Chipotle Mexican Grill, Inc. (CMG) Financial Ratios
22 years of historical data (2004–2025) · Consumer Cyclical · Restaurants
EV/EBITDA
↓
21.82
↓-39% vs avg
5yr avg: 35.58
30Y Low9.8·High79.3
P/FCF
↓
29.23
↓-41% vs avg
5yr avg: 49.31
30Y Low19.7·High135.6
P/B Ratio
↓
15.41
↓-22% vs avg
5yr avg: 19.82
30Y Low3.3·High22.7
ROE
↑
47.4%
↓+14% vs avg
5yr avg: 41.4%
30Y Low1%·High47%
Debt/EBITDA
↑
4.15
↑+46% vs avg
5yr avg: 2.84
30Y Low0.0·High6.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CMG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Chipotle Mexican Grill, Inc. trades at 28.5x earnings, 45% below its 5-year average of 51.5x, sitting at the 11th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 21.2x, the stock trades at a premium of 35%. On a free-cash-flow basis, the stock trades at 29.2x P/FCF, 41% below the 5-year average of 49.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $42.3B | $49.7B | $83.0B | $63.4B | $38.9B | $49.9B | $39.4B | $23.7B | $12.1B | $8.3B | $11.2B |
| Enterprise Value | $51.8B | $59.2B | $86.8B | $66.9B | $42.3B | $52.6B | $41.9B | $26.1B | $11.8B | $8.1B | $11.2B |
| P/E Ratio → | 28.50 | 32.46 | 54.32 | 51.39 | 43.36 | 76.02 | 110.92 | 66.96 | 66.46 | 48.17 | 490.26 |
| P/S Ratio | 3.55 | 4.17 | 7.34 | 6.42 | 4.51 | 6.61 | 6.58 | 4.24 | 2.48 | 1.84 | 2.88 |
| P/B Ratio | 15.41 | 17.55 | 22.71 | 20.70 | 16.44 | 21.70 | 19.50 | 14.07 | 8.38 | 6.05 | 8.01 |
| P/FCF | 29.23 | 34.32 | 54.92 | 51.83 | 46.13 | 59.37 | 135.63 | 61.08 | 36.15 | 32.97 | 124.32 |
| P/OCF | 20.01 | 23.50 | 39.43 | 35.53 | 29.43 | 38.88 | 59.35 | 32.82 | 19.43 | 17.67 | 32.18 |
P/E links to full P/E history page with 30-year chart
CMG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Chipotle Mexican Grill, Inc.'s enterprise value stands at 21.8x EBITDA, 39% below its 5-year average of 35.6x. The Consumer Cyclical sector median is 12.2x, placing the stock at a 79% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.96 | 7.67 | 6.77 | 4.90 | 6.96 | 7.01 | 4.66 | 2.43 | 1.80 | 2.86 |
| EV / EBITDA | 21.82 | 24.92 | 38.55 | 35.62 | 29.22 | 49.60 | 79.34 | 39.67 | 25.70 | 18.59 | 61.63 |
| EV / EBIT | 25.74 | 29.40 | 43.72 | 40.94 | 34.91 | 62.16 | 124.75 | 54.49 | 35.47 | 27.22 | 147.48 |
| EV / FCF | — | 40.88 | 57.43 | 54.68 | 50.10 | 62.60 | 144.40 | 67.20 | 35.40 | 32.24 | 123.34 |
CMG Profitability
Margins and return-on-capital ratios measuring operating efficiency
Chipotle Mexican Grill, Inc. earns an operating margin of 16.9%, above the Consumer Cyclical sector average of 2.0%. Operating margins have expanded from 15.8% to 16.9% over the past 3 years, signaling improving operational efficiency. Return on equity of 47.4% is exceptionally high — well above the sector median of 5.3%. ROIC of 15.3% represents solid returns on invested capital versus a sector median of 5.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.4% | 25.4% | 26.7% | 26.2% | 23.9% | 22.6% | 17.4% | 20.5% | 18.7% | 16.9% | 12.8% |
| Operating Margin | 16.9% | 16.9% | 16.9% | 15.8% | 13.4% | 10.7% | 4.8% | 7.9% | 5.3% | 6.0% | 0.9% |
| Net Profit Margin | 12.9% | 12.9% | 13.6% | 12.4% | 10.4% | 8.7% | 5.9% | 6.3% | 3.6% | 3.9% | 0.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 47.4% | 47.4% | 45.7% | 45.3% | 38.5% | 30.2% | 19.2% | 22.4% | 12.6% | 12.7% | 1.3% |
| ROA | 16.9% | 16.9% | 17.8% | 16.4% | 13.2% | 10.3% | 6.4% | 9.5% | 8.2% | 8.7% | 1.0% |
| ROIC | 15.3% | 15.3% | 20.5% | 19.0% | 16.2% | 12.6% | 5.0% | 12.7% | 16.3% | 16.3% | 1.6% |
| ROCE | 25.4% | 25.4% | 25.5% | 23.9% | 19.7% | 14.7% | 6.0% | 14.2% | 14.6% | 15.6% | 1.7% |
CMG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Chipotle Mexican Grill, Inc. carries a Debt/EBITDA ratio of 4.1x, which is highly leveraged (13% below the sector average of 4.8x). Net debt stands at $9.5B ($9.8B total debt minus $351M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.48 | 3.48 | 1.24 | 1.32 | 1.58 | 1.53 | 1.56 | 1.69 | — | — | — |
