Chipotle Mexican Grill, Inc.
- Open
- 32.90
- Day high
- 33.38
- Day low
- 32.51
- Prev close
- 31.79
- Volume
- 10.7M
- Mkt cap
- $42.6B
- P/E (TTM)
- 30.5
- EPS (TTM)
- $1.09
- P/B
- 17.7
- P/S
- 3.5
- Yield
- —
- Per share
- —
Chipotle Mexican Grill, Inc. (CMG) is a Consumer Cyclical company listed on NYSE. The stock is down 26% over the past year. Drillr has 1 published research article covering CMG.
Chipotle Mexican Grill, Inc. (CMG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 13 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CMG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.24 | $0.24 | +1.1% | $3.1B | +0.7% |
| Feb 3, 2026 | $0.24 | $0.25 | +5.0% | $3.0B | +0.7% |
| Oct 29, 2025 | $0.29 | $0.29 | +1.5% | $3.0B | -0.5% |
| Jul 23, 2025 | $0.33 | $0.33 | +1.2% | $3.1B | -1.6% |
| Apr 23, 2025 | $0.28 | $0.29 | +4.7% | $2.9B | -2.4% |
| Feb 4, 2025 | $0.24 | $0.25 | +4.2% | $2.8B | -0.1% |
| Jul 24, 2024 | $0.32 | $0.34 | +6.3% | $3.0B | +1.1% |
| Feb 6, 2024 | $0.19 | $0.21 | +10.5% | $2.5B | +1.1% |
| Oct 26, 2023 | $0.21 | $0.23 | +9.5% | $2.5B | +0.0% |
| Jul 26, 2023 | $0.25 | $0.25 | +0.0% | $2.5B | -0.4% |
| Feb 7, 2023 | $0.18 | $0.17 | -5.6% | $2.2B | -2.3% |
| Oct 25, 2022 | $0.18 | $0.19 | +5.6% | $2.2B | -0.6% |
CMG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | Hickenlooper Robin Sdirector | Grant | 6,880 | $31.25 |
| Jun 12, 2026 | Maw Scott Harlandirector | Grant | 6,880 | $31.25 |
| Jun 12, 2026 | Carey Mattdirector | Grant | 6,880 | $31.25 |
| Jun 12, 2026 | Baldocchi Albert Sdirector | Grant | 6,880 | $31.25 |
| Jun 12, 2026 | Fuentes Lauradirector | Grant | 6,880 | $31.25 |
| Jun 12, 2026 | FILIKRUSHEL PATRICIAdirector | Grant | 6,880 | $31.25 |
| Jun 12, 2026 | weinstein joshua iandirector | Grant | 6,880 | $31.25 |
| Jun 12, 2026 | WINSTON MARY Adirector | Grant | 6,880 | $31.25 |
| Jun 12, 2026 | Gutierrez Mauriciodirector | Grant | 6,880 | $31.25 |
| Feb 25, 2026 | FILIKRUSHEL PATRICIAdirector | Sell | 3,350 | $36.58 |
| Feb 17, 2026 | Bush Matthew Rofficer: Controller, PAO | Grant | 6,416 | — |
| Feb 17, 2026 | Boatwright Scottofficer: Chief Executive Officer | Grant | 229,457 | — |
| Feb 17, 2026 | Boatwright Scottofficer: Chief Executive Officer | Tax | 120,810 | $35.84 |
| Feb 17, 2026 | Bush Matthew Rofficer: Controller, PAO | Tax | 2,365 | $35.84 |
| Feb 17, 2026 | Rymer Adam Tofficer: Chief Financial Officer | Grant | 25,526 | — |
Source: CMG SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full CMG insider & 13F page →Chipotle Mexican Grill, Inc. company profile
Overview
Chipotle Mexican Grill, Inc. (NYSE:CMG) is a fast-casual restaurant chain that revolutionized the Mexican food segment in the United States. Founded in 1993 by Steve Ells in Denver, Colorado, the company began as a single restaurant focused on serving high-quality, customizable Mexican-inspired food made with responsibly sourced ingredients. The company went public in 2006 and has since grown to operate approximately 3,400 restaurants across the United States, Canada, and select international markets including the United Kingdom, France, Germany, and the Middle East. Headquartered in Newport Beach, California, Chipotle has become synonymous with the "Food with Integrity" movement, emphasizing natural and organic ingredients, antibiotic-free meats, and sustainable farming practices.
Business
Chipotle operates in the fast-casual restaurant industry, a segment that bridges the gap between traditional fast food and casual dining. Fast-casual restaurants typically offer higher-quality ingredients and more customizable menu options than fast food chains, while maintaining the speed and convenience that customers expect from quick-service establishments. The company's core offering revolves around customizable Mexican-inspired food served in an assembly-line format. Customers can choose from several base options including burritos, burrito bowls, tacos, quesadillas, and salads, then customize their meal with various proteins (chicken, steak, barbacoa, carnitas, sofritas, and seasonal options), rice, beans, salsas, and toppings. This "build-your-own" model allows for extensive personalization while maintaining operational efficiency. Chipotle operates primarily through company-owned restaurants rather than franchising, giving the company direct control over food quality, operations, and customer experience. The company has been aggressively expanding its Chipotlane format - drive-through lanes specifically designed for digital order pickup - which now represents over 25% of its restaurant base with more than 1,000 locations. The company generates virtually all of its revenue from a single business segment: restaurant operations. Digital sales, which include orders placed through the company's app, website, and third-party delivery platforms, represent approximately 35% of total sales and have become a crucial component of the business model.
