Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

Common Stock Valuation Ratios (Price Multiples) 
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Chipotle Mexican Grill Inc., historical price multiples (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Price to earnings (P/E) 50.81 51.16 49.35 65.94 58.48 44.26 47.35 54.42 49.37 50.59 55.45 61.35 67.03 69.94 87.74 102.77 122.18
Price to operating profit (P/OP) 40.67 40.74 38.97 52.39 46.13 34.75 36.84 42.00 38.25 40.02 45.28 50.34 54.38 65.08 81.53 109.79 149.81
Price to sales (P/S) 6.89 6.91 6.53 8.38 7.28 5.43 5.68 6.25 5.14 4.86 5.15 5.36 5.80 6.91 7.52 6.61 7.26
Price to book value (P/BV) 21.32 21.01 18.75 25.43 23.47 17.95 19.07 22.64 18.74 17.58 19.46 19.67 19.05 21.50 23.66 19.92 21.52 19.42 18.92 14.72

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Chipotle Mexican Grill Inc. P/E ratio increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Chipotle Mexican Grill Inc. P/OP ratio increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Chipotle Mexican Grill Inc. P/S ratio increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Chipotle Mexican Grill Inc. P/BV ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Price to Earnings (P/E)

Chipotle Mexican Grill Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
No. shares of common stock outstanding1 1,355,337,000 1,362,593,000 1,369,476,000 1,373,350,000 1,371,058,450 1,372,233,000 1,379,380,650 1,379,492,000 1,381,092,350 1,386,055,600 1,388,232,350 1,398,122,400 1,401,597,400 1,406,770,300 1,404,743,400 1,407,523,950 1,407,203,250 1,399,017,450 1,398,381,250 1,394,537,050
Selected Financial Data (US$)
Net income (in thousands) 331,764 387,388 455,671 359,287 282,086 313,217 341,790 291,644 223,727 257,138 259,942 158,294 133,475 204,434 187,974 127,101 190,959 80,244 8,175 76,388
Earnings per share (EPS)2 1.13 1.09 1.03 0.94 0.90 0.85 0.81 0.75 0.65 0.58 0.54 0.49 0.47 0.51 0.42 0.29 0.25 0.00 0.00 0.00
Share price1, 3 57.51 55.73 50.82 62.24 52.41 37.75 38.25 40.73 32.14 29.52 30.20 30.02 31.23 35.32 36.62 29.68 30.89 25.07 23.06 17.65
Valuation Ratio
P/E ratio4 50.81 51.16 49.35 65.94 58.48 44.26 47.35 54.42 49.37 50.59 55.45 61.35 67.03 69.94 87.74 102.77 122.18
Benchmarks
P/E Ratio, Competitors5
Airbnb Inc. 33.58 50.83 17.28 20.59 20.59 14.19 39.65 40.05 44.53 36.29 59.77 96.17
Booking Holdings Inc. 28.00 29.34 24.42 24.55 31.09 18.68 22.74 23.90 29.87 28.26 50.57 164.32 86.68 261.79 206.85 136.53 1,696.44
McDonald’s Corp. 27.00 25.61 23.42 22.51 25.23 23.23 26.39 31.34 31.22 34.24 31.53 25.65 24.15 25.57 25.43 33.98 33.31
Starbucks Corp. 29.62 21.14 24.11 24.81 29.09 30.66 36.91 37.77 34.26 23.05 19.34 25.86 30.95 52.55 137.44 185.40 118.26 65.20 27.12 27.92

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2024 Calculation
EPS = (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ No. shares of common stock outstanding
= (331,764,000 + 387,388,000 + 455,671,000 + 359,287,000) ÷ 1,355,337,000 = 1.13

3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.

4 Q4 2024 Calculation
P/E ratio = Share price ÷ EPS
= 57.51 ÷ 1.13 = 50.81

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Chipotle Mexican Grill Inc. P/E ratio increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024.