| Debt / EBITDA | 4.15 | 4.15 | 2.02 | 2.16 | 2.58 | 3.32 | 5.97 | 4.34 | — | — | — |
| Net Debt / Equity | — | 3.36 | 1.04 | 1.14 | 1.41 | 1.18 | 1.26 | 1.41 | -0.17 | -0.14 | -0.06 |
| Net Debt / EBITDA | 4.00 | 4.00 | 1.68 | 1.86 | 2.31 | 2.55 | 4.82 | 3.61 | -0.54 | -0.43 | -0.49 |
| Debt / FCF | — | 6.56 | 2.51 | 2.86 | 3.97 | 3.22 | 8.77 | 6.11 | -0.75 | -0.74 | -0.97 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
CMG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.23x means Chipotle Mexican Grill, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.57x to 1.23x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.23 | 1.23 | 1.52 | 1.57 | 1.28 | 1.58 | 1.73 | 1.61 | 1.81 | 1.94 | 1.85 |
| Quick Ratio | 1.19 | 1.19 | 1.48 | 1.53 | 1.24 | 1.54 | 1.70 | 1.57 | 1.76 | 1.88 | 1.80 |
| Cash Ratio | 0.88 | 0.88 | 1.22 | 1.26 | 0.98 | 1.23 | 1.16 | 1.32 | 1.50 | 1.57 | 1.48 |
| Asset Turnover | — | 1.33 | 1.23 | 1.23 | 1.25 | 1.13 | 1.00 | 1.09 | 2.15 | 2.19 | 1.93 |
| Inventory Turnover | 179.76 | 179.76 | 169.51 | 185.34 | 184.27 | 177.91 | 186.94 | 170.29 | 183.44 | 187.32 | 226.79 |
| Days Sales Outstanding | — | 7.59 | 6.81 | 6.23 | 6.54 | 9.37 | 23.62 | 7.07 | 4.67 | 4.06 | 4.26 |
CMG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Chipotle Mexican Grill, Inc. returns 5.7% to shareholders annually primarily through share buybacks. The earnings yield of 3.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 3.1% | 1.8% | 1.9% | 2.3% | 1.3% | 0.9% | 1.5% | 1.5% | 2.1% | 0.2% |
| FCF Yield | 3.4% | 2.9% | 1.8% | 1.9% | 2.2% | 1.7% | 0.7% | 1.6% | 2.8% | 3.0% | 0.8% |
| Buyback Yield | 5.7% | 4.9% | 1.2% | 0.9% | 2.1% | 0.9% | 0.1% | 0.8% | 1.3% | 3.5% | 7.5% |
| Total Shareholder Yield | 5.7% | 4.9% | 1.2% | 0.9% | 2.1% | 0.9% | 0.1% | 0.8% | 1.3% | 3.5% | 7.5% |
| Shares Outstanding | — | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.5B |
Peer Comparison
Compare CMG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CMGYou | $42B | 28.5 | 21.8 | 29.2 | 25.4% | 16.9% | 47.4% | 15.3% | 4.1 |
 SFM | $8B | 15.2 | 9.3 | 16.2 | 37.1% | 7.8% | 38.4% | 17.8% | 2.0 |
 SHAK | $2B | 54.2 | 15.2 | 42.1 | 18.0% | 5.9% | 8.7% | 6.0% | 4.7 |
 TXRH | $12B | 29.1 | 18.9 | 34.2 | 12.4% | 8.6% | 28.4% | 14.5% | 2.7 |
 CAVA | $10B | 165.1 | 69.1 | 397.4 | 18.4% | 6.7% | 8.6% | 7.1% | 3.0 |
 WING | $4B | 26.1 | 25.3 | 41.7 | 82.6% | 27.6% | — | 46.0% | 6.1 |
 BROS | $9B | 112.3 | 35.4 | 164.9 | 25.9% | 9.8% | 9.6% | 7.7% | 3.9 |
 MCD | $198B | 23.3 | 17.3 | 27.5 | 57.4% | 46.1% | — | 18.7% | 3.8 |
 YUM | $42B | 27.3 | 19.5 | 25.6 | 46.2% | 30.8% | — | 48.1% | 4.4 |
 QSR | $25B | 31.3 | 17.0 | 17.6 | 41.1% | 23.7% | 15.5% | 8.2% | 7.1 |
 WEN | $1B | 8.0 | 10.2 | 5.3 | 26.9% | 15.3% | 87.6% | 6.3% | 8.2 |
| Consumer Cyclical Median | — | 21.2 | 12.2 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 22 years · Updated daily
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CMG — Frequently Asked Questions
Quick answers to the most common questions about buying CMG stock.
What is Chipotle Mexican Grill, Inc.'s P/E ratio?
Chipotle Mexican Grill, Inc.'s current P/E ratio is 28.5x. The historical average is 50.7x. This places it at the 11th percentile of its historical range.
What is Chipotle Mexican Grill, Inc.'s EV/EBITDA?
Chipotle Mexican Grill, Inc.'s current EV/EBITDA is 21.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 30.0x.
What is Chipotle Mexican Grill, Inc.'s ROE?
Chipotle Mexican Grill, Inc.'s return on equity (ROE) is 47.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 22.3%.
Is CMG stock overvalued?
Based on historical data, Chipotle Mexican Grill, Inc. is trading at a P/E of 28.5x. This is at the 11th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Chipotle Mexican Grill, Inc.'s profit margins?
Chipotle Mexican Grill, Inc. has 25.4% gross margin and 16.9% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Chipotle Mexican Grill, Inc. have?
Chipotle Mexican Grill, Inc.'s Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.