Chipotle Mexican Grill, Inc. (CMG) Financial Ratios
22 years of historical data (2004–2025) · Consumer Cyclical · Restaurants
EV/EBITDA
↓
21.94
↓-38% vs avg
5yr avg: 35.58
30Y Low9.8·High79.3
P/FCF
↓
29.43
↓-40% vs avg
5yr avg: 49.31
30Y Low19.7·High135.6
P/B Ratio
↓
15.51
↓-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 28.7x earnings, 44% 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 19.6x, the stock trades at a premium of 46%. On a free-cash-flow basis, the stock trades at 29.4x P/FCF, 40% 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 | $42.6B | $49.7B | $83.0B | $63.4B | $38.9B | $49.9B | $39.4B | $23.7B | $12.1B | $8.3B | $11.2B |
| Enterprise Value | $52.1B | $59.2B | $86.8B | $66.9B | $42.3B | $52.6B | $41.9B | $26.1B | $11.8B | $8.1B | $11.2B |
| P/E Ratio → | 28.69 | 32.46 | 54.32 | 51.39 | 43.36 | 76.02 | 110.92 | 66.96 | 66.46 | 48.17 | 490.26 |
| P/S Ratio | 3.57 | 4.17 | 7.34 | 6.42 | 4.51 | 6.61 | 6.58 | 4.24 | 2.48 | 1.84 | 2.88 |
| P/B Ratio | 15.51 | 17.55 | 22.71 | 20.70 | 16.44 | 21.70 | 19.50 | 14.07 | 8.38 | 6.05 | 8.01 |
| P/FCF | 29.43 | 34.32 | 54.92 | 51.83 | 46.13 | 59.37 | 135.63 | 61.08 | 36.15 | 32.97 | 124.32 |
| P/OCF | 20.15 | 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 21.9x EBITDA, 38% below its 5-year average of 35.6x. The Consumer Cyclical sector median is 11.4x, placing the stock at a 93% 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 | 21.94 | 24.92 | 38.55 | 35.62 | 29.22 | 49.60 | 79.34 | 39.67 | 25.70 | 18.59 | 61.63 |
| EV / EBIT | 25.88 | 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 2.9%. 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 5.6%. ROIC of 15.3% represents solid returns on invested capital versus a sector median of 5.8%.
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 (6% below the sector average of 4.4x). 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 | $43B | 28.7 | 21.9 | 29.4 | 25.4% | 16.9% | 47.4% | 15.3% | 4.1 |
 SFM | $7B | 14.7 | 9.1 | 15.7 | 37.1% | 7.8% | 38.4% | 17.8% | 2.0 |
 SHAK | $4B | 88.6 | 23.0 | 68.8 | 18.0% | 5.9% | 8.7% | 6.0% | 4.7 |
 TXRH | $11B | 24.7 | 16.1 | 26.5 | 17.6% | 9.6% | 34.3% | 20.4% | 1.2 |
 CAVA | $10B | 165.7 | 82.0 | 397.5 | 67.4% | 6.5% | 8.6% | 5.0% | 3.6 |
 WING | $4B | 23.4 | 23.2 | 37.5 | 82.6% | 27.6% | — | 46.0% | 6.1 |
 BROS | $8B | 93.7 | 30.1 | 137.9 | 25.9% | 9.8% | 9.6% | 7.7% | 3.9 |
 MCD | $202B | 24.9 | 18.3 | 30.3 | 56.8% | 45.2% | — | 19.3% | 3.8 |
 YUM | $43B | 28.1 | 19.9 | 26.3 | 46.2% | 30.8% | — | 48.1% | 4.4 |
 QSR | $27B | 32.8 | 17.5 | 18.5 | 41.1% | 23.7% | 15.5% | 8.2% | 7.1 |
 WEN | $1B | 7.0 | 9.3 | 4.9 | 35.2% | 16.5% | 68.3% | 7.1% | 7.7 |
| Consumer Cyclical Median | — | 19.6 | 11.4 | 15.0 | 36.9% | 2.9% | 5.6% | 5.8% | 4.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 22 years · Updated daily
Full CMG Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See CMG's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs CMG Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare CMG vs SFM
Side-by-side business, growth, and profitability comparison vs Sprouts Farmers Market, Inc..
Start ComparisonCMG — 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 28.7x. 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 21.9x. 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 28.7x. 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.