Chipotle Mexican Grill, Inc.CMG
NYSE•Consumer Cyclical•Restaurants
Chipotle Mexican Grill, Inc., together with its subsidiaries, owns and operates Chipotle Mexican Grill restaurants. It sells food and beverages, such as burritos, burrito bowls, quesadillas, tacos, and salads, as well as kids's meals, chips, and sides. It offers Mexican-inspired meals using responsibly sourced meats, such as chicken, beef, and pork branded as Responsibly Raised. The company also provides digital ordering through its website, mobile app, and third-party delivery platforms. It has operations in the United States, Canada, France, Germany, and the United Kingdom. Chipotle Mexican Grill, Inc. was founded in 1993 and is headquartered in Newport Beach, California.
Chipotle Mexican Grill, Inc. (CMG) reported trailing twelve months revenue of $12.14B as of March 2026, a 5.7% increase year-over-year. Quarterly revenue reached $3.09B, reflecting continued top-line momentum.
Chipotle Mexican Grill, Inc. generated $1.45B in TTM net income, with quarterly EBITDA of $493.78M. The operating margin contracted from 16.7% to 12.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (12.9%) and net margin (9.8%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 13.4% a year ago, reflecting increased costs or interest expense.
CMG trades at a P/E of 27.9x (in line with broad market averages) and a P/S of 3.3x. The price-to-book ratio of 16.8x indicates a significant premium over book value.
The company generated $471.02M in free cash flow over the trailing twelve months, a 14.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $8.80B in total assets with no in long-term debt against $2.41B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~16.1% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 46.5% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~13.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 10.1% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 5.4% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation