Chipotle Mexican Grill (CMG)
Consumer Discretionary · $42.4B market cap · SEC CIK 0001058090
fundamentals score out of 100
Next reports on Oct 27, 2026, after the close, with analysts expecting $0.29 in earnings per share.
The case for CMG
- Earns 53% back on shareholder equity.
- Holds more cash ($351M) than long-term debt ($0).
- Has compounded revenue at 14.8% a year over five years.
- Carries essentially no debt.
The case against
- Priced at 29.9× earnings while earnings per share are shrinking (-4.2%).
- Current liabilities exceed current assets (ratio 0.72).
- Value is weak (31/100): 29.9× earnings, 3.4× sales, 3.4% free-cash yield.
- The price trend is weak (37/100): -15.7% over a year, +2.0% over three months, 31% of the way up its 52-week range.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 31 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 54 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 67 |
| Momentumhow the price has behaved lately | 37 |
| Stabilityhow violently it moves, what it owes and what it pays you | 82 |
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
Key numbers
| Price / earnings | 29.9× |
|---|---|
| Price / book | 19.83× |
| Price / sales | 3.4× |
| Revenue growth (YoY) | +7.3% |
| EPS growth (YoY) | -4.2% |
| Gross margin | 29% |
| Operating margin | 15% |
| Net margin | 11% |
| Return on equity | 53% |
| Debt / equity | 0.00× |
| Current ratio | 0.72 |
| Dividend yield | none |
| Beta | 0.99 |
| 52-week range | $28.04 – $42.82 |
| Position in that range | 31% of the way up |
| 3-month return | +2.0% |
| 1-year return | -15.7% |
Five years of financials, as filed
Pulled from Chipotle Mexican Grill's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $11.9B | $11.3B | $9.9B | $8.6B | $7.5B |
| Operating income | $1.9B | $1.9B | $1.6B | $1.2B | $805M |
| Net income | $1.5B | $1.5B | $1.2B | $899M | $653M |
| Operating cash flow | $2.1B | $2.1B | $1.8B | $1.3B | $1.3B |
| Capital expenditure | $666M | $594M | $561M | $479M | $442M |
| Total assets | $9.0B | $9.2B | $8.0B | $6.9B | $6.7B |
| Total liabilities | $6.2B | $5.5B | $5.0B | $4.6B | $4.4B |
| Shareholder equity | $2.8B | $3.7B | $3.1B | $2.4B | $2.3B |
| Cash | $351M | $749M | $561M | $384M | $815M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 |
| Free cash flow | $1.4B | $1.5B | $1.2B | $844M | $840M |
| Operating margin | 16.2% | 16.9% | 15.8% | 13.4% | 10.7% |
| Net margin | 12.9% | 13.6% | 12.4% | 10.4% | 8.7% |
| Diluted shares | 1.3B | 1.4B | 1.4B | 1.4B | 28.5M |
What Chipotle Mexican Grill says it does
Chipotle Mexican Grill, Inc., a Delaware corporation, together with its subsidiaries ("Chipotle," "we," "us," or "our") owns and operates Chipotle Mexican Grill restaurants, which feature a relevant menu of burritos, burrito bowls (a burrito without the tortilla), quesadillas, tacos, and salads. We strive to cultivate a better world by serving responsibly sourced, classically cooked, real food with wholesome ingredients and without artificial colors, flavors or preservatives. We are passionate about providing a great guest experience and making our food more accessible to everyone while continuing to be a brand with a demonstrated purpose. Our first Chipotle restaurant opened in Denver, Colorado in 1993. Over 30 years later, our devotion to seeking out high-quality ingredients, raised with respect for animals, farmers, and the environment, remains at the core of our commitment to Food with Integrity. As of December 31, 2025, we owned…
Risk factors CMG lists in its 10-K
- Risks Related to our Brand Reputation and Restaurant Operations
- Food safety and food-borne illness concerns may have an adverse effect on our business by negatively impacting our brand, decreasing sales and increasing costs
- Failure to maintain the value and reputation of the Chipotle brand could negatively impact our financial results
- The restaurant industry is highly competitive. If we are not able to compete successfully, our business, financial condition and results of operations would be adversely affected
- Our use of third-party delivery services may not be profitable and substandard service may negatively impact our reputation
- If we are not able to hire, train and retain qualified restaurant employees and/or appropriately plan our workforce, our growth plan and profitability could be adversely affected
- If we fail to comply with applicable employment and labor laws and regulations, it could have a material, adverse impact on our business
- Increases in the cost of labor, including mandated minimum wage increases and increases in the cost of health benefits, could adversely impact our business and profitability
- Risks Related to Cybersecurity, Data Privacy and IT Systems
- We are heavily dependent on information technology systems and failures or interruptions in our IT systems could harm our ability to effectively operate our business and/or result in the loss of guests or employees
- If we fail to fully comply with privacy and data protection laws and regulations, we could incur significant civil and criminal penalties and liabilities, suffer reputational damage, and adverse publicity
- Increases in the costs of ingredients, restaurant equipment and other materials could adversely affect our financial results
- Shortages or interruptions in the supply of ingredients could adversely affect our operating results
- If our supply chain capacity does not expand to support our new restaurant growth, our long-term growth goals could be impaired or delayed