# Chipotle Mexican Grill, Inc. (CMG) — Stock CV

Chipotle Mexican Grill, Inc. is a $40.0B consumer company. Revenue grew 7.3% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~2.6 years of free cash flow. It trades at 28.2× earnings — near the lowest of its own history.

> Chipotle is a leading fast-casual, Mexican-inspired restaurant chain, generating $11.9 billion in sales across 3,983 company-operated US locations, 104 international units primarily in Canada and Europe, and 14 licensed stores largely operated in the Middle East at the end of 2025.

## Identity

- **Ticker**: CMG
- **Sector**: Consumer Cyclical
- **Industry**: Retail-Eating Places
- **Headquarters**: NEWPORT BEACH, CA
- **Employees**: 130 301
- **Website**: https://www.chipotle.com
- **Market cap**: $40.0B
- **Last price**: $31.60
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $12.4B
- **Net income**: $1.42B
- **Free cash flow**: $1.57B
- **Net debt**: $4.03B
- **P/E**: 28.2
- **Revenue growth (YoY)**: 7.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 75 |
| Profitability | 77 |
| Health | 61 |
| Quality | 90 |
| Moat | 62 |

## Qualifications (beginner checklist) — 10 of 10 passed

- [x] Revenue growing — +7.3% YoY
- [x] Profitable — $1.42B TTM
- [x] Profit growing — +21.3% YoY
- [x] Generates cash — $1.57B TTM
- [x] Debt under control — ~2.6y of cash flow to repay
- [x] Established company — $40.0B market cap
- [x] Not printing shares — -5.5% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 4.7 — safe
- [x] Valuation not extreme — P/E 28.2

## Experience (career milestones)

- **2026** — Chipotle opened its first restaurant in Mexico in San Pedro Garza Garcia, Nuevo Leon, in partnership…
- **FY2025** — Best year on record: $1.54B net income
- **FY2024** — Revenue crossed $10B: $11.3B for the year
- **2023** — Chipotle opened their first Farmesa Fresh Eatery in Santa Monica, California, serving bowls…
- **FY2018** — Revenue crossed $1B: $4.86B for the year
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2014** — Chipotle announced an increase in menu prices for the first time in nearly three years, due to…
- **2008** — Chipotle opened its first location outside of the United States in Toronto
- **2001** — McDonald's had grown to be Chipotle's largest investor
- **1998** — Chipotle had 16 restaurants (all in Colorado) when McDonald's became a major investor in 1998
- **Jul 13, 1993** — It was founded by Steve Ells on July 13, 1993

## Strengths

- Interest covered 409.1× by operating earnings
- High returns on invested capital (ROIC 22.4%)
- Altman Z-Score 4.68 — low bankruptcy-risk zone

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $7.55B | $653M | $840M |
| FY2022 | $8.63B | $899M | $844M |
| FY2023 | $9.87B | $1.23B | $1.22B |
| FY2024 | $11.3B | $1.53B | $1.51B |
| FY2025 | $11.9B | $1.54B | $1.45B |

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Source: https://stockcv.com/CMG — derived from company filings; may be delayed or incomplete. Information, not investment advice.