— Know what they know.
/
Not Investment Advice

CMG

NYSE · USD
Chipotle Mexican Grill, Inc.
Consumer Cyclical · Restaurants
CEO Scott Boatwright Employees 130,301 R&D / revenue 0.0%
Last price
$29.88−2.30%last session
Market cap
$37.8B
P/E (TTM)
27.4x
From 52w high
−30.1%
From 52w low
+6.6%
1-year return
−28.4%
RSI 14 · vs SMA200
34.2 · −13.5%
IS score
55.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CMG   SPY   XLY (sector ETF) · weekly closes
708090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLY 97CMG 72

Score DNA

Each bar is a 0-100 score within the scored universe
62
Profitability
44
Growth
29
Value
70
Momentum
100
Risk (safety)
61
Quality
48
Balance sheet
79
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for CMG (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 5 / 9Altman Z 6.0Beta 0.943 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $95,631
Form 144 notices (12m): 5, $8.2M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−48
123 new holders, 158 closed
1,203 filers hold 89.5% · 387 added, 537 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+122
1,283 funds adding shares
1,161 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
24.7%
20-day avg 36.0%, 50-day avg 43.4%
Latest 11.3 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$11.9B
Revenue growth YoY+5.4%
Gross margin25.4%
Operating income$2.0B
Operating margin16.9%
Net income$1.5B
Net margin12.9%
EPS (diluted)$1.14
Cash flow
Operating cash flow$2.1B
Capital expenditure$666.3M
Free cash flow$1.4B
FCF conversion (FCF / OCF)68.5%
Stock-based compensation$119.5M
FCF less SBC$1.3B
Buybacks$2.4B
Dividends$0
Balance sheet & returns
Cash & short-term investments$1.0B
Total debt$5.1B
Net debt$4.0B
Shareholders' equity$2.8B
Goodwill & intangibles$21.9M
Debt / equity2.46
ROE (TTM)53.3%
ROIC (TTM)18.2%
Operating margin by fiscal year
10.7%FY202113.4%FY202215.8%FY202316.9%FY202416.6%FY2025
Revenue $7.5B (FY2021) to $11.9B (FY2025), a 12.1% CAGR.

Valuation

P/E (TTM)27.4x
EV / EBITDA18.9x
Price / sales3.04x
Price / FCF24.1x
FCF yield4.15%
Buyback yield6.42%
SBC / revenue0.6%
Price / book17.49x
Forward P/E FY202626.0x
Forward P/E FY202721.8x
Forward P/E FY202818.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $41.79 across 12 analysts last quarter is theirs, not ours.

CMG vs industry median

128 companies in Restaurants
Gross margin 24.1% 28.0% Operating margin 15.2% 5.9% Net margin 11.4% 3.1% ROIC 18.2% 7.7%
CMG (TTM)Industry median Asset turnover 1.40 vs industry 1.05 · financial leverage 4.03

Earnings delivery

Next report 2026-10-28 · consensus EPS $0.29
100%
beat rate, 12 of 12 quarters
+4.8%
median EPS surprise
12
longest beat streak
+10+11+15+6+8+4+5+1+2+5+1+4
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CMG Chipotle Mexican Grill, Inc. $37.8B27.4x53.3%11.4%+5.4% −28.4%
YUM Yum! Brands, Inc. $41.1B18.8x-30.0%39.3%+10.3% +5.5%
QSR Restaurant Brands Internatio $26.1B18.2x35.5%20.1%+6.5% +10.9%
DRI Darden Restaurants, Inc. $24.5B21.0x55.1%7.3%+8.1% +15.4%
YUMC Yum China Holdings, Inc. $15.5B16.5x17.5%7.8%+8.8% +4.8%
SBUX Starbucks Corporation $111.2B56.0x-25.8%11.2%+4.5% —
TXRH Texas Roadhouse, Inc. $11.1B26.9x27.5%7.3%+9.9% —
DPZ Domino's Pizza, Inc. $10.2B17.0x-20.2%12.8%+4.5% —
12-month window: SPY +15.9%, sector ETF XLY −3.2%. Past returns describe history only.