Price to Operating Profit (P/OP)

Chipotle Mexican Grill Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
No. shares of common stock outstanding1 1,355,337,000 1,362,593,000 1,369,476,000 1,373,350,000 1,371,058,450 1,372,233,000 1,379,380,650 1,379,492,000 1,381,092,350 1,386,055,600 1,388,232,350 1,398,122,400 1,401,597,400 1,406,770,300 1,404,743,400 1,407,523,950 1,407,203,250 1,399,017,450 1,398,381,250 1,394,537,050
Selected Financial Data (US$)
Income (loss) from operations (in thousands) 415,732 473,256 586,053 441,292 363,447 394,950 431,810 367,606 296,331 336,253 337,598 190,221 158,296 239,680 245,525 161,442 116,886 107,096 (4,939) 71,121
Operating profit per share2 1.41 1.37 1.30 1.19 1.14 1.09 1.04 0.97 0.84 0.74 0.67 0.60 0.57 0.54 0.45 0.27 0.21 0.00 0.00 0.00
Share price1, 3 57.51 55.73 50.82 62.24 52.41 37.75 38.25 40.73 32.14 29.52 30.20 30.02 31.23 35.32 36.62 29.68 30.89 25.07 23.06 17.65
Valuation Ratio
P/OP ratio4 40.67 40.74 38.97 52.39 46.13 34.75 36.84 42.00 38.25 40.02 45.28 50.34 54.38 65.08 81.53 109.79 149.81
Benchmarks
P/OP Ratio, Competitors5
Airbnb Inc. 34.83 57.42 52.39 62.62 65.01 34.45 46.61 45.09 46.78 35.98 57.78 88.47 232.24
Booking Holdings Inc. 21.80 22.96 19.32 19.08 22.85 15.07 16.75 17.88 17.91 14.98 19.34 28.66 40.46 66.89
McDonald’s Corp. 18.95 18.13 16.68 16.33 18.35 16.94 19.22 22.47 20.58 22.04 20.38 17.56 17.59 18.44 18.19 22.17 21.51
Starbucks Corp. 20.60 14.82 17.06 17.45 20.44 21.64 25.87 26.73 24.35 19.58 16.72 22.12 26.68 37.64 77.96 98.18 70.29 41.82 23.50 24.29

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2024 Calculation
Operating profit per share = (Income (loss) from operationsQ4 2024 + Income (loss) from operationsQ3 2024 + Income (loss) from operationsQ2 2024 + Income (loss) from operationsQ1 2024) ÷ No. shares of common stock outstanding
= (415,732,000 + 473,256,000 + 586,053,000 + 441,292,000) ÷ 1,355,337,000 = 1.41

3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.

4 Q4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 57.51 ÷ 1.41 = 40.67

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Chipotle Mexican Grill Inc. P/OP ratio increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024.

Price to Sales (P/S)

