Chipotle Mexican Grill, Inc. (CMG) Key Metrics
CMG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $37.82B
- Enterprise value
- $51.94B
- P/E (TTM)
- 27.4 10-yr median 60.9
- Forward P/E
- 28.5
- PEG ratio
- 1.73
- Price / sales
- 3.0 10-yr median 4.4
- Price / book
- 15.3 10-yr median 17.0
- EV / EBITDA
- 24.4 10-yr median 35.5
- Dividend yield
- —
- Beta
- 0.96
CMG key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCMG valuation Price multiples at each fiscal year-end price.
CMG returns How much profit the business earns on the capital it uses.
CMG per-share figures Results divided by the shares outstanding at year-end.
CMG financial health Debt, liquidity and how easily interest is covered.
CMG efficiency & capital use Working capital cycle and where the cash goes.
CMG valuation history
CMG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CMG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CMG cash returned to shareholders
CMG price vs earnings per share
CMG key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $49.68B | $83.01B | $63.37B | $38.94B | $49.84B | $39.40B | $23.69B | $12.07B | $8.25B | $11.23B |
| Enterprise value | $53.71B | $86.12B | $66.13B | $41.77B | $52.29B | $41.61B | $25.66B | $11.42B | $7.76B | $10.84B |
| P/E ratio | 32.3 | 54.1 | 51.6 | 43.3 | 76.3 | 110.8 | 67.6 | 68.4 | 46.8 | 489.7 |
| Price / sales | 4.2 | 7.3 | 6.4 | 4.5 | 6.6 | 6.6 | 4.2 | 2.5 | 1.8 | 2.9 |
| Price / book | 17.5 | 22.7 | 20.7 | 16.4 | 21.7 | 19.5 | 14.1 | 8.4 | 6.1 | 8.0 |
| Price / free cash flow | 34.3 | 54.9 | 51.8 | 46.1 | 59.4 | 135.6 | 61.1 | 36.1 | 33.0 | 124.3 |
| Price / operating cash flow | 23.5 | 39.4 | 35.5 | 29.4 | 38.9 | 59.4 | 32.8 | 19.4 | 17.7 | 32.2 |
| EV / sales | 4.5 | 7.6 | 6.7 | 4.8 | 6.9 | 7.0 | 4.6 | 2.3 | 1.7 | 2.8 |
| EV / EBITDA | 22.6 | 37.1 | 33.9 | 27.9 | 47.5 | 72.4 | 37.1 | 21.3 | 16.9 | 48.8 |
| EV / free cash flow | 37.1 | 57.0 | 54.1 | 49.5 | 62.3 | 143.2 | 66.2 | 34.2 | 31.0 | 119.9 |
| Earnings yield | 3.1% | 1.8% | 1.9% | 2.3% | 1.3% | 0.9% | 1.5% | 1.5% | 2.1% | 0.2% |
| Free cash flow yield | 2.9% | 1.8% | 1.9% | 2.2% | 1.7% | 0.7% | 1.6% | 2.8% | 3.0% | 0.8% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 4.9% | 1.2% | 0.9% | 2.1% | 0.9% | 0.1% | 0.8% | 1.3% | 3.5% | 7.5% |
| Share price at fiscal year-end | $37.00 | $60.30 | $45.74 | $27.75 | $34.97 | $27.73 | $16.74 | $8.64 | $5.78 | $7.55 |
| Per share | ||||||||||
| Revenue per share | $8.88 | $8.22 | $7.12 | $6.15 | $5.29 | $4.21 | $3.95 | $3.48 | $3.13 | $2.62 |
| Earnings per share | $1.14 | $1.11 | $0.89 | $0.64 | $0.46 | $0.25 | $0.25 | $0.13 | $0.12 | $0.02 |
| Operating cash flow per share | $1.57 | $1.53 | $1.29 | $0.94 | $0.90 | $0.47 | $0.51 | $0.44 | $0.33 | $0.23 |
| Free cash flow per share | $1.08 | $1.10 | $0.88 | $0.60 | $0.59 | $0.20 | $0.27 | $0.24 | $0.18 | $0.06 |
| Cash per share | $0.78 | $1.03 | $0.94 | $0.64 | $0.76 | $0.67 | $0.62 | $0.48 | $0.36 | $0.28 |
| Book value per share | $2.11 | $2.66 | $2.21 | $1.69 | $1.61 | $1.42 | $1.19 | $1.03 | $0.96 | $0.94 |
| Tangible book value per share | $2.09 | $2.64 | $2.19 | $1.67 | $1.60 | $1.41 | $1.17 | $1.02 | $0.92 | $0.91 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.50 | $0.43 | $0.40 | $0.34 | $0.31 | $0.26 | $0.24 | $0.21 | $0.15 | $0.17 |
| Debt per share | $3.78 | $3.30 | $2.92 | $2.66 | $2.47 | $2.22 | $2.02 | $0.02 | $0.01 | $0.01 |