Recent 8-K filings

2026-09-14Officer/Director Change; Exhibits
2026-08-05Regulation FD
2026-07-29Earnings Release; Other Events; Exhibits
2026-07-08Other Events
2026-06-17Shareholder Vote
2026-04-29Earnings Release; Exhibits

Context

Shares outstanding1,265,420,000
Free float99.2%
Institutional ownership89.5%
Beta0.94
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$33.97 / $34.58
Large-cap Consumer Cyclical median P/E24.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CMG sits among 32 scored companies in Restaurants (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCMGIndustry medianIndustry percentileSector median
P/E (TTM) 26.6x 25.5x
52nd		 17.7x
PEG (P/E ÷ 3-yr EPS CAGR) 2.41 1.12
76th		 0.96
Price / sales 3.0x 1.7x
77th		 1.0x
Price / book 17.2x 3.0x
96th		 2.4x
Price / tangible book 20.1x 4.5x
89th		 4.2x
Price / free cash flow 24.1x 24.1x
50th		 15.2x
Price / operating cash flow 16.2x 13.6x
69th		 10.2x
Enterprise value $42.6B $3.2B
90th		 $5.6B
EV / sales 3.4x 2.0x
74th		 1.4x
EV / EBITDA 18.8x 15.4x
70th		 11.4x
EV / EBIT 22.6x 23.1x
48th		 16.0x
EV / free cash flow 27.1x 31.4x
31st		 21.0x
Earnings yield 3.8% 3.5%
55th		 4.8%
FCF yield 4.1% 3.6%
58th		 5.9%
Operating cash flow yield 6.2% 7.3%
35th		 9.3%
Graham number (per share) $6.50 $13.49
21st		 $33.39

Profitability (TTM)

MeasureCMGIndustry medianIndustry percentileSector median
Gross margin 24.1% 27.3%
35th		 34.2%
EBITDA margin 18.2% 13.1%
77th		 11.7%
Operating margin 15.2% 9.5%
81st		 8.7%
EBIT margin 15.2% 7.6%
81st		 8.2%
Net margin 11.4% 4.9%
81st		 4.9%
NOPAT margin 11.5% 7.6%
81st		 6.8%
FCF margin 12.6% 5.9%
87th		 6.5%
Operating cash flow margin 18.7% 12.9%
77th		 10.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 5.6% 10.1%
16th		 17.2%
Stock comp / revenue 0.6% 0.6%
42nd		 0.6%
Effective tax rate 24.1% 21.0%
60th		 22.4%

Returns on capital

MeasureCMGIndustry medianIndustry percentileSector median
ROE (on average equity) 49.6% 9.4%
87th		 12.8%
ROA 15.7% 4.5%
84th		 4.4%
ROIC 20.6% 8.7%
87th		 9.3%
ROCE 25.0% 6.9%
84th		 9.9%
Return on tangible assets 20.8% 6.4%
81st		 7.4%
Cash ROIC (OCF / invested capital) 33.5% 14.7%
80th		 14.4%
Gross profitability (GP / assets) 33.8% 25.2%
65th		 31.6%
ROIC, 3-yr average 17.6% 6.1%
89th		 7.4%
ROIC, 5-yr average 19.8% 4.0%
100th		 9.1%
ROE, 5-yr average 44.3% 9.5%
90th		 15.8%
Incremental ROIC -38.1% -0.6%
23rd		 11.2%

Growth

MeasureCMGIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.3% 7.5%
45th		 6.0%
Revenue growth (QoQ) 8.4% 6.4%
68th		 6.6%
Revenue CAGR, 3 yr 10.2% 6.3%
70th		 3.0%
Revenue CAGR, 5 yr 12.7% 7.0%
76th		 5.9%
Gross profit CAGR, 3 yr 8.0% 6.1%
53rd		 3.3%
Operating income CAGR, 3 yr 9.7% 9.0%
52nd		 2.1%
Net income growth (TTM YoY) -7.9% 5.4%
32nd		 4.7%
Net income CAGR, 3 yr 8.4% 7.7%
54th		 1.4%
EPS growth (TTM YoY) -3.7% 8.5%
36th		 7.6%
EPS CAGR, 3 yr 11.0% 8.6%
54th		 3.4%
EPS CAGR, 5 yr 21.7% 7.3%
88th		 2.9%
FCF growth (TTM YoY) 7.0% 9.1%
44th		 26.3%
FCF CAGR, 3 yr 7.8% 7.4%
52nd		 6.5%
Operating cash flow CAGR, 3 yr 9.1% 9.1%
46th		 6.7%
Book value CAGR, 3 yr -5.1% 7.0%
19th		 8.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 49.6% 10.6%
95th		 12.2%