Revenue model
Chipotle generates revenue primarily through direct food sales at its company-owned restaurants. Unlike many restaurant chains that rely heavily on franchising fees and royalties, Chipotle maintains ownership of nearly all its locations, meaning revenue comes directly from customer purchases of food and beverages. The company's business model centers on high-volume, fast-turnover operations with average unit volumes (AUVs) of approximately $3.2 million per restaurant annually. The assembly-line service format allows for quick order fulfillment while maintaining customization options, enabling restaurants to serve large numbers of customers during peak periods. Digital ordering has become increasingly important to the revenue model, representing 35% of total sales. This includes orders placed through Chipotle's mobile app, website, and third-party delivery platforms. Digital orders often carry higher average ticket sizes and provide valuable customer data for marketing and operational optimization. Several factors influence Chipotle's profitability margins. Food cost inflation directly impacts margins, particularly for key ingredients like avocados, beef, and chicken. The company occasionally implements menu price increases to offset these costs. Labor costs represent another significant expense, with the company competing for workers through competitive wages and benefits, especially in tight labor markets. Throughput efficiency - the number of entrees served during peak 15-minute periods - directly affects sales productivity and labor efficiency. The company targets serving in the high-20s to low-30s entrees per 15-minute peak period. Operational leverage provides margin expansion opportunities as sales grow, since many restaurant costs are semi-fixed. The company's restaurant-level margins have ranged from approximately 24% to 29% in recent quarters, with the variation largely driven by sales volumes, labor efficiency, and commodity cost fluctuations.
Competitive moat
Chipotle's competitive moat stems from several interconnected factors, though it operates in a highly competitive restaurant industry with relatively low barriers to entry. The company's strongest defensive position comes from its brand differentiation around "Food with Integrity" - a commitment to responsibly sourced, high-quality ingredients that has created strong customer loyalty and brand recognition. The company's operational execution capabilities represent another moat element. Chipotle has developed sophisticated systems for managing food preparation, inventory, and service delivery across thousands of locations while maintaining consistent quality. The assembly-line format, while seemingly simple, requires significant operational expertise to execute efficiently at scale. Digital infrastructure and customer data provide competitive advantages through personalized marketing, operational insights, and convenience features. The company's rewards program has grown to over 38 million members, creating a valuable customer database and encouraging repeat visits. However, Chipotle's moat faces several challenges. The fast-casual segment has attracted numerous competitors offering similar concepts, from Qdoba and Moe's Southwest Grill to newer entrants focusing on other cuisines. Food safety incidents in the company's history demonstrated vulnerability to reputational damage that can quickly erode customer trust. The company's premium pricing strategy makes it susceptible to economic downturns when consumers trade down to cheaper alternatives. Additionally, the labor-intensive nature of the business model creates ongoing challenges in tight labor markets and exposes the company to wage inflation pressures. Overall, Chipotle has built a moderately strong competitive position, but success requires continuous execution excellence and brand investment to maintain differentiation in a crowded marketplace.
Risks & safety
Chipotle demonstrates a solid financial position with moderate margin of safety, though valuation metrics suggest limited downside protection at current levels. **Cash and Liquidity:** - Cash and short-term investments: $726 million (Q1 2025) - Strong free cash flow generation: $412 million in Q1 2025, $1.5 billion for full year 2024 - Current ratio: 1.52, indicating adequate short-term liquidity - No significant debt burden with debt-to-equity ratio of 1.33 (including lease obligations) **Valuation Metrics:** - P/E ratio: 44.0 (Q1 2025), indicating expensive valuation relative to earnings - EV/EBITDA: 31.0, suggesting high valuation relative to cash generation - Price-to-book ratio: 19.5, reflecting significant premium to book value - Graham number analysis suggests stock trading well above intrinsic value estimates **Other Considerations:** - Consistent profitability with net margins around 13-15% - Strong return on equity of 11% demonstrates efficient capital utilization - Restaurant-level margins of 26% provide operational cushion - High-quality business model with predictable cash flows, but limited valuation margin of safety
Recent development
Over the past several years, Chipotle has undergone significant strategic evolution focused on operational excellence, technology integration, and geographic expansion. The company has prioritized throughput improvement initiatives to enhance restaurant efficiency, targeting peak-period service of high-20s to low-30s entrees per 15-minute period through better staff deployment, training, and kitchen equipment upgrades. Technology investments have accelerated, including the development of automated equipment such as dual-sided grills, produce slicers, and AI-enabled hiring platforms. The company is exploring automation solutions for food preparation, including partnerships with robotics companies to develop automated digital makelines and other efficiency-enhancing technologies. The Chipotlane expansion has been a major strategic focus, with over 1,000 drive-through locations now operational representing more than 25% of the restaurant base. These locations typically generate higher sales volumes and provide enhanced convenience for digital order pickup. International expansion has gained momentum with successful growth in Canada (55 locations), expansion in Europe (27 locations), and new market entry in the Middle East through partnerships. The company recently announced plans to enter Mexico in 2026, marking a significant international development. Menu innovation has evolved through successful limited-time offers including Chicken Al Pastor, Smoked Brisket, and Honey Chicken, with plans to potentially expand to three LTOs annually. The company has also invested heavily in digital personalization capabilities and expanded its rewards program to over 38 million members. A significant leadership transition occurred with the appointment of Scott Boatwright as interim CEO, though the company has maintained strategic continuity focusing on its five key pillars: successful restaurant operations, people leadership, brand visibility, technology innovation, and access expansion.
CMG company profile · for informational purposes only — not investment advice.
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