Consumer Discretionary · Restaurants · US stock · price as of 16 Oct 2026
Key indicators
Price
$29.89
52-week range
$28.04 – $42.74
Market cap
$38.2B
P/E (trailing)
27.7×
EV / EBITDA
17.1×
Free-cash-flow yield
4.1%
Dividend yield
–
Revenue (last 12 months)
$12.4B
Revenue growth (3y a year)
11.4%
Operating margin
14.7%
Return on invested capital
90.8%
Net debt / EBITDA
–
Fair value
Blended fair value$42.79 range $35 – $45
Versus priceUndervalued+43% to fair value
Peer multiples
$25.05
Fundamentals-adjusted multiple
$36.39
10-year DCF (market-scaled)
$66.94
Earnings power value (floor, not blended)
$13.35
Model uncertainty
Medium
X-Ray Score
60/ 100 · Medium confidence · ahead of 83% of sector peers
Valuation47
Growth70
Profitability74
Financial health50
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Chipotle Mexican Grill operates a chain of fast casual restaurants that serve burritos, bowls, tacos and salads made from ingredients prepared in each kitchen. Customers order in the restaurant, through a digital app or through delivery partners. The company earns money by selling meals at its own company-operated locations, while a small portion of income comes from other items such as delivery fees. Growth depends on opening new restaurants and on traffic at existing ones.
Revenue for the last twelve months was $12.4 billion, and it grew by 11.4% a year over three years. The operating margin is 14.7%, and return on invested capital reached 91%. It does not pay a dividend. These figures describe past results and say nothing certain about the future.
StocksXray gives Chipotle Mexican Grill Inc an X-Ray Score of 60 out of 100 (medium confidence), ahead of 83% of the S&P 500 stocks in its sector. Its strongest lens is profitability (74) and its weakest is valuation (47).
Our fair value blend is $42.79 (range $34.63 to $45.07). At $29.89 the stock trades 30% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Chipotle Mexican Grill Inc (CMG)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$34.97
$27.75
$45.74
$60.30
$37.00
$29.89
Market cap
$997M
$38.9B
$63.4B
$83.0B
$49.7B
$38.2B
P/E
1.5×
43.4×
51.4×
54.3×
32.5×
27.7×
EV / revenue
0.0×
4.4×
6.3×
7.2×
4.1×
3.0×
EV / EBITDA
-0.1×
26.3×
33.1×
36.2×
21.2×
17.1×
Price / free cash flow
1.2×
46.1×
51.8×
54.9×
34.3×
24.4×
Free-cash-flow yield
84.2%
2.2%
1.9%
1.8%
2.9%
4.1%
Price / book
0.4×
16.4×
20.7×
22.7×
17.5×
17.4×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 6 Good · ● 7 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−10.2%Good
Free-cash-flow yield4.1%Average
Risk models
Altman Z score1.4×Average
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)21.2%Good
Free-cash-flow growth (3y)19.7%Average
Revenue growth (3y)11.4%Good
Growth consistency100%Good
Balance sheet
Current ratio0.7×Bad
Interest coverno interest costGood
Valuation
Fair value vs price1.4×Average
EBIT / EV yield4.8%Average
Profitability
Return on invested capital90.8%Good
Operating margin14.7%Average
XStocksXray
Chipotle Mexican Grill Inc (CMG)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
7,547
8,635
9,872
11,314
11,926
12,424
Gross profit
–
–
–
–
–
–
Operating income
805
1,160
1,558
1,916
1,936
1,820
Net income
653
899
1,229
1,534
1,536
1,420
Diluted EPS ($)
22.90
0.64
0.89
1.11
1.14
1.08
Free cash flow
840
844
1,223
1,511
1,448
1,569
Gross margin
–
–
–
–
–
–
Operating margin
10.7%
13.4%
15.8%
16.9%
16.2%
14.7%
Net margin
8.7%
10.4%
12.4%
13.6%
12.9%
11.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
6,653
6,928
8,044
9,204
8,995
8,865
Cash
815
384
561
749
351
228
Total debt
0
0
0
0
0
–
Equity
2,297
2,368
3,062
3,656
2,831
2,200
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.