Margin history & stability

MeasureCMGIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 25.7% 29.1%
33rd		 34.9%
Operating margin, 3-yr average 16.2% 8.8%
77th		 8.0%
Net margin, 3-yr average 12.7% 5.8%
83rd		 4.8%
FCF margin, 3-yr average 12.5% 6.4%
80th		 5.7%
Revenue stability (0-1) 0.99 0.92
90th		 0.80
Earnings stability (0-1) 0.87 0.71
77th		 0.43
Margin stability (0-1) 0.91 0.84
77th		 0.92

Liquidity (latest quarter)

MeasureCMGIndustry medianIndustry percentileSector median
Cash & short-term investments $672.1M $168.9M
84th		 $278.1M
Net cash (− = net debt) −$4.7B −$969.1M
16th		 −$1.2B
Working capital −$374.3M −$49.4M
19th		 $298.0M
Current ratio 0.72 0.87
39th		 1.49
Quick ratio 0.68 0.79
42nd		 0.92
Cash ratio (cash + ST investments / current liabilities) 0.51 0.34
68th		 0.31
Defensive interval (days) 256 days 269 days
45th		 290 days

Leverage & solvency (latest quarter)

MeasureCMGIndustry medianIndustry percentileSector median
Total debt $5.4B $1.1B
84th		 $1.8B
Debt / equity 2.46 1.27
70th		 1.04
Net debt / equity 2.16 1.12
70th		 0.78
Debt / assets 61.1% 53.9%
58th		 39.7%
Debt / capital 71.1% 55.6%
70th		 51.0%
Debt / EBITDA 2.40 3.93
23rd		 3.26
Net debt / EBITDA 2.10 3.34
27th		 2.42
Interest coverage (EBIT / interest) —
Cash interest coverage —
Debt payback (years of OCF) 2.3 yrs 4.7 yrs
21st		 3.8 yrs
Liabilities / assets 75.2% 75.8%
48th		 68.1%
IS credit model rating A+ — —
Implied credit spread (bps) 125 400
13th		 275

Efficiency

MeasureCMGIndustry medianIndustry percentileSector median
Asset turnover 1.37 1.04
74th		 1.00
Fixed asset turnover 1.63 2.05
35th		 3.73
Inventory turnover 216.6 63.7
93rd		 5.3
Receivables turnover 121.0 38.8
94th		 19.9
Days sales outstanding 3 days 9 days
6th		 18 days
Days inventory outstanding 2 days 6 days
7th		 68 days
Days payables outstanding 9 days 19 days
10th		 42 days
Cash conversion cycle (days) −4 days −3 days
39th		 44 days
Capex / revenue 6.1% 5.3%
55th		 3.1%
Capex / depreciation 2.01 1.23
87th		 0.89
Operating expense ratio 9.5% 17.1%
13th		 24.8%

Cash flow & earnings quality

MeasureCMGIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.64 2.05
41st		 1.76
FCF / net income 1.11 1.04
63rd		 1.18
FCF / operating cash flow 67.4% 58.7%
66th		 70.1%
Capex / operating cash flow 32.6% 41.3%
34th		 29.9%
Accruals ratio -10.0% -7.8%
19th		 -5.7%
Sloan accruals ratio -16.4% -5.5%
13th		 -3.6%
Earnings quality score (0-1) 0.75 0.75
7th		 0.75

Dividends & buybacks

MeasureCMGIndustry medianIndustry percentileSector median
Dividend yield 0.0% 1.0%
0th		 0.8%
Dividend per share (TTM) $0.00 $0.38
0th		 $0.40
Payout ratio (dividends / net income) 0.0% 31.0%
0th		 17.8%
Dividends / FCF 0.0% 26.4%
0th		 11.6%
Dividend growth (YoY) —
Buyback yield 7.4% 0.1%
90th		 1.6%
Shareholder yield (dividends + buybacks) 7.4% 3.1%
84th		 3.7%
Share count change (YoY) -4.4% 0.0%
16th		 -0.9%
Buybacks, last 5 years $6.0B $8.9M
97th		 $198.3M