| Shares outstanding | 1.34B | 1.38B | 1.39B | 1.40B | 1.43B | 1.42B | 1.41B | 1.40B | 1.43B | 1.49B |
| Change in shares outstanding | −2.5% | −0.6% | −1.3% | −1.6% | +0.3% | +0.4% | +1.2% | −2.1% | −4.1% | −5.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 47.4% | 45.7% | 45.3% | 38.5% | 30.2% | 19.2% | 22.4% | 12.6% | 12.7% | 1.3% |
| Return on invested capital (ROIC) | 22.6% | 23.2% | 21.4% | 17.8% | 14.4% | 7.4% | 15.3% | 20.4% | 18.4% | 1.7% |
| Return on assets (ROA) | 16.9% | 17.8% | 16.4% | 13.2% | 10.3% | 6.4% | 9.5% | 8.2% | 8.7% | 1.0% |
| Return on tangible assets | 17.1% | 16.7% | 15.3% | 13.0% | 9.8% | 6.0% | 6.9% | 7.9% | 8.8% | 1.2% |
| Free cash flow margin | 12.1% | 13.4% | 12.4% | 9.8% | 11.1% | 4.9% | 6.9% | 6.9% | 5.6% | 2.3% |
| Income quality (OCF / net income) | 1.38 | 1.37 | 1.45 | 1.47 | 1.96 | 1.87 | 2.06 | 3.52 | 2.65 | 15.23 |
| Financial health | ||||||||||
| Total debt | $5.08B | $4.54B | $4.05B | $3.73B | $3.52B | $3.16B | $2.85B | $26.9M | $18.9M | $20.4M |
| Cash & short-term investments | $1.04B | $1.42B | $1.30B | $899.1M | $1.08B | $951.6M | $880.8M | $676.8M | $509.0M | $417.7M |
| Net debt | $4.03B | $3.12B | $2.76B | $2.83B | $2.44B | $2.21B | $1.97B | −$649.9M | −$490.0M | −$397.3M |
| Debt / equity | 1.79 | 1.24 | 1.32 | 1.58 | 1.53 | 1.56 | 1.69 | 0.02 | 0.01 | 0.01 |
| Debt / assets | 0.56 | 0.49 | 0.50 | 0.54 | 0.53 | 0.53 | 0.56 | 0.01 | 0.01 | 0.01 |
| Net debt / EBITDA | 1.70 | 1.34 | 1.41 | 1.89 | 2.22 | 3.84 | 2.85 | −1.21 | −1.07 | −1.79 |
| Current ratio | 1.23 | 1.52 | 1.57 | 1.28 | 1.58 | 1.73 | 1.61 | 1.81 | 1.94 | 1.85 |
| Quick ratio | 1.19 | 1.48 | 1.53 | 1.24 | 1.54 | 1.70 | 1.57 | 1.76 | 1.88 | 1.80 |
| Interest coverage | — | — | — | 54.9 | 26.2 | 5.0 | 13.9 | — | 178.2 | 8.3 |
| Working capital | $278.8M | $611.8M | $590.1M | $254.0M | $507.9M | $598.0M | $405.6M | $364.8M | $305.6M | $240.6M |
| Invested capital | $6.86B | $6.77B | $5.82B | $5.20B | $4.74B | $4.23B | $3.65B | $791.4M | $874.4M | $1.01B |
| Tangible asset value | $2.81B | $3.63B | $3.04B | $2.35B | $2.28B | $2.00B | $1.66B | $1.42B | $1.32B | $1.36B |
| Net current asset value | −$4.70B | −$3.77B | −$3.36B | −$3.38B | −$2.97B | −$2.54B | −$2.35B | −$9.4M | −$51.7M | −$101.2M |
| Graham number | $7.37 | $8.16 | $6.64 | $4.93 | $4.08 | $2.83 | $2.57 | $1.71 | $1.63 | $0.57 |
| Graham net-net per share | −$3.65 | −$2.86 | −$2.56 | −$2.51 | −$2.19 | −$1.91 | −$1.73 | −$0.06 | −$0.09 | −$0.11 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | $2.43B | $1.00B | $592.3M | $830.1M | $466.5M | $54.4M | $190.6M | $160.9M | $285.2M | $837.7M |
| Dividend payout ratio | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 167.6% | 66.3% | 48.4% | 98.4% | 55.6% | 18.7% | 49.2% | 48.2% | 113.9% | 926.6% |
| Capex / revenue | 5.6% | 5.2% | 5.7% | 5.5% | 5.9% | 6.2% | 6.0% | 5.9% | 4.8% | 6.6% |
| Capex / operating cash flow | 31.5% | 28.2% | 31.4% | 36.2% | 34.5% | 56.2% | 46.3% | 46.2% | 46.4% | 74.1% |
| Capex / depreciation | 1.84 | 1.77 | 1.76 | 1.67 | 1.74 | 1.57 | 1.57 | 1.42 | 1.33 | 1.77 |
| Stock-based compensation / revenue | 1.0% | 1.2% | 1.3% | 1.1% | 2.3% | 1.4% | 1.6% | 1.4% | 1.5% | 1.6% |
| SG&A / revenue | 5.5% | 6.2% | 9.1% | 9.4% | 11.0% | 11.5% | 11.1% | 10.0% | 9.0% | 9.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 7.1 | 6.1 | 6.0 | 7.4 | 14.0 | 15.1 | 5.6 | 4.2 | 3.9 | 6.6 |
