Chipotle Mexican Grill, Inc. (CMG) 10-Year Financial Performance & Capital Metrics

CMG • • Industrial / General

Consumer CyclicalRestaurantsFast CasualMediterranean & Mexican

AboutChipotle Mexican Grill, Inc., together with its subsidiaries, owns and operates Chipotle Mexican Grill restaurants. As of February 15, 2022, it owned and operated approximately 3,000 restaurants in the United States, Canada, the United Kingdom, France, Germany, and rest of Europe. The company was founded in 1993 and is headquartered in Newport Beach, California.Show more

Revenue $11.31B +14.6%
EBITDA $2.25B +19.9%
Net Income $1.53B +24.9%
EPS (Diluted) 1.11 +24.7%
Gross Margin 26.67% +1.8%
EBITDA Margin 19.9% +4.6%
Operating Margin 16.94% +7.3%
Net Margin 13.56% +8.9%
ROE 45.67% +0.9%
ROIC 20.53% +7.8%
Debt/Equity 1.24 -6.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 43.2%
✓Strong 5Y profit CAGR of 34.4%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.2%
✓Healthy 5Y average net margin of 10.2%

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Expensive at 15.2x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.66%

5Y15.16%

3Y14.45%

TTM7.31%

Profit (Net Income) CAGR

10Y13.17%

5Y34.38%

3Y32.94%

TTM3.51%

EPS CAGR

10Y14.77%

5Y34.73%

3Y34.13%

TTM5.61%

ROCE

10Y Avg16.82%

5Y Avg17.97%

3Y Avg23.03%

Latest25.47%

Peer Comparison

Mediterranean & Mexican

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CAVACAVA Group, Inc.	8.35B	72.00	65.45	32.25%	12.98%	18.74%	0.63%	0.54
CMGChipotle Mexican Grill, Inc.	53.37B	40.36	36.36	14.61%	13.04%	47.69%	2.83%	1.24

