058,450	1,381,092,350	1,401,597,400	1,407,203,250
US$ in thousands
Common equity (market value)³	77,945,431)	71,857,173)	44,388,308)	43,771,887)	43,468,508)
Add: Preferred stock, $0.01 par value, no shares issued (book value)	—)	—)	—)	—)	—)
Total equity	77,945,431)	71,857,173)	44,388,308)	43,771,887)	43,468,508)
Add: Total debt (book value)	—)	—)	—)	—)	—)
Total equity and debt	77,945,431)	71,857,173)	44,388,308)	43,771,887)	43,468,508)
Less: Cash and cash equivalents	748,537)	560,609)	384,000)	815,374)	607,987)
Less: Current investments	674,378)	734,838)	515,136)	260,945)	343,616)
Enterprise value (EV)	76,522,516)	70,561,726)	43,489,172)	42,695,568)	42,516,905)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 57.51 × 1,355,337,000

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Chipotle Mexican Grill Inc. EV increased from 2022 to 2023 and from 2023 to 2024.

Chipotle Mexican Grill Inc. (NYSE:CMG)

Enterprise Value (EV)