Scores & forensic checks

MeasureCMGIndustry medianIndustry percentileSector median
IS score 56 52
65th		 50
IS profitability 62 40
90th		 38
IS growth 44 56
32nd		 53
IS value 29 44
13th		 50
IS momentum 70 75
39th		 72
IS risk (safety) 100 65
81st		 65
IS quality 61 61
58th		 63
IS balance sheet 48 42
68th		 48
IS earnings quality 79 80
42nd		 77
IS cash flow 60 54
77th		 56
Piotroski F-score (0-9) 5 6
19th		 6
Altman Z-score 6.0 2.6
87th		 2.8
Beneish M-score −3.52 −2.68
3rd		 −2.69
Ohlson O-score −6.94 −6.27
26th		 −6.83
IS credit score 76 48
87th		 58

Per share

MeasureCMGIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.10 $1.13
48th		 $2.05
Book value per share $1.70 $6.92
29th		 $14.46
Tangible book per share $1.69 $2.45
48th		 $3.70
Revenue per share $9.63 $34.63
6th		 $46.29
FCF per share $1.22 $1.92
35th		 $2.72
Operating cash flow per share $1.80 $4.18
16th		 $4.86
Cash per share $0.52 $2.36
10th		 $3.59

Size (TTM)

MeasureCMGIndustry medianIndustry percentileSector median
Market cap $37.8B $1.6B
90th		 $3.6B
Revenue $12.4B $1.9B
87th		 $3.9B
EBITDA $2.3B $230.5M
87th		 $442.3M
Net income $1.4B $53.6M
90th		 $178.6M
Free cash flow $1.6B $94.2M
87th		 $206.3M
Total assets $8.9B $1.9B
84th		 $4.4B
Shareholders' equity $2.2B $472.9M
94th		 $957.6M
Employees 130,301 16,450
90th		 12,300

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Rymer Adam T
Chief Financial Officer
 Tax withholding 3,253$31.95$103,93380,629
2026-09-17Sami Sabir
Director
 Award / grant 4,747$33.51$159,0724,747
2026-08-22Boatwright Scott
Chief Executive Officer
 Tax withholding 31,522$35.29$1.1M318,609
2026-08-22Schalow Laurie
Chief Corp Affairs Officer
 Tax withholding 20,075$35.29$708,447176,465
2026-08-22Rymer Adam T
Chief Financial Officer
 Tax withholding 9,276$35.29$327,35083,882
2026-08-22Eskenazi Ilene
Chief Legal and HR Officer
 Tax withholding 19,701$35.29$695,24876,020
2026-08-22Garner Curtis E
Pres, Chief Strgy & Tech Off
 Tax withholding 27,582$35.29$973,369390,788
2026-08-21Bush Matthew R
Controller, PAO
 Open-market sale 2,675$35.75$95,63121,415
2026-08-07Machado Fernando
Chief Brand Officer
 Award / grant 76,243——76,243
2026-08-07Machado Fernando
Chief Brand Officer
 Award / grant 235,184$32.79$7.7M235,184
2026-06-11Fuentes Laura
Director
 Award / grant 6,880$31.25$215,00018,282
2026-06-11Filikrushel Patricia
Director
 Award / grant 6,880$31.25$215,00043,256