| Days of inventory on hand | 2.0 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 2.0 | 1.9 | 1.7 | 1.6 |
| Days payables outstanding | 8.7 | 9.0 | 9.6 | 9.7 | 8.9 | 8.8 | 9.4 | 9.0 | 7.9 | 8.8 |
| Cash conversion cycle (days) | 0.4 | -0.9 | -1.7 | -0.4 | 7.0 | 8.3 | -1.9 | -2.9 | -2.3 | -0.5 |
| Receivables turnover | 51.45 | 59.60 | 61.10 | 49.58 | 25.98 | 24.15 | 65.51 | 86.78 | 93.88 | 54.99 |
| Payables turnover | 42.03 | 40.63 | 38.12 | 37.80 | 40.96 | 41.58 | 38.83 | 40.53 | 46.39 | 41.52 |
| Inventory turnover | 180.79 | 188.01 | 194.34 | 191.92 | 197.06 | 188.18 | 186.52 | 190.94 | 213.32 | 226.61 |
| Asset turnover | 1.31 | 1.31 | 1.32 | 1.27 | 1.19 | 1.08 | 1.52 | 2.26 | 2.20 | 1.64 |
| Average receivables | $231.8M | $189.8M | $161.6M | $174.1M | $290.5M | $247.8M | $85.3M | $56.1M | $47.7M | $71.0M |
| Average payables | $211.8M | $204.2M | $191.1M | $173.9M | $142.6M | $118.9M | $114.4M | $97.5M | $80.2M | $82.0M |
| Average inventory | $49.2M | $44.1M | $37.5M | $34.2M | $29.6M | $26.3M | $23.8M | $20.7M | $17.4M | $15.0M |
| Intangibles / total assets | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.4% | 0.4% | 1.0% | 2.1% | 2.2% |
Computed from CMG's annual financial statements (latest annual report filed February 4, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CMG valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Chipotle traded at 32.3 times earnings, against a 10-year median of 60.9. Based on the latest twelve months, the trailing P/E is 27.4 and the forward P/E is 28.5. Chipotle earned a return on equity of 47.4% and a return on invested capital of 22.6% in fiscal 2025. It ended the year with $5.1 billion of debt and $1.0 billion in cash and short-term investments, net debt of $4.0 billion. It returned $2.4 billion to shareholders: $0 in dividends and $2.4 billion in share buybacks, 168% of free cash flow. The share count fell 9.8% from 1.49B to 1.34B over 9 years.
See the CMG income statement, the CMG chart for price history, or the CMG stock overview for the latest quote and news.
CMG key metrics FAQ
What is Chipotle's P/E ratio?
Chipotle's trailing P/E ratio is 27.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 28.5. At the end of fiscal 2025 it was 32.3, compared with a 10-year median of 60.9.
What is Chipotle's EV/EBITDA?
Chipotle's enterprise value was 22.6 times EBITDA at the end of fiscal 2025 (enterprise value $53.7 billion, EBITDA $2.4 billion); the current EV/EBITDA is 24.4.
What is Chipotle's return on equity?
Chipotle's return on equity (ROE) was 47.4% in fiscal 2025: net income of $1.5 billion on average shareholders' equity of $3.2 billion.
What is Chipotle's ROIC?
Chipotle's return on invested capital was 22.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Chipotle have?
Chipotle had total debt of $5.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.79 and $4.0 billion of net debt (1.70 times EBITDA).
Does Chipotle buy back its shares?
Yes. Chipotle spent $2.4 billion on net share repurchases in fiscal 2025 Shares outstanding changed −2.5% over the year, to 1.34B..
What is Chipotle's free cash flow yield?
Chipotle generated $1.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 2.9% on its market value at year-end ($49.7 billion).
What is Chipotle's current ratio?
Chipotle's current ratio was 1.23 at the end of fiscal 2025: current assets were 1.23 times current liabilities.