Company Valuation: Chipotle Mexican Grill, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 49,188 38,463 62,765 82,227 48,924 42,619 - -
Change - -21.8% 63.18% 31.01% -40.5% -12.89% - -
Enterprise Value (EV) 1 48,372 38,079 62,204 81,479 48,574 47,834 47,797 47,556
Change - -21.28% 63.36% 30.99% -40.38% -1.52% -0.08% -0.5%
P/E 76.3x 43.3x 51.6x 54.3x 32.5x 29.9x 24.6x 20.9x
PBR 21.7x 16.4x 20.7x 22.7x 17.5x 17.2x 14.5x 12.1x
PEG - 1.1x 1.3x 2.2x 12.03x -26.06x 1.1x 1.2x
Capitalization / Revenue 6.52x 4.45x 6.36x 7.27x 4.1x 3.27x 2.95x 2.68x
EV / Revenue 6.41x 4.41x 6.3x 7.2x 4.07x 3.67x 3.31x 2.99x
EV / EBITDA 41.9x 26x 32.8x 36x 20.8x 20.8x 18x 16x
EV / EBIT 53.8x 32.3x 39.5x 42.2x 24.6x 25.1x 21.4x 19x
EV / FCF 57.6x 45.1x 50.9x 53.9x 33.6x 30.2x 29.2x 26.2x
FCF Yield 1.74% 2.22% 1.97% 1.86% 2.98% 3.31% 3.43% 3.82%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.458 0.6408 0.8868 1.11 1.14 1.127 1.369 1.614
Distribution rate - - - - - - - -
Net sales 1 7,547 8,635 9,872 11,314 11,926 13,027 14,436 15,907
EBITDA 1 1,153 1,464 1,896 2,265 2,333 2,301 2,656 2,965
EBIT 1 898.7 1,177 1,577 1,930 1,972 1,905 2,229 2,499
Net income 1 653 899.1 1,229 1,534 1,536 1,443 1,710 1,962
Net Debt 1 -815.4 -384 -560.6 -748.5 -350.5 5,215 5,177 4,936
Reference price 2 34.96 27.75 45.74 60.30 37.00 33.68 33.68 33.68
Nbr of stocks (in thousands) 1,406,770 1,386,056 1,372,233 1,363,639 1,322,278 1,265,418 - -
Announcement Date 2/8/22 2/7/23 2/6/24 2/4/25 2/3/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
19.74x7.74x13.99x2.97% 179B
30.91x3.78x21.43x-.--% 44.07B
16.9x5.53x16.53x2.13% 38.42B
17.06x3.9x12.12x3.41% 26.33B
14.11x1.01x6.61x2.85% 14.19B
16.32x2.9x13.52x2.56% 10.28B
29.76x2.46x - 0.81% 6.93B
19.31x2.11x8.57x4.01% 5.49B
Average 20.51x 3.68x 13.25x 2.34% 40.57B
Weighted average by Cap. 20.55x 5.97x 14.73x 2.46%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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