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	4.5B	3.9B	4.48B	4.86B	5.59B	5.98B	7.55B	8.63B	9.87B	11.31B
Revenue Growth %	0.1%	-0.13%	0.15%	0.09%	0.15%	0.07%	0.26%	0.14%	0.14%	0.15%
Cost of Goods Sold+	3.33B	3.41B	3.72B	3.95B	4.44B	4.94B	5.84B	6.57B	7.29B	8.3B
COGS % of Revenue	0.74%	0.87%	0.83%	0.81%	0.8%	0.83%	0.77%	0.76%	0.74%	0.73%
Gross Profit+	1.17B	498.21M	756.22M	910.99M	1.14B	1.04B	1.71B	2.06B	2.59B	3.02B
Gross Margin %	0.26%	0.13%	0.17%	0.19%	0.2%	0.17%	0.23%	0.24%	0.26%	0.27%
Gross Profit Growth %	0.05%	-0.58%	0.52%	0.2%	0.25%	-0.09%	0.64%	0.21%	0.25%	0.17%
Operating Expenses+	410.7M	463.65M	485.42M	652.62M	698.53M	750.92M	902.07M	901.72M	1.03B	1.1B
OpEx % of Revenue	0.09%	0.12%	0.11%	0.13%	0.13%	0.13%	0.12%	0.1%	0.1%	0.1%
Selling, General & Admin	250.21M	276.24M	296.39M	375.46M	451.55M	466.29M	606.85M	564.19M	633.58M	697.48M
SG&A % of Revenue	0.06%	0.07%	0.07%	0.08%	0.08%	0.08%	0.08%	0.07%	0.06%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	160.48M	187.41M	189.03M	277.16M	246.98M	284.63M	295.21M	337.52M	394.69M	403.88M
Operating Income+	763.59M	34.57M	270.79M	258.37M	443.96M	290.16M	804.94M	1.16B	1.56B	1.92B
Operating Margin %	0.17%	0.01%	0.06%	0.05%	0.08%	0.05%	0.11%	0.13%	0.16%	0.17%
Operating Income Growth %	0.07%	-0.95%	6.83%	-0.05%	0.72%	-0.35%	1.77%	0.44%	0.34%	0.23%
EBITDA+	893.96M	180.94M	434.14M	460.35M	656.74M	528.7M	1.06B	1.45B	1.88B	2.25B
EBITDA Margin %	0.2%	0.05%	0.1%	0.09%	0.12%	0.09%	0.14%	0.17%	0.19%	0.2%
EBITDA Growth %	0.09%	-0.8%	1.4%	0.06%	0.43%	-0.19%	1%	0.37%	0.3%	0.2%
D&A (Non-Cash Add-back)	130.37M	146.37M	163.35M	201.98M	212.78M	238.53M	254.66M	286.83M	319.39M	335.03M
EBIT	793.71M	75.61M	296.48M	333.55M	478.16M	336.26M	845.5M	1.21B	1.63B	1.99B
Net Interest Income+	6.28M	3.63M	4.95M	10.07M	14.33M	3.62M	7.82M	21.13M	62.69M	93.9M
Interest Income	6.28M	3.63M	4.95M	10.07M	14.33M	3.62M	7.82M	21.13M	62.69M	93.9M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	6.28M	4.17M	4.95M	10.07M	14.33M	3.62M	7.82M	21.13M	62.69M	93.9M
Pretax Income+	769.87M	38.74M	275.74M	268.44M	458.29M	293.78M	812.76M	1.18B	1.62B	2.01B
Pretax Margin %	0.17%	0.01%	0.06%	0.06%	0.08%	0.05%	0.11%	0.14%	0.16%	0.18%
Income Tax+	294.26M	15.8M	99.49M	91.88M	108.13M	-61.98M	159.78M	282.43M	391.77M	476.12M
Effective Tax Rate %	0.62%	0.59%	0.64%	0.66%	0.76%	1.21%	0.8%	0.76%	0.76%	0.76%
Net Income+	475.6M	22.94M	176.25M	176.55M	350.16M	355.77M	652.98M	899.1M	1.23B	1.53B
Net Margin %	0.11%	0.01%	0.04%	0.04%	0.06%	0.06%	0.09%	0.1%	0.12%	0.14%
Net Income Growth %	0.07%	-0.95%	6.68%	0%	0.98%	0.02%	0.84%	0.38%	0.37%	0.25%
Net Income (Continuing)	475.6M	22.94M	176.25M	176.55M	350.16M	355.77M	652.98M	899.1M	1.23B	1.53B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.30	0.02	0.12	0.13	0.25	0.25	0.46	0.64	0.89	1.11
EPS Growth %	0.07%	-0.95%	6.79%	0.08%	0.92%	0%	0.84%	0.39%	0.39%	0.25%
EPS (Basic)	0.31	0.02	0.12	0.13	0.25	0.25	0.46	0.65	0.89	1.12
Diluted Shares Outstanding	1.57B	1.49B	1.43B	1.4B	1.41B	1.42B	1.43B	1.4B	1.39B	1.38B
Basic Shares Outstanding	1.55B	1.46B	1.42B	1.39B	1.39B	1.4B	1.41B	1.39B	1.38B	1.37B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	814.65M	522.37M	629.53M	814.79M	1.07B	1.42B	1.38B	1.18B	1.62B	1.78B
Cash & Short-Term Investments	663.2M	417.72M	508.95M	676.8M	880.78M	951.6M	1.08B	899.14M	1.3B	1.42B
Cash Only	248M	87.88M	184.57M	249.95M	480.63M	607.99M	815.37M	384M	560.61M	748.54M
Short-Term Investments	415.2M	329.84M	324.38M	426.85M	400.16M	343.62M	260.94M	515.14M	734.84M	674.38M
Accounts Receivable	38.28M	45.56M	49.81M	62.31M	108.25M	387.28M	193.66M	154.62M	168.5M	211.19M
Days Sales Outstanding	3.1	4.26	4.06	4.67	7.07	23.62	9.37	6.54	6.23	6.81
