Price to FCFE (P/FCFE)
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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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Free Cash Flow to Equity (FCFE)
Chipotle Mexican Grill Inc., FCFE calculation
US$ in thousands
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).
Net cash provided by operating activities and free cash flow to equity (FCFE) both demonstrate positive trends over the observed period. Operating cash flow consistently increased from 2021 to 2024, with a slight decrease in the most recent year. FCFE exhibits a similar pattern of growth, though with more pronounced fluctuations.
- Net Cash from Operations
- Net cash provided by operating activities increased from US$1,282,081 thousand in 2021 to US$2,105,076 thousand in 2024, representing a substantial rise. The value decreased slightly to US$2,113,926 thousand in 2025, indicating a potential stabilization after a period of rapid growth. This suggests improving core business performance and efficient cash management.
- Free Cash Flow to Equity (FCFE)
- FCFE remained relatively stable between 2021 and 2022, at approximately US$843,641 thousand and US$844,015 thousand respectively. A significant increase is then observed in 2023, reaching US$1,222,746 thousand, followed by further growth to US$1,531,586 thousand in 2024. FCFE experienced a decrease in 2025, settling at US$1,447,590 thousand. This pattern suggests that the company’s ability to generate cash available to equity holders improved considerably between 2022 and 2024, but experienced a moderate pullback in the latest year. The fluctuations in FCFE may be attributable to changes in capital expenditures, debt financing, or dividend payments, though further investigation would be required to determine the specific drivers.
The correlation between operating cash flow and FCFE is strong, as increases in operating cash flow generally correspond with increases in FCFE. The slight decrease in operating cash flow in 2025, coupled with the corresponding decrease in FCFE, suggests a consistent relationship between these two metrics. Overall, the trend indicates a strengthening financial position with respect to cash generation available to equity holders, although the most recent year shows a moderation of that trend.
Price to FCFE Ratio, Current
Chipotle Mexican Grill Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Airbnb Inc. | |
| Booking Holdings Inc. | |
| DoorDash, Inc. | |
| McDonald’s Corp. | |
| Starbucks Corp. | |
| P/FCFE, Sector | |
| Consumer Services | |
| P/FCFE, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Chipotle Mexican Grill Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/FCFE, Sector | ||||||
| Consumer Services | ||||||
| P/FCFE, Industry | ||||||
| Consumer Discretionary | ||||||
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.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Chipotle Mexican Grill Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits fluctuations over the observed period. Initial values are relatively high, followed by a period of increase and subsequent decline. Share price and FCFE per share both demonstrate growth before the final period shows a decrease in share price.
- P/FCFE Ratio
- The P/FCFE ratio increased from 51.88 in 2021 to 58.77 in 2023, indicating investors were willing to pay a higher premium for each dollar of FCFE. This suggests increasing investor confidence or expectations of future growth during this timeframe. However, the ratio decreased to 50.89 in 2024 and further to 35.93 in 2025. This decline could be attributed to a variety of factors, including a decrease in investor confidence, a reassessment of growth prospects, or a relative increase in perceived risk.
- Share Price
- The share price experienced growth from US$31.23 in 2021 to US$57.51 in 2024. This positive trend suggests positive market sentiment towards the company during those years. However, a notable decrease to US$39.93 occurred in 2025, potentially reflecting broader market conditions or company-specific challenges.
- FCFE per Share
- FCFE per share showed consistent growth from US$0.60 in 2021 to US$1.13 in 2024, indicating improving cash flow generation for equity holders. The slight decrease to US$1.11 in 2025 is minimal and may not be statistically significant, but warrants further investigation in conjunction with the share price decline.
The decreasing P/FCFE ratio in the later years, despite continued FCFE per share growth, suggests that the market’s valuation of future cash flows diminished. This divergence between the ratio and the underlying FCFE per share could signal a shift in investor sentiment or a change in the company’s risk profile.