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MayJunAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired12378,094$9.8M
GiftDisposed16,672—
Open-market saleDisposed12,675$95,631
Tax withholdingDisposed6111,409$3.9M
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 5 notices · 221,663 shares · $8.2M
FiledFilerShares proposedEst. proceeds
2026-08-21Matthew Bush2,675$95,631
2026-02-24Patricia Fili-Krushel3,350$122,543
2026-02-06Curtis E. Garner86,100$3.4M
2025-12-12Curtis E. Garner67,646$2.4M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 19 trades (7 purchases) · Senate 3 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-17Tony WiedHouseSale$15,001 - $50,0002026-10-07
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2025-11-03Markwayne MullinSenateSale (Full)$15,001 - $50,0002025-11-21
2025-11-03Markwayne MullinSenateSale$15,001 - $50,0002025-11-21
2025-11-03Markwayne MullinSenateSale (Full)$15,001 - $50,0002025-11-20
2025-06-12John W. HickenlooperSenateSale (Partial)$100,001 - $250,0002025-07-07
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.129,925,735$4.4B10.27%
VANGUARD CAPITAL MANAGEMENT LLC83,815,448$2.8B6.62%
JPMORGAN CHASE & CO62,160,981$2.0B4.91%
VANGUARD PORTFOLIO MANAGEMENT LLC60,320,683$2.1B4.77%
STATE STREET CORP55,667,783$1.9B4.40%
Capital World Investors45,806,251$1.6B3.62%
PRICE T ROWE ASSOCIATES INC /MD/38,691,847$1.3B3.06%
GEODE CAPITAL MANAGEMENT, LLC36,374,611$1.2B2.87%
FMR LLC34,290,443$1.2B2.71%
Capital International Investors30,126,283$1.0B2.38%
NORGES BANK25,846,578$878.8M2.04%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP21,242,855$722.3M1.68%
MORGAN STANLEY18,766,628$638.1M1.48%
TWO SIGMA INVESTMENTS, LP18,486,484$628.5M1.46%
GOLDMAN SACHS GROUP INC13,227,451$449.7M1.05%

Institutional ownership by quarter

2023-092026-0689.5%
% of shares held by 13F filers
2023-092026-061,203
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,20389.5%123387537158
2026-03-311,25188.6%124405576198
2025-12-311,34990.2%260414556246
2025-09-301,35989.3%145460617307
2025-06-301,55092.3%166575614156
2025-03-311,56292.1%155583614209
2024-12-311,64390.9%251666505100
2024-09-301,52790.0%210680457153
2024-06-301,48791.9%2641,210557
2024-03-311,30097.5%20647239583
2023-12-311,19898.5%22140237962
2023-09-301,05197.0%92412343132

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-12SCHEDULE 13G/ACapital World Investors3.6%45,837,296
2026-07-27SCHEDULE 13G/ABlackRock, Inc.8.9%113,540,522
2026-07-16SCHEDULE 13GJPMORGAN CHASE & CO5.0%64,274,758
2026-05-14SCHEDULE 13G/ACapital World Investors6.2%80,757,051
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.06%$1.3B
VTI0.06%$1.3B
VSMPX0.06%$1.3B
VTSAX0.06%$1.3B
VFFSX0.06%$1.1B
VOO0.06%$1.1B

Share structure

Shares outstanding1,265,420,000
Float1,255,629,445
Free float99.2%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$7.5B$8.6B$9.9B$11.3B$11.9B
Cost of revenue$5.8B$6.6B$7.3B$8.3B$8.9B
Gross profit$1.7B$2.1B$2.6B$3.0B$3.0B
R&D$0$0$0$0$0
SG&A$606.9M$564.2M$633.6M$697.5M$652.0M
Operating income$804.9M$1.2B$1.6B$1.9B$2.0B
EBITDA$1.1B$1.5B$2.0B$2.3B$2.4B
Pretax income$812.8M$1.2B$1.6B$2.0B$2.0B
Income tax$159.8M$282.4M$391.8M$476.1M$473.8M
Net income$653.0M$899.1M$1.2B$1.5B$1.5B
EPS, diluted$0.46$0.64$0.89$1.11$1.14
Diluted shares1.4B1.4B1.4B1.4B1.3B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.1B$899.1M$1.3B$1.4B$1.0B
Receivables$193.7M$154.6M$168.5M$211.2M$247.9M
Inventory$32.8M$35.7M$39.3M$48.9M$49.5M
Total current assets$1.4B$1.2B$1.6B$1.8B$1.5B
PP&E, net$4.9B$5.3B$5.7B$6.4B$7.1B
Goodwill & intangibles$21.9M$21.9M$21.9M$21.9M$21.9M
Total assets$6.7B$6.9B$8.0B$9.2B$9.0B
Accounts payable$163.2M$184.6M$197.6M$210.7M$212.8M
Total current liabilities$873.7M$921.9M$1.0B$1.2B$1.2B
Long-term debt$0$0$0$0$4.8B
Total liabilities$4.4B$4.6B$5.0B$5.5B$6.2B
Shareholders' equity$2.3B$2.4B$3.1B$3.7B$2.8B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$653.0M$899.1M$1.2B$1.5B$1.5B
Depreciation & amortization$254.7M$286.8M$319.4M$335.0M$361.4M
Stock-based compensation$176.4M$98.0M$124.0M$131.7M$119.5M
Change in working capital$197.4M$78.6M$95.3M$125.8M$6.5M
Operating cash flow$1.3B$1.3B$1.8B$2.1B$2.1B
Capital expenditure−$442.5M−$479.2M−$560.7M−$593.6M−$666.3M
Free cash flow$839.6M$844.0M$1.2B$1.5B$1.4B
Investing cash flow−$522.0M−$830.0M−$946.0M−$837.5M−$35.1M
Net debt issued / repaid$0$0$0$0$0
Buybacks−$466.5M−$830.1M−$592.3M−$1.0B−$2.4B
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin22.6%23.9%26.2%26.7%25.4%
Operating margin10.7%13.4%15.8%16.9%16.6%
Net margin8.7%10.4%12.4%13.6%12.9%
FCF margin11.1%9.8%12.4%13.4%12.1%
ROE30.2%38.5%45.3%45.7%47.4%
ROIC13.6%17.0%20.3%21.6%13.0%
ROA10.3%13.2%16.4%17.8%16.9%
Debt / equity1.531.581.321.243.48
Interest coverage381.2x346.1x———
Current ratio1.581.281.571.521.23
Revenue growth+26.1%+14.4%+14.3%+14.6%+5.4%
EPS growth+84.0%+40.5%+38.0%+26.0%+3.8%
P/E at year end76.2x43.1x51.4x53.8x31.8x
EV / EBITDA at year end46.3x27.7x33.8x36.9x24.4x
FCF yield at year end1.69%2.18%1.94%1.83%2.96%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Food and Beverage$7.5B$8.6B$9.8B$11.2B$11.9B
Delivery Service$89.9M$76.7M$67.5M$66.5M$59.5M