Inventory	15.04M	15.02M	19.86M	21.55M	26.1M	26.45M	32.83M	35.67M	39.31M	48.94M
Days Inventory Outstanding	1.65	1.61	1.95	1.99	2.14	1.95	2.05	1.98	1.97	2.15
Other Current Assets	58.15M	0	0	0	0	0	0	0	19.79M	17.29M
Total Non-Current Assets+	1.91B	1.5B	1.42B	1.45B	4.03B	4.56B	5.27B	5.75B	6.42B	7.42B
Property, Plant & Equipment	1.22B	1.3B	1.34B	1.38B	3.96B	4.35B	4.89B	5.25B	5.75B	6.39B
Fixed Asset Turnover	3.70x	3.00x	3.34x	3.53x	1.41x	1.38x	1.54x	1.64x	1.72x	1.77x
Goodwill	21.94M	21.94M	21.94M	21.94M	21.94M	21.94M	21.94M	21.94M	21.94M	21.94M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	622.94M	125.06M	0	0	0	102.33M	274.31M	388.06M	564.49M	868.02M
Other Non-Current Assets	48.32M	53.18M	55.85M	49.53M	46.3M	86.9M	87.57M	88.12M	88.64M	143.57M
Total Assets+	2.73B	2.03B	2.05B	2.27B	5.1B	5.98B	6.65B	6.93B	8.04B	9.2B
Asset Turnover	1.65x	1.93x	2.19x	2.15x	1.09x	1.00x	1.13x	1.25x	1.23x	1.23x
Asset Growth %	0.08%	-0.26%	0.01%	0.11%	1.25%	0.17%	0.11%	0.04%	0.16%	0.14%
Total Current Liabilities+	279.94M	281.79M	323.89M	449.99M	666.59M	822.2M	873.68M	921.88M	1.03B	1.17B
Accounts Payable	85.71M	78.36M	82.03M	113.07M	115.82M	121.99M	163.16M	184.57M	197.65M	210.69M
Days Payables Outstanding	9.4	8.4	8.05	10.44	9.51	9.01	10.2	10.25	9.9	9.27
Short-Term Debt	0	0	0	0	0	0	0	0	0	277.84M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	76.23M	0	0	4.66M	45.72M	51.21M	48.1M	0	30.17M	132.54M
Current Ratio	2.91x	1.85x	1.94x	1.81x	1.61x	1.73x	1.58x	1.28x	1.57x	1.52x
Quick Ratio	2.86x	1.80x	1.88x	1.76x	1.57x	1.70x	1.54x	1.24x	1.53x	1.48x
Cash Conversion Cycle	-4.65	-2.53	-2.04	-3.77	-0.3	16.57	1.22	-1.73	-1.7	-0.3
Total Non-Current Liabilities+	317.15M	341.82M	357.35M	374.19M	2.75B	3.14B	3.48B	3.64B	3.95B	4.38B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	3.06M	0	0	0	2.68B	2.95B	3.3B	3.5B	3.8B	4.26B
Deferred Tax Liabilities	0	18.94M	814K	11.57M	37.81M	149.42M	141.76M	98.62M	89.11M	46.21M
Other Non-Current Liabilities	314.09M	322.87M	356.54M	362.62M	38.8M	38.84M	38.54M	43.82M	58.87M	71.07M
Total Liabilities	597.09M	623.61M	681.25M	824.18M	3.42B	3.96B	4.36B	4.56B	4.98B	5.55B
Total Debt+	3.06M	0	0	0	2.85B	3.16B	3.52B	3.73B	4.05B	4.54B
Net Debt	-244.94M	-87.88M	-184.57M	-249.95M	2.37B	2.55B	2.7B	3.35B	3.49B	3.79B
Debt / Equity	0.00x	-	-	-	1.69x	1.56x	1.53x	1.58x	1.32x	1.24x
Debt / EBITDA	0.00x	-	-	-	4.34x	5.97x	3.32x	2.58x	2.16x	2.02x
Net Debt / EBITDA	-0.27x	-0.49x	-0.43x	-0.54x	3.61x	4.82x	2.55x	2.31x	1.86x	1.68x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	2.13B	1.4B	1.36B	1.44B	1.68B	2.02B	2.3B	2.37B	3.06B	3.66B
Equity Growth %	0.06%	-0.34%	-0.03%	0.06%	0.17%	0.2%	0.14%	0.03%	0.29%	0.19%
Book Value per Share	1.35	0.94	0.96	1.03	1.19	1.42	1.61	1.69	2.21	2.66
Total Shareholders' Equity	2.13B	1.4B	1.36B	1.44B	1.68B	2.02B	2.3B	2.37B	3.06B	3.66B
Common Stock	358K	358K	359K	360K	363K	367K	371K	373K	18.74M	13.59M
Retained Earnings	2.2B	2.22B	2.4B	2.57B	2.92B	3.28B	3.93B	4.83B	6.06B	1.57B
Treasury Stock	-1.23B	-2.05B	-2.33B	-2.5B	-2.7B	-2.8B	-3.36B	-4.28B	-4.94B	0
Accumulated OCI	-8.27M	-8.16M	-3.66M	-6.24M	-5.36M	-4.23M	-5.35M	-7.89M	-6.66M	-10.28M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	683.32M	349.24M	467.11M	621.55M	721.63M	663.85M	1.28B	1.32B	1.78B	2.11B
Operating CF Margin %	0.15%	0.09%	0.1%	0.13%	0.13%	0.11%	0.17%	0.15%	0.18%	0.19%
Operating CF Growth %	0%	-0.49%	0.34%	0.33%	0.16%	-0.08%	0.93%	0.03%	0.35%	0.18%
Net Income	475.6M	22.94M	176.25M	176.55M	350.16M	355.77M	652.98M	899.1M	1.23B	1.53B
Depreciation & Amortization	130.37M	146.37M	163.35M	201.98M	376.73M	423.07M	254.66M	286.83M	319.39M	335.03M
Stock-Based Compensation	57.91M	64.17M	65.25M	69.16M	91.4M	82.63M	176.39M	98.03M	124.02M	131.73M
