Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Chipotle Mexican Grill

CMG stock analysis · Consumer Discretionary · Restaurants

FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$34.00HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$43.6B

Price × SEC outstanding shares. Shares measured 2026-04-24. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

$17.14

Equity cash-flow scenario · SEC outstanding shares at 2026-04-24 · -49.6% versus input cap

How this is calculated ↗
Valuation

Reverse DCF

22.3%

Annual basis · read assumptions below

How this is calculated ↗
Valuation

Relative valuation

-21.2%

5 industry peers · median 22.4×

How this is calculated ↗
Valuation

Historical multiples

66.9×

7 annual observations · snapshot P/E 28.4× · -57.5% versus history

How this is calculated ↗
Valuation

Free cash flow yield

3.3%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

56.8%

Normalized tax · financing-capital proxy · parent-equity fallback (scope limitation) · short-term borrowing coverage incomplete

How this is calculated ↗
Valuation

Value composite

31/100

Annual basis · read assumptions below

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

-2.3%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

-6.4%

Parent-earnings fallback versus consolidated cash flow · scope limitation

How this is calculated ↗
Momentum

Fundamental momentum

1.3%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 2.1B2020-12-31: cfo $663,847,000.002020-12-31: capex $373,352,000.0020202021-12-31: cfo $1,282,081,000.002021-12-31: capex $442,475,000.0020212022-12-31: cfo $1,323,179,000.002022-12-31: capex $479,164,000.0020222023-12-31: cfo $1,783,477,000.002023-12-31: capex $560,731,000.0020232024-12-31: cfo $2,105,076,000.002024-12-31: capex $593,603,000.0020242025-12-31: cfo $2,113,926,000.002025-12-31: capex $666,336,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%$21.50$23.46$25.56
10.0%$15.75$17.14$18.63
12.0%$12.43$13.49$14.62

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-3111.9B1.5B2.1B666.3M9B
2024-12-3111.3B1.5B2.1B593.6M9.2B
2023-12-319.9B1.2B1.8B560.7M8B
2022-12-318.6B899.1M1.3B479.2M6.9B
2021-12-317.5B653M1.3B442.5M6.7B
2020-12-316B355.8M663.8M373.4M6B
2019-12-315.6B350.2M721.6M333.9M5.1B
2018-12-314.9B176.6M621.6M287.4M2.3B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue11.9BRevenues2026-02-04
netIncome1.5BNetIncomeLoss
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-04
Parent/common earnings proxy1.5BNetIncomeLoss2026-02-04
cfo2.1BNetCashProvidedByUsedInOperatingActivities2026-02-04
capex666.3MPaymentsToAcquirePropertyPlantAndEquipment2026-02-04
operatingIncome1.9BOperatingIncomeLoss2026-02-04
assets9BAssets2026-02-04
equity2.8BStockholdersEquity
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-04
Parent book equity proxy2.8BStockholdersEquity2026-02-04
debt0LongTermDebt2026-02-04
shortDebtNot reported under a supported tag
cash350.5MCashAndCashEquivalentsAtCarryingValue2026-02-04
shares1.3BWeightedAverageNumberOfDilutedSharesOutstanding2026-02-04
dividendsNot reported under a supported tag
buybacks2.4BPaymentsForRepurchaseOfCommonStock2026-02-04
issuanceNot reported under a supported tag