Revenue by region · FY2025

U. S. Segment$11.7B · 100%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $0.29 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$13.0B$12.9B – $13.1B$1.15$1.11 – $1.212026.0x
2027$14.4B$14.1B – $14.6B$1.37$1.29 – $1.462121.8x
2028$15.9B$15.3B – $17.1B$1.59$1.49 – $1.76718.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$0.32$0.33+3.5%$3.3B$3.3B+0.5%
2026-04-29$0.24$0.24+1.1%$3.1B$3.1B+0.7%
2026-02-03$0.24$0.25+5.0%$3.0B$3.0B+0.7%
2025-10-29$0.29$0.29+1.5%$3.0B$3.0B−0.5%
2025-07-23$0.33$0.33+1.2%$3.1B$3.1B−1.6%
2025-04-23$0.28$0.29+4.7%$2.9B$2.9B−2.4%
2025-02-04$0.24$0.25+4.2%$2.8B$2.8B−0.1%
2024-10-29$0.25$0.27+8.0%$2.8B$2.8B−0.8%
2024-07-24$0.32$0.34+6.3%$2.9B$3.0B+1.1%
2024-04-24$0.23$0.27+15.5%$2.7B$2.7B+1.0%
2024-02-06$0.19$0.21+10.5%$2.5B$2.5B+1.1%
2023-10-26$0.21$0.23+9.5%$2.5B$2.5B+0.0%
2023-07-26$0.25$0.250.0%$2.5B$2.5B−0.4%
2023-04-25$0.18$0.21+16.7%$2.3B$2.4B+1.3%
2023-02-07$0.18$0.17−5.6%$2.2B$2.2B−2.3%
2022-10-25$0.18$0.19+5.6%$2.2B$2.2B−0.6%
2022-07-26$0.18$0.19+5.6%$2.2B$2.2B−1.4%
2022-04-26$0.11$0.110.0%$2.0B$2.0B+0.7%
2022-02-08$0.10$0.11+10.0%$2.0B$2.0B+0.0%
2021-10-21$0.12$0.14+16.7%$1.9B$2.0B+1.1%
2021-07-20$0.13$0.15+15.4%$1.9B$1.9B−2.0%
2021-04-21$0.10$0.11+10.0%$1.6B$1.7B+10.6%
2021-02-02$0.07$0.070.0%$1.7B$1.6B−6.3%
2020-10-21$0.07$0.08+14.3%$1.5B$1.6B+8.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.606-220.506-290.607-060.807-130.607-200.907-270.908-030.608-100.808-170.608-240.408-31
Week ofNotionalSharesTrades
2026-08-31$445.7M11,784,322144,721
2026-08-24$604.4M16,058,754167,385
2026-08-17$766.5M22,037,286212,107
2026-08-10$582.5M17,810,701183,832
2026-08-03$918.4M26,378,595246,154
2026-07-27$852.4M23,564,926225,820