Chipotle Mexican Grill Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
No. shares of common stock outstanding1 1,355,337,000 1,362,593,000 1,369,476,000 1,373,350,000 1,371,058,450 1,372,233,000 1,379,380,650 1,379,492,000 1,381,092,350 1,386,055,600 1,388,232,350 1,398,122,400 1,401,597,400 1,406,770,300 1,404,743,400 1,407,523,950 1,407,203,250 1,399,017,450 1,398,381,250 1,394,537,050
Selected Financial Data (US$)
Revenue (in thousands) 2,845,312 2,793,576 2,973,117 2,701,848 2,516,320 2,471,948 2,514,801 2,368,580 2,180,599 2,220,175 2,213,339 2,020,539 1,960,633 1,952,315 1,892,538 1,741,575 1,607,710 1,601,414 1,364,738 1,410,772
Sales per share2 8.35 8.06 7.79 7.43 7.20 6.95 6.73 6.51 6.25 6.07 5.87 5.60 5.38 5.11 4.87 4.49 4.25 0.00 0.00 0.00
Share price1, 3 57.51 55.73 50.82 62.24 52.41 37.75 38.25 40.73 32.14 29.52 30.20 30.02 31.23 35.32 36.62 29.68 30.89 25.07 23.06 17.65
Valuation Ratio
P/S ratio4 6.89 6.91 6.53 8.38 7.28 5.43 5.68 6.25 5.14 4.86 5.15 5.36 5.80 6.91 7.52 6.61 7.26
Benchmarks
P/S Ratio, Competitors5
Airbnb Inc. 8.01 8.62 7.97 9.93 9.95 8.07 10.03 9.33 10.04 7.36 10.11 11.65 16.64
Booking Holdings Inc. 6.94 6.41 5.48 5.36 6.24 4.80 5.24 5.29 5.35 4.30 5.33 6.83 9.22 10.85 11.93 16.99 14.73
McDonald’s Corp. 8.56 8.14 7.55 7.51 8.38 7.74 8.72 9.20 8.32 8.70 8.13 7.68 7.85 8.27 8.07 8.94 8.20
Starbucks Corp. 3.08 2.36 2.74 2.90 3.34 3.31 3.86 3.81 3.49 3.00 2.72 3.74 4.47 5.48 5.74 5.32 4.67 3.63 3.45 3.86

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2024 Calculation
Sales per share = (RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024 + RevenueQ1 2024) ÷ No. shares of common stock outstanding
= (2,845,312,000 + 2,793,576,000 + 2,973,117,000 + 2,701,848,000) ÷ 1,355,337,000 = 8.35

3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.

4 Q4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 57.51 ÷ 8.35 = 6.89

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Chipotle Mexican Grill Inc. P/S ratio increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024.

Price to Book Value (P/BV)

Chipotle Mexican Grill Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
No. shares of common stock outstanding1 1,355,337,000 1,362,593,000 1,369,476,000 1,373,350,000 1,371,058,450 1,372,233,000 1,379,380,650 1,379,492,000 1,381,092,350 1,386,055,600 1,388,232,350 1,398,122,400 1,401,597,400 1,406,770,300 1,404,743,400 1,407,523,950 1,407,203,250 1,399,017,450 1,398,381,250 1,394,537,050
Selected Financial Data (US$)
Shareholders’ equity (in thousands) 3,655,546 3,613,898 3,711,820 3,361,329 3,062,207 2,886,314 2,766,886 2,481,685 2,368,023 2,327,381 2,154,199 2,133,960 2,297,374 2,310,908 2,174,158 2,097,531 2,020,135 1,805,586 1,704,496 1,672,020
Book value per share (BVPS)2 2.70 2.65 2.71 2.45 2.23 2.10 2.01 1.80 1.71 1.68 1.55 1.53 1.64 1.64 1.55 1.49 1.44 1.29 1.22 1.20
Share price1, 3 57.51 55.73 50.82 62.24 52.41 37.75 38.25 40.73 32.14 29.52 30.20 30.02 31.23 35.32 36.62 29.68 30.89 25.07 23.06 17.65
Valuation Ratio
P/BV ratio4 21.32 21.01 18.75 25.43 23.47 17.95 19.07 22.64 18.74 17.58 19.46 19.67 19.05 21.50 23.66 19.92 21.52 19.42 18.92 14.72
Benchmarks
P/BV Ratio, Competitors5
Airbnb Inc. 10.57 11.01 10.46 12.88 12.09 8.49 18.03 15.36 15.16 10.67 14.23 16.27 20.88 28.80 28.30 27.60
Booking Holdings Inc. 89.53 32.84 18.79 19.51 19.54 16.35 18.03 17.84 20.15 20.46 14.74 17.94 15.43
McDonald’s Corp.
Starbucks Corp.

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2024 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 3,655,546,000 ÷ 1,355,337,000 = 2.70

3 Closing price as at the filing date of Chipotle Mexican Grill Inc. Quarterly or Annual Report.

4 Q4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 57.51 ÷ 2.70 = 21.32

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Chipotle Mexican Grill Inc. P/BV ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.