Deferred Taxes	11.67M	-14.21M	-18.03M	10.59M	29.96M	108.35M	-12.36M	-43.2M	-9.51M	-42.94M
Other Non-Cash Items	-60.69M	21.69M	13.34M	59.19M	4.84M	32.68M	12.98M	3.78M	25.52M	21.32M
Working Capital Changes	68.46M	108.29M	66.93M	104.08M	-131.46M	-338.65M	197.43M	78.64M	95.32M	125.82M
Change in Receivables	-3.5M	-1.92M	-140K	-8.3M	-2.63M	3.01M	-1.69M	-14.03M	-11.22M	-29.27M
Change in Inventory	262K	-91K	-5.25M	-1.72M	-4.53M	-394K	-6.39M	-3.01M	-3.65M	-9.8M
Change in Payables	19.52M	-6.73M	10.91M	32.08M	-973K	-3.86M	21.44M	18.21M	5.31M	8.47M
Cash from Investing+	-464.14M	326.81M	-86.58M	-387.58M	-291.97M	-432.72M	-522.04M	-830.03M	-946.01M	-837.53M
Capital Expenditures	-257.42M	-258.84M	-216.78M	-287.39M	-333.91M	-373.35M	-442.48M	-479.16M	-560.73M	-593.6M
CapEx % of Revenue	0.06%	0.07%	0.05%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	13.97M	0	0	-350.87M	0	0
Cash from Financing+	-386.44M	-836.28M	-285.89M	-166.53M	-201.74M	-104.85M	-548.61M	-929.4M	-660.65M	-1.07B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	74.23M	1.37M	-676K	-5.6M	-698K	-50.45M	-82.14M	-99.26M	-68.3M	-72.14M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	425.9M	90.4M	250.33M	334.16M	387.72M	290.5M	839.61M	844.01M	1.22B	1.51B
FCF Margin %	0.09%	0.02%	0.06%	0.07%	0.07%	0.05%	0.11%	0.1%	0.12%	0.13%
FCF Growth %	-0.01%	-0.79%	1.77%	0.33%	0.16%	-0.25%	1.89%	0.01%	0.45%	0.24%
FCF per Share	0.27	0.06	0.18	0.24	0.27	0.20	0.59	0.60	0.88	1.10
FCF Conversion (FCF/Net Income)	1.44x	15.23x	2.65x	3.52x	2.06x	1.87x	1.96x	1.47x	1.45x	1.37x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	248.55M	23.86M	119.79M	-67.05M	109.57M	85.01M	0	275.8M	400.23M	532.86M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	22.97%	1.3%	12.74%	12.58%	22.41%	19.21%	30.25%	38.54%	45.26%	45.67%
Return on Invested Capital (ROIC)	32.95%	1.62%	16.28%	16.34%	12.7%	5.05%	12.61%	16.24%	19.05%	20.53%
Gross Margin	26.09%	12.76%	16.89%	18.73%	20.45%	17.4%	22.62%	23.88%	26.2%	26.67%
Net Margin	10.57%	0.59%	3.94%	3.63%	6.27%	5.94%	8.65%	10.41%	12.45%	13.56%
Debt / Equity	0.00x	-	-	-	1.69x	1.56x	1.53x	1.58x	1.32x	1.24x
FCF Conversion	1.44x	15.23x	2.65x	3.52x	2.06x	1.87x	1.96x	1.47x	1.45x	1.37x
Revenue Growth	9.56%	-13.26%	14.65%	8.68%	14.83%	7.13%	26.11%	14.41%	14.33%	14.61%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Food and Beverage	-	-	5.92B	7.46B	8.56B	9.8B	11.25B
Food and Beverage Growth	-	-	-	25.95%	14.76%	14.56%	14.72%
Delivery Service	-	-	64.09M	89.89M	76.65M	67.53M	66.47M
Delivery Service Growth	-	-	-	40.26%	-14.73%	-11.91%	-1.56%
Chipotle Rewards	-	44.67M	-	-	-	-	-
Chipotle Rewards Growth	-	-	-	-	-	-	-
Gift Card	36.09M	-	-	-	-	-	-
Gift Card Growth	-	-	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
U. S.	-	-	-	-	-	-	11.11B
U. S. Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Chipotle Mexican Grill, Inc. (CMG) has a price-to-earnings (P/E) ratio of 36.4x. This suggests investors expect higher future growth.

Growth & Financials

Chipotle Mexican Grill, Inc. (CMG) reported $11.79B in revenue for fiscal year 2024. This represents a 419% increase from $2.27B in 2011.

Chipotle Mexican Grill, Inc. (CMG) grew revenue by 14.6% over the past year. This is steady growth.

Yes, Chipotle Mexican Grill, Inc. (CMG) is profitable, generating $1.54B in net income for fiscal year 2024 (13.6% net margin).

Dividend & Returns

Chipotle Mexican Grill, Inc. (CMG) has a return on equity (ROE) of 45.7%. This is excellent, indicating efficient use of shareholder capital.

Chipotle Mexican Grill, Inc. (CMG) generated $1.57B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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