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1524.7%
DateShort shareShort volumeTotal volume
2026-10-1524.7%1,561,9466,331,303
2026-10-1425.6%1,587,6616,201,128
2026-10-1328.4%1,498,5065,278,244
2026-10-1252.7%6,730,15612,777,199
2026-10-0956.8%4,213,0867,417,234
2026-10-0848.0%13,195,66827,499,981
2026-10-0735.5%1,826,4555,140,656
2026-10-0637.6%2,450,6986,520,662
2026-10-0540.1%3,628,8679,056,620
2026-10-0235.0%1,673,5274,782,372
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+3.1Jan+0.6Feb+3.8Mar+5.0Apr+2.6May+0.5Jun+1.1Jul+0.6Aug-0.2Sep-0.9Oct+4.1Nov+1.4Dec
MonthAvg returnUp yearsYears
Jan+3.1%75%20
Feb+0.6%55%20
Mar+3.8%71%21
Apr+5.0%50%20
May+2.6%45%20
Jun+0.5%50%20
Jul+1.1%60%20
Aug+0.6%55%20
Sep−0.2%45%20
Oct−0.9%35%20
Nov+4.1%70%20
Dec+1.4%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1434.2
MFI45.8
ADX15.7
Stochastic %K / %D13.7 / 15.6
Williams %R-97.0
CCI-117
TSI / signal-26.7 / -23.7
Chaikin money flow-0.04
ATR$1.19
Bollinger width11.8%
Volume vs 20-day avg0.84x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$31.53 (−5.2%)
SMA 50$33.90 (−11.9%)
SMA 200$34.55 (−13.5%)
EMA 21$31.80 (−6.0%)
EMA 50$33.04 (−9.6%)
EMA 200$35.12 (−14.9%)
Bollinger upper$33.39 (−10.5%)
Bollinger lower$29.68 (+0.7%)
Parabolic SAR$33.12 (−9.8%)
Open the live chart, 110+ indicators

About Chipotle Mexican Grill, Inc.

Chipotle Mexican Grill, Inc., along with its affiliated companies, oversees the ownership and daily running of Chipotle Mexican Grill eateries. By February 15, 2022, its global presence included roughly 3,000 restaurant locations spread across the United States, Canada, the United Kingdom, France, Germany, and other parts of Europe. The company was established in 1993 and maintains its principal office in Newport Beach, California.

https://www.chipotle.com

Key executives

NameTitlePayBorn
Scott BoatwrightChief Executive Officer & Director$2.5M1973
Curtis E. GarnerPresident and Chief Strategy & Technology Officer$1.5M1970
Adam RymerChief Financial Officer$992,3971982
David VilkamaChief Development Officer——
Ilene EskenaziChief Legal & Human Resources Officer—1972
Jason KiddChief Operating Officer——
Laurie SchalowChief Corporate Affairs & Food Safety Officer—1968
Lois Alexis-CollinsChief People Officer - Field Operations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Scott Boatwright Chief Executive Officer2025$1.1M$7.8M$1.2M$15.5M
Curt Garner President, Chief Strategy and Technology Officer2025$841,154$3.8M$534,463$7.7M
Jack Hartung Former President and Chief Strategy Officer; Former Chief Financial and Administrative Officer2025$518,461$5.2M$249,005$7.4M
Chris Brandt Former President, Chief Brand Officer2025$781,154$4.0M$372,875$6.3M
Roger Theodoredis Former General Counsel, Chief Legal Officer2025$661,923$3.2M$284,288$5.0M
Adam Rymer Chief Financial Officer2025$650,000$1.8M$292,500$4.0M

Employees

73k201883k201988k202098k2021105k2022116k2023131k2024130k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage71
Intangibles33
Switching costs49
Network effect50
Efficient scale90
Our component scores (0-100) and